8 Entrepreneurship Lessons From Elon Musk We Should All Live By
Unleash the entrepreneur in you.
1. Find Your Purpose
Finding’s one’s purpose is always the start. As a person and as an entrepreneur it is fundamental that we find a higher purpose and get clear on “why we are here” or/and why our business exists.
Elon Musk himself had to take time to find his purpose: “I always had an existential crisis, trying to figure out ‘what does it all mean?’ I came to the conclusion that if we can advance the knowledge of the world, if we can expand the scope and scale of consciousness, then, we’re better able to ask the right questions and become more enlightened. That’s the only way to move forward.”
Also remember that your higher purpose is always a gift you were born with, it is what you love doing. Doing what you love will help find the energy needed to overcome any obstacle and challenge your business will undoubtedly face.
2. Align Your Purpose With Your Business Vision
Elon Musk’s ventures which includes PayPal all make a global impact in the world. He is now literally aiming for the stars exploring the possibility for humans to live on Mars. Musk shared that his purpose is to “ensure the future of human kind’’.
3. Think Different
During his USC commencement speech Musk reminds us to not just follow trends. As entrepreneurs, we must visualize things as they can be and not “just the way they are”. We need to think different, outside the box, look for what is yet to be and not what is. For that, we must stop worrying about our competition but create our own rules instead with what we envision for the world and ourselves, and build new industries.
4. Give Value
Giving is the key to prosperity.
Therefore, whatever service we offer as a business must be of value for our clients. This is how we will attract customers and social media followers.
Musk reminds us we must ‘’focus on something that has high value to someone else, be really rigorous in making that assessment, because natural human tendency is wishful thinking, so the challenge to entrepreneurs is telling what’s the difference between really believing in your ideals and sticking to them as opposed to pursuing some unrealistic dream that doesn’t actually have merit.’’
5. Take Risks
Most great business ventures are risky. The best way to be safe is to take a leap of faith. Millionaires achieve great affluence because they are risk-takers beyond the barriers of accepted limitations.
Elon Musk took massive action and risks when launching his businesses. He invested millions in all ventures before getting any ROI. Clearly, it paid off. His enterprises are thriving and his net worth today is estimated at $12.9 billion.
He shared: ‘’people should be less risk averse, when there’s not much at risk.’’
6. Accept Failure As Part Of Success
Don’t stop until your desires materialize. Most of us stop trying before we succeed.
Musk says, “If something is important enough we should try even if the probable outcome is failure.” And that “Failure is an option here. If things are not failing, we are not innovating enough.”
7. Give it 130%
As an entrepreneur you will have to work extensive hours until everything you envision comes to life.
Musk said “put in 80 to 100 hour weeks every week. [This] improves the odds of success. If other people are putting in 40 hour work weeks and you’re putting in 100 hour work weeks, then even if you’re doing the same thing you know that….you will achieve in 4 months what it takes them a year to achieve.”
8. Think Positive
Elon Musk is a clear example of someone who believes in the impossible.
Thinking positive is critical for success. Therefore, we must stretch our mind to think bigger. If we seek unreasonable levels of success, we will eventually get exceptional results.
9. Be Perseverant
We must understand discipline and consistency are required to succeed.
Elon’s perseverance to keep on going when SpaceX and Tesla were on the verge of bankruptcy is what enabled his success. He invested a large amount of his personal funds towards his business ideas.
Space X required 3 launches before landing in Mars and before Elon got a $1.6 billion contract from NASA.
As he said, “For my part, I will never give up,” “and I mean never.”
Nathalie Virem is a #1 International Best-Selling Author, Inspirational Speaker and Coach based in Los Angeles, California who helps Fortune 500 professionals and entrepreneurs align their business and life purpose. Through her work, Nathalie shares practical lessons and tips she’s used along her path towards personal, spiritual and professional growth.