5 rules of Elon Musk for building a successful company

 We will talk about the rules that Elon Musk announced for establishing a successful company.

 Elon Musk, who is on the throne of the world's billionaires, with a net worth of $263 billion so far, reveals five rules from his working life to establish a successful company.

 Rule One: Work hard

 In 1995, brothers "Elon" and "Kimpel Musk" founded their first company under the name "ZIP2", which specialized in providing phone data records (that is, as a guide).  Elon worked 24 hours a day, 7 days a week, and after four years of hard work, the brothers sold the company in 1999 for $307 million.

 Rule Two: Offer a superior product or service

From Musk’s point of view, if you are entering an industry or a market with a lot of competitors, you have to offer a product that is not a little better than other products, but rather a high-quality product or a very distinguished service that can outperform that offered by your other competitors, for example  For example, if you want to launch a new computer, why would the consumer come to you?  Of course, he will go to buy a computer bearing the name of a reliable brand, and therefore you have to excel in the quality or services and features that your computer provides by a large difference from what is offered in the market.

 Rule Three: Don't waste time and effort

Many companies get into the labyrinths of wasted expenses and advertising campaigns that are not beneficial to the company or to improve the product or service. In Tesla, for example, money is not spent on advertising campaigns to promote its electric cars, but rather the expenses are used for research and development and improving the image and quality  and product design.

 Rule four : Take risks

Risk is necessary when establishing a company, especially in the stage before forming a family and taking care of children. The more the decision to establish a company is at an early age, the lower the risk, regardless of its consequences.

 Rule Five: Find Outstanding Employees

The company is a group of employees and they are the company’s most important capital. If you are about to establish a company, and you want it to succeed, you must hire a team of ambitious, talented and highly distinguished people who are making an effort to ensure the provision of a high-quality service or product, thus achieving success for the company.

Finally, I hope you will benefit from this article