In modern times, Elon Musk has set his legacy as the most prominent entrepreneur. He is only second to Apple founder Steve jobs as he has impacted different industries like him. He made the headlines when he invented Paypal’s online payments. He wasted no time and launched many ventures in the energy industry, space travel by launching Tesla and SpaceX. It was not an overnight success that he achieved throughout his career. He struggled a lot in his professional career and was near to bankruptcy at some point in his career. So there are lots of business lessons that you can learn from the CEO of SpaceX. Let’s find out together:
1. See the Big Picture
Most of the young entrepreneurs seek short term profits, but Elon doesn’t think the same. Around 50% of startups fail in the first five years because of poor planning. That’s why Elon advices that always see the big picture and come up with a long-term plan. This way, your startup will survive longer and give you the room to modify things as the situation evolves.
2. Solve Problems instead of Chasing Money
Elon’s journey as a successful entrepreneur gives a key lesson, i.e., focus on solving the problems rather than chasing profitability. The most successful and profitable businesses focus on what they produce not bucks on the money. Elon achieves success in the energy industry when his electric cars solve the problems of fossil fuel supplies. Elon wanted to produce less fuel demanding and sustainable transportation due to limited supplies of fossil fuel. He focused on what the market needs as opposed to chasing money. So if you pay attention to the problems that need to be solved despite raising profits, you can get more success.
3. Hire fresh talent and form innovative teams
Most of the companies hire experienced people, but Elon believes in hiring fresh talent and trust them. In SpaceX and Tesla, he hired young people, and he contacted them directly when required. However, the inexperienced team can do mistakes, but they have the energy to do big things that, in turn, produce great results in the presence of dynamic leadership.
4. Build, Build and Build
After college, Musk launched a website listing company named zip2, but he took very little from it. Then he had a cheap car, and he often slept at his desk. His aim was to building something, not the living the dream or take a hefty paycheck. If you are building your own brand, focus on producing new products or services or new ways to build more instead of taking a big paycheck to home.
5. Change the traditional ways of working.
When Elon started working in the space industry, the biggest challenge for his company to challenge the big fat Space and aeronautics companies like Boeing. He came up with new ideas that changed the traditional ways of working. His company brought the concept of reusable rockets to the space industry, and the successful landing of this rocket is a huge step. SpaceX comes up with cost-cutting tactics that help them to compete against the industry giants. Now cost-effective passenger flights in space are not a dream anymore.
6. Be Innovative
One of the key take-homes of SpaceX CEO’s success is that he is innovative, and he has the ability to create new products. His ventures show his innovation, the capability to create new things and working into new industries that were not saturated. He became a trendsetter when he took a bold step and launched a venture, Tesla motors. The autonomous electric cars were unparalleled to anything else on the auto market. Similarly, the PayPal secure payment was also unmatched. If you are a young entrepreneur, make sure that you have something exceptional to offer in the market.
7. Look for Opportunities in Emerging Industries
Elon musk’s career shows that he starts companies in emerging industries. He started website listing company zip2 in 1998 when the emerging industry was the industry. The same year, he founded Paypal that was a huge success due to the internet boom. Next, he started working in three emerging fields, i.e., space transportation (SpaceX), electric cars (Tesla Motors), and solar power (SolarCity). He not only enjoys the status of the pioneer of the field but also has benefited from low competition and growth potential in these industries.