Secrets to a successful career from 2 tycoons Peter Thiel and Elon Musk: Other super-successful entrepreneurs agree

Elon Musk is a shining star in the sky. He was born in South Africa, raised in Canada, currently living and working in the US. Elon used to be an engineer but then turned to creativity. He has founded several technology companies such as Tesla Motors, SpaceX and Solar City. The diverse business ventures have brought Elon a total net worth of 12.4 billion USD.

Peter Thiel is also the one who drives and changes the world of technology. He co-founded financial giant PayPal and is one of the key members of the venture capital group, Founders Fund. The foundation has supported many successful tech startups, such as Facebook, LinkedIn, and Yelp. Peter Thiel has a net worth of $2.7 billion.

To achieve such remarkable achievements, it is necessary to mention the way the two men built their businesses. This article will simulate how Elon Musk and Peter Thiel have built super successful businesses.

Absolute focus on product quality

Your product experience is the best marketing you can do for the product. That’s the motto that Elon Musk – founder of electric car company Tesla Motors proposed.

Elon believes that product quality is a great marketing strategy and Tesla Motors has come up with a $0 marketing strategy for its products. He always seeks to make the company’s products attractive to customers by paying attention to detail and ensuring that new products are introduced to consumers in the most perfect way.

Since officially going public and going into operation in 2010, Tesla Motors has struggled to satisfy the market because of the popularity of their high-quality cars. So, to ensure sales, don’t spend too much time on marketing but invest as much as possible in developing product quality.

Try to get customer feedback for the product

When Elon Musk asks for feedback on the Tesla Model S, he always wants to hear from customers who are not happy. While other business leaders seek to avoid receiving feedback about their products, Elon actively seeks that information.

This helped him gain knowledge that he could not have experienced on his own about what needs to be improved for his product. As such, to build a successful business, you need to strive to get feedback on your product as often as possible. Ask specifically about what makes the customer unhappy. As a result, you will gradually create a product or service that appeals to your target market.

Don’t hold too many things at once

You have limited time and energy. Therefore, for your business to succeed, focus on only one company and take care of it as much as possible.

Elon Musk believes that you should spend all of your day, including weekends, at work. Spend all your time, money, and focus on the business or an idea until it works. Here’s what to do when you’re building your own company. Instead of serving multiple markets, find a way to specialize in one market.

Second, instead of trying to provide one product and one service, why not pause the product to focus on the service that generates income? Elon encourages focusing on a company, an idea, or a process to achieve success within it.

Create a technology or product that is 10 times better than the market

According to Peter Thiel, the goal of every entrepreneur is to create exclusivity for his product or service. In the process, they aim to capture more than 70% of the market. If less, it indicates problems in their vision.

To reach that number, their proprietary technology, product or service must outperform the rest. Even at the start-up stage, your product should outperform the alternative by at least 10 times. Therefore, maintain this mindset and you will create a very successful company.

Success thanks to the network effect

Network effects help a company become successful by attracting a large number of people. The more people use it, the more attractive it is to the market. Examples of companies that thrive on network effects include Facebook, PayPal, and Amazon.

Everyone uses them so it’s understandable for a newcomer to join. This creates success for companies. Peter Thiel advises that this is the way to go if you are at the start-up stage. Because startups cannot be as attractive as the big players who have already succeeded in the market. Therefore, if you have a startup, look for a small market that you can capture quickly with network effects. Then, in turn, expanding its dominance in the retail markets. Eventually, your business will grow and become hugely successful.

Try to create economies of scale

The concept of economies of scale is simply how companies increase production output and reduce costs to maximize profits. Accordingly, every potential customer brings value to the business not because they buy, but the value they add to the company when entering the market.

Peter Thiel points out that a business can become successful thanks to the advantages of scale achieved in both production and word-of-mouth marketing. Therefore, try to reach more customers in your market using strategies such as low prices, care for customer experience, and focus on high-quality products or services. Then, keep your production costs low through strategies like automation.