Elon Musk’s 10 Tips of Success – New Way Of Investment
Not long after Zip2 was acquired Elon co-founded PayPal, which he ended up selling sold to eBay for $1.5 billion dollars in October of 2002.
Since then he has founded SpaceX, co-founded Tesla Motors, and become the chairman of SolarCity.
Currently Elon is worth $13.6 Billion dollars and that number is on the rise.
For the awesome impact on the world he is making Elon made the cover of Time magazine’s 100 most influential people in the world and his influence is only continuing to grow.
If money and multiple successes aren’t enough to convince you that Elon is a badass here’s a picture of him wing walking on a biplane a few weeks ago.
But I digress. Let’s dive into Elon’s best secrets for success.
1. Work Like Hell
Elon Musk has a fierce work ethic.
When Elon and his brother co-founded the company that became PayPal they lived and slept in a small office, and showered at the local YMCA.
“Work like hell. I mean you just have to put in 80 to 100 hour weeks every week. [This] improves the odds of success. If other people are putting in 40 hour work weeks and you’re putting in 100 hour work weeks, then even if you’re doing the same thing you know that… you will achieve in 4 months what it takes them a year to achieve.” ~Elon Musk
2. Don’t Just Follow The Trend
If you look at all of Elon’s businesses they solve huge problems in emerging markets where there is little competition.
When he co-founded PayPal they were for a time the only email money transferring solution in the world.
SpaceX is the first private company to send a spacecraft (Dragon) to the ISS.
Tesla is the worlds leading electric car company.
In his USC commencement speech Elon recommends “Don’t just follow the trend” and his actions have certainly followed this advice.
To reap the greatest rewards focus on innovation rather than competition.
Strive to innovate to such a degree that there are no competitors. Elon’s Billionaire business partner Peter Thiel writes on this topic in his book Zero to One.
If you want to create and capture lasting value, look to innovate and create a monopoly.
Monopolies by definition transcend competition and are how the greatest business profits can be achieved.
3. Really Like What You Do
When you really like what you do it enables you to find the energy persist through the challenges that a growing business will undoubtedly face.
4. Take Risks
Elon recommends taking risks when you are still young as obligations only increase over time.
“Once you have a family it gets much harder to do things that might not work out.”
It’s worth keeping in mind that Elon started SpaceX and Tesla with a young family so his family obligations have certainly not slowed him down.
With greater risks, such as those needed to carve out a new niche, comes the potential for far greater rewards.
Musk poured so much of his money into SpaceX and Tesla that he had to borrow money from friends to cover his living expenses.
However the risk of pouring his money into those companies paid off.
Today SpaceX, Tesla, and Solar City are thriving and Elon is several billion dollars wealthier than he was before.
5. Don’t Fear Failure
In an interview Musk has stated that he originally thought Tesla would fail.
When asked why he would start a company that he didn’t think would be successful his answer was:
“If something is important enough you should try even if the probable outcome is failure.”
Elon wanted to get rid of the perception that electric cars are ugly and slow.
Although entirely changing the way the public perceives a product class is no easy task Musk has made it happen.
The Tesla Model S sedan topped Consumer Reports’ annual customer satisfaction ratings two years in a row.
6. Do Something Important
Success and satisfaction with your work are not all about making money.
Elon had more money than he needed at the age of 27 but he has pressed on, working like a madman because he recognizes the importance of his work, and changing the world in the process.
Elon recommends being bold and choosing to do something important.
Not only can working on important projects give you great financial rewards it can also provide the satisfaction that comes with knowing you are changing the world for the better.
7. Focus on Signal Over Noise
Tesla has never spent any money on advertising.
They focus instead on investing in R&D and design since these will help make the car as good as possible.
“I ask myself: Will this activity result in a better product or service? If not, I stop those efforts.”
8. Create a Superior Product
Create an amazing product and that is the strongest type of marketing there is.
Apple is another example of this. Although Apple certainly does not shy away from advertising that marketing would fall flat if their products were not high quality.
When media outlets start talking about how your product is the best in the world you’re on the right track.
9. Be Ready to Learn New Skills
Don’t let what you don’t know stop you from tackling important endeavors.
Elon never owned a car company before, but that didn’t stop him from starting Tesla.
Elon was never a rocket scientist, but that didn’t stop him from starting SpaceX.
There are plenty of books out there and there is more information readily available than ever before so set your sights high because there is plenty of information online about how you can make it happen.
10. Seek Out Constructive Criticism
In my favorite interview with Elon Musk below he touches on several of his success secrets that I share in this post.
One success tip that many people likely avoid is seeking out criticism.
Noone likes hearing what they are potentially doing wrong but by seeking out this information from people you trust you gain valuable insight that you may be able to use to make improvements.
If you watch this video and notice the part where Elon discusses negative feedback please share the time in a comment below.
source: Garinkil Patrick