Elon Musk is the new genius in business. This is a quick introduction to Elon Musk.
South Africa’s Elon Tesla is an entrepreneur. At an early age, Musk made the decision to create businesses in areas most beneficial to humanity. He saw these three areas as the World Wide Web and Clean Source of Energy. He’s done it all and made billions in different industries.
At 26 years old, he sold Zip2 to a company for 300 million US dollars. He founded PayPal in 1995 with some other investors including Peter Theil. The company became a phenomenal success. Many people dream of spending their entire lives on the beach, after they have sold Paypal for 1.5 billion dollars. Elon Musk wasn’t one of those people. Elon Musk took great risks with his cash and invested most of it into the creations of two companies. The first was Tesla Motors, which made innovative cars powered entirely by clean energy. SpaceX started making rockets to carry satellites to the outer space. It also had the long-term goal for humans to reach Mars. Musk persevered despite both companies nearly going bankrupt in the recession. Both of these companies are now worth billions. There are many billionaires, but Elon is unique because he isn’t just interested in the money. He could also choose more safe industries. He chose to go into industries that were prone to failure because they would benefit humanity. Elon Musk, 46, is still young and has a lot more life ahead. Elon Musk’s success is not dependent on how successful you are. These are the ten keys to Musk’s success! He works very hard! Elon Musk works 80-100 hours a week. It is difficult to run two large companies without a full work week. He adds that it is vital to work harder than others in order to maximize the potential of your life. You have to do the work. But, remember that hardwork is not enough. It is important to focus your hard work and work smarter in order to achieve results. He is not like everyone else. Although you might be able to make money in a certain market, that may mean you are competing with many people for survival. It is possible for a breakthrough innovation to wipe out the entire market in one year. Like how horses were destroyed by cars. Elon Musk’s focus is on creating new markets and entering industries with less competition. He creates a virtual dominance in an industry that is saturated with competitors. He is passionate about his work. Steve Jobs said it was crucial to follow your passion. Otherwise, it can be so difficult that even rational people will give up. You only have yourself to sustain you for the duration of your time. Elon Musk was no exception. While he did not go to any industries that made money, he tried to make them financially profitable. He would give up much sooner if his passion wasn’t for doing good things or going to industries he didn’t care about. He was driven by his passion and he continued to persevere despite all obstacles. He doesn’t mind taking risks. Elon Musk invested most of the money he received from PayPal and Zip2 into his new ventures that were almost certain fail. They nearly went bankrupt during 2008’s recession. He spent almost all his personal savings, which was several million dollars, to keep companies afloat in the turbulent times. He also borrowed money from his friends to help pay for his daily expenses. That’s what a billionaire would do. It is unlikely, however. Musk suggests that you should take risks even if your family is not around. You can still take risks even after you have a household to feed. However, you must weigh the risks carefully. He is open to criticism. There is a huge market for sycophants because most of us want to get praised. But, criticism is what helps us improve.
You can only improve if you identify your flaws and the things that are causing them. Then, work hard to fix them. One problem is that we are not willing to share our faults with others. If you don’t, it can make one stagnant and stop improving. If someone criticizes your behavior and you don’t like it, the person will lie again. Elon would rather have his friends tell him what they thought of his cars than to be grateful for their positive comments. He listened to customers and that is why his product was improved at a faster rate than his competitors. He is an unending student. Recently, I was watching videos by Tai Lopez, a YouTuber who is well-known for his self-help videos. His knowledge is due to his daily reading of one book. Tai Lopez met Elon Muss, who was just a few minutes away. Although Tai was eager to get to know Elon, Elon ended asking Tai Lopez many questions. Tai Lopez learned a lot from Elon, which he didn’t share with him. He’s so successful! True masters are always learning and humble enough to ask for advice from others who may not be as successful. He creates products that surpass all competition. You cannot simply create something good to enter an industry with many established players. You have to offer a service or product that is unmatched. People will stick with the brands they already trust. There will not be a new industry if there isn’t much to talk about. In order to make something amazing, you don’t need advertising. It will be sold by your existing customers. That’s what Apple and its core base did with the iPhones and Macs. And that’s what Musk and Tesla’s customers did with the earlier versions of their cars. Instead of focusing too heavily on diversifying, he prefers to focus on the core. Elon Musk’s approach is very different to the one of many entrepreneurs or investors who try to start too many businesses and lose sight of the real benefits. Elon Musk shares the same philosophy as Andrew Carnegie (19th century Steel Magnate) and Warren Buffett (legendary investor). Both men believed that maximising returns meant keeping all of your eggs in one place, as long as one was patient and focused enough to make sure that it was. Warren Buffett stated that diversification is not for everyone. It’s for people who lack the knowledge to know what they’re doing. Excessive diversification can cause more harm than good as it reduces returns. It’s better if you can do one thing well than to master many. Some would be shocked to hear of his ambitions. Elon Musk’s ultimate goal is for SpaceX to colonize Mars. Musk actually plans to place the first man on Mars within ten years. People will laugh at this goal because even NASA, which is hugely wealthy and has delayed the goal for decades, is not. The key is that regardless of Musk’s success, his company will have achieved a lot more than if he set lower goals or allowed himself to complete the task over 40 years. It’s a well-known truth that work expands as you have more time. You can only do a task for as long as you have time. The work will get slower if you take longer. We underestimate how long and how hard it will take to accomplish big things. Low goals can lead to less effort and missed deadlines. However, if the goals are big and ridiculous, and you put in the effort to achieve them, even if the deadline is missed, you will be a lot better off than if the targets were lower. Simply put, aim for the moon. Even if you fail, you’ll land among the stars. He continues to push through despite the odds. Elon Musk took huge risks during a time when most people would prefer to be safe. He also had to deal with some major failures. It was difficult to enter two new industries. Musk was convinced that SpaceX and Tesla were going to close their doors in 2008, when the recession hit. He poured all of his savings into the companies to keep them afloat, and hoped that things would improve soon. He borrowed money from other people to pay his daily living expenses.
Musk secured more funding from the outside in December 2008. This was just days before Tesla ran out cash. SpaceX suffered a catastrophic failure in its attempt to launch a spacecraft into orbit around the same time. Elon Musk promised that he would never quit and that the team could not be discouraged. SpaceX became first private company in orbit. Failure is not an option. Success is achieved by never giving up!