1. It’s all about creating a better product than others
Whether it’s a car, blog, YouTube channel, movie, etc., your goal should be to make it the best. Then, you share it with your true friends and they will spread the word through social media, word of mouth, and all other outlets.
2. You don’t need to blast ads and hire celebrities
Think about it. Do you buy stuff because you saw a bunch of commercials or because someone you know well and trust recommends it to you?
3. Find a problem that hasn’t been solved yet
If you read the book about Elon Musk’s life, you will learn that he generally creates businesses for certain reasons every time. Each business he creates, from SpaceX to Tesla generally has little competition and solves a major problem.
He tries to basically save the world in different ways through his businesses.
With Tesla, he saw climate change as a big problem and decided to make electric cars and solar roofs.
With, SpaceX, he saw a potential problem with the human race relying on one planet to survive, so he’s now trying to get to Mars to build a colony.
And, with Neuralink, he sees a potential catastrophe happening in the future with AI (artificial intelligence) taking over, so he’s working on combining humans with machines.
Even The Boring Company’s purpose is to improve lives by cutting down on traffic and travel times. Obviously, it probably won’t save the world like his other companies, but it’s still a great idea.
Going on the low competition, massive benefit to people’s lives model, you could come up with the next great idea.
4. This pretty much applies to every business
If you want to build a successful business, find your niche and create something better than your competition.
For instance, if you have a blog or YouTube channel, you can be the best by either creating better quality or a higher quantity content.
If you have a physical product to sell, make sure the quality vs price ratio is as high as possible. This is why the more affordable Tesla Model 3 has created so much buzz.
Let me know what you thought about this post, your questions for me, and suggestions for future content you’d like me to make in the comments section. I’d love to hear from you!
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