Eating Glass and Staring Into the Abyss
Musk: A friend of mine has a great saying — creating a company and having it succeed is like eating glass and staring into the abyss.
It's quite exciting for the first several months. Then reality sets in. Things don't go as well as planned. Customers aren't signing up. The technology isn't working as well as you thought. Sometimes compounded by a recession. It can be very, very painful for several years.
I would advise people to have a high pain tolerance.
It's exciting for the first several months. Then reality sets in. It can be very painful for several years.
Expect a Long Period of Difficulty
Musk: Maybe there are occasionally companies where there's not an extended period of extreme pain. But I'm not aware of very many such instances.
New great entrepreneurs are born every day. We'll continue to see amazing companies built. But I would definitely advise people to expect a long period of quite high difficulty.
Maybe there are companies without extreme pain. But I'm not aware of very many such instances.
If Your Customers Love You
Musk: As long as people stay super focused on creating the absolute best product or service that really lights up their end customer — if you get it such that your customers want you to succeed, then you probably will.
You have to focus on the customer. Delivering for them. If your customers love you, your odds of success are dramatically higher.
If your customers want you to succeed, then you probably will.