Elon Musk, the richest man in the world right now, is a serial entrepreneur who has successfully launched and grown a number of companies across many industries. Tesla and SpaceX, his two most valuable businesses, are currently valued at $773 billion and $74 billion, respectively.
Along with Zip2, PayPal, Neuralink, SolarCity, Starlink, The Boring Company, Hyperloop, and OpenAI, Musk launched a number of other notable businesses. Even though the multi-billionaire experienced great success at age 49, he has also learnt a lot about business along the way.
These are the top five business lessons the multi-billionaire can teach you.
- Use Common Sense While Making Decisions
According to Musk, first principles thinking entail starting with “the most fundamental truths” and building from there. We now know what motivated Musk to begin producing rockets. Although exploring beyond Earth was his major objective, the rockets he would have needed to accomplish so were prohibitively expensive. He consequently made the decision to create his rockets from scratch.
Do NOT use analogies when making decisions when starting or scaling a firm. This is what a lot of business owners do. They observe a good or service, imitate it, and then improve it slightly. When using first principles reasoning, you must start with nothing.
These crucial considerations should be made while beginning a business:
• What issue am I attempting to address
• Why should I fix this issue?
• “Who and how has this problem been solved?”
• How successfully does my suggested solution address this issue?
• What can I accomplish that’s entirely distinct and superior?
• What effect would my suggested solution have in the future?
- Work Ceaselessly
“Work tirelessly. You basically need to work 80 to 100 hours a week, I guess. This raises the likelihood of success. Though other people work 40 hours a week and you work 100 hours a week, even if you are doing the same thing, you will accomplish in four months what it takes them a year to accomplish-“Elon Musk.
Being an entrepreneur means investing everything into expanding your company. It is essential to only launch a business that you are enthusiastic about because of this.
- Read Vigorously
If you read enough books on it, you can get to the top as a business owner.
Elon Musk always says, “I studied books,” in response to inquiries about how he learnt to construct rockets.
Elon Musk was 9 years old when, according to a Bloomberg Quick take documentary, he finished reading the whole Encyclopedia Britannica. He also spent more than ten hours a day reading science fiction books. Even though you might not be able to dedicate that much time to read every day, make an effort to set aside a reasonable amount of time.
- Always Seek For And Receive Feedback
“A properly thought out critique of anything you’re doing is as priceless as gold,” the millionaire will always say.
When launching a business, you should continually seek honest criticism from your consumers or users rather than believing that your product or service is ideal. Don’t ask your pals for it because they don’t want you to feel inadequate or disheartened, they might withhold it from you.
Top company executives in the US were instructed by Elon Musk in December 2021 to abandon spreadsheets and spend the time and effort seeking feedback on their goods instead. He believes it to be a crucial necessity for managing a prosperous firm. Get as much customer input as you can and act on it instead of just sitting in your office.
- Employ Only The Best, But Allow Them To Leave When Appropriate
Elon Musk is recognized for hiring the finest, but he is also known for firing non-cooperative employees. He hires the brightest and most creative individuals who are not just skilled but also very good at what they do.
Do not rely on a single employee excessively when building a profitable business. Create a pool of qualified workers you can quickly draw upon to fill openings. If necessary, use headhunters (professional recruiters) to locate these workers.
The sky will be the beginning of your success if you remember these business lessons when you embark on your entrepreneurial path. All businesses have advantages and disadvantages, however, these tips are crucial for business growth. Elon Musk is the most successful young businessman in the world as a result of these.