According to Smallbizgenius, there are 583 million entrepreneurs in the world. Some start with a large business, others start from a small business. However, the opportunity for the business to survive in the market is the same. If you are an entrepreneur who understands market fluctuations well, you will succeed. Otherwise, you will fail.
The market is large and turbulent, but the real-life “Iron Man” – Elon Musk has built up to 4 billion-dollar companies over the age of 40 in 4 separate areas including software, energy volume, means of transport and space.
Elon Musk is adept in many different fields, so many people think that his talent has surpassed the limits of an ordinary person and likened him to an alien.
He is an endless source of inspiration for entrepreneurs and businesses on the way to success. So where do these successes come from? Lucky, miracle or is there another secret?
According to Addicted2success, here are the 5 secrets of success of the SpaceX and Tesla tycoons:
1. Accept the risk
Everyone wants to be successful, but no one is willing to take risks to succeed. Even if it is a carefully calculated risk, few dare to take it seriously to avoid unnecessary consequences. However, Elon Musk believes that when we are young, take those risks, so that you can achieve greater success.
That thought did not stop in Elon Musk’s thoughts, he used actual actions to prove his point. From testing driverless cars to realizing his dream of becoming the first private company to support NASA, Elon Musk took risks without hesitation.
He once “honestly” shared on his Twitter page: “In the first days of my career, I think there is more than 90% chance that both SpaceX and Tesla will be worth $0.”
Even so, Musk persisted with his intention to invest millions of dollars in his model and vision. He even invested $ 200 million from the sale of PayPal and Zip2 into SpaceX and Tesla, although the start was not really good. The first time SpaceX launched, the first three Falcon 1 launches failed, and with Tesla, there were many design and manufacturing problems in the early stages.
In fact, Elon Musk has taken more risks than anyone, but, up to now, both SpaceX and Tesla have broken records and turned their boss into an extremely rich person. .
As Elon Musk said: “Persistence is very important. You shouldn’t give up unless you have to.”
2. Learn new skills
Elon Musk wasn’t a rocket scientist or an expert in car manufacturing when he started SpaceX and Tesla.
In order to conquer areas that weren’t his forte, he frantically learned new skills.
Never let what you don’t know stop you from pursuing your passion. Investing in learning new skills is never a waste of money. Sometimes, the results you get are 100 times greater in the future.
There are many resources available to take advantage of and learn new things. New ideas and solutions will appear as you work hard to expand your knowledge with books.
As we live in the midst of an era of day-to-day growth, honing new skills is the key to success.
3. Never give up
“Real-life Tony Stark” never gives up on his goals. Since starting out as an entrepreneur, he has always been persistent with his passions, dreams and especially his employees.
Even after the heavy failure of the SpaceX Falcon 1, Elon Musk never gave up. Instead, he trusted in the hard work of his teammates and continued his work.
As a result, in 2008, Falcon 1 became the first privately developed liquid-fueled rocket to orbit around the Earth. One of Elon Musk’s greatest secrets to success is his never-ending attitude.
If you are the owner of a startup, it is a positive attitude in the face of difficulties that will take you to greater heights.
4. Get constructive feedback
One of Elon Musk’s famous success quotes is “ I think it’s very important to have a feedback loop where you’re constantly thinking about what you’ve done and how you were able to do it.” I think that’s the best and only advice: constantly think about how you can make things better and question yourself.”
Receiving constructive feedback will help you grow because from there, we can find flaws and improve them. However, you can also look out for negative feedback from the people you care about most, as they are the ones most likely to point out gaps in your development.
Pay a little attention to negative feedback because you will never get any “insight” from people who don’t understand you at all.
5. Invest profits in new business
This secret to success is the most overlooked by many entrepreneurs because it is difficult for anyone to invest their profits in a new business. However, many startups and entrepreneurs don’t know that the most challenging part is the most effective mantra to help you achieve business success.
Elon Musk sold both Zip2 and Paypal businesses to invest in SpaceX and Tesla. Despite the risk, he still stands his ground and understands the importance of investing his profits and all his assets.
Elon Musk’s secrets of success may or may not suit your business style. But, you should at least apply those to your business. Who knows, success will also come to you!
(According to addicted2success)