Elon Musk is the founder of Tesla Motors, SolarCity and SpaceX. At the age of 17 he moved from South Africa to Canada and then to the United States to persue his technical and entrepreneurial dreams. He shares some very practical and down to earth tips for entrepreneurs so I selected 5 business tips and made a video compilation for you to watch.
Tip 1. Be ready for a bumpy ride
When you start a company you should be ready to tolerate high levels of pain. In the beginning everything seems to go very well. You’re optimistic and you experience a high degree of happiness. After a while you face several challenges on your path, and you can have a decent amount of unfortunate experiences. Tesla barely survived because of those challenges.
Tip 2. Deliver an outstanding product or service
If you start a new business it is important to have a good product or service. But if you enter a market where there are many competitors, then you really have to step your game up. If your product or service is only marginally better, customers will just buy the brand they are used to. Your brand should be excellent to get customers to choose yours instead.
Tip 3. Search continuously for feedback, even from your friends!
Keep searching for feedback. It is very valuable to receive ‘well though out’ criticism. Especially from your friends. Your friends often know what’s not quite right about your product or service. They will probably not say it spontaneously as they do not want to disappoint you. So you’ll have to ask. It does not mean that your friends are always right. But it is useful to listen carefully to what they say.
Tip 4. Avoid Wishful Thinking
What is the difference between wishful thinking and truly following your ideals? You should analyze your reasoning thoroughly and continue to persevere and work hard. Elon himself works 80-100 hours a week and states that working long hours increase your chances of success. If your competitor works 40 hours on a project and you put in 80 to 100 hours, than you can achieve in four months what takes them one year or more to achieve.
Tip 5. Make sure that your team believes in your vision
Your team has to believe in your product or service. In the beginning few people will believe in what you do. But as time passes and results are visible more people on your team will believe in your vision. If you have a product or service, it is important to have a good model or decent demo material so your team can visualize it. Then it is time to bring your plan into effect as soon as possible.