Business Lessons from "Elon Musk"
Updated: Oct 25, 2021
Elon Musk - the most inspirational and innovative public figure of the 21st Century.
A man behind Tesla Motors, SpaceX, Paypal, SolarCity Hyperloop and many more ....
We can call him a Transforming man... isn't it?
Transformations of many things like electric cars, online payment systems, high-speed public systems and now Colonize Mars .........
Elon Musk is definitely one of the greatest achievers on the planet which makes him a Great Example to learn from.
This man is a successful entrepreneur today due to some traits and diligence that must be understood and applied in all of our lives. Today, we’ll boil down 7 Valuable lessons we can learn from Elon musk.
It is better to focus your effort on making a product better instead of focusing your effort on how to sell it to the market. Elon specifically indicates that he would rather under-market a revolutionary product than promoting a mediocre one.
The most successful leaders usually have a powerful vision. They share it with their teams and chart a sure path on how they are going to achieve it. Moreover, they are able to exert influence so that other people can see their point of view.
One of the interesting things that Elon Musk has done is to make his ideas open-source. He has proposed them to the public and asked for factual improvement whenever and wherever possible. By doing this, he teaches us that great leaders take advantage of existing communication infrastructures so as to allow larger groups of people to take part in solving a problem.
You must execute your ideas well
Elon Musk indicates that you need to have an innovative team to execute your ideas. With their participation, you can come up with business models that are solid. This will lead to healthy financial returns and eventually successful execution of your vision. Therefore, your idea is only as good as how you execute it.
Have you ever think of Mars?
Elon Musk not only thinks big and through his exploits, but also he teaches us how to do it too.
PayPal changed the financial industry by digitizing money transfer and making it easy for people around the world to send and receive money online. His SpaceX program has a lasting impact on space travel. He wants to make commercial space travel possible.
After making a good revenue, Elon paid back his $400 million loan. He said that he was grateful to the Department of Energy and all stakeholders who loaned him the money. He paid them back as soon as he could. In this way, he conducted honest business and we can learn to do the same from him.
Seek out constructive criticism
Elon Musk constantly seeks criticism. When he spoke with the automobile engineers during the development of the Tesla electric car, he asked them to tell him what was wrong with his design instead of what was good about it. In this way, he learned his mistakes and fixed them. Look for constructive criticism and learn from it. This is a valuable lesson from the technology billionaire.
Learn the fundamentals and use the knowledge to your benefit
A some time, Elon disagreed with them and literally took apart the modern battery so as to find ways of making his vision a reality. He found ways to adjust the parts of the battery such that it was cheaper to produce and stored much more energy. Elon challenged the accepted methods of doing things and emerged with an innovative, affordable, new result. He teaches us to ask questions and challenge how things are done to make them better.
Consider failure in your plans and come up with a back-up plan
The main reason why we don't do what we desire is because we are afraid of failure. For example, we don't apply for our dream jobs because we are afraid to fail. We also don't approach people who we think are attractive because we are afraid to fail.
His first two launches cost him $90 million and they both failed. The third one cost him $10 million and it succeeded. From this we learn not to be afraid of failure by coming up with a plan to manage it.
Make every effort to build an organization whose culture and ideals are similar to yours
Surround yourself with the people who share your vision and are just as dedicated to it as you are. Elon Musk is well known for his ruthless leadership style. He will never accept that something is impossible. Anyone who suggests this gets fired too. Many may criticize it but it helps him to get closer to his vision of advancing human civilization and establishing human communities on Mars.