Elon Reeve Musk is a technology enthusiastic entrepreneur, using his sharp and clever mind in technological investment, and engineering. He is the founder, CEO and lead designer of SpaceX and also the product architect of tesla. Inc. He also has most other ventures and has a net worth of $185 billion and is the richest person in the world right now.
Musk is known to be one of the most looked-up people, especially for his creative skills. So, let us see the complete insights on the topic- Entrepreneurial and life hacks of Elon Musk.
Life lessons of Elon Musk
1. Hardwork is a key to success
Work harder than the average people. Don't work 100, but 150 percent, which will give you the edge over all the people. Hard work always pays and working hard more than the other humans, will be always beneficial.
2. Work with smarter guys
Hire one smart guy instead of 3 mediocre guys. One guy working for 1 hour is better than two guys working 6 hours and saves man-power also. It is a mistake to hire huge numbers of people to get a complicated job done. As number will never compensate for talent is getting the right answer will tend to slow down progress, and will make the task incredibly expensive. The personality of a person also matters along with the talent the person has and these two traits go hand in hand.
3. Professionalism in business
Don't always be nice to people. In business, be as direct as possible. Give higher priority of goals than money. Have a higher goal in life than making money. The money will be the outcome of the higher goals. Know as many details as you can know of your work, to be an expert in your field.
4. Believe on your decisions
If something is important enough and there are odds against it, against you, you still have to pursue it. Persistence is very important. You should not give up unless you are forced to give up by your mind.
5. Clear vision
Nothing is impossible if one has a vision and is relevant to work on the idea. Life is too short for long-term grudges. Know what motivates you. Keeping your eye on the ball is key. The key to success and to fulfill the visions.
6. Listen to your instincts
Listening to one’s instincts is natural to everyone but we usually tend to curb down our natural thoughts owing to external response and stimuli. Don't do it. Follow what your inner mind says and block out all the external thoughts. It is never too late to find out what one loves and pursue it as a dream.
7. Learn from your failure
Start loving the worst-case scenario and learn from the failures. See, what went wrong there and what is stopping you from succeeding. Work on the cases and then, move forward. Everyone follows the path, try to break-free the path and challenge the norms. The one who breaks the mediocrity are the ones who become successful in life and everyone follows them. Don't be afraid of new arenas. Always consider failure as an option and plan.
8. Be like water
Adaptable to change and be comfortable with the change, because no one never knows which challenges are going to arise. The successful people know how to adapt to any situation and continue pushing forward towards their team's goals. No matter, whatever comes in the way understand how to enable the strengths to find solutions and innovate.
9. Improve the Product, not the marketing
The bigger a company gets, the more it spends on marketing, and in some cases, their marketing budgets surpass the budget of any other aspect of their business. This means that you are investing more in improving promotion than in improving the quality of your product.
10. Work consistently
The prizes are not an excuse to stop. There’s nothing wrong with taking some time to celebrate and enjoy your successes but don't take too long to celebrating and always be looking to improve.
Top Entrepreneurial Quotes by Elon Musk
"You get paid in direct proportion to the difficulty of problems you solve"
"Failure is an option here. If things are not failing, you are not innovating enough."
"Persistence is very important. You should not give up unless you are forced to give up."
"I don't think it's a good idea to plan to sell a company."
"People work better when they know what the goal is and why. It is important that people look forward to coming to work in the morning and enjoy working."
"Starting and growing a business is as much about the innovation, drive, and determination of the people behind it as the product they sell."
"When Henry Ford made cheap, reliable cars, people said, 'Nah, what's wrong with a horse?' That was a huge bet he made, and it worked."
"You have to say, 'Well, why did it succeed where others did not?'"
"As much as possible, avoid hiring MBAs. MBA programs don't teach people how to create companies."
"Don't delude yourself into thinking something's working when it's not, or you're gonna get fixated on a bad solution."
“I say something, and then it usually happens. Maybe not on schedule, but it usually happens.”
“If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.”
“I don’t spend my time pontificating about high-concept things; I spend my time solving engineering and manufacturing problems.”
“People should pursue what they’re passionate about. That will make them happier than pretty much anything else.”
“Failure is an option here. If things are not failing, you are not innovating enough.”
“Being an entrepreneur is like eating glass and staring into the abyss of death.”
“Really pay attention to negative feedback and solicit it, particularly from friends. … Hardly anyone does that, and it’s incredibly helpful.”
"You want to have a future where you’re expecting things to be better, not one where you’re expecting things to be worse."
"Brand is just a perception, and perception will match reality over time."
Some small tips from Elon Musk's speeches at various university
- Work super hard.
- Attract great people.
- Focus on the things that actually make a difference.
- Don’t just follow the trend.
- Take risks.
- Focus on signal vs noise.
- Work with the best possible people.
- Work hard, and work very smart.
Elon Musk's work formula
1. Practice managing cortisol
The second aspect of this is that when you are with friends, your body gets a rush of serotonin whereas when you are at work, your body gets a rush of cortisol. To adapt biologically to achieve anything that has to do with ~ 16 hours of work per day, one has to embrace a very good response about cortisol rush.
2. Look to the solution
And there is a hard but possible way to do it. No matter what the situation is, you have to look at the situation from the point of view of an engineering problem, and deriving an engineering solution.
3. Calibrate each task
Learn to get more efficient at embracing stress. To do this, “calibrate each task”. Think about a simple situation: You head out of your home to catch a flight, and you are stuck in traffic. Your stress level increases very quickly. If you were to calibrate this and say – no matter what the traffic conditions are, no matter what the weather is – the journey to the airport from my home takes ~ 35 mins. Then if you take ~ 55 minutes in hands and travel accordingly you cannot be stressed out.
4. Do not stress
Most efficient people do not stress about a problem. They just identify it quickly, plan a good solution, and work on the solution. Their stress level remains low enough, and therefore they are able to make this a habit.
5. Do not let others get stressed out
When one person in the team panics, many others panic. It is very important to keep a very cool temperament when stressful situations arise. If a soccer team coordinates well, while keeping a cool temperament, they can win a match with one fewer player. But if one player demoralizes the whole team, they would never win a match.
He is a person to be a role model for people, and he s but his secret to success is very small effective steps.