Top Lessons from Elon Musk for Entrepreneurs
Top Lessons from Elon Musk for Entrepreneurs
Elon Musk, a business magnate, engineer, and industrial developer, is the founder, CEO, and chief designer of SpaceX, Tesla Motors, and Neuralink is a multi-billionaire in his mid-40s. In 2011, he was on the Forbes list for "America's 20 most powerful CEOs 40 and under". He was titled as the " Businessperson of the year " by Fortune in 2013. He is also ranked first among the top 100 global influencers.
But how is it possible to credits on so many separate fields ( energy, aerospace, and software)? After a careful review of his early life and career, here are the key lessons the emerging entrepreneurs can learn to take their business to heights.
Concentrate on the signal: minimize the noise.
All the successful entrepreneurs have emphasized the ability to focus. So did Elon Musk, he masters the art of concentrating on goals while minimizing the noise. He wants budding entrepreneurs to invest in enhancing their products rather than other aspects. The most crucial skill for his massive success was to stay focused and keep distractions aside.
He said that they don't spend a penny on an advertisement at Tesla in one of his statements. They put all their worth in engineering, R&D, and design to build the best car. He concludes by saying that they only consider spending money if it creates a better product else declines the project. The statement shows that their central budget is in the development of the product.
Challenge the traditional approaches and think big
Reviewing Elon Musk's history of innovation, his ideas create a product and have a positive impact on the industry. There could be several answers to what makes Elon Musk a great entrepreneur. But one of the most important is challenges the experimented methods and is ready to think big. He has a fearless mindset to take up any challenges, which has driven his startups’ success. He believed to get noticed among the crowd, your idea should be unique, and you must work hard till you achieve it. His SpaceX company has a significant impact on space travel. PayPal has also changed the banking Ind by the digitalization of the money transfer. His works teach one to think big and different.
Form innovative, dedicated, and similar-minded teams
Elon Musk is famous for his thought styles of leadership. He avoids hiring employees from renowned companies with fat resumes, instead chooses employees based on talents, skills, and creativeness. He chooses young, talented, and less experienced engineers who are ready to sacrifice to achieve goals for most of his companies.
Elon Musk sets high expectations and asks their employees to work double any other industry's average working hours. His managing his employees teach young Entrepreneurs to surround themselves with dedicated people and share the same vision.
Consider failure: always have a backup idea.
Fear of Failure is the most important reason why one doesn't do what he desires. One often does not approach confident people due to their fear of failure and lack of confidence. Elon Musk's life teaches young Entrepreneurs to acknowledge their concerns and have an option to handle its effects and overcome them. He used this formula for the SpaceX program. He ventured $100 million for the first rocket launch and failed, then later he tried and finally succeeded on the third attempt. Entrepreneurs, too, should not be afraid of failures and manage the losses with other options.
Learn, seek criticism and build on
One of the most revolutionary inventions of Elon Musk is Tesla energy. This project creates battery packs that have the capabilities to supply sufficient powers to sustain houses. In these battery packs’ development stages, engineers said it was impossible as the experimented and proved methods could only store small units. The pioneer disagreed and found the modern battery to turn his dreams into reality. Elon tried and found ways to adjust the parts so that they are affordable to produce and store a high amount of energy. He challenges the traditional methods to bring in innovation and challenges people for improving his invention.
One of the biggest mistakes of young entrepreneurs is the hunger for praise and recognition, but Elon has an entirely different mindset about it. In one of his statements, he says when he speaks to someone about the Tesla Models, he wants to know what's wrong in the car, not what's right.
Although applause and appreciation are essential to enhance trust, being open to criticism allows you to develop a better product by fixing the loopholes.
Elon Musk is the most future-oriented person in the world. So if you wish to learn entrepreneurship, Elon Musk is the best. The advice he gives might be odd but it works. The pioneer of technology teaches the young Entrepreneurs to have innovative plans, finds new solutions, prepare for a long-term plan to make your startup stand out among the crowd. Be open to criticism instead of concentrating on your achievements to become the pioneer in your field. Lastly, don't be afraid of failure. Always have another option to overcome your loss.