11 Best Principles to Learn from Elon Musk
When talking about entrepreneurs who have revolutionized and changed the industry, Elon Musk is always mentioned as one of the most daring and successful entrepreneurs in the world. He is a billionaire and the CEO of Tesla and SpaceX, and he has earned a reputation as a "true iron man" in business.
Elon made his first pot of gold by buying PayPal from eBay. He made hundreds of millions from the deal and then decided to build electric cars and rockets. So he launched Tesla and SpaceX, and both companies shook up the entire business world.
There are many things you can learn from Elon Musk. In this article, we will discuss 11 principles of success that you can learn from this "iron man" in the business world.
Principle #1. Hard work
Elon Musk is known for his ability to work hard. When he and his brother founded the company that eventually became PayPal, they lived and slept in a small office and showered at the local YMCA.
During the interview, he says: "Work like hell. You need to put in 80-100 hours a week. [It] improves success rates. If other people are putting in 40-hour work weeks and you are putting in 100-hour work weeks, doing the same thing, you know... you will achieve in 4 months what it took them a year to achieve. "
Over the years, Musk started with Zip2, and then X.com eventually became PayPal. Now, he focuses on Tesla and SpaceX. In modern times, Musk is among the few successful entrepreneurs who have significantly impacted various fields and industries. How do you think he did it? He did it with many sleepless nights and spent most of his time running and managing his business.
So, learn from Elon Musk and work hard like him. It may not guarantee your success, but it is a prerequisite for success.
Principle #2. Dare to take risks
When Musk sold PayPal to eBay, he made hundreds of millions from the deal. This is a lot of money for most people, and many would stop there. However, this was not the case with Elon Musk, who continued to strive and invent and eventually settled into building rockets and started an electric car company.
When he started SpaceX, he took many risks, even borrowing to pay rent and living expenses. Musk also advises others to take risks while they're still young. She says, "When you have a family, it's hard to do things you don't do."
Musk dares to break into a new industry, take risks, and do the impossible. As a result, his success and rewards are much greater. His ventures into investing in SpaceX, Tesla, and Sun City, a company focused on renewable energy, particularly solar power, have yielded significant success.
Principle #3. Never fear failure
When Musk started Tesla, a company focused on mass-producing electric cars for consumers, he thought he would fail. When an interviewer asked him why he started a company he didn't feel would succeed, he replied, "If something is important, you have to try even if it fails."
For Tesla, Musk wanted to prove that electric cars are slow and ugly and get away with it. It's not easy because it involves changing people's attitudes, but somehow, he managed to do it. The Model S sedan ranks first in Consumer Reports' annual customer satisfaction rankings.
Every entrepreneur needs to understand the meaning of failure and learn from Mask. The first three rocket tests were failures, but Musk did not give up and continued to refine the strategy until SpaceX successfully launched its fourth rocket into space.
When you fear failure, you will hold back and never dare to do something to your full potential. That is why you should not fear failure when you have significant and extraordinary success. Instead, try to act like you can't fail.
Principle #4
Who would dream of colonizing Mars one day? Very little. Who would have the idea to build a rocket and send people into space? When it comes to thinking big and bold, Elon Musk is the real deal.
Musk is bold and direct about business. When Zip2 started, it envisioned an Internet banking business that would "rule them all" in the early days of the Internet. After building successful Internet startups, he had a bold vision to transform the transportation industry and reduce pollution by launching Tesla. He also dreamed of sending people to Mars.
When Musk was about to launch SpaceX, he called his partner Jim Cantrell and said, "I want to change how humanity looks at multi-planetary species." Jim also asked Musk, "Can we meet this weekend?" I have a private jet, and I will fly you home. "
How dare Elon Musk run his company and business? Brave men will do the work. That's why you should learn to be fearless like Elon Musk.
Principle #5. Think outside the box
Elon Musk is someone who thinks outside the box. Before Musk entered the space and aerospace industry, companies like Boeing continued the old work conventions. SpaceX's challenge is significantly reducing the cost of building rockets so that space travel can become affordable for everyone. Musk brought up the idea of reusable rockets, and the recent successful landing of SpaceX's rocket took a big step here.
In one of Musk's speeches, he said, "Don't follow the trend," and his actions borne out his advice. If you look at all the businesses that Elon Musk has started, they are all focused on solving big problems in the market with little competition. PayPal is considered the world's first e-money transfer solution, and SpaceX is the first private company to launch a rocket into space.
Principle #6. Always learning
Do you think Musk has the knowledge to build rockets? He didn't, but he's willing to read and learn as much as possible. And learning, after all, is one of the most important keys to success in life and business.
Most people never read a book after finishing it. This is a big mistake because the moment you stop studying or learning, you become stagnant and soon obsolete. Musk is known for his passion for reading. He is a bookworm and claims to read 500 pages a day.
