Elon Musk needs no introduction in the business world. He is one of the top entrepreneurs and innovators of the 21 st century. Today his net worth is over $12.5 billion and it is constantly increasing. Considering these factors and many others we have chosen to learn from his experiences and what advices he has to share with the leaders and entrepreneurs of the future.
Set a goal
In one of his interviews Elon Musk advices the young entrepreneurs to set a meaningful goal. He suggests that the goal should be realistic and achievable rather than a vague one. For example, “I want to make a lot of money” is a very vague goal to set. The focus of the goal should be on the specific targets to be achieved, “I want to establish X number of branches in the city by 3 years” is a realistic and specific goal.
Criticism is always constructive
An article in the Business Insider magazine quotes pertinent advice for the young entrepreneurs and innovators as given by Elon Musk. It suggests that nobody should live under the illusion that they are infallible, rather we all make mistakes. People criticize when we fail, but successful are those who take that criticism positively and use it as a stepping-stone to build a stable career.
Focus on one thing at a time
It is a common proverb that “Jack of all traits is master of none.” Elon Musk gives the same advice to the young lot. He suggests that one should focus on the primary task and give it the best rather than focussing on too many tasks at once and not completing a single one successfully. He further says that in order to stand out you have to work harder and longer than everyone as there is no shortcut to success.
Failure is a friend
If a person dreads failure then it is not a healthy personality trait for an entrepreneur. You will only know about your true potential when you try your best. Success is not a one-time thing, it requires constant effort and persistence. In this process failure can also be a part of this journey, so if you want to be successful then befriending failure is one of the keys to it.
According to Elon Musk “people can choose to be ordinary” so one has to choose the opposite of it. In order to be extraordinary, an individual has to challenge conventional methods and try to find a smart way out of the problems. An ordinary person would blindly follow the methods and processes as taught, but an extraordinary individual will closely observe the reasons and causes behind those processes and constantly try to improve those.
Never give up
Elon Musk says that life throws multiple challenges in the way of an individual but successful is the one who is consistent in doing his/her best. Despite the challenges when a person is able to give their best to a task that is when chances of success multiply. Contrarily, is a person who gives up easily then it is almost impossible to become extraordinary. So in order to be successful, one should keep trying and never give up.
Love what you do
Success will only come if you love doing what you do. If you don’t like doing something, the chances are that you will not excel at it. So if you want to become extraordinary in a particular field then ask yourself a simple question. Do you like what you are doing? Is it worth your time? If the answer is in the affirmative then you should follow the other advices mentioned above.
Take a risk
In the field of business and finance, it is a common adage that “no risk no reward” So if you want to achieve something then you should be prepared to take a risk. If you really are good at something then the chances of that risk paying off are excellent and you will be rewarded accordingly.