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Best business lessons from Elon Musk

As earlier we already had discussed Elon Musk the world revolutionary person by his realistic & unbelievable ideas and innovations he changed the living style of peoples and here we going to discuss the top 15 lessons from Elon Musk which every entrepreneur should apply in his business.

Elon Musk is the founder and CEO of SpaceX, co-founder and CEO Tesla Inc. and chairman of Solar City. And now his dream project is Hyperloop transportation which breaks the barriers of time and distance. His current net worth is 3,740 crore USD.

1- Your customers are king

Musk always produces clear and instructional videos on every element of the Tesla vehicle that their customer could possibly need by simply focusing on a client’s real needs they simplify cost save and lever. How is your business planning on ensuring your delivery to your client’s actual needs, not what you perceive their needs to be? So your customers are the king of your business.

2- Innovation is better than replication

When Musk tries to do something he doesn’t replicate he always prefers a game-changing technique that can’t be compared. There are many motors and vehicles in a market when he launched the Tesla electric motors but no one could stand in front of Tesla which Musk bought into the market. Musk revolutionized our expectations of hybrid power cars. He always innovates daily needs with completely revolutionized solutions some business people might think it’s important to play safely in mastering industries or ideas that already exist but Musk always takes the risk and lose before he wins.

3- Never accept things for how they have always been represented

Boil things down to the most fundamental truths. Then reason up from there when Musk got into batteries he broke down the industries into its bare foundation blocks. Batteries are traditionally expensive era but the raw material that makes the batteries do not add up to the major expense they had an incredible mark up on that.

So to make up clean electric energy work first Musk need to create his brand of batteries. Musk uses his though of school called first principle thinking on the thought of high prices battery for example he goes to the building blocks of batteries and works up start with the raw materials cobalt, nickel and iron and some polymers. On the London metal exchange the raw ingredients might cost in the region of 80 dollars per kilo watt hours but batteries could cost 100 dollars per kilo watt hour then for the next step Musk add efficiency in a product and reduce the cost of batteries.

4- Disruption means creating something different

To change the game Musk understands the game first and has great insight into it and then looks for ways to make it better. This the difference between his approach and thousands of other business leaders. You can also see his first million-dollar success PayPal. It required a complete understanding of the online payment ecosystem to built such a fastest online transaction app. And this was a game-changing innovation.

5- You are already wrong, criticism allows us to be “Less wrong”

Musk has a unique outlook on complaints and he believes in taking the approach that you are already wrong. He always makes his goal to be less wrong instead of going egoistic thinking Musk has prepared to criticize his work onboard external criticism and usage you always improve his business.

Criticism is like a free business boot camp it gives us fast and accurate feedback and how clients are experiencing our business and product. He always takes feedback from customers and applies it to a product and make changes in products for the future.

6- Looks for solutions to problems, not easy ways to make money

If you are only focusing to start a business that is already in the market then you are a fragile business foundation. But Musk always aims to find the greatest problems facing humanity and then come up with the solution to those needs. If something is a truly global need then profitability will follow the businesses is already assure for success because it is what the market both need and wants.

Another focus is on the quality and user experience like Tesla motors solve the problem of fossil & fuels also the experience and quality of the product satisfy the customers.

7- Elon Musk never loses his vision of revolutionizing the world

When Musk enters the industry is always with a strong vision to change the way the industry work. He had already spotted a problem and share his vision with his team and make sure it is a shared vision. He holds fast to his vision and doesn’t wait for that and makes him into reality because for him his vision makes a positive impact on humanity.

8- Good ideas are most valuable when shared

Musk’s current net worth is 3,740 crore USD and innovation helps him to make this. Musk doesn’t hide his innovations and makes him open source this is a genus strategy that allows him to get the global public all working in his ideas. His approach proposes his ideas to the public and asks them to provide an actual improvement on the stage of his product design. He knows that two heads are better than one and millions of heads will allow him to achieve a world-changing solution.

9- From strategy to actionable tasks

Turning a list of tasks into results needs a great team. Elon Musk is a primary example of hiring the best and best to execute his grand vision. These bright minds that come up with the innovator products back with a solid business model that make his vision a reality.

10- With a vision comes a clear strategy

With his revolutionary version he can create a clear strategy to achieve it this is the element that separate the business lead from the business nobodies. Turing you vision into actionable strategy is a real skill. It requires analysing data, research, brain storming and ultimately creating the big vision that other can follow.

11- Integrity is key to Elon Musk, and should be at the core of every organization

Integrity is key to Elon Musk, throughout his business carrier Musk has proved he is a man of high standing morals. For example, In his earlier days Tesla had to receive a 400 million dollar loan from the US government as soon as the car takes off he paid back this loan. He showed that integrity, not an option but the basis of how he operates.

12- Be prepare to fail, and then learn from it

Failure is a big part of a big thinker’s life. The fear of failure is also one of the key reasons we don’t step out dreams if we take out a page from the Musk book failure is just a part of the journey for big thinkers. Musk also fails the lots of failure in his Space X and at the time of launching the rocket. Musk got failed two times in launching his rockets to space in which he invests 90 million dollars but on the third they enjoyed success and signed a 6 billion dollars contract with NASA.

13- Your product should always be the focus

In the world of so much marketing noise, Musk holds quite a different approach he believes the central focus of any company should be its products. Making it better and always improve his customer experience rather than spending all of your energy in the marketing of a product. He just believes in that product that always is a revolutionary product.

14- Nothing substitutes good-old-fashioned work

Elon Musk explains ” It is a super huge amount of work: I think sometimes people sort of having these ideas that if they were the CEO of a company that they would just give themselves a whole lot of vacations and not work very hard. Musk made it clear that starting a company will mean longer hours and harder works than working for someone else. Not only the daily responsibility of your business role but predicting market changes, preparing for the economic changes is a full-time job.

15- Become an expert so that you can change the game

Tesla energy forms the basis of clean cars and homes possible but when Musk hired the team of engineers and energy experts and his pitch idea to them of smaller, stronger, and affordable battery they all said it couldn’t be done. So Musk research to know about the battery power he unpacked the modern batteries and found ways to reinvent them to produce and store more energy. He will also able to innovate to bring down the cost. If he had not learned the stud of the fundamental business he never able to revolutionize the business.

Also Read : Business lessons from Jeff Bezos

Updated: April 14, 2021 — 5:55 pm

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