During a town hall meeting in Wisconsin, Elon Musk emphasized the difficulty of starting and sustaining a successful business, highlighting that most startups eventually fail. He noted that a company's success hinges on the usefulness of its products or services to consumers. Musk acknowledged that creating a business where the output value exceeds input cost is immensely challenging. He referenced Tesla and Ford as noteworthy exceptions in the automotive industry, alongside his own company, SpaceX. Musk's remarks came amidst discussions about the implications of his fluctuating net worth due to Tesla's stock performance.
It's shockingly hard to make the value of the output exceed the cost of the input - that's really what defines a successful business. And profit is really between the value of the output and the cost of the input.
I have a lot of admiration for anyone who just does an honest day's work, you know, making products or producing services for their fellow human beings. But it is hard.
It is true that most businesses that start do not succeed. A company's success, whether it's a great restaurant or store or a technology company or whatever the case may be, came down to how useful consumers find its products or services.
Elon Musk said it's 'very, very hard to start a business and have it succeed.' He pointed to the automotive industry, citing his EV maker Tesla and Ford as the only major US automakers that have not gone bankrupt at some point.
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