10 lessons every entrepreneur should learn from Elon Musk

10 lessons every entrepreneur should learn from Elon Musk

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Elon Musk is best known as the CEO of Tesla Motors. He is one of the few entrepreneurs to have made a fortune in the field of technology. He revolutionized space travel, online payments, and electric cars. Now, he is aiming to develop supersonic electric airplanes as a part of his quest to colonize Mars.

For the uninitiated, Elon Musk is behind SpaceX, Tesla Motors, Hyperloop, Paypal and SolarCity. He reinvented multiple industries in a short span of time. Undoubtedly, he is an inspiration for startups and entrepreneurs across the world. So, here we come up with 10 entrepreneur lessons that you can learn from Elon Musk.

#1 Know what is important

Elon Musk left his doctorate at Stanford University midway as he was fascinated by the Silicon Valley, the success stories and innovations. He realized that the future lies in the internet, artificial intelligence, space exploration, renewable energy and reprogramming of human genetic code. He could foresee that the future lies in it.

#2 There’s no alternative to hard work

Back in 1995, when Elon Musk started his first software company Zip2 with his brother Kimbal Musk, he worked round the clock. He says, one has to work 80 to 100 hours a week to relish success. He says if you work 100 hours a week while the others work for 40 hours a week, it will take you four months to achieve what they can in a year. Whatever great idea you have, hard work is needed to meet your fortune.

#3 Don’t focus on financial rewards

There are people who have achieved amazing results in life but none of them have done the same for the sake of money. Elon Musk is one such example. If you want to achieve great heights, you need to focus on the difference that you will be able to create in the world and not on the financial rewards or glory that you will get from it.

#4 Look with fresh eyes

This is one of the unusual and incredibly effective strategies that Elon Musk possesses. To improve your thought process, you need to set wisdom aside and look at the world (and everything) with fresh eyes using clear-headed conversation and objective data.

#5 Focus on the big picture

Many young entrepreneurs work towards short-term benefits. This is something that sets Elon Musk different. And, it is for the same reason that 50% of the startups fail to survive after the initial years. Instead of focusing on short-term rewards, entrepreneurs should see the big picture. This is possible with a long-term plan and it will increase the chances of survival.

#6 Always be persistent

Persistence is an essential aspect. You should never give up until you are forced to. Without persistence, you might miss out on success.

#7 Think out-of-the-box

It is necessary for an entrepreneur to think out-of-the-box. In fact, Elon Musk is a great entrepreneur for many reasons including the ability to think out-of-the-box and challenge the tried and tested approaches. He has an innovative and fearless mindset that has driven him successful. So, it is imperative that you think out-of-the-box irrespective of the circumstances and hurdles that lie on your path.

#8 Be a pioneer

If you think out-of-the-box and do not follow the trends that exist in the startup ecosystem, then you will automatically be a pioneer. Elon Musk has been doing this and also insists young entrepreneurs to follow the same strategy. With this approach, he could keep competition away and create an impact in the startup space.

#9 Welcome criticism

Most entrepreneurs are hungry for praise and recognition. However, Elon Musk isn’t this way. Though praise and recognition are important, criticism plays an important role in your success. Criticism will provide you an opportunity to make your product and service better. And, a better product is of utmost importance for a startup.

#10 Keep distractions at bay

Successful entrepreneurs like Elon Musk advice the young entrepreneurs to investment capital in enhancing their products and not on advertising. Investing in R&D, design, engineering and manufacturing is important to create a better product. You need to be focused on product development and keep distractions out of your way.

Finally, we at Silicon Canals would like to say that if you want to learn about entrepreneurship, then Elon Musk is a great personality.

Stay tuned to Silicon Canals for future updates in the tech startup world.

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