Richest Man Elon Musk || 11 Best Principles to Learn from Elon Musk

Introduction:

When we talk about the entrepreneurs who changed and transformed the industry, their name always comes up as the most daring and successful entrepreneurs in the world. Elon Musk is a billionaire, the CEO of Tesla and SpaceX, and has earned a reputation as the "Real Iron Man" of business.

Alvin made his first pot of gold by acquiring and selling on PayPal and eBay. He earned crores of rupees from this deal and started making electric cars and rockets. So he began Tesla and SpaceX, and both companies turned the entire business world upside down.

Elon Musk can teach many things. In today's article, we will discuss the 11 principles of success that you can learn from "Iron Man" in the business world.

Principle No: 1 Work very hard

Elon Musk is known for his ability to work hard. While working with his brother at the company that later became PayPal, he lived and slept in a small office and showered at the local YMCA.

He's the one who says during the interview, "Working like hell. I mean, you have to put in 80 to 100 weeks. [It] increases the chances of getting better. 100-hour work week, Yet if you do the same thing, you know ... you get in 4 months what it takes them a year to get."

Over the years, Elon Musk started with Zip2 and X.com, which eventually became PayPal, but is now focusing all of his energy on Tesla and SpaceX. In this modern era, Musk is among the few successful businessmen who have dramatically impacted the industry in various fields. How do you think he did it? He did it with many sleepless nights and spent most of his time running and managing his business.

So, learn from Elon Musk and the hard work he did. It may not guarantee your success, but it is necessary to achieve success.

Principal No. 02: Dare to take risks.

When Musk sold PayPal to eBay, he made millions from the deal. And for most people, that's a lot of money, and most would have stopped there. However, this was not the case with Elon Musk; he kept trying and making things and eventually decided to build a rocket and start an electric car company.

He invested a lot of his money to start SpaceX and took a lot of risks to pay rent and living expenses. Musk recommends that others take risks when they are young. "Once you have a family, it's hard to do things that might not be right," she says.

Kasturi dares to take risks and make the impossible possible by joining new companies. As a result, its success and rewards are many. Its bets on investments in SpaceX, Tesla, and Solar City, companies focused on renewable energy, particularly solar, have paid off big.

Principle No: 3 Don't be afraid to fail

When Musk started Tesla, a company focused on making electric cars for consumers, he thought it would fail. When an interviewer asked him why he would start a company he didn't feel would succeed, he said, "If something is significant, you should try even if Don't work." Suppose the result is a failure.

For Tesla, Musk wants to prove and dispel the notion that electric cars are slow and ugly. It was not easy, as it involved changing public opinion, but somehow, they managed to do it. One of those car models, the Model S sedan, topped Consumer Reports' annual customer satisfaction survey two years in a row.

Every entrepreneur must understand what it means to fail and learn from Musk. The first three tests of the rocket failed, but Musk continued improving the project until SpaceX successfully launched its fourth rocket into space.

When you're afraid to fail, you must hold back and never stop trying your best. However, you should not be afraid to fail when achieving major success. Instead, choose to work hard as if you will never fail.

Principal No: 4 Be confident

Who would dream of ruling Mars one day? Very little. But who would have the idea to start a rocket business and send people into space? Elon Musk is a genius when it comes to thinking big and boldly.

When it comes to business, Musk is confident and driven. When he started Zip2, he thought the Internet banking business would "rule them all" even in the early days of the Internet. After building a successful Internet startup, he launched Tesla with a solid vision to transform the transportation industry and reduce pollution. Not only this, but he also dreamed of sending people to Mars.

When Musk wanted to start SpaceX Company, he called his partner Jim Cantrell and said, "I want to change the way people think about having a different kind of planet." Jim also recalled Musk saying, "Can we meet this weekend? I have a private jet, and I'll fly you home."

This is how Elon Musk can be confident about running his company and business. Only the brave will do. That's why you should learn to be fearless like Elon Musk.

Principal No. 5: Think outside the box.

Elon Musk is an out-of-the-box thinker. Before Musk entered the space and aerospace industry, companies like Boeing followed old working conventions. One of SpaceX's challenges is to reduce the cost of building rockets so that space travel is affordable for everyone. Musk introduced the concept of reusable rockets, and the latest successful SpaceX space station has taken a big step in that direction.

In one of Musk's introductions, he says, "Don't follow a formula," His actions have borne his advice. If you look at all the businesses that Elon Musk has started, they need to solve big problems in the market with less competition. PayPal is considered the world's first email money transfer solution, SpaceX is the first private company to send a rocket into space, and Tesla is the world's electric car pioneer.

So don't be afraid to think outside the box. Don't use this approach. Instead, be proactive and be the first to join something new. Focusing on innovation rather than competition would help reap the biggest rewards.

Principle No: 6 Always Study

How do you think Musk knows how to build rockets? He didn't, but he was willing to read and learn as much as possible. And learning is ultimately one of the keys to success in life and business.

