How to Create a Company | Elon Musk's 5 Rules

When you start a company and want to do really well, you need to work super-hard.

Working hard means working every waking hour. If someone else is working 50 hours and you're working a hundred, you'll get twice as much done in the course of a year.

Your product or service has to be really great. Unless it's an untapped market, your product or service needs to be much better than your competitors.

It can't be a little bit better; it has to be a lot better. Consumers will always buy the trusted brand - unless there is a huge difference.

If you're creating a company of it you're joining a company, it is vital to attract great people.

So, either join an amazing group that you respect or if you're building a company, gather great people. The success of the company will depend on how talented and hardworking that group is and the degree to which they are focused cohesively in a good direction.

Many companies spend money on things that don't really make the product better, For example, Tesla never spent money on advertising but instead puts all the money into R&D and manufacturing and design.

Consider if your efforts are resulting in a better product or service. If not, stop those efforts.

As you get older, your obligations increase. Once you have a family, you start taking risks not just for yourself but for your family as well. Then it gets much harder to do things that might not work out.

Now is the time to take risks. Do something bold. You won't regret it.