- Working super-hard is necessary, especially for starting a company.
- The product or service offered should be great, especially in an existing competitive market.
- Attracting great people is crucial for the success of a company.
- Focus on signal over noise, i.e. prioritize efforts that result in a better product or service.
- Taking risks is easier before family obligations arise.
- One should do something bold and take risks now.
- Money should be spent on R&D and manufacturing instead of advertising.
- A company is a group of people working together towards a common goal.
Elon Musk, CEO of SpaceX and Tesla, has shared five pieces of advice for entrepreneurs in a recent interview. Firstly, Musk urged entrepreneurs to work “super-hard,” highlighting his own experience of sleeping on a couch in his office and coding all night when starting his first company. Secondly, Musk emphasised the importance of creating a “great product or service,” which he said should be “much better” than any existing offerings. Thirdly, Musk said that attracting and retaining the best people should be a priority for any entrepreneur. Fourthly, Musk suggested that entrepreneurs should focus on “signal over noise,” and avoid spending money on things that do not make the product or service better. Finally, Musk urged entrepreneurs to take risks while they are young, before family obligations make it much harder to do so. “Do something bold. You won’t regret it,” Musk said.