Most valuable lessons from Elon Musk

We all have visions, but having a dream become reality is a whole other experience. When you look at the life of Elon Musk and what he has accomplished to date it is beyond amazing.

The South African entrepreneur has created a series of companies over his lifetime, yet he is one of only two people to create three billion dollar companies, according to Hubspot.

The companies he has built from the ground up span over several industries. Tesla and Space X are probably game changers. Looking to redefine space travel to Mars and the automotive industry through his tunnel system to alleviate congestion is a huge undertaking.

The next sections will include some of the essential and most valuable lessons to remember. By examining closely Musk´s track record one will understand what has made this business guru tick.

Seek fearless and sincere criticism

Contrary to conventional wisdom seeking improvement instead of praise is unorthodox. You must get the necessary feedback on your project to work out the issues.

Musk is particularly not a big fan of accumulating attention nor the compliments for his work. He is all about receiving critique. Nothing else matters and this sometimes goes against what we typically hear, but it is a valuable lesson to consider given the impressive track record.

Learn from your mistakes and failures

On the road to success, nothing ever comes easy. Especially when trying to start your own business or venture. The same can be said about Musk´s early days with Tesla. This was acknowledged by Musk last year during a shareholders meeting, per Fortune.com. The company in its early stages was plagued with problems due to a lack of cash, and inexperience.

This automaker and energy storage company was founded 13 years ago. Naturally, there have been plenty of bumps in the road and Musk is not one to hide those events from his past, or even masquerade them. He will flat out look at what he has done wrong, and work out the kinks.

Tangible goals over buzz

Whether you are in the startup phase, expanding, or growing, operations never lose sight of the goal. Businesses have a high probability of failing in their first year, so it is essential everything is kept in check.

Musk is a strong believer that having an incredible product will carry the company further. On the other hand, promoting a mediocre product is just not at all Musk´s philosophy. Focus on core goals before adding bells and whistles to your portfolio.

Build a resourceful and loyal team

One of the foundations behind forming a company independent of the industry is having a long-term vision. Those who will join you on the journey need to share your passion, optimism, and success.

In addition, you want to have loyalty ingrained on your team, so it complements your efforts. This means surrounding yourself with staff that has a diverse set of skills and can network effectively. When you can inject excitement and energy about your product or service, the team should act as an extension.

For example, Google, Apple, Microsoft and Amazon saw opportunities with their respective products, and services. From a vision, they all managed to become some of the most influential companies in the world.

Tackle problems that affect humanity

This might sound like an unrelated task or has nothing to do with the situation at hand. Sometimes getting involved in helping others changes our outlook on life. No matter how big or small our contributions are it makes a difference.

Musk did not create Space X or Tesla without looking at the big picture. He could identify some of the problems affecting two separate industries, and he pursued this avenue. It led him to create these incredibly important companies making a notable impact. So, try to learn about the world around and try to formulate solutions to problems, which have not been resolved to date.

Takeaways and Conclusions

Musk has probably more than 100 lessons to teach today´s entrepreneurs. These were some of the life lessons that stood out, and for anyone running their own business, the advice is very applicable.

These valuable tips are anything but your traditional path to entrepreneurship. Yet Musk has cultivated companies never thought possible and continues to defy the odds over time. His story is a testimony one should never give up, and keep working diligently.

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DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.

Featured Image by Dan Taylor / Heisenberg Media via Flickr. (CC BY 2.0)