Elon Musk is now the richest man in the world. The fact that he is actually a businessman (with his claws in different niches) shows that there are Business secrets that we can learn from him.
So what makes Elon Musk this successful? Does he have principles he lives by? Why is he so influential?
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Don't worry. We have compiled five secrets we could recover from Elon Musk's life and business after we did a critical study and research.
1. Pursue your Passion:
Elon Musk didn't make it in a day. What is he doing? He is simply following his passion. He had always loved Engineering and had this crazy idea of space that others would laugh at in time past.
Now, he's making big moves. Why? He loves what he does. Here's a tweet he made two years ago about his love for Engineering!
Engineering is true magic
— Elon Musk (@elonmusk) December 23, 2018
It seems this is one of the business secrets many people do not talk about. Let's see if Microsoft has a similar take.
Microsoft co-founder Bill Gates says: “If you're lucky when you're very young, you find something you're passionate about. I did when I was 13 years old. I found computers and software.”
This passion led him to create Microsoft, which is nearing a $1 trillion valuation and has made Gates the second richest person in the world.
Back to the Billionaire Elon Musk, following your passion is a necessary path every serious person has to take. It's not just about making money (which is important)- it is the fulfillment and motivation you derive from doing it.
“I kept expecting us to advance beyond Earth, and to put a person on Mars, and have a base on the moon, and have, you know, very frequent flights to orbit,” Elon said.
So no matter crazy the idea you have, write them down and work on them. Don't give up simply because you feel no one is doing it.
Let me surprise you. If you do not Pursue your passion, someone else will develop that passion and pursue it – and might employ you to work for him!
2. Think Beyond the Norm
One of the very amazing things about Elon Musk's businesses is the fact that they think like there's no box.
Elon had always wanted to revolutionize the car industry, live on Mars, build super-fast trains inside vacuum tunnels, power human brains with AI and so many other crazy ideas one would only see in Sci-Fi movies.
Elon makes no secret of the fact he was greatly inspired by the books and movies he consumed as a kid in South Africa.
Do you have crazy dreams? Do you want to succeed? You have to think beyond the norm.
Learn Business owner skills. Equip yourself and go above the norm!
Elon believes you must have an idea so crazy that if it fails, you will likely get fired. Do not play safe. Find different ways to make your products and services a lot better than your competitors'.
3. Ignore the Critics
People always talk and they will continue to talk about you and your work.
Learning how to filter is something you need this year. If Elon Musk had allowed his critics to talk nonsense to his mind, he would not be doing well today.
People who say it cannot be done should not interrupt those who are doing it.
— Tomjoe the WordPress Master (@wptomjoe) September 13, 2020
Not every suggestion is valuable. In fact, many suggestions should enter into one of your ears and come out of the second.
If it worked for Elon Musk, it would work for you too.
I am not asking you to be resistant to advice- I am saying that you must not allow your critics to make you underperform or be a lower version of yourself.
Last year October, the US investment bank Morgan Stanley valued SpaceX at $100bn.
The company has transformed the economics of space flight, but what will make Musk most proud will be how his company has reinvigorated the US space program.
Last year his Crew Dragon rockets launched six astronauts to the International Space Station, the first such missions from US soil since the space shuttles were retired in 2011.
So, as a business owner, learn how to ignore the critics. It is one of the most powerful business secrets.
4. Success over fame/money
Elon Musk's electric car company, Tesla, has been doing well. Shares have surged over the past year to take their value to over $760bn. For that, you could buy Ford, General Motors, BMW, Volkswagen, and Fiat Chrysler, and still, have enough change to buy Ferrari.
However, Musk, who turns is currently 49 years old, doesn't expect to die rich. He said he thinks most of his money will be spent building a base on Mars, and wouldn't be surprised if the project consumed his entire fortune.
In fact, like Bill Gates, he would probably regard ending his life with billions in the bank as a mark of failure because he hadn't put that money to good use.
Elon Musk is really successful and even when he was named world richest man, his reaction was legendary:
5. Do what you know
Why isn't Elon Musk a farmer? Why is he working in the line of Electronics? It is because he is quite knowledgeable in those areas.
To make sure you do not lose money, start a business or businesses in areas where you have a good amount of knowledge and interest- or else, you will most likely fail.
Being successful is not easy. You must work hard, follow principles, and trust in God to push you through. It is not easy, and it might take days, weeks, months or even years.
Did we skip anything in this article? What do you think? Drop a comment below.