Elon Musk's 5 Rules:
1. Work super hard
You need to work super hard. What this means is, if you take the example of Elon Musk, he worked super hard when he first started his company with his brother and rented an office. If you work 100 hours in a week, and your competition works 50 hours, you will obviously be more productive over time.
2. Sell a great product or service
Whatever you are doing, your product and service have to be helpful and useful for the audience. If you are going to an untapped marketplace, the chance that your product will succeed is high because no one has this product. But if you are entering into an existing marketplace, where you have big corporations who already have their powerful position in the market, then your product or service must be exceptional in order to succeed.
3. Hire great people
If you’re creating a company, it’s essential to gather great people and surround yourself with great people who are better than you, as it will help you push yourself to achieve more. It will help your company if a group of great people will create a product. You need to hire them because they do not think like an ordinary person.
4. Focus on delivering value
Spend money on things that will make your product better. If they do not make your product valuable, stop them. Your priority is to spend money on things that will make your product useful as much as possible. Then you spend money on advertising, but remember not to spend all of it on just advertising.
5. Take risks now rather than later
That final thing you need is to take risks now. As you get older, your obligation increases. So, take the risk and make a bold decision. Many people fail because they didnt take a risk early enough, and as their obligation increased it became impossible for them to risk anything because time doesn’t stop for anyone.