When we talk about entrepreneurs who revolutionized and changed the industry, his name always comes up as one of the world’s most daring and successful entrepreneurs. Elon Musk is a billionaire and the CEO of Tesla and SpaceX. He has earned the moniker “real Iron Man” in business.
Elon made his first gold pot by purchasing and selling PayPal to eBay. He made hundreds of millions of dollars from the transaction and then decided to start building electric cars and rockets. As a result, he founded Tesla and SpaceX, both of which have shaken the business world.
There are numerous lessons to be learned from Elon Musk. And in today’s article, we’ll talk about the 11 business success principles you can learn from this “Iron Man.”
⭐Principle #1: Work Very Hard
Elon Musk is well-known for his ability to work tirelessly. He and his brother co-founded the company that became PayPal, and they lived and slept in a small office, taking showers at the local YMCA.
Musk began with Zip2, then X.com, which eventually became PayPal, and is now concentrating all of his efforts on Tesla and SpaceX. Musk is one of the few successful entrepreneurs today who significantly impacts multiple industries and sectors. How do you think he accomplished this? He did it with many sleepless nights and devoting most of his time to running and managing his business.
As a result, take a cue from Elon Musk and work as hard as he did. It may not guarantee your success, but it is a necessary condition for success.
⭐Principle #2: Be Willing to Take Risks
Musk made hundreds of millions of dollars when he sold PayPal to eBay. That is much money for most people, and many would have stopped there. Elon Musk, on the other hand, chose to keep striving and inventing, eventually settling on building rockets and launching an electric vehicle company.
He took many risks by putting most of his own money into SpaceX and even had to borrow money to pay his rent and living expenses. Musk also advises others to take risks while they are young. “Once you have a family, it becomes much more difficult to do things that might not work out,” he says.
⭐Principle #3: Never Be Afraid To Fail
Musk anticipated failure when he founded Tesla, a company focused on mass-producing electric vehicles for consumers. When asked why he would start a company he didn’t think would succeed, he says, “If something is important enough, you should try even if the likely outcome is a failure.”
Musk wanted to disprove and dispel the myth that electric cars are slow and ugly. This is a difficult task because it involves changing the public’s perception, but he managed to complete it. The Model S sedan, one of the car models, topped Consumer Reports’ annual customer satisfaction ratings for two years.
When you are afraid of failing, you will hold back and never attempt to reach your full potential. This is why you should not be afraid to fail if you want to achieve exceptional and remarkable success in life. Instead, choose to work as if you can’t fail.
⭐Principle #4: Be Brave
Who will have the dream of one day colonizing Mars? There aren’t many. And who would think of starting a company that builds rockets and sends people into space? Elon Musk is the real deal when it comes to thinking big and bold.
When Musk decided to launch SpaceX, he told his partner, Jim Cantrell, “I want to change mankind’s perspective on being a multi-planetary species.” Jim also recalled Musk saying, “Can we meet this weekend?” I have a private jet and will fly to your location.
This is how daring Elon Musk can be in running his companies and businesses. Fearless people are the ones who will complete the task. This is why, like Elon Musk, you must learn to be fearless.
⭐Principle #5: Think Outside the Box
Elon Musk is an innovator who thinks outside the box. Companies like Boeing still did things the old way before Musk entered the space and aeronautics industries. One of SpaceX’s challenges is significantly reducing the cost of building a rocket so that space travel is accessible to all. And Musk introduced the concept of reusable rockets, and the most recent successful SpaceX rocket landing was a significant step forward.
“Don’t just follow the trend,” Musk says in one of his commencement speeches, and his ventures have certainly proven his advice. When you look at all of Elon Musk’s businesses, you’ll notice that they all aim to solve big problems in markets with little competition. PayPal is regarded as the world’s first email money transfer solution, SpaceX is the first private company to launch rockets into space, and Tesla is the world’s electric car pioneer.
As a result, don’t be afraid to think outside the box. Instead of following the trend, become the trendsetter and be the first to try something new. To reap the most benefits, you must prioritize innovation over the competition.
⭐Principle #6: Always Be Learning
How do you think Musk knows how to build rockets? He did not, but he is eager to read and learn as much as possible. And in the end, learning is one of the most important keys to success in life and business.
Many people never read a book again after they graduate. This is a huge mistake because the moment you stop reading or learning, you become stagnant and, eventually, obsolete. Musk is well-known for his voracious reading habits. He is a voracious reader who claims to have read 500 pages per day.
