- Tram Ho
Elon Musk’s journey to become a billionaire is full of valuable and meaningful lessons. Successful with 3 companies in 3 different fields, Musk is a typical example that inspires the startup community in the world.
1. Quality is never redundant
“I think people should be more focused on the product, so customers can’t resist the finished product on the market.” – Elon Musk.
Did you know Tesla has almost no marketing budget?
Faced with fierce competition in the electric vehicle market, Tesla remains one of the “mirrors” in the industry with a successful IPO in 2010 and the number of orders always exceeds actual production.
When asked about “Tesla’s secret”, Elon Musk only had one answer: The relentless effort to produce the best car possible.
Much of Tesla’s budget (and more than 70% of Musk’s time) is spent on research and development.
Despite being a representative face of the company, but Musk only spent 2% to 3% of the time for the interview, the CEO even bluntly reduced press time to 1% to continue focusing. into research and development.
According to Musk, over time, quality will “crush” winged marketing campaigns. Product quality not only turns customers into “loyal fans” but also an effective “advertising machine” in the market.
2. Actively receive criticism
“When I talk to customers about the Tesla Model S, I don’t want to hear the good points, I want them to talk frankly about the limitations of the car,” Elon Musk replied on Hubspot.
When criticized for the financial situation, Musk posted a satirical picture on Twitter
For founders, feedback from customers is an uncomfortable experience, because more than anyone, they are the party “sweating, boiling tears” from the early days.
With just a few criticisms, the “dream” is able to turn right into a “nightmare”.
But Musk is not only welcoming, he is also actively seeking criticism.
Thanks to this move, from Tesla to SpaceX, Musk’s products seem to be ahead of rivals with superior features, because Musk has focused on quelling all criticisms and making it a “guideline” for development. development.
3. Renounce the idea of ”multitasking”
“I recommend that everyone should focus on just one thing and give as much as possible. Work early to late night, think about it during bedtime, 7 days a week, never stop. That’s what you have to do if you want to own the company. ”- Elon Musk replied on Inc.com.
As the CEO of all Tesla, SpaceX and Solarcity, Musk knows more than anyone else about the “pain” of multitasking.
Many sources say Musk has to work more than 100 hours a week, sleep at the company and repeatedly “go crazy” when things do not go according to plan.
Therefore, the lesson that Musk will repeat for those who are passionate about starting a business is “do not overreact,” people need to focus all their time, effort and assets on a business model. sole business.
4. Hardworking is the successful mother
When he founded the first company, Musk and he took turns sleeping on a chair placed in the room while the other person enlisted to work. The two really only took a break through the nearby community center for a bath.
Musk still sleeps at the Tesla factory
After a while, Musk decided to sit and sleep directly at the table, a trainee recruited and tasked with waking Musk every morning to continue working.
It sounds like “torture,” but that’s the secret of Elon Musk’s greatest success.
According to Musk, if you’re not willing to trade for a start-up, you’re just “deliberately” turning your life into “hell.”
Especially when young people today are so used to “taking leaps and bounds”. Nothing can replace the effort and determination of a founder.
But not just “close your eyes” but do, once your brand starts to go up, have a stable cash flow … the smart founder will know how to hand over time-consuming tasks to others, and start focusing on more “macro” things.
5. Foreseeing “chess moves”
No one wants to invest all their effort and youth into the company, but ends up being “dead” in the office 90 hours a week and never stops stressing about work.
Too many founders have become “slaves” for their success.
That’s why they have to learn from Musk, who always has a great “escape” plan. Musk’s most successful deals follow a scenario: Explore – Grow – Sell.
In 1999, Musk sold his first company (Zip2) to Compaq for $ 307 million, then invested $ 10 million in X.com (the predecessor of Paypal) and later sold all of Paypal shares to eBay for $ 1.5 billion.
6. Willingness to accept failure
“Failure is a natural result, not experiencing failure means you are not brave to create.” – Elon Musk shared on Inc.com.
All the brands that Musk “sticks” in require an extraordinary imagination, from the Internet, electronic payments to electric cars and space travel, the “gamble” has brought triumphs of billions. USD.
That’s also one reason Musk is actively investing more than $ 100 million in SpaceX, knowing that the fledgling company will surely fail, and the truth is, SpaceX has to launch for the third time to succeed. .
After his efforts, Musk brought SpaceX a $ 1.6 billion contract for NASA.
7. Always aiming for a noble purpose
In most interviews, Elon Musk never actively mentioned money or profits.
Although Elon Musk has enough money to live happily ever after, but he does not consider it a goal of his life.
Musk puts his dream into companies, SpaceX will be the foundation for space travel and “invasion” of the solar system, Tesla will help the whole earth become safer and healthier.
Therefore, investors quickly trust and pour billions into becoming a small part of the future.
Source : GenK