Elon Musk is an engineer and technology entrepreneur. With an estimated net worth of 27 billion dollars, he is one of the world’s richest.
He is one of the greatest innovators the world has ever seen. What else can you say about the man who founded companies like PayPal, Tesla & SpaceX.
Whether you’re hoping to be an innovative entrepreneur or an employee, there is a lot you can learn from him. Here are Elon Musk’s Top 10 Secrets for Success:
Work Like Hell: Elon Musk’s work-ethic goes unmatched. He often puts 80 to 100 hours of work every week. The extra hardwork highly increases the chances of success, and you get things done faster.
Work like hell. I mean you just have to put 80 to 100 hours every week. This improves the odds of success. If other people are putting in 40 hour work weeks and you’re putting in 100 hour work weeks, then if you’re doing the same thing, you’ll achieve in 4 months what it takes them a year to achieve.
Take Risks Early: Elon recommends taking risks and giving your dreams all you’ve got, while you are still young.
As you get older, your obligations increase, so I would encourage you to take risks now, to do something bold, you won’t regret it.
As you get older, you have a family and children to take care of. The risks you take will also impact them. Also, when you’re young, you can dedicate all your time to your goals. Once you have a family, you’ll have much less time in your hands.
Be Different: Elon Musk earned 180 million dollars from the Paypal acquisition. Any normal person would’ve spend the money on big houses and luxury cars. But not Elon Musk.
He put 100 million dollars in SpaceX, 70 million dollars in Tesla and 10 million dollars in Solar City. He had to borrow money for rent.
People called him crazy for doing this. But he didn’t listen to any of them. He stuck to his plans and it paid off. Look at him now, he is one of the greatest innovators, and has inspired millions. So don’t be afraid to be different than others, just trust yourself.
Don’t Let Fear Of Failure Stop You: Musk stated in an interview, that he originally thought Tesla would fail. Still it didn’t stop him from starting the company because he believed that it was worth the risk. When asked why he would start a company that he didn’t believe would succeed, he answered:
If something is important enough you should try even if the probable outcome is failure.
If you care about something, you should put every effort into following your dreams. Elon wanted to get rid of the perception that electric cars are slow and ugly, so he risked failure for trying to make that happen.
Never Stop Learning: There is no end to self-education. In this world of unlimited knowledge, there is always something new that you can learn.
You don’t know what you don’t know. You realize there are all these things out there.
Elon is a voracious reader. He read the entire Encyclopedia Britannica as a child. Even today, he spends several hours of his time on reading. Reading books can have a great impact on our lives. It will fill us with knowledge and wisdom. The more you learn, the more you earn.
Build A Feedback Loop: Perfection is a myth. There’s always room for improvement. Keep thinking of ways you could improve what you’ve done.
It’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better. I think that’s the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.
Invest On Improving The Product, Not On Advertising: Elon believes that instead of advertising, we should spend on improving the product. Money spent on providing greater value, is money well spent.
Will this activity result in a better product or service? If not, I stop those efforts.
Tesla has never spent any money on advertising. They instead, focus on investing in R&D and design since these will help make the car as good as possible. A top-quality product will lead to lots of great word of mouth. Focus on that first and success will follow.
View Complaints as Opportunities: Everyone likes to complain. But not Elon Musk. He believes that complaints indicate that there is a problem to be solved. If you closely analyze those complaints, they could be the gateway to great innovative ideas.
Complaints are a sign that there is a problem to be solved,” he says. “Paying attention to complaints is a great way to find innovative ideas that people actually need.
Most people complain about traffic. But instead of moaning about the problem, Musk searched for a solution. This resulted in The Boring Company, which seeks to decrease road congestion by creating a tunnel system.
Create New Trends: The most successful companies focus on creating new innovations. They don’t try to chase the competition.
Don’t just follow the trend
Stand out by focusing on what makes you unique instead of chasing others.
Focus On Providing Value: You don’t have to completely change the world to “do good.” But you should always try to provide real value.
If you make something that has high value to people…and frankly, even if it’s something, if it’s like just a little game or some improvement in photo sharing or something, if it has a small amount of good for a large number of people, I think that’s fine. Stuff doesn’t need to change the world just to be good.
Look for a positive cause in the work you do. No matter how small, it will help you be more motivated. No matter what your goals are in life, adopting the habits and mindset of Elon Musk will help you get there. The extra effort you make today will have a big impact tomorrow.