1. Set a long term vision
Elon Musk advices that young entrepreneurs must set a long term goal instead of running behind accruing high profits in short span.
Setting a long term goal enhances the possibilities of start up survival in the business world. Entering the world of entrepreneurship with a long term objective makes you to grasp market conditions better.
Moreover, the long term vision should be productive and transformational which creates a positive impact in the society.
2. Push the envelope
Start as early as possible and grab the soonest available opportunity. Elon Musk took advantage of being a first-mover. Being a first-mover decreases the amount of competition one has to face in startups.
So be a pioneer rather than a follower. Elon Musk is a pioneer be it Space X or Tesla. This is what made him the best known future-oriented entrepreneur.
Furthermore, he tried his hands in serial entrepreneurship.
3. Spend your money wisely
To become successful an entrepreneur should work on advancement of current technologies and work towards ease of living standards through perpetual usage of R&D. Moreover, you should refrain from wasteful expenditure on advertising. Elon Musk once said that –
“At Tesla, we have never spent any money on advertising. We have put all our money into R&D, engineering, design, and manufacturing to build the best car possible.
He further added that –
“When we consider spending money, we ask if this will create a better product. If not, we don’t proceed with spending the money.”
4. Think out of the box
To be a successful entrepreneur you must focus on innovations and new ideas and approaches.
A start-up can be successful with a unique idea only. This not only provides you with less competition in the market but enhances your chances of long term survival with better returns.
5. Hire dedicated and talented minds
While hiring people for your corporation, focus on dedicated, hardworking and innovative mindsets.
6. Admire the criticism positively and work upon it
An entrepreneur should always work on improving his product. For this, he should not only admire the praiseworthy feedbacks but also accept the criticism and work upon the loopholes.
This not only improves your product according to the market demand but also diminishes the bridge between the costumers and the entrepreneur.
On this Elon Musk said that –
“When I spoke with someone about the Tesla Model S, I didn’t really want to know what’s right about the car. I want to know what is wrong about the car.”
So you can get your mistakes fixed in this way.
7. Don’t focus on hiring huge employees
An entrepreneur should focus on hiring experts and people who are talented in their respective fields. He says-
“I think it is a mistake to hire a huge number of people to get a complicated job done. Numbers will never compensate for talent in getting the right answer, will tend to slow down progress, and will make the task incredibly expensive.”
So it is better to have a small productive team rather than a large but unproductive one.
8. Read, read, read and read
A well read entrepreneur is far more intellectual. Reading makes you a perpetual learner and shows your dedication towards further improvement.
Elon Musk is always fond of reading. He developed this hobby as early as in his fourth grade. He completes at least two books every weekend reading 10 hours per day.
So to win big in your field you should be an incessant reader and well acquainted with knowledge in your field.
9. There is no substitute to hard work
It is said that hard work beats talent if talent doesn’t work hard. Elon Musk always gives importance to hard work. He says-
“Work like hell. I mean you just have to put in 80-100 hours every week. This improves the odds of success. If other people are putting in 40- hour workweeks, then even if you are doing the same thing, you know that you will achieve in four months what it takes them a year to achieve.”
A great idea can become successful only if you work hard.
10. Never give up
Never give up approach shows your passion for your goals and ambitions.
Initially, even Elon Musk faced failures. But his dedication and foresight in automation and aerospace industry materialized into success despite enormous obstacles.
He was once asked that what he is willing to give up towards realizing his dream and he said –
“I am willing to give up everything that others hold dear.”