While at school, he studied more than ten hours daily, reading everything in his library and Encyclopaedia Britannica. He also learned and completed a six-month BASIC course in three days. When it comes to learning and studying, Musk is a great role model for everyone.
Remember, leaders are learners. Robin Sharma, best-selling author of The Monk Who Sold a Ferrari, says, "Ordinary people have big TVs. Extraordinary people have big libraries."
So, if you want to be successful and achieve good results, equip yourself with knowledge. Make it a habit to read daily and commit to consistent study.
Principle #7. Turn criticism into feedback
Everyone needs to learn and get feedback from others to reach higher ground. The problem is that most people prefer to listen to only some of their criticisms or complaints. They just want compliments. However, Musk doesn't see it that way. Criticism and complaints are essential because they can act as feedback to make us better.
Musk says, "I think it's important for people to pay attention to negative feedback, not to ignore it, but to listen carefully." However, that doesn't mean you must accept and listen to every criticism. He also says, "If the root cause of the negative feedback is nonsense, ignore it, or people should adjust their behavior."
Elon Musk could be better, but he says he understands that. That's why he believes listening to positive criticism and complaints is important, especially from people who care about you.
You must learn to take criticism as feedback and use complaints as stepping stones to your success. This may be challenging because no one likes to be told they are wrong. However, you have to be rational to find the opposite.
Principle #8. Deal with the right people
No one can succeed in this world alone. If you want to become an entrepreneur, start a business, or build a company, you need the help and support of others to make it big. In his speech at USC, Musk explains that the most important thing when starting or joining a company is to get great people involved.
Elon Musk says he will interview candidates from time to time. He does this himself because he believes he needs to find the right talent to join his team to grow his company and realize his vision.
In addition, Musk is fearless when hiring fresh talent. He never hesitates to contact young and talented engineers. According to him, an inexperienced team can make mistakes but achieve great results with energy, passion, and dynamic leadership.
Working with the right people is key because if you hire the wrong people, they can bring down the entire company. Big companies like Google, Microsoft, and Apple can grow at such an amazing rate because they hire the right talent and work with the right group of people.
Principle #9. Be very optimistic
All successful people are very optimistic. The same goes for Elon Musk. He is known for setting impossible deadlines and demanding up to 90% layoffs from his staff. The same thing happened with the late Steve Jobs. Jobs often created impossible deadlines and asked their team to do extraordinary work.
Sometimes, things may seem impossible, but you only know once you do. When Musk decided to launch Tesla and build electric cars for the world, many people, including bystanders, rejected his idea. However, Musk remains optimistic, and he has done so. Many people think Musk is crazy to launch SpaceX and want to colonize Mars, but his optimism keeps him going.
You have to be positive and look on the bright side when you achieve something extraordinary. When people don't believe something is possible or reject your idea because they think it's crazy, you're often on the right track to something great.
Principle #10. Never give up
SpaceX's first three rockets were failures. All three rockets exploded, leaving more than 300 SpaceX employees heartbroken. Employees also fear that the company will be shut down because SpaceX has run out of capital for the next launch.
At this point, Musk got up and spoke to the crowd. He told his team that he was raising further investment for SpaceX so they wouldn't have to worry about continuing their missions. At the climax of his speech, he says, "For me, I will never give up, and I never will."
Finally, the fourth rocket launch proved successful. On September 28, 2008, Falcon 1 became the first personal rocket to reach Earth's orbit.
No matter what dreams or goals you want to achieve in life, you should never give up on them. There will be those who say it cannot be done. There will be times when things are complex, you feel like giving up, and there will be times when you want to give up but don't.
Learn from Elon Musk. No matter how hard it is, don't give up. Learn to leap forward and strive forward.
Principle #11. Enjoy life and celebrate success
Elon Musk is very focused and determined in business, but he is also a party-goer who knows how to live and enjoy life. Despite his reasonable working hours, he knows how to throw parties and enjoy himself. While still in college, he turned his hometown into a nightclub and used the money he earned to pay for college.
After receiving his share of the first startup sale, he immediately bought a 1,800-square-foot condo and moved out of the apartment he shared with three other people.
Not only that, but in his 30s, he rented an English lounge for a party of 20 people and secretly played games until 6 a.m. Musk also performed tricks on Sand Hill Road while heading to an uninsured McLaren F1 investor meeting. He crashed the sports car, which was worth about 1 million dollars.
Sometimes, you just need to enjoy life. Life should be fun and not just about work or business. You need to learn to indulge in joyful activities you genuinely want. Take it as a task to replenish and renew.
The same is true of Jack Ma, one of China's wealthiest men and the founder of Alibaba. You can see him dressed like Michael Jackson, singing, acting, and filming kung fu movies. When the reporter asks why he does the things he does, he says there's a part of him that's always fun, and he wants to entertain himself and others.
You have to work hard and try hard. Celebrate your victories so that you are inspired to keep going and achieve more. Finally, life is short, so learn to have fun with it.
