Entrepreneurship lessons from Elon Musk

Entrepreneurship lessons from Elon Musk

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.”

Habits of successful people

Habits of successful people

1. Read, Read and Read

Evidence and findings show that most successful people on earth devote at least an hour a day in reading. There are umpteen benefits of reading. The activity is aimed at self-improvement and to enhance knowledge.
The only key is to read that s productive and adds to your knowledge. It could be an autobiography, biography, or historical narrative. It is, therefore, said that –

“Reading is to the mind what exercise is to the body.”

2. Surround yourself with resourceful humans

Always keep your network surrounded by highly motivated and inspiring humans. This not only keeps you motivated but also inspires future endeavors. Corley says –

“you are only as successful as those you frequently associate with.”

Also, stay away from negative thoughts and toxic people. He further adds that-

“successful people also make a point to limit their exposure to toxic, negative people.”

3. Develop multiple streams of income

Successful people opt for multiple sources of income. Corley says –

“Self-made millionaires do not rely on one singular source of income,”. “They develop multiple streams.”

According to a study, sixty-five percent had at least three streams of income that they created prior to making their first million dollars. So successful people try to create multiple sources of income.

4. Diversify your investments

Diversifying your sources of investments is a key to refrain from losses. It’s an old adage that-

“Don’t put all your eggs in one basket.”

Since investments with higher returns are risky whereas those with lower returns are comparatively safe. So it is advised to diversify investments so as to enjoy a win-win situation.
Diversifying investment means investing some amount in risky assets and some in risk-free assets.

5. Devote time for self- reconciliation

Successful people devote at least fifteen minutes a day for self- reconciliation. The three steps of reconciliation are- Acknowledge Surrender and Acceptance.
It is aimed towards understanding things through own lens. Self- reconciliation acts as a barometer to gauge what is good and what is bad. Further, it helps to navigate accurately towards your goals.

6. Devote some time for your body

It is found that most of the successful people take out time from their schedules for their body so as to stay healthy. It’s an old adage that-

“Healthy mind dwells in a healthy body.”

Successful people make exercise a priority.

7. Focused and goal oriented

Successful people are always focused and determined towards their goal. Each day they make their plans accordingly work upon it, review it and improve on it to accomplish their goals.

8. Continuous learners

Achieving a set goal is not what successful people aim for. They believe in continuous scrutiny so as to become better at what they do.
The habit of learning to breathe is what needed to sustain among the successful. As quoted once by Charles Darwin-

“Survival of the fittest.”

In contemporary times it is not only the healthiest that survives but the one with an abundance of intellectual opulence.

9. Get up early

Tom Corley conducted research and found that nearly 50 percent of the successful people got out of the bed at least three hours before their workday actually started. Many of them use this time to tackle personal projects, plan their day, or as said above make time for exercise.
Tom Corley said that waking up early in the morning gives you a sense of confidence that directs your life.

10. Avoid investment in time – wasters

Time is one of the most important resources. Most of the successful people are choosy in investing their time in anything. Corley said that-

“When we invest our time in anything, it’s lost forever.”

Time is the greatest risk of all. So it’s more crucial then wealth. So it is recommended to invest your time wisely.

11. Think out of the box

Successful people are one who contributes to society through means that most people aren’t willing to do or are afraid to.
This is what differentiates the successful ones. The one who can bring a change with a unique idea is the king.
So to be successful one must think out of the box.

12. Live outside comfort zone

To be successful one must understand the values of life. What comes easy may not last long.
Successful people understand the significance of working through the ups and downs that most would avoid so as to enjoy the comfort zone.

13. Accept challenges

Accept the challenges of life and ambitions as a rehearsal for your final performance. Dealing with problems with a positive attitude leads to the path of success.
Accept challenges as an improvement and embrace the opportunity to evolve as a successful human being.

14. Be proactive

Successful people are forward-looking. By being proactive you can deal with the problem or can take a proactive stance to prevent future problems. Proactive behavior can result in extraordinary results.
Stephen Covey said that resourcefulness and initiative are the two tools to break through the barriers and achieve extraordinary results.

15. Sharpen the saw

Invest the majority of time in planning and accurate decision making rather than the execution of the same.
Adequate allocation of time in initial stages would bring better results and timely execution.

Habits of unsuccessful people

Habits of unsuccessful people

1. No goals and ambitions in life

Unsuccessful people have no vision in life. They have either no goals or have goals with no vision and prospect in life. They always seem distracted from their goals.

