Elon Musk’s Top 5 Business Advice Recommendations
One of the most prosperous businesspeople in our time is Elon Musk. He has a net worth of more than $200 billion and is a co-founder of PayPal, Tesla Motors, and SpaceX. Musk is frequently asked for advice on managing a business because of his creative thinking and risk-taking attitude. His top suggestions are listed below.
1. Be enthusiastic about what you do
According to Musk, the secret to success is to love what you do. People should pursue their passions because they will be happier than almost anything else if they do.
2. Take chances
Musk asserts that if you want to succeed and build your bank account, you must be willing to take risks. The biggest risk, in Musk’s opinion, is not taking any risk at all, especially in a world that is changing rapidly, as he stated in a 2012 interview, “Everyone is trying to optimize their ass-covering.” The only tactic that will always fail is staying safe.
3. Be ready to put in a lot of effort
Musk is renowned for his diligence. Musk believes that in order to succeed, people will need to “work like hell” and that working harder than others will increase your chances of success. He says that persistence is very important and that you should not give up unless you are forced to. You have to be willing to work hard and make many sacrifices in order to make your business successful. “If other people are putting in 40 hour workweeks and you’re putting in 100 hour workweeks, then even if you’re doing the same thing, you know that you will achieve in four months what it takes them a year to achieve.”
4. Be gutsy
Musk had a difficult time finding success. Even though he experienced his fair share of setbacks, he persevered and didn’t give up. Musk was fired from Zip2 and PayPal, two businesses he co-founded. The 2008 recession put both Tesla and SpaceX on the verge of failure, and many people believed Musk would fail once more. Anyone can draw inspiration from Musk’s experiences to achieve their own financial goals because he learned from his prior errors.
5. Keep making investments in yourself
What would Musk’s one piece of advice be? Musk was reading for 10 hours a day by the time he was 8 years old, and advises others to “constantly consider how you could be doing things better, and question yourself.” When he ran out of library materials, he made the choice to read the entire Encyclopedia Britannica. Musk has always prioritized education and investing in himself, even as a young child. At the age of 12, he wrote and sold a video game for $500 after teaching himself how to program. At the University of Pennsylvania, he later pursued a double major in economics and physics. Musk became the richest man in the world by consistently making investments in himself and his aspirations.
One of today’s most prosperous businessmen is Elon Musk. He helped transform how we live and work by starting several businesses from scratch. Any business can benefit from Musk’s advice, and if you heed his counsel, you’ll be well on your way to achievement.
Source: The Ascent