A South African-born American entrepreneur and businessman Elon Musk is a person who has founded X.com in 1999 (which has now become PayPal), and a company like SpaceX in 2002, and Tesla Motors in 2003. When Musk sold his start-up business, Zip2, to a division of Compaq Computers. He became a multimillionaire in his late 20s.
Musk made headlines in May 2012, when SpaceX came up with a rocket that would send the first commercial vehicle to the International Space Station. He supports his portfolio by buying SolarCity in 2016 and cemented his standing ahead of the industry by taking on an advisory role in the initial days of President Donald Trump’s administration.
Elon Musk was born on June 28, the year 1971, in Pretoria, South Africa. In his childhood, Musk was so lost in his daydream world about inventions that his parents and doctors instructed a test to check his hearing.
At about the time of his parents’ divorce, when he was 10, Musk grew an interest in the computer world. He upskilled himself on how to do the program, and at the age of 12, he sold his first software: a game he built called Blastar.
In grade school, he was a short, studious, introverted person. He was bullied until he was 15 years old and learned how to defend himself with skills like karate and wrestling.
At age 17, in 1989, Musk moved to another country Canada to attend Queen’s University and avoid compulsory service in the South African military. He gained his Canadian citizenship in the same year, in part because he felt it would be easier to gain American citizenship through that path.
In the year 1992, Musk left Canada for further studies of business and physics at the University of Pennsylvania. He graduated with an undergraduate degree in economics and hung on for a second bachelor’s degree in physics studies.
After leaving Penn, Musk headed further towards Stanford University in California to pursue his Ph.D. in energy physics. However, his move was timed superbly with the Internet boom, and he left Stanford after just two days to become a part of it, starting his first company, Zip2 Corporation in 1995. Musk became a U.S. citizen in the year 2002.
Elon Musk, multi-billionaire and CEO of Tesla and SpaceX, has plans to colonize Mars and thinks AI may turn humans into its pets. But over the hype, his vast net worth, and Twitter presence
Musk’s companies are actually taking on 8 industries.
Elon Musk is the CEO, investor, founder, or adviser for some of the world’s most-hyped huge companies, including:
- SpaceX (including Starlink)
- Tesla (including SolarCity)
- The Boring Company
Managing various companies and a huge amount of travel time, Musk has learned the power of aim and focus to get critical work done. In a famous University of Southern California commencement speech, Musk was quoted saying “focus on signal over noise, don’t waste time on things that don’t actually make things better”.
Best Advice from Elon Musk
- Have a goal.
Don’t just make your goal to “make a lot of money’’. Have a goal that’s compelling and relevant. Find out how to make things good, or to do something significant. If the business or product doesn’t exist yet, be in the lead of making it a reality
- Seek criticism.
Get as much feedback as you possibly can from your people whom you trust. Make sure you keep examining yourself to make sure you truly believe in your plans and strategies aren’t just after some unrealistic dream for the wrong reasons. Be well mannered when someone tells you to rethink one aspect of your plans.
- Don’t grow yourself too thin.
Don’t try to run multiple companies at a time Concentrate on doing one thing at a time, or building one company at a time. On the other hand, you should be working harder, challenging, and longer than others. That’s how you get more done in a short time, and how you get ahead.
4. Don’t fear failure.
Failure is a normal thing in the success path. If you think something is likely going to end up in failure, but it’s important enough to try and attempt to do it, make sure you go for it.
5. Choose to be extraordinary:
As per to Musk, “people can choose to be ordinary.” Choose the difference. Challenge and question rule. Do the unexpected. Strive always for greater goals and activities.
Elon Musk’s skills over the last two decades make him a role model for young entrepreneurs.
Here are some powerful lessons that you can learn from his life and career.
Dare to challenge reality
Before Tesla Energy came into reality, people were assured that battery packs would continue to be costly, no matter what. However, Musk understands that if someone could break down batteries into their fundamental components aluminum, cobalt, steel, nickel, polymers, steel, carbon, etc. and develop them from scratch by optimizing the resources, the gross price could be decreased by a huge margin.
Today, Tesla Energy has built itself as a revolutionary energy storage venture for sustainable companies and homes. Musk dared to challenge accepted reality and changed it.
Consider failure an option and take calculative risk
Today, he may be a multi-billionaire entrepreneur, but things were not the same as this. When Musk started SpaceX, he thought about his failure as a workable option on his new journey towards cosmos exploration. However, instead of giving it up, he built a contingency plan and went ahead with the SpaceX project.
In Elon Musk’s words, “If we don’t get the first SpaceX rocket launch to succeed by the time we’ve spent $100 million, we will stop the company. That will be enough for three attempted launches.”
“Failure is an option here. If things are not failing, you are not innovating enough.” – Elon Musk Don’t be scared of failure.
Don’t just think money
What was it that Elon Musk was thinking when he was thinking to invest in Tesla Motors? No great person who changed the world in any way did earn more money. There was something that is over the fame and wealth that motivated them to do great things.
“Going from PayPal, I thought: ‘Well, what are some of the other problems that are likely to most affect the future of humanity?’ Not from the perspective, ‘What’s the best way to make money?” – Elon Musk
So whenever you make a decision to start a new business, aim at the difference that your product or service can make to humanity.