2. Doesn’t keep their goals to themselves

It is better to do something rather than talking about it. Derek Sivers says-

“When you tell someone your goal and they acknowledge it, psychologists have found that it is called a ‘social reality’. The mind is kind of tricked into feeling that it is already done. And then because you’ve felt that satisfaction, you’re less motivated to do the actual hard work necessary.”

Unsuccessful people keep preaching about their goals to the entire world and don’t focus on working upon it.

3. Stay surrounded by losers and demotivated people

There is an analogy-“that spend time with losers, and you will become one.”
Unsuccessful people always stay surrounded with losers or people with no goals and ambitions in life.
Surrounded by demotivated people reduces the will power to work on their respective goals.

4. They procrastinate

People are not born unsuccessful. It is their habits that make them so. Unsuccessful people procrastinate upon work assigned to them. It is their habit to procrastinate and find a plethora of excuses. Everybody procrastinates at one or some other point in life. The important thing is how you choose to deal with procrastination.
There is no point in delaying something if you get the same results. So it is better to do it now or do it better later.

5. Don’t possess further learning tendencies

Unsuccessful people feel contented in whatever they know and never struggle to learn further. This leads to their downfall. They believe that whatever they know is the ultimate truth and never tries to enhance their intellect.
The more you access knowledge and information the more you acquire wisdom and progress towards the path of success.

6. They Quit easily

Unsuccessful people give up very easily. They believe that if something is not done till many attempts then it is worth quitting the same. But the truth is far beyond that. It is their greatest weakness to quit or give up.
Thomas A. Edison once said that-

“our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.”

7. They are not humble and soft-spoken

Unsuccessful people believe that their rudeness defines their maturity and superiority. They are not humble and soft-spoken and therefore don’t listen to others and consider others opinion inferior.
They have the attitude that they know everything on earth.

8. Possess negative and pessimistic attitude

Unsuccessful people are pessimistic towards life and their ambitions. They find fault with everything around them and are always complaining and criticizing rather than focusing on improvement.
They fail to believe that it is their attitude rather than circumstances that matter in accomplishing a task. Therefore they keep on criticizing their circumstances and always bear a pessimistic attitude.

9. Act before they think

Unsuccessful people don’t think before acting upon anything. It means they lack a calm and composed attitude and therefore fall prey to an unsuccessful goal.
It is said that most of the problems in life come because of two reasons: we act without thinking and we keep thinking without acting.

10. Fear change

Unsuccessful people fear change and believe that orthodoxy should prevail. They fear taking risks and thus fail to take progressive steps towards making a better world and create a positive difference.
In other words, they are afraid of failures and thus never try at least once in a lifetime.

11. Talk more and understand less

Unsuccessful people have a habit of not lending their ears to others. They find it unnecessary to listen to others and don’t bother to understand others. In fact, they love admiring themselves.
Listening is an art that they fail to imbibe in their lives. There is a famous quote-

“Listening is an art that requires attention over talent, spirit over ego, others over self.”

12. Waste time in gossiping and complaining

Gossiping and complaining is a nasty and distracting habit. It not only wastes time but also deviates people from their goals. Unsuccessful people find these two as a medium of escape from the reality.

13. Doesn’t give priority to mind and body

Unsuccessful people are the ones who keep feeding their minds and body with junk. They refrain from a healthy lifestyle which is a must for a happy and successful life.
Instead, they keep on feeding their mind with unwanted and negative thoughts which deteriorates their skills and abilities.

14. Ungrateful and complacent

Unsuccessful people are ungrateful to the resources that they possess and keep on complaining. Rather than making best from the least.
Ungrateful and complacent attitude is a sign of weakness. Complacency is the enemy of leadership and success.

The business philosophy of Marwari

The business philosophy of Marwari

1. Strategic management

Marwari business firms are known for their careful watch on money. They believe in strategic management of investment funds by moving them to where they are most productive in the long term.
According to Thomas A Tim berg’s book, “The Marwaris: From Jagath Seth to the Birlas”, there are seven secrets of Marwari businessmen which are still valid “and perhaps will remain so”.

2. Delegate and monitor

To be a successful businessman you have to learn how to delegate. Otherwise, the span of economic activity you engage in will be limited.
Furthermore, they also know when to intervene, fully aware that a decision to intervene is costly.

3. Own your style and system

Marwari businesses have always ensured transition from business founders to inheritors accompanied by their own style and system in order to sustain the legacy.

4. Centralized financial monitoring

Marwaris are the keen watchdog of their financial investments and play a safe game. They keep close financial monitoring of the enterprises in which they have a share.