Many people need to read education after graduation. This is a big mistake because the moment you stop reading or studying, you will live longer and start dying. Musk is known for his love of reading. This is a worm that claims to read around 500 pages a day.

At school, Musk studied for more than ten hours a day, reading everything in his library and the entire Encyclopedia Britannica. He also learned and completed six months of BASIC in just three days. Musk is a great role model for everyone in terms of reading and learning.

Remember, leaders, our readers. "Ordinary people have a big TV. Special people have a big library," says Robin Sharma, the best-selling author of The Monk Who Sold His Ferrari.

So, if you want to be successful and achieve great results in your life, equip yourself with knowledge. Make it a habit to read and commit to learning consistently every day.

Principle No: 7 Turn criticism into feedback

Everyone needs to learn and get feedback from others to reach higher levels. The problem is that many people prefer to hear only some criticism or complaints from others. However, Musk doesn't see it that way. He believes that criticism and complaints are essential because they can serve as feedback for us to make further improvements.

Elon Musk says he's not perfect, and he understands that. That's why he thinks it's important to listen to good criticism and complaints, especially from people who have your best interests in mind.

You'll learn how to use criticism as feedback and complaints as milestones for your progress. This may be challenging as no one likes to be told they are wrong. However, you must have enough common sense to find the gems in the feedback.

Principle No: 8 Work with the right people

No one can succeed in this world alone. If you want to become an entrepreneur, start a business, or build a company, you need the help and support of others to grow. In his introduction to USC, Musk explains that the most important thing if you're building or entering a company is to attract people.

Elon Musk says he will interview candidates from time to time. He does this personally because he believes he needs to find the right talent to join his team to grow his company and achieve his vision.

Musk is also fearless when hiring new and innovative talent. He never went back to contact the young and talented engineers personally. He believes that while inexperienced teams can make mistakes, they can also produce great results with energy, passion, and strong leadership.

Working with the right people is essential because if you hire the wrong people, they can destroy the entire company. Why do you think big companies like Google, Microsoft, and Apple can make such fantastic growth? They hire the right talent and work with the right team.

Principle No: 9 Be Extremely Optimistic

All successful people out there are very optimistic. The same is the case with Elon Musk. He is known for setting impossible deadlines and getting his employees to cut costs by up to 90%. The same thing happened with the late Steve Jobs. Projects often create impossible deadlines and ask members to deliver unique projects.

Sometimes, things seem impossible, but you will know once you click and do it. When Musk decided to start Tesla and build electric cars for the world, many people questioned his ideas, even those who looked up to him. However, Musk remained optimistic that it could be done, and it did. Many people think Musk is crazy for starting SpaceX and wants to rule Mars, but his optimism keeps him going.

You need to be positive and see things on the bright side when achieving something special. When people don't believe something is possible or reject your idea because they think it's crazy, you often lead the way.

Principal No. 10: Never give up.

SpaceX's first three rocket launches were unsuccessful. All three rockets exploded, leaving over 300 SpaceX crew members heartbroken. Activists also fear the company will shut down because it has run out of capital for another launch.

That's when Musk addressed the crowd. He told his team that he had secured additional funding for SpaceX, so they didn't have to worry about continuing their mission. At the end of his speech, he said, "As far as I'm concerned, I will never give up, and it never will."

Finally, the fourth rocket explosion indicates success. On September 28, 2008, Falcon 1 became the first privately built rocket to achieve Earth orbit.

No matter what dreams or goals you want to achieve in your life, you will never give up on them. There will be people who will tell you it can't be. There will be times when things are hard, you feel like giving up, and there will be times when you fail and want to give up but don't.

Learn from Elon Musk. No matter how difficult the situation is, don't give up. Learn to bounce back and move forward.

Principal No. 11: Enjoy life and Celebrate Success.

Elon Musk is very focused and decisive regarding business, but he is also a party person who knows how to celebrate and enjoy life. Despite her crazy work schedule, she knows how to throw a fun party. While in college, he converted his apartment into a hotel and used the proceeds to pay his tuition.

When he got his share from the sale of his first startup, he immediately bought a 1,800-square-foot apartment and shared it with three other people.

Also, on his 30th birthday, he rented an English tower for a party of twenty people and played hide and seek until six in the morning. Musk drove an uncovered McLaren F1 on Sandhill Road to an investor meeting. He ended up driving around in a $1 million sports car.

Life should be fun and not just about work or business. It would help if you learned how to let go and do pleasurable activities that you enjoy. Please take it as a recharging and energizing activity.

The same goes for Jack Ma, one of China's wealthiest men and the founder of Alibaba. You can see him singing, acting, and shooting kung fu movies like Michael Jackson. When a reporter asked why he did these things, he said that some of him always wanted to have fun and please himself and others.

Celebrate all your victories to motivate you to keep going and achieve more. But after all, life is short, so learn to enjoy it.