Advertising
Advertising

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.

Advertising

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.

Advertising

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.”

    Advertising

    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.

      Advertising

      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

      More by this author

      Joel Goldstein

      Entrepeneur

      How to Build Healthy Competition Between Millennial Employees? 4 Visual Merchandising Tips for the Holidays How To Succeed At Your First Sales Job 5 Signs You’re Not Meant to Be A Salesperson Follow These 4 Tips to Make Your App Millennial-Friendly

      Trending in Featured

      1 Why Do I Have Bad Luck? 2 Simple Things to Change Your Destiny 2 How to Become an Expert (And Spot out One Nearby) 3 How to Find Your Passion and Live a Fulfilling Life 4 How to Stay Motivated and Reach Your Goals 5 5 Key Characteristics of a Successful Entrepreneur

      Read Next

      Advertising
      Advertising

      Last Updated on September 17, 2018

      Why Do I Have Bad Luck? 2 Simple Things to Change Your Destiny

      Why Do I Have Bad Luck? 2 Simple Things to Change Your Destiny

      Are you one of those people who are always suffering setbacks? Does little ever seem to go right for you? Do you sometimes feel that the universe is out to get you? Do you wonder:

      Why do I have bad luck?

      Let me let you into a secret:

      Your luck is no worse—and no better—than anyone else’s. It just feels that way. Better still, there are two simple things you can do which will reverse your feelings of being unlucky.

      1. Stop believing that what happens in your life is down to the vagaries of luck, destiny, supernatural forces, malevolent other people, or anything else outside your self.

      Psychologists call this “external locus of control.” It’s a kind of fatalism, where people believe that they can do little or nothing personally to change their lives.

      Because of this, they either merely hope for the best, focus on trying to change their luck by various kinds of superstition, or submit passively to whatever comes—while complaining that it doesn’t match their hopes.

      Advertising

      Most successful people take the opposite view. They have “internal locus of control.” They believe that what happens in their life is nearly all down to them; and that even when chance events occur, what is important is not the event itself, but how you respond to it.

      This makes them pro-active, engaged, ready to try new things, and keen to find the means to change whatever in their lives they don’t like.

      They aren’t fatalistic and they don’t blame bad luck for what isn’t right in their world. They look for a way to make things better.

      Are they luckier than the others? Of course not.

      Luck is random—that’s what chance means—so they are just as likely to suffer setbacks as anyone else.

      What’s different is their response. When things go wrong, they quickly look for ways to put them right. They don’t whine, pity themselves, or complain about “bad luck.” They try to learn from what happened to avoid or correct it next time and get on with living their life as best they can.

      Advertising

      No one is habitually luckier or unluckier than anyone else. It may seem so, over the short term (Random events often come in groups, just as random numbers often lie close together for several instances—which is why gamblers tend to see patterns where none exist).

      When you take a longer perspective, random chance is just . . . random. Yet those who feel that they are less lucky, typically pay far more attention to short-term instances of bad luck, convincing themselves of the correctness of their belief.

      Your locus of control isn’t genetic. You learned it somehow. If it isn’t working for you, change it.

      2. Remember that whatever you pay attention to grows in your mind.

      If you focus on what’s going wrong in your life—especially if you see it as “bad luck” you can do nothing about—it will seem blacker and more malevolent.

      In a short time, you’ll become so convinced that everything is against you that you’ll notice more and more instances where this appears to be true. As a result, you will almost certainly stop trying, convinced that nothing you can do will improve your prospects.

      Fatalism feeds on itself until people become passive “victims” of life’s blows. The “losers” in life are those who are convinced they will fail before they start anything; sure that their “bad luck” will ruin any prospects of success.

      Advertising

      They rarely notice that the true reasons for their failure are ignorance, laziness, lack of skill, lack of forethought, or just plain foolishness—all of which they could do something to correct, if only they would stop blaming other people or “bad luck” for their personal deficiencies.

      Your attention is under your control. Send it where you want it to go. Starve the negative thoughts until they die.

      To improve your fortune, first decide that what happens is nearly always down to you; then try focusing on what works and what turns out well, not the bad stuff.

      Your “fate” really does depend on the choices that you make. When random events happen, as they always will, do you choose to try to turn them to your advantage or just complain about them?

      Thomas Jefferson is said to have used these words:

      “I’m a great believer in luck and I find the harder I work, the more I have of it.”

      Ralph Waldo Emerson said:

      “Shallow men believe in luck. Strong men believe in cause and effect.”

      Your luck, in the end, is pretty much what you choose it to be.

      Featured photo credit: LoboStudio Hamburg via unsplash.com

      Read Next