1. Business not for money
This is always a criterion in the business of billionaire Elon Musk. In an interview with the BBC in 2014, billionaire Elon Musk did not know how rich he was. “Being rich doesn’t mean having a lot of cash somewhere. Real wealth is only when I have a certain amount of shares in Tesla, SpaceX and SolarCity and they are priced in the market, ”Musk told the BBC.
Billionaire Elon Musk is not critical of pursuing wealth “if it is done ethically,” but insists that it is not what motivates him. This motto seems to work for this 50-year-old businessman.
2. Pursue a passion
Building a Mars base is the clue to what billionaire Elon Musk believes is the key to success. Take SpaceX as an example. He said he founded this company because he was disappointed with the US space program that was not ambitious enough.
So SpaceX company was born. And this is important, SpaceX was born not to make money, but to send people to Mars, scheduled for 2026.
3. Don’t be afraid to think big
One of the things that really stands out about Elon Musk’s businesses is their boldness.
He wants to revolutionize the car industry, send people to Mars, build super speed trains in vacuum tunnels, integrate AI into the human brain and develop solar and solar cells. .
One thing in common here is that all of Musk’s projects are like the kind of fantasy fantasies you might find in children’s magazines in the early 1980s. for his tunneling company The Boring Company.
Billionaire Musk makes no secret of his inspiration from books and movies he saw as a child in South Africa. This brings us to Musk’s third business secret – don’t hold back, think big.
4. Dare to accept risks
Billionaire Elon Musk has always taken risks in business. By 2002, he had sold off his shares in the first two companies, a city navigation service called Zip2, and the online payment company PayPal. At that time, he was only 30 years old and had nearly 200 million dollars in the bank.
His plan, he says, is to put half of his fortune in the business and keep the other half.
Billionaire Musk said he was faced with a tough choice. “I can keep the money, then the companies will surely die, or invest what I have left and maybe get a chance.” He chose to pour money into companies.
At times, Musk was so indebted that he had to borrow money from friends just to pay for living expenses. However, the prospect of bankruptcy did not frighten him. “My child may have to go to public school. That’s a big deal, but I also went to public school, ”said the businessman.
5. Ignore criticism
What really shocked and annoyed Musk was the delight of many experts and commentators over the difficulties he went through. “There are already a lot of blogs that let the clock count down the days of Tesla’s death,” he said.
One thing to take from here is don’t listen to criticism. Billionaire Musk said he doesn’t believe SpaceX or Tesla will make any money when he founded them, and the truth is that many others do. But he did not care and continued with his plans.
Why? Remember, this is a man who evaluates success based on the important problems he solves, not the amount of money he makes.
And the market seems to like what Musk is doing. In October 2020, US investment bank Morgan Stanley valued SpaceX at $ 100 billion.
The company has changed the aerospace economy, but what makes Musk most proud is how his company has revived the US space program.
6. Do what you love