UNITED STATES—Nikola Tesla was an astonishing inventor, who made the 20th century the way we know it. However, Serbian genius died a poor man despite more than 160 patents because he lacked even the basic business skills. Still, a South African boy found inspiration in the father of alternating current and manage to become one of the most successful entrepreneurs of today. Elon Musk stands behind companies like Tesla, SpaceX, Starlink, and many other businesses that bring innovation to the world and money in Musk’s pocket.
Here are five important business lessons that every student should take from Elon Musk and learn how to turn passion and talent into a lucrative business.
Read as much as you can but be selective
It’s important to know where you get your information. Nowadays, the internet is full of online courses and YouTube videos that seemingly provide in-depth information on numerous topics. However, it’s not uncommon, especially when it comes to YouTube that most of those videos are poorly comprehended ideas that just seem rational, which is how people get hooked to Flat Earth ideology. It’s better to look through the business essay samples database on your school server and discover an academic stand on business and entrepreneurship.
Elon Musk spent his childhood days reading Encyclopedia Britannica, which gave him authentic information about the world we live in. When you read for knowledge, it’s important to read from authors that can substantiate their claims.
Persistency is of vital importance
While smart entrepreneur knows when a project has reached it’s final curtain, it’s also important to handle the pressure when things go bad. If Elon Musk decided to quit SpaceX after the first few unsuccessful launch attempts back in 2008, we’d be years away from being so close to the first manned mission to Mars.
Imagine leaving college just because you’ve failed to pass your first test instead of learning harder and giving your best the next time. The same goes when you don’t reach the revenue you planned or your marketing plan didn’t work out the way you expected it to go through. When it seems as if you’re about to crash and burn, that’s when you need to take a firm grip of the situation and continue to push forward and rise above the situation.
Learn from other people’s criticism
When we do something, it’s probable that someone already had a similar experience or knows something about the topic we are yet to discover. If you look through different articles and essays about Elon Musk for inspiration on how to deal with criticism, you’ll find that the owner of the company that’s about to send people to Mars uses criticism for self-improvement. According to Elon Musk, the people closest to us, as well as our business associates are likely to hide their true opinion on some of our moves for different reasons.
Instead of wasting time on spreadsheets and product analysis, Musk advises looking for constructive criticism from strangers. It’s just like when companies try to improve their product or service by looking through the user reviews.
Hire the best, fire the rest
Elon Musk is well-known for his tendency to delegate work to his employees to cut down the amount of work he has to do and because there is someone better than him at dealing with a certain issue. However, to be a strong advocate of delegating, you need to be sure that the people around you can rise to the challenge placed in front of them.
According to Musk, it’s a great idea to use professional headhunters to find the very best talent for the job. This way, only the best and the most dependable people get the job but it’s important to understand when their purpose in your project is over. Fire those members of your team that don’t show the results you need rather than spending time micro-managing their tasks or waiting for them to come around and become valuable staff members once again.
Failure is a step towards success
When the first SpaceX Starship burst into flames, Elon Musk said it was a valuable experience. With every new explosion or failure to land the rocket successfully, the owner of the most influential space company of today claimed to be a step closer to success thanks to the tons of data that his team retained. Talking about his opinion on failure, Elon Musk noted that there are many ways to fail and only one way to do something right, and it’s this piece of wisdom that propels his entrepreneurship.
However, this doesn’t mean that you should be indifferent to failure, it’s normal to feel pain and disappointment when faced with a negative outcome of your business endeavor. The important thing is that you should learn from the failure and incorporate that knowledge in your next attempt. That’s how we get the idea that everything Elon Musk touches turns to gold, but we often fail to realize that it can take a series of failed attempts before reaching our goal.
Being one of the most successful entrepreneurs of today means having a lot of failed attempts behind you or a magic wand that prevents you from being wrong. Elon Musk is an inspiration to both young and old and the guiding star of technocrats around the world. Take his wisdom and implement it in your future projects, but never forget that the success of any enterprise is entirely up to you, as well as the failure.
Paul Calderon is a freelance content writer engaged with several online publishers. His work is based on authentic and actual pieces of information. As a writer, Paul aims to deliver information that holds practical value to his audience.