Top 5 Entrepreneurship Lessons Elon Musk in Teaching Young Entrepreneurs
Elon Musk is one of the brightest and tech master-minds known in history. He is the CEO of Tesla Motors and one of the main entrepreneurs to become rich and famous through technological innovations. He has transformed space travel, electric cars and revolutionized online payments, and the young entrepreneur does not stop there. Elon Musk is with no doubt an inspiration and role model to many young entrepreneurs. From the speeches he has delivered in different places, Elon Musk sticks with the same lessons for people starting in entrepreneurship. Here is what he has to say.
1. Understand the Important Things First
Since the time he was on campus, Elon Musk learned to focus on the important things. His stories innovations and different parts of success can tell a lot about what he found important. He focused on the future. According to him, the future relies on AI, exploration of space, the internet, and programming of the genetic codes in humans. Therefore, his forecast helped him to focus on the important things that made him who he is today. Therefore, his advice to entrepreneurs is to keep their eyes on the important things first if they want to grow.
2. Maintain your Work Ethic
Before Elon Musk became who he is today, he worked for 100 hours in a week and could even fall asleep on the factory floor. According to him, nobody has ever changed the world in 40 hours. It calls for effort, hard work, and sacrifice. Even at the workplace, efforts must put to keep everything at bay. For instance, you have to put a lot of effort into maintaining a favorable working environment. This includes collecting maintenance statistics to know the condition of your equipment and what you need to do to keep them productive. This effort, combined with handwork builds a strong work ethic.
3. Look for Problematic Areas and Fix Them
Elon Musk says that people love to complain instead of looking for solutions. When he was already fed up with the traffic problem, Elon Musk started the Boring Company that deals with the digging of tunnels systems. Therefore, anybody who wished to become successful must learn to find problems and look for their solutions. Seeking out these problems enriches one with ideas on how to solve various problems that people are facing.
4. Get the Right Working Tools
According to Elon Musk, you cannot work efficiently if you do not have the appropriate tools to facilitate your work. The technological advances he has made today have facilitated a lot of processes and made things easier. One important thing you need to have in your business is a maintenance management tool. As long as your equipment is well-managed, there are a lot of hurdles you are able to escape. For instance, a CMMS is vital in business to keep maintenances at bay. You will need to replace your old CMMS with an upgraded one if you want maximum effectiveness.
5. Have a Goal
According to Elon Musk, human beings are just a part of the species in the entire universe. Therefore, he is not afraid to utilize his resources, power, and determination to achieve his goals. Elon Musk is a person who does not take his eyes off his goal. Once he sets his mind on something, he ensures he understands it first to know how to approach it. He started with getting people who understood and had ample knowledge about space before finding SpaceX. Even though this vision might seem too big for young entrepreneurs, the lesson and knowledge acquired can be useful in remaining optimistic and sticking to one goal.
From the lessons above, it is not about how much you work but how you think and approach matters that determine your success. Therefore, for any entrepreneur who wants to learn more about the field, Elon Musk is the person to imitate. He has overcome many obstacles and used his innovative mind to become the great tech he is.