Lessons Entrepreneurs Can Learn from Elon Musk
Elon Musk have grown to become one of the most leading and inspiring entrepreneurs on this earth.
He is the Co-founder of Paypal, Founder, CEO and CTO of SpaceX and product architect at Tesla.
Elon has a net worth of $13.9 billion so he must be doing something right. But what can we learn from him?
Here are Lessons Entrepreneurs Can Learn from Elon Musk.
Dare to take risks
Elon Musk have taken a lot of risks in his career. After making $165 million, he invested a lot of it in SpaceX and Tesla, nearly setting both companies into bankruptcy. However, it seems like it has starting to pay off because today, both SpaceX and Tesla thrive.
Believe in your ideas
Musk has always been a firm believer in his ideas even if no one else has. While being able to think outside the box and different from everybody else, you will meet lots of people saying your idea is bad and you shouldn’t do it. People said that to Musk too and look at him now.
The most important thing is that you believe in yourself. If you do that- nothing else matters.
Don’t mainly focus on the money
Elon Musk said “Going from PayPal, I thought: ‘Well, what are some of the other problems that are likely to most affect the future of humanity?’” Not from the perspective of, ‘What’s the best way to make money?” and this is the mindset you should have as well as an entrepreneur.
If you create value to people, money will come, so focus on how you can solve a problem and improve people’s lives. If you can solve a problem like that, there’s a huge chance you will succeed.
Don’t let failure destroy you
Elon Must has failed countless times in his career but he says that it is the failures that he learns from and can improve thanks to.
Musk’s company Tesla’s first car was the electric car Roadster. This was a high performance vehicle but it made Tesla face a lot of expected cost. The car was delayed due to financial issues- almost leading to bankruptcy. In 2008, the car costed almost double the expected price, making the car suck out all the money from the company. Musk then had two choices. Either invest all his life’s savings into the company or simply call it quit with Tesla. With Musk’s entrepreneurial mindset, he believed in his idea enough to choose the first option. It seems now like it was a good decision because Tesla is currently leading the electric car market.
Musk also risked a lot of his money into SpaceX which almost made him bankrupt. SpaceX’s first three rocket launches failed which made the company’s money take a beating. They only had money for one more launch which succeeded.
Musk says this was one of the most stressful times of his life because they were almost forced to quit due to bankruptcy but the fourth launch was a success and SpaceX received a contract from NASA for $1.6 billion.
Musk has been at the top and he has been at the bottom but it is strong drive that keeps him going.
Some might say Musk has failed successfully.