Startups

Elon Musk’s Success Secrets

People call him the real Tony Stark (Iron Man). We’re talking about Elon Musk, who is seen as one of the greatest entrepreneurs of all time. Elon Musk, the founder of Tesla and SpaceX, continues to break new ground in the world and surprise everyone.

So how can such a great success be achieved?

Elon Musk, whom we know for his endless love of work and interest in innovation, is an extremely important role model, especially for entrepreneurs.

In this article, we will examine the factors that are effective in Elon Musk’s success. So let’s get started.

1. High Motivation

Musk has been a highly motivated person since his childhood. High enough motivation to learn to program at the age of 12, develop a video game and sell it for $500.

The vast majority of successful people have a high motivation to succeed. Because these people have a great desire to create something wonderful, to do something that has not been done before. Such people do not settle for a mediocre mistake, a 9-5 shift job. What Business Can I Do Small and Profitable?

More importantly, these people do not need to watch movies or watch motivational speeches to gain motivation. These people maintain their own motivation.

2. Time Management

Effective time management is one of the most fundamental aspects of success.

Elon Musk spends half of his time at Tesla and half at SpaceX, and he is very sensitive to the daily timetable in this regard. Musk’s classic week goes like this:

  • Monday at SpaceX.
  • Tuesday and Wednesday at Tesla.
  • Thursday and half Friday is at SpaceX.
  • The other half of Friday is at the Tesla design center.
  • On weekends, with his family and children.

In order to manage 2 huge companies and try to spend time with the family, it is necessary to pay great attention to time management.

But Elon Musk is no different than anyone else. The day is 24 hours for everyone, the year is 365 days for everyone.

For this reason, there is nothing missing from Elon Musk. But how you manage time, which is perhaps the only thing that everyone has equally, and what you deal with during that time is what really makes the difference. 6 Psychological Principles That Will Increase Your Turnover

3. Perseverance

Did you know that two of Elon Musk’s companies worth billions of dollars almost went bankrupt today?

We’re reading the issue today, but Elon Musk has faced many challenges to overcome. Huge problems of financing, growth, and market acclimation. Starting Your Own Business From Scratch

In this process, although Elon Musk failed many times, he never gave up and started again every time. For this reason, everyone sees his probability of success as high, because Musk is a name that is not afraid of losing.

Ask yourself how much you want something. What would you give up to get that thing? Do you want to make your dream come true even if the whole world is against you?

People tell you, “You can’t.” Those who continue to work without losing their perseverance and determination will definitely achieve success. Elon Musk is the most vivid example of this. Top Business Trends to Follow in 2022

4. Innovation

Elon Musk is a name that strictly adheres to the basic rules of the economy. Economics tells us that innovation is critical for small and medium-sized companies.

The growth process of a new company is challenging. This company needs to be protected from various angles. This is why small and medium-sized companies should attach great importance to innovation.

Many people think that innovation is developing a product/service that has not been done before. In other words, innovation is seen as discovering something new.

But there is a fundamental difference between innovation and invention. Developing a brand new product or service is called invention. Innovation, on the other hand, means seeing a gap in the market and filling this gap by offering a better product/service than the current product/service.

For example, marketing a product or service in a new way of adding a new feature to that product or service is called innovation.

5. Impact

According to Elon Musk, attracting people’s attention and motivating them is of great importance in the success of a company. Because a company consists of people who have come together to develop a product or service.

Business is a team sport. At the beginning of your entrepreneurial career, you do everything yourself. Accounting, purchasing, marketing, advertising, everything…

But as the company grows, you should hire people with the same values ​​as you. You should stick with people who have a similar vision and purpose as you.

Working with the most successful engineers, designers, and marketers in Elon Musk’s success is extremely effective.

6. Teamwork

We said that building a good team is critical to company success. Entrepreneurship is not a one-man thing either. An entrepreneur may be the face of the brand, but it is impossible for an entrepreneur to be successful without a solid team behind him.

Some entrepreneurs are control freaks, so to speak, they want to question everything one by one. Instead of motivating and inspiring their staff to take initiative, they almost dominate them.

This is basically a sign of insecurity and insecurity. If you don’t trust your team as an entrepreneur, your chances of success in business life are very low. Elon Musk is also a leader who recruits successful and bright people, gives them freedom of movement, and motivates them to contribute to the company.

7. Patience

To Elon Musk, starting a company is like eating grass and looking down a cliff. The first few months of the company are exciting, but then the home account doesn’t fit the market. The expected sales will not happen, there will be a lot of errors in the developed software. In the early stages of a company, such incidents are bound to happen.

Therefore, an entrepreneur’s pain threshold should be high. According to Elon Musk, one of the most basic qualities an entrepreneur should have is a high pain threshold.

When we look at successful entrepreneurs, “There is money, there is a success. If I were that successful, I would easily make statements like that.” we think. However, we do not see the pain these entrepreneurs go through until they reach that point. That success has been achieved with tears, sweat, and blood.

In other words, one should not be deceived by the glittering face of entrepreneurship. Behind that glow are hardships, pains, and great courage. Despite such great difficulties, people who show patience somehow achieve success.

In other words, entrepreneurship is rooted in deep patience, resilience to rejection and ridicule, and learning to live with stress.

8. Education

Elon Musk thinks there are good schools, but he says that teachers can’t explain why they have to “teach” something to their students. In other words, teachers don’t know why they make students solve problems in math class.

While memorizing a formula or information, we do not know where to use that information, but we still memorize it in case we encounter it in the exam.

For example, to see how an automobile engine works, it is necessary to disassemble and reassemble the engine. This is done with a screwdriver and wrench. A person who is engaged in the problem of disassembling the engine already learns well what the tools are for in this process.

Musk says:

“If you want to teach students how an engine works, you have to start by teaching them what a screwdriver or a wrench is for. You must first show the students the engine and then disassemble it down to its smallest parts. At this point, it becomes clear what the wrench or screwdriver does.”

In other words, Elon Musk never rejects university education, but he thinks that theoretical knowledge and practical knowledge should be blended together and that people should have a good grasp of what they do and why. He thinks that the universal view on education should be reconsidered and a new regulation should be made about education. We know that Musk has a special school project that his children also attend.

9. Feedback

Elon Musk places great emphasis on feedback, comments, and chain of views. In other words, while developing a product, it is necessary to regularly pay attention to the current situation and ways to improve the current situation.

At this point, you should listen to the thoughts of your potential and current customers. What do they want? What kind of problems are they having? How can you respond to their problems? What kinds of things can you offer that is more special than competitors?

Entrepreneurship is nothing but seeking answers to these questions. In its most basic sense, it is understanding what people want and meeting those needs. But if you can’t really analyze people’s needs and offer solid solutions to these needs, you can’t expect to be successful.

By listening to customers and identifying their wants and needs, you can develop products and services that they will want to buy more.

Conclusion

When we look at successful entrepreneurs today, we need to understand that they did not get to this point overnight. Elon Musk and many other successful entrepreneurs have gone through tough times that many of us cannot bear. However, thanks to the genuine importance they attach to concepts such as patience, work, perseverance, and innovation, they survive and achieve great things. The 9 principles we have discussed in this article are the things you must pay attention to in order to be successful, but instead of imitating Elon Musk exactly, you should examine his life, learn from his life, and be inspired by him.

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