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8 Things We Can Learn from Elon Musk and Entrepreneurship

8 Things We Can Learn from Elon Musk and Entrepreneurship

Elon Musk was one of the founders of PayPal. Since that successful start-up exit he has been working to revolutionize the way we move, both here on the ground through Tesla, and in space through SpaceX. Here are eight things we can learn from Elon Musk and the spirit of entrepreneurship that drives him:

1. How to manage risk

The rockstar entrepreneur of our time, Mr. Musk has had to put his fortune on the line more than once making him an expert on risk.

On the subject of risk, he says: “Failure is an option here. If things are not failing, you are not innovating enough.”

2. How to prepare for the future

With insight into the technological future through his leadership with SpaceX, Musk has the ability to tell us what’s ahead of us unlike any other entrepreneur of our time.

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He says: “There’s a fundamental difference, if you look into the future, between a humanity that is a space-faring civilization, that’s out there exploring the stars … compared with one where we are forever confined to Earth until some eventual extinction event.”

3. Have solid foundations for your ideas

Elon Musk has changed the way that we exchange money online. His ideas have proven themselves not just game-changers but revolutionary. His advice is simple …

Elon Musk says of ideas: “[Physics is] a good framework for thinking … Boil things down to their fundamental truths and reason up from there.”

4. How to choose a new hire

The most successful business owners in the world will tell you there is nothing more important than hiring right and firing fast. Because hiring the right people can make or break your company, Musk stresses to look past their talent and rely on your intuition.

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On hiring, Musk says: “[My biggest mistake is probably] weighing too much on someone’s talent and not someone’s personality. I think it matters whether someone has a good heart.”

5. How to persevere when things get hard

Sometimes the hardest part about being an entrepreneur is picking yourself up when you fall. Odds are, if you have started a business before or plan to in the future, not all of your ideas are going to succeed.

Musk has advice for you if you have doubts about whether you should proceed: “If something is important enough, even if the odds are against you, you should still do it.”

    6. Be ambitious

    The hardest part of any journey is the first step. When it comes to ambition Musk states: “The first step is to establish that something is possible; then probability will occur.”

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    7. How to progress with purpose

    After your first step, there’s a long climb to the top of the mountain. Keeping the right foot ahead of you is not hard, it’s how you handle a phone call three months into your project when you have to answer yet another demand from your investors asking for results.

    Of making progress he says: “I came to the conclusion that we should aspire to increase the scope and scale of human consciousness in order to better understand what questions to ask. Really, the only thing that makes sense is to strive for greater collective enlightenment.”

      8. Know what motivates you

      Keeping your eye on the ball is key. Always remaining true to your passions and the change that you would like to see in the world is how leaders are able to separate themselves from the herd.

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      On his motive, Musk says: “Going from PayPal, I thought: ‘Well, what are some of the other problems that are likely to most affect the future of humanity?’ Not from the perspective, ‘What’s the best way to make money?'”

       

      In his most recent venture, Zip2, Musk is taking on online education through how-to videos. By using the leadership of this trailblazer you can create something in your industry that is unparalleled. A good example of this is Mr. Checkout, which has created an innovative approach to distribution unlike anything we’ve ever seen before. Apply these lessons to your own company and build something that the world couldn’t imagine.

      Featured photo credit: http://www.businessinsider.com/11-elon-musk-quotes-2013-9 via businessinsider.com

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      Joel Goldstein

      Entrepeneur

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      Last Updated on July 27, 2020

      20 Time Management Tips to Super Boost Your Productivity

      20 Time Management Tips to Super Boost Your Productivity

      Are you usually punctual or late? Do you finish things within the time you stipulate? Do you hand in your reports/work on time? Are you able to accomplish what you want to do before deadlines? Are you a good time manager?

      If your answer is “no” to any of the questions above, that means you’re not managing your time as well as you want. Here are 20 time management tips to help you manage time better:

      1. Create a Daily Plan

      Plan your day before it unfolds. Do it in the morning or even better, the night before you sleep. The plan gives you a good overview of how the day will pan out. That way, you don’t get caught off guard. Your job for the day is to stick to the plan as best as possible.

      Here’s How to Create a To-Do List that Super Boosts Your Productivity.

      2. Peg a Time Limit to Each Task

      Be clear that you need to finish X task by 10am, Y task by 3pm, and Z item by 5:30pm. This prevents your work from dragging on and eating into time reserved for other activities.

      3. Use a Calendar

      Having a calendar is the most fundamental step to managing your daily activities. If you use outlook or lotus notes, calendar come as part of your mailing software.

      I use it. It’s even better if you can sync your calendar to your mobile phone and other hardwares you use – that way, you can access your schedule no matter where you are. Here’re the 10 Best Calendar Apps to Stay on Track .

      Find out more tips about how to use calendar for better time management here: How to Use a Calendar to Create Time and Space

      4. Use an Organizer

      An organizer helps you to be on top of everything in your life. It’s your central tool to organize information, to-do lists, projects, and other miscellaneous items.

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      These Top 15 Time Management Apps and Tools can help you organize better, pick one that fits your needs.

      5. Know Your Deadlines

      When do you need to finish your tasks? Mark the deadlines out clearly in your calendar and organizer so you know when you need to finish them.

      But make sure you don’t make these 10 Common Mistakes When Setting Deadlines.

      6. Learn to Say “No”

      Don’t take on more than you can handle. For the distractions that come in when you’re doing other things, give a firm no. Or defer it to a later period.

      Leo Babauta, the founder of Zen Habits has some great insights on how to say no: The Gentle Art of Saying No

      7. Target to Be Early

      When you target to be on time, you’ll either be on time or late. Most of the times you’ll be late. However, if you target to be early, you’ll most likely be on time.

      For appointments, strive to be early. For your deadlines, submit them earlier than required.

      Learn from these tips about how to prepare yourself to be early, instead of just in time.

      8. Time Box Your Activities

      This means restricting your work to X amount of time. Why time boxing is good for you? Here’re 10 reasons why you should start time-boxing.

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      You can also read more about how to do time boxing here: Get What Matters Done by Scheduling Time Blocks

      9. Have a Clock Visibly Placed Before You

      Sometimes we are so engrossed in our work that we lose track of time. Having a huge clock in front of you will keep you aware of the time at the moment.

      10. Set Reminders 15 Minutes Before

      Most calendars have a reminder function. If you have an important meeting to attend, set that alarm 15 minutes before.

      You can learn more about how reminders help you remember everything in this article: The Importance of Reminders (And How to Make a Reminder That Works)

      11. Focus

      Are you multi-tasking so much that you’re just not getting anything done? If so, focus on just one key task at one time. Multitasking is bad for you.

      Close off all the applications you aren’t using. Close off the tabs in your browser that are taking away your attention. Focus solely on what you’re doing. You’ll be more efficient that way.

      Lifehack’s CEO has written a definitive guide on how to focus, learn the tips: How to Focus and Maximize Your Productivity (the Definitive Guide)

      12. Block out Distractions

      What’s distracting you in your work? Instant messages? Phone ringing? Text messages popping in?

      I hardly ever use chat nowadays. The only times when I log on is when I’m not intending to do any work. Otherwise it gets very distracting.

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      When I’m doing important work, I also switch off my phone. Calls during this time are recorded and I contact them afterward if it’s something important. This helps me concentrate better.

      Find more tips on how to minimize distractions to achieve more in How to Minimize Distraction to Get Things Done

      13. Track Your Time Spent

      When you start to track your time, you’re more aware of how you spend your time. For example, you can set a simple countdown timer to make sure that you finish a task within a period of time, say 30 minutes or 1 hour. The time pressure can push you to stay focused and work more efficiently.

      You can find more time tracking apps here and pick one that works for you.

      14. Don’t Fuss About Unimportant Details

      You’re never get everything done in exactly the way you want. Trying to do so is being ineffective.

      Trying to be perfect does you more harm than good, learn here about how perfectionism kills your productivity and how to ditch the perfectionism mindset.

      15. Prioritize

      Since you can’t do everything, learn to prioritize the important and let go of the rest.

      Apply the 80/20 principle which is a key principle in prioritization. You can also take up this technique to prioritize everything on your plate: How to Prioritize Right in 10 Minutes and Work 10X Faster

      16. Delegate

      If there are things that can be better done by others or things that are not so important, consider delegating. This takes a load off and you can focus on the important tasks.

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      When you delegate some of your work, you free up your time and achieve more. Learn about how to effectively delegate works in this guide: How to Delegate Work (the Definitive Guide for Successful Leaders)

      17. Batch Similar Tasks Together

      For related work, batch them together.

      For example, my work can be categorized into these core groups:

      1. writing (articles, my upcoming book)
      2. coaching
      3. workshop development
      4. business development
      5. administrative

      I batch all the related tasks together so there’s synergy. If I need to make calls, I allocate a time slot to make all my calls. It really streamlines the process.

      18. Eliminate Your Time Wasters

      What takes your time away your work? Facebook? Twitter? Email checking? Stop checking them so often.

      One thing you can do is make it hard to check them – remove them from your browser quick links / bookmarks and stuff them in a hard to access bookmarks folder. Replace your browser bookmarks with important work-related sites.

      While you’ll still checking FB/Twitter no doubt, you’ll find it’s a lower frequency than before.

      19. Cut off When You Need To

      The number one reason why things overrun is because you don’t cut off when you have to.

      Don’t be afraid to intercept in meetings or draw a line to cut-off. Otherwise, there’s never going to be an end and you’ll just eat into the time for later.

      20. Leave Buffer Time In-Between

      Don’t pack everything closely together. Leave a 5-10 minute buffer time in between each tasks. This helps you wrap up the previous task and start off on the next one.

      More Time Management Tips

      Featured photo credit: Unsplash via unsplash.com

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