The man Elon Musk is the CEO, CTO, and founder of SpaceX, co-founder of PayPal, CEO of Tesla Inc., co-chairman of OpenAI; founder and CEO of Neuralink. Elon Musk is one of the most influential business entrepreneurs of the 21st century, is the man who ushered in electric cars, solar panelled homes, and private space travel.
In his normal business pursuit, he has also envisioned a high-speed transportation system known as the Hyperloop and has proposed a VTOL supersonic jet aircraft with electric fan propulsion, known as the Musk electric jet.
When Elon Musk was 10 years old, he discovered the wonders of computing thanks to a Commodore VIC-20 and started to teach himself about programming. At age 12, he sold a BASIC listing for a video game he had developed called Blaster to a magazine for $500.
After his graduation from high school, he moved to Canada just before turning 18 to avoid being recruited to the South African Military. If you are a business entrepreneur who feels the same sort of passion and drives to tackle the world’s most pressing problems, Elon Musk recommends that you start an Internet company.
Business Lessons from Elon Musk to become a successful Business Entrepreneur
Look for Opportunities in Emerging Industries: Elon Musk identified three more emerging industries and got in on the ground floor on all three. SpaceX, Tesla Motors, and SolarCity have all benefited from the high growth potential and low-competition that comes with being a pioneer
Relentless Focus on Quality: Despite operating in the emerging alternate energy car market, Tesla had an incredibly successful IPO in 2010 and continues to struggle to produce cars fast enough to meet demand.
The majority of Tesla’s budget is devoted to research and development. Musk only spends 2 to 3% of his time talking to the press, with plans to cut it down to 1% so he can free up time for you guessed it more focus on engineering and design.
Forget about Multitasking: Elon Musk encourages the new business entrepreneur to focus all their efforts, time, and available cash into one business to make it succeed. The concepts Elon Musk used to meet his incredible success are simple, but they need a ton of energy and undivided attention. He’s splitting his time now, running two companies and regretting it.
You need to Work Harder Than Anyone Else: When Elon Musk started his first business with his brother, they took turns sleeping on a couch in the office while the other worked, occasionally going over to the local YMCA for a shower.
Eventually, Musk gave up and just started sleeping on a beanbag by his desk, where an intern would wake him up every morning so he could go straight to work. Many people today are focused on shortcuts, hacks, and cutting corners. But there really is no substitute for putting in the hours of hard, focused work.
Thinking About Yourself Critically: People assume too many things to be true without sufficient basis in that belief, so it’s very important that people closely analyze what is supposed to be true, and build it up, analyze things by the first principles, not by analogy or convention, which is actually what most people do, that makes it difficult to gain insight about how things can be bettered.
In any argument or train of thinking, you want to make sure that the underlying premises are valid and applicable, and how the conclusion reached is necessarily driven by the underlying premises and the interconnection between those premises
Elon Musk also shared his vision for the future of education, painting a picture of a future where teachers don’t lecture in front of the classroom, like a “boring vaudeville act,” but where education itself is “more like an interactive game.” Teachers’ role should be to help you when you get stuck, he said.
As for Musk’s own companies, they’re doing well. Although Tesla was hit hard by the economic downturn, he now feels positive about its future. And SpaceX will begin docking with space stations in the next three to six months, delivering cargo and bringing experiments back to Earth. In three years, it will be carrying astronauts.
Culled from Tech Crunch | Elon Musk: Starting A Company Is Like Staring Into The Face Of Death
Income Diary | Elon Musk’s 15 Lessons for Your Startup Business
Start Us Magazine | Elon Musk And His Must-Read Advice For Entrepreneurs
Bid Sketch | The Elon Musk School of Business: 7 Tips You Can’t Afford to Miss