5. Drive to expand

A key characteristic of the Marwari businessman is the drive to expand the business. They focus more on execution and implementation rather than just limiting themselves to said mission statements.

6. Maintain adequate corporate culture

It is the most important aspect to maintain the corporate culture that befits its market and times.
An adequate corporate culture is one that demands financial incentives and inspiring loyalty, especially of competent managers.

7. Don’t get blown away by fads

Business is a long term commitment. Marwaris’ long term perspective prevents them from getting blown away by fads. For this, they consider that the responsibility of the managers has to be more tentative and experimental in his approach.

8. Incorporate new developments and opportunities

Some of the world’s oldest family businesses have had some very successful ventures and a lot of failed because of missed opportunities.
So always keep incorporating new developments and create opportunities as Marwaris do.

9. Focus on building social capital and brand

Marwaris always focus on their costumers by establishing a trustworthy brand and building social capital.

10. Parsimony and frugality

In terms of their traits, Marwaris are innately parsimonious and focus on adding more to their wealth rather than spending it.

Business lessons from Jeff Bezos

Business lessons from Jeff Bezos

1. Decentralization in decision making

Decentralization is not only the tool for successful governance. But it’s a panacea to foster innovation in decision making as well as in businesses. The division of and flexibility in decision-making powers in businesses generates new ideas and thus innovation. And innovations excel businesses.
As Jeff Bezos quoted

“If you double the number of experiments you do per year you’re going to double your inventiveness.”

All businesses abide by the law of experiment. The more you foster new ideas and experiments the more innovations you incorporate in your business.
On this Jeff Bezos stated that- “great innovations, large and small, are happening every day on behalf of customers, and at all levels throughout the company. This decentralized distribution of invention- not limited to the company’s senior leaders- is the only way to get robust, high- throughput innovation.”
So the key to robust and faster innovative growth is valuing ideas of each and every employee along with the consideration of customer’s feedback.

2. Resourceful surroundings matter in life and business as well

Surround yourself with optimism and people who add value to your lives and businesses. This is perhaps the prerequisite to a meaningful and successful business.

“Life is too short to hang out with people who aren’t resourceful.”

This life lesson from Jeff Bezos pertains to business as well. Resourceful surroundings instigate the generation of resourceful ideas.

3. Accepting criticism is an art.

One evolves as a better human through criticism. If you can handle the criticism, you can establish yourself as a distinguished personality. Criticism ignites perseverance and new ideas.

Bezos quoted-

“If you can’t tolerate critics, don’t do anything new or interesting.”

A critical appraisal should be considered as feedback to progress further. Every celebrated idea today was criticized in history. Thus for a business to be successful one should welcome criticism positively. It takes time for a new idea to become ubiquitous.

4. There is no limit to growth.

Every conquered limit was once the desired goal. There should be a spontaneous and incessant approach to the growth of the business. Jeff Bezos always prioritized inputs over outputs. Better the inputs better will be output. He said-

“Move fast and focus on outcomes”.

If your eyes are on outcomes then you must prioritize what your input should be. Refraining from procrastination is the key to achieve the desired outcome.

5. Always focus on advancement and think out of the box

The key to a progressive approach is to admire and incorporate new technology beyond textbooks.
Jeff Bezos said that-

“our architects and engineers have had to advance research in all directions that no academic had yet taken. Many of the problems we face have no textbook solutions, and so we- happily – invent new approaches.”

So research and development pertaining to each and every sphere of life and business. And the advancement in R&D should be never-ending.

6. Stubborn and flexible approach

According to Jeff Bezos, the two traits of a good entrepreneur are- stubbornness and flexibility. He said that-

“We are stubborn on vision. We are flexible on details.”

He added – if you are not stubborn, you will give up on experiments too soon. And if you are not flexible, you will pound your head against the wall and you won’t see a different solution to a problem you are trying to solve.”
Innate qualities of being stubborn and flexible direct towards a range of solutions.

7. Set a long term goal

On this, Jeff Bezos said-

“If we think long term, we can accomplish things that we couldn’t otherwise accomplish.”

Focusing on long term goals is a priori for a flourishing business. Setting short term goals might not signify progressive growth of the business.

8. Invent before you have to.

For the business to flourish there should be an internally driven approach to improve the product and services.
Jeff Bezos said that –

“When we are at our best, we don’t wait for external pressures. We are internally driven to improve our services, adding benefits and features, before we have to. We lower prices and increases value for customers before we have to. