Elon Reeve Musk (born June 28, 1971) is a South African-born American entrepreneur and businessman who founded X.com in 1999 (which later became PayPal), SpaceX in 2002 and Tesla Motors in 2003. Musk became a multimillionaire in his late 20s when he sold his start-up company, Zip2, to a division of Compaq Computers. Elon Musk is one of the most iconic entrepreneurs of our generation.
Here are 5 lessons we learned from Elon Musk on success
Lesson 1: Only you can make your idea a reality
Every new thing starts with an idea, the success of which is completely dependent on the way you execute it. If you are not obsessed with your idea, no one else will be, either. You should be a 100 percent committed to your idea.
One of the key reasons for Elon’s success is the way he executes his ideas. While many people know Elon by the success of Tesla Motors or SpaceX, his very first venture was a web listing project like Yelp back in the ’90s, when only a few people used the internet. At that time, no one was convinced about his project, but his dedication paid off when after a few years, Compaq bought it for some $407 million in cash.
Lesson 2: Solve Problems Rather Than Chasing Money
One of the main take homes from Musk’s journey as an entrepreneur is that the free market rewards those who solve problems. The most productive, and profitable businesses focus on their products and services rather than simply chasing profitability.
The success of Tesla Motor’s has occurred because electric cars solve the problem of limited fossil fuel supplies. Musk capitalized on the desire to have more sustainable, and less fuel intensive transportation. By paying attention to what the market wanted, as opposed to simply raise profits, Musk found an untapped business opportunity.
Lesson 3: Don’t Rest on Your Laurels
There’s nothing wrong with taking some time to celebrate and enjoy your successes. But don’t take too long—always be looking to improve.
“It’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better. I think that’s the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.” Musk
Lesson 4: Never give up
There were many times where circumstances did not correlate with Elon Musk’s vision. When this happened, he didn’t compromise on his vision; he risked everything despite the odds. Sometimes that risk paid off; other times it did not. Today is a testament to Elon Must never giving up despite these defeats.
“No, I don’t ever give up. I’d have to be dead or completely incapacitated.” Elon Musk
By sticking stubbornly to your vision, you can make that vision a reality. There will be times where you’ll want to give up, but if you keep at it, the reward will come. Elon Musk is a perfect example of someone who never gave up on his ultimate goal.
Lesson 5: Be an avid reader
A lifelong avid reader — including of comic books — Musk relies on reading for historical context. What he doesn’t read are business best-sellers. Musk said he never had a business mentor, but would look for feedback from the people around him and “feedback from the historical context” — books, in other words. He prefers books about scientists, engineers, and of course, entrepreneurs like himself.
“I like Franklin’s autobiography and a recent written biography on Franklin,” Musk
Musk literally taught himself rocket science by reading textbooks and talking to industry heavyweights.