He read for over ten hours a day in school, reading everything in his library and the entire Encyclopedia Britannica. Not only that, but he learned and finished a six-month BASIC course in just three days. Musk is an excellent role model for all regarding reading and learning.
So, if you want to be successful and achieve great things in your life, arm yourself with knowledge. Make reading a habit, and turn on your commitment to consistent learning every day.
⭐Principle #7: Transform Criticism into Feedback
Everyone must learn and receive feedback from others to advance. The issue is that most people do not want to hear all of the criticism or complaints from others; they only want compliments. Musk, on the other hand, does not see it that way. He believes that criticism and complaints are valuable because they can serve as feedback to help us improve even more.
Elon Musk admits that he is not perfect and recognizes this. And it is for this reason that he believes it is critical to listen to both positive and negative criticism, especially from people with your best interests at heart.
You must learn to transform criticism into feedback and to use complaints as stepping stones to success. It might not be easy because no one likes it when others tell them they’re wrong. However, you must be logical to find the gems in the feedback.
⭐Principle #8: Collaborate with the Right People
In this world, no one can succeed on their own. If you want to be an entrepreneur, start a business, or build a company, you will require the assistance and support of others to succeed. Musk explains in his commencement speech at USC that the most important thing when starting or joining a company is to attract great people.
Elon Musk has stated that he will interview candidates on occasion. He does this himself because he believes that to grow his company and realize his vision, he must find the right talent to join his team.
Furthermore, Musk is not afraid to hire new and fresh talent. He was never afraid to contact young and talented engineers directly. While it is true that inexperienced teams can make mistakes, he believes that they can produce great results with energy, passion, and dynamic leadership.
⭐Principle #9: Be Extremely Optimistic
Everyone successful is extremely optimistic. Elon Musk is in the same boat. He is known for setting impossible deadlines and requesting that his employees cut costs by up to 90%. The late Steve Jobs experienced the same thing. Jobs frequently set impossible deadlines and expected his team to produce extraordinary results.
Sometimes, things may appear impossible to achieve, but you’ll never know until you try. When Musk decided to start Tesla and build electric cars for the world, many people, including those who looked up to him, were skeptical. On the other hand, Musk remains optimistic that it can be done, and he did it. Many believe Musk is insane for launching SpaceX and wanting to colonize Mars, but his optimism propels him forward.
⭐Principle #10: Never, Ever Give Up
SpaceX’s first three rocket launches were all failures. All three rockets exploded, devastating the more than 300 SpaceX employees in attendance. Employees are also concerned that the company will be forced to close due to a lack of funds for the next launch.
This is when Musk takes the stage and addresses the audience. He informed his team that he had secured additional funding for SpaceX so they would not have to worry about continuing their mission. At the end of his speech, he says, “For my part, I will never, and I mean never, give up.”
The fourth rocket launch is eventually successful. The Falcon 1 became the first privately built rocket to reach Earth orbit on September 28th, 2008.
Whatever dreams or goals you wish to achieve in your life, you must never give up. There will be those who tell you that it is impossible. There will be times when things are difficult, and you want to give up, as well as times when you fail and want to give up but don’t.
Take a cue from Elon Musk. Never, ever give up, no matter how difficult the situation becomes. Learn to recover and keep moving forward.
⭐Principle # 11: Have Fun and Celebrate Success
Elon Musk is a businessman with exceptional focus and determination, but he is also a partygoer who knows how to celebrate and enjoy life. Despite his crazy work hours, he knows how to throw a party and have a good time. He converted his frat house into a nightclub while still in college and used the proceeds to pay for his education.
When he received his share of the proceeds from the sale of his first startup, he purchased an 1800-square-foot condo and relocated from his apartment, which he shared with three other people.
Not only that, but for his 30th birthday, he rented an English castle for a group of 20 people and played hide-and-seek until 6 a.m. Musk also wrecked an uninsured McLaren F1 while driving to an investor meeting on Sand Hill Road. He ended up hitching a ride in the sports car, which was valued at around $1 million.
Sometimes all you need to do is let go and enjoy life. Life is supposed to be enjoyable and not solely about work or business. You must learn to let go and indulge in joyful activities that you truly enjoy. Consider it a challenge to recharge and refresh yourself.
As a result, you must work hard while also playing hard. Celebrate your victories so you will be motivated to keep going and achieve more. Finally, because life is short, learn to enjoy it.