Elon Musk is one of the world’s most successful businessmen, with an enormous net worth and several world-famous companies. Over the years, Musk has offered up his wisdom on a range of topics, and provided tips for young entrepreneurs on how to be successful.
Make your brand stand out
When speaking to Inc., Musk commented on the need to make one’s business stand out from the crowd.
He said: “If you’re entering anything where there’s an existing marketplace, against large, entrenched competitors, then your product or service needs to be much better than theirs.
“”It can’t be a little bit better, because then you put yourself in the shoes of the consumer.
“You’re always going to buy the trusted brand unless there’s a big difference.”
Musk is perhaps best known for his work with the electric vehicle and clean energy company Tesla Inc., where he is an early-stage investor, CEO and product architect.
The 50-year-old is the founder, CEO and chief engineer at SpaceX, which was founded with the goal of reducing space transportation costs to enable the colonisation of Mars.
He is also the founder of The Boring Company, which deals in infrastructure, and the co-founder of the neurotechnology company Neuralink and the OpenAI artificial intelligence lab.
In addition to those ventures, Musk has proposed the creation of the Hyperloop, which is a high-speed train system.
After Musk and Tesla announced investments into Bitcoin and that they would accept it as payment, the price of the digital currency soared.
However, just a few months later, when there were suggestions that Tesla had sold, or would sell its Bitcoin holdings, the cryptocurrency’s price plummeted.
Born in Pretoria in South Africa, Musk is of Canadian and South African descent and became a US citizen in 2002.
Musk has controversially voiced his fears around the dangers of artificial intelligence, and has called it the greatest threat to humanity.
He also drew criticism for his remarks on the COVID-19 pandemic, where he claimed death statistics were being manipulated.
While Elon Musk has undoubtedly gained significant success, individuals will need to chart their own path when it comes to business.
This can involve making measured decisions, as well as undertaking research on areas of interest.