Corey Pemberton covered an amazing story about Elon Musk. He is one of the most successful people out there, he has not just one or two, but three billion-dollar companies. Companies which consist of solar-powered homes, electric cars, and private space travel. Even Robert Downey Jr. used him as inspiration when preparing for his role as Tony Stark in the Iron Man movies.

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Here are some of Musk’s tips to running a successful business that’s worth billions.

  • Align Your Business with a Higher Purpose

Whenever we do business, make sure it has a deeper purpose. Ellon musk didn’t think about profit that much, what matters is the value of the business and how it will benefit others too instead of himself. Impact first, and the money will follow.

  • Plan for (and Embrace) Failure

We need to understand that failure is inevitable, so it’s better we come up with a plan before it happens rather than turning our cheeks and pretend it will never happen. Calculate your risk and come up with a back-up plan if things didn’t go as planned.

  • Know Your End Game

It’s also important to remember our goal for the company, It might mean staying around for the long haul and managing a growing team. Or creating an asset you can sell, reap a nice profit, and move on to your next venture. It will help you make better decisions now and also to move forward.

  • Work Harder Than Anyone Else

A lot of people today are focused on shortcuts, hacks, and cutting corners. But there really is no substitute for putting in the hours of hard, focused work. In the end, hard work will pay off and it happened to Elon Musk. Give 100% of our time and energy if we want to succeed.

  • Forget about Multitasking

The concepts Musk used to achieve his incredible success are simple, but they require a ton of energy and undivided attention. He urges people to only focus on one company and give your ultimate best at it. Don’t burden ouself with two different companies at a time, it won’t benefit us later on

  • Feedback

Some people are afraid to even hear the word ‘feedback’ or ‘complaints’. But in order to be better, we need to hear our customer’s feedback. Get know which areas we need to improve. If all we want to hear are praises, then there will be no more room for improvement and eventually we’ll get nowhere.

  • Quality

Can you imagine spending 0 ringgit for marketing but still gain billions? Yes you can! Elon musk did just that. Always pay attention to improve the quality of our product instead of marketing. If we believe the quality is better than everyone else, the customers will come to us.

 

Credits to: Corey Pemberton

 


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