Tesla CEO Elon Musk is one of the most iconic and successful entrepreneurs in the world with a net worth of 21.8 billion dollars.
We are all witnesses to his wild creativity and innovation in business and we’ve had dozens of opportunities to learn from his impressive example of hard work and forward thinking.
His outstanding career in technology and business is considered intimidating and daunting for the young entrepreneurs of the world that want to become like him. Over the years Musk has given a few bits of advice to these young, aspiring entrepreneurs for their challenges ahead. He is a man of very few words though, so listen up and take note if you are interested in becoming successful in business. Here is Elon Musk’s advice to entrepreneurs:
#1: Do Not Take Constructive Criticism Personally
Musk made mention of this principle in a 2013 Google Hangout, “The constructive criticism others give you is invaluable. Sometimes critiques are hard to hear but its all part of the learning process”
#2: Get Your Hands Dirty
When talking about starting up and his role as a CEO he stated “You’ve got to do all sorts of jobs and tasks that you might not wish to do, that are not intrinsically interesting to you. You’ve got to be prepared to do whatever it takes, work whatever hours. No task is too menial. I think that’s the right attitude for the CEO of a startup.”
#3 Don’t Let Anybody Tell You “No”
When Musk was named to the Time 100 list of the Most Influential People in the World in 2013 he spoke about his power to create through innovation, “Whatever Skeptics have said can’t be done, I have gone out and made real”
#4 Don’t Focus on Money
Musk explained to TBS in 2008 that his reasoning behind starting Tesla was not to earn money, he instead recognized the environmental need to change the way vehicles are powered. “So this is not about wealth accumulation for me personally, its just that I think this is a very important problem and its got to get solved, and if we don’t solve it were in trouble.”
#5 Be Realistic
This year’s Global Entrepreneurship Monitor Report states that in reality half of all businesses don’t exist after their first five years. Musk’s commentary on this helps young entrepreneurs understand what they are getting themselves into when starting a company, “Firstly being an entrepreneur has been overly glorified in movies and TV shows, but for the most part, running a company is difficult. Most of us are not ready for it or are more interested in the idea of being an entrepreneur rather than actually be willing to put in the work to become one.”
These 5 tips have the power to change not only the way budding Entrepreneurs view the world of business, but the way they view themselves and their ability to change the world.
Check out this video if you want to learn more from Elon Musk about how to get started with your business.