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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 March 13, 2019

      How to Get out of a Rut: 12 Useful Ways to Get Unstuck

      How to Get out of a Rut: 12 Useful Ways to Get Unstuck

      Have you gotten into a rut before? Or are you in a rut right now?

      You know you’re in a rut when you run out of ideas and inspiration. I personally see a rut as a productivity vacuum. It might very well be a reason why you aren’t getting results. Even as you spend more time on your work, you can’t seem to get anything constructive done. While I’m normally productive, I get into occasional ruts (especially when I’ve been working back-to-back without rest). During those times, I can spend an entire day in front of the computer and get nothing done. It can be quite frustrating.

      Over time, I have tried and found several methods that are helpful to pull me out of a rut. If you experience ruts too, whether as a working professional, a writer, a blogger, a student or other work, you will find these useful. Here are 12 of my personal tips to get out of ruts:

      1. Work on the small tasks.

      When you are in a rut, tackle it by starting small. Clear away your smaller tasks which have been piling up. Reply to your emails, organize your documents, declutter your work space, and reply to private messages.

      Whenever I finish doing that, I generate a positive momentum which I bring forward to my work.

      2. Take a break from your work desk.

      Get yourself away from your desk and go take a walk. Go to the washroom, walk around the office, go out and get a snack.

      Your mind is too bogged down and needs some airing. Sometimes I get new ideas right after I walk away from my computer.

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      3. Upgrade yourself

      Take the down time to upgrade yourself. Go to a seminar. Read up on new materials (#7). Pick up a new language. Or any of the 42 ways here to improve yourself.

      The modern computer uses different typefaces because Steve Jobs dropped in on a calligraphy class back in college. How’s that for inspiration?

      4. Talk to a friend.

      Talk to someone and get your mind off work for a while.

      Talk about anything, from casual chatting to a deep conversation about something you really care about. You will be surprised at how the short encounter can be rejuvenating in its own way.

      5. Forget about trying to be perfect.

      If you are in a rut, the last thing you want to do is step on your own toes with perfectionist tendencies.

      Just start small. Do what you can, at your own pace. Let yourself make mistakes.

      Soon, a little trickle of inspiration will come. And then it’ll build up with more trickles. Before you know it, you have a whole stream of ideas.

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      6. Paint a vision to work towards.

      If you are continuously getting in a rut with your work, maybe there’s no vision inspiring you to move forward.

      Think about why you are doing this, and what you are doing it for. What is the end vision in mind?

      Make it as vivid as possible. Make sure it’s a vision that inspires you and use that to trigger you to action.

      7. Read a book (or blog).

      The things we read are like food to our brain. If you are out of ideas, it’s time to feed your brain with great materials.

      Here’s a list of 40 books you can start off with. Stock your browser with only the feeds of high quality blogs, such as Lifehack.org, DumbLittleMan, Seth Godin’s Blog, Tim Ferris’ Blog, Zen Habits or The Personal Excellence Blog.

      Check out the best selling books; those are generally packed with great wisdom.

      8. Have a quick nap.

      If you are at home, take a quick nap for about 20-30 minutes. This clears up your mind and gives you a quick boost. Nothing quite like starting off on a fresh start after catching up on sleep.

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      9. Remember why you are doing this.

      Sometimes we lose sight of why we do what we do, and after a while we become jaded. A quick refresher on why you even started on this project will help.

      What were you thinking when you thought of doing this? Retrace your thoughts back to that moment. Recall why you are doing this. Then reconnect with your muse.

      10. Find some competition.

      Nothing quite like healthy competition to spur us forward. If you are out of ideas, then check up on what people are doing in your space.

      Colleagues at work, competitors in the industry, competitors’ products and websites, networking conventions.. you get the drill.

      11. Go exercise.

      Since you are not making headway at work, might as well spend the time shaping yourself up.

      Sometimes we work so much that we neglect our health and fitness. Go jog, swim, cycle, whichever exercise you prefer.

      As you improve your physical health, your mental health will improve, too. The different facets of ourselves are all interlinked.

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      Here’re 15 Tips to Restart the Exercise Habit (and How to Keep It).

      12. Take a good break.

      Ruts are usually signs that you have been working too long and too hard. It’s time to get a break.

      Beyond the quick tips above, arrange for a 1-day or 2-days of break from your work. Don’t check your (work) emails or do anything work-related. Relax and do your favorite activities. You will return to your work recharged and ready to start.

      Contrary to popular belief, the world will not end from taking a break from your work. In fact, you will be much more ready to make an impact after proper rest. My best ideas and inspiration always hit me whenever I’m away from my work.

      Take a look at this to learn the importance of rest: The Importance of Scheduling Downtime

      More Resources About Getting out of a Rut

      Featured photo credit: Joshua Earle via unsplash.com

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