make: *** [my_hello_world.elf] Error 1

The message means that your code is too large to fit into memory. The default size for on chip memory is very small. Most of the tutorials have you use a larger on chip memory size. Look at the on chip memory module in QSYS. I should have a size large enough to fit your program. If it doesn't, pick a larger size (8K or 16K for example). Don't forget to re-generate the code in QSYS and re-compile in Quartus.