Elon Musk is an inventor and builder wrapped into one, kind of like a combination of Benjamin Franklin and Steve Jobs, on steroids,” Randy Ottinger, Executive Vice President at Kotter International, once said. Whether it’s Paypal, Tesla, or SpaceX… Elon Musk has reinvented the market on which they evolve and is a true inspiration to look up to and learn from. This hard-working, idealistic entrepreneur is definitely the greatest of our time, if not of all time. There are so many factors, why he is successful, but the major factor, I believe, responsible for his success is his habit of NOT GIVING UP.
Here are 5 BUSINESS LESSONS which Elon Musk preaches about, that every aspiring & established Entrepreneur should try and inculcate in themselves.
1. Challenge the accepted methods of doing things & have the drive to innovate and improve.
Several ideas that Elon Musk came up with were termed impossible. When Elon Musk came up with Tesla Energy – an initiative that creates batteries packs to sustain homes, the engineers rejected his idea on the grounds that small battery units cannot store huge power. Elon strongly disagreed and found his own ways of making his vision a reality. He took apart the battery and adjusted parts of it and innovated batteries that were cheaper and stored much more energy . Elon Musk teaches us to take up challenges, and ask questions on how changes can be brought to impact better, instead of listening to the crowd and blindly going by the norms and accepted historical methods.
2. As an Entrepreneur, your job is to FOCUS on the MOST important activity in your business.
Entrepreneurs often fail because they don’t realize the importance of FOCUSING on the right thing, in order to grow the business. Many entrepreneurs lack the art of delegation and building a team or trusting them to carry out numerous business activities. Instead, the entrepreneurs themselves get into transactional activities and get caught up paying attention to every detail. Elon Musk, Warren Buffet and Mark Zuckerberg run billion dollar companies and they agree that an Entrepreneur’s focus should be on how to make your product better rather than just focusing on pushing more of your product into the market.
3. Your idea is only as good as how you execute it
As an Entrepreneur and business coach myself, I come across several Idea Junkies on a day to day basis. What makes them different from a successful entrepreneur material is that actual entrepreneurs not only come up with ideas but they also know how to execute them or at least focus on LEARNING how to execute them. If you have a business idea and the only thing you do with it is keep discussing it or thinking over it, it is of 0 value. When you act on it, learn how to execute it and actually implement it is when your idea ends up being a multi-million dollar business.
4. Make an impact
If you want to get into Entrepreneurship, for money /comfort/ authority/ fame/ freedom, the chances of you going long is very unlikely. You will succeed as an Entrepreneur, no matter what, if your objective is to solve problems beyond that of yours. Instead of asking yourself, “How can I make more money”, ask “How can I solve this problem” or “What problem can I solve” for others. That is when you make a solid impact and leave a legacy as an Entrepreneur.
5. Instead of fearing failure, be well prepared for it by creating a back-up plan.
The reason most of the aspiring entrepreneurs never start is due to fear of failure. If you acknowledge failure and accept that it’s a part of the process and create a backup plan if and when it happens, there is no need to fear failure and limit yourself. When Elon Musk’s first two rocket launches which cost him $90 million failed, he created a backup plan and launched it a third time with a $10 million budget and it succeeded. Hence, do not limit yourself for the fear of failure but create a well backed up plan to handle failure and it will eventually lead you to success in time.
Let me know in the comment section below, what is that one trait of Elon Musk that you truly admire the most?