5 Lessons for Every Entrepreneur from Elon Musk
As the richest man in the world (as of January 2022) and founder of several global companies, Elon Musk can be a fantastic inspiration for any entrepreneur. Musk is the man behind companies like PayPal, Tesla, and SpaceX, and his vision and innovations have had an incredible global impact. Anyone looking to start a company can learn from this impressive – if sometimes controversial – entrepreneur.
Elon Musk was born in South Africa in the city of Pretoria. After a childhood he described as challenging, he went to Canada to study before eventually moving to Silicon Valley in California. After quitting his Ph.D. in physics on the second day of the course, Elon Musk began working as an entrepreneur at the beginning of the dot.com boom, with his first success being a website called Zip2 which he sold to Altavista for millions of dollars at the age of 27.
He was instrumental in launching PayPal, which has become one of the world’s leading financial technology companies, before leaving the firm in the early 2000s. He then went on to invest his money in Tesla, an electric car and renewable energy firm which has transformed the auto industry worldwide. Musk is also the CEO of SpaceX, which has successfully launched private rockets beyond the atmosphere. This Multi-business entrepreneur is also behind firms like the Boring Company and https://neuralink.com/.
Musk has courted controversy throughout his career, often making outlandish statements and occasionally behaving unusually. His active Twitter account – and sometimes ironic statements and claims – have attracted lots of attention.
In January 2022, Elon Musk had a net worth of $278 billion, making him the wealthiest man in the world at the time of writing.
Elon Musk is the classic maverick entrepreneur. So, what can other would-be business owners learn from him?
Five Lessons to Learn from Elon Musk
Here are five lessons that every entrepreneur can learn from the example of Tesla and PayPal founder Elon Musk.
1. Hard work pays
Working hard will pay off if you want to create a successful company. Elon Musk has reported that he frequently works 80-to-100-hour weeks. The reason he works such long hours is simple. He argues that by working so many hours, an entrepreneur could achieve as much in four months as someone else working 40-hour weeks would in a whole year.
While there’s no doubt that Elon Musk is naturally very talented, his work ethic shows that successful entrepreneurialism is just as much about putting in hard graft as it is about being born with any particular skills.
Take away for entrepreneurs: If you want to make your business a success, there is no substitute for putting in the hard work and long hours. As Musk’s example shows, hard work does pay off.
2. Start with a vision
Many people interested in entrepreneurialism are initially driven by money or status. But, at least according to the example set by Elon Musk, this would be the wrong approach. Musk has been driven by a vision to improve the world with all his companies. Let’s see how:
|The goal was to transform banking and make it easier for people to buy and sell goods online.||The vision was to help the world tackle climate change by producing desirable and powerful electric cars that could support the transition to a green mode of transport.||With SpaceX, Musk’s vision is to support humanity’s colonisation of other planets.|
Elon Musk sets his sights high for his businesses. He has made it clear that he never begins by thinking about how he can make more money with one business idea. Instead, by focusing on a big vision, he and his employees are much more motivated.
Takeaway for entrepreneurs: Whether you want to fundamentally make the world a better place or run a successful company, the lesson is clear: while the money motive is useful, you will be much more inspired – if your goal is to achieve a particular vision. Decide what you want to accomplish with your business idea, which can keep you motivated through the tough times!
3. Hire Good People
Elon Musk is famous for surrounding himself with the very best staff. His employees include designers and scientists headhunted from leading businesses, scientific institutions, and academia from the best universities. But besides surrounding himself with very talented employees, Elon Musk has also emphasised hiring people with a ‘good heart.’ He chooses individuals motivated by doing the right thing – which means they will not ultimately damage the business’s reputation through greed or bad behaviour.
Take away for entrepreneurs: When you are hiring staff, it is of When hiring staff, it is vital to seek out people who are well qualified for the role and fit your company’s culture. But more than this, choosing people with the right attitude and mentality is crucial.
4. Read Extensively
Elon Musk is an avid reader – at the age of nine, he read the entire Encyclopaedia Britannica! Musk says he reads widely and deeply on many topics, from physics to philosophy to science fiction. By continually learning about different topics and expanding his knowledge, this serial entrepreneur is constantly inspired to learn how to do new things.
Take away for entrepreneurs: Never stop trying to learn new things! Once you have achieved a certain level of success, it can be easy to sit on your laurels – but Elon Musk’s example shows the value of being open to new ideas and ways of doing things.
5. Rethink the Fundamentals to be Disruptive
Elon Musk is well known for disrupting several industries – from banking to the automotive trade to space travel. He has achieved this by trying to rethink the fundamentals of the different industries he has entered. Rather than trying to do the same thing as someone else simply but in a slightly different way, Elon Musk prefers to go back to the basics and re-engineer entirely how specific industries work.
For example, with Tesla, his electric car company, Elon Musk rethought how a car’s engine could work – replacing the internal combustion engine with a battery pack instead.
Take away for entrepreneurs: If you want to be successful in business, don’t simply be a copycat offering a similar service to what other companies already do. Instead, go back to the fundamentals of your industry or sector and find new ways to approach the entire industry.
Business Setup in Dubai with Meydan Free Zone
If you are inspired by Elon Musk’s example and want to set up your business in Dubai, the Meydan Free Zone is the perfect environment to launch your company. Meydan Free Zone offers a great mixture of quality office space, location, easy business setup, and an environment that encourages success – it brings together all the things you need to start your company in Dubai.
It is very straightforward to get started in the Meydan Free Zone. The location offers tailored packages and assistance on hand to ensure that all your specific business needs are met.
If you’re inspired by Elon Musk and are ready to set up your Dubai business, choose the Meydan Free Zone.
If you prefer, you can visit us at Meydan Free Zone Business Centre, Mezzanine Floor, Meydan Hotel, Meydan Rd, Nad Al Sheba 1, Dubai, UAE.