Elon Musk is one of the richest people in the globe, his personal capital is valued at about 100 billion dollars! He is an innovative entrepreneur that has founded companies in many industries such as Space (SpaceX), Vehicles (Tesla), Renewable Energy, Public Transport (The Boring Company), and much more!
Musk’s experience and work helped him formulate the Elon Musk’s Seven Rules for Business Success and Getting Rich!
1. Don’t stop study – Read Books and Talk to People!
Elon musk has never believed in formal education but self-taught education. Musk said “There’s lots of great books out there and lots of smart people, and those are the best knowledge sources. Elon Musk read the Encyclopaedia Britannicaas as a child, and he tells that even today he always reserves time for reading.
2. Take business risks as early as possible
Musk claims that there’s a tremendous bias against taking risks and it is caused by a fear of commitment. He recommends taking business risks as early as possible because “As you grow older, your commitments grow”!
Musk tells that when he was a kid, his mother who at some point worked 5 jobs to provide for the family. And therefore he believes that in order to be an entrepreneur you must take risks at an early age. That what he and his siblings did when they started their first startup that was sold for 307 million dollars.
3. Work like hell – this improves the odds of success
Musk is known for his work ethic. He often works about 100 hours a week, his expectations from his employees are high and his expectations from himself are much higher!
For example, on a Tesla earnings call, Musk said he was literally working all day in the Tesla battery production factory. He said that during the Tesla 3 production in 2018 he was even sleeping on the floor and skipping showers to catch up with progress.
4. Create instead of complaining
Instead of complaining about the problem, Musk is always looking for a solution. For example, Musk lives in LA where the traffic is crazy! So Elon Musk founded The Boring Company – a company that develops a solution for the high traffic problem in cities based on underground tunnels.
5. When you believe in something enough, do it even if the odds aren’t that high!
There is no magic trick for success, and failure is a part of success. Even Musk failed many times in the way to becoming who he is today.
6. Part of success is to know when to listen to other people and when you shouldn’t
The most successful companies succeeded contrary to what everyone thought. They have never afraid of the competition. A good example of that is SpaceX – When Elon Musk founded SpaceX in 2002, no one thought that private space companies can succeed but he still did it and it was a good bet. Today SpaceX is valued at about 60 billion dollars.
7. Try to solve problems, not just getting rich
Musk believes that you should look for solutions for problems that people have, don’t looking for the best way to make money. You shouldn’t change the world but you should always try to provide real value.
So never mind if you like Elon Musk or you don’t, there is a lot to learn from Musk’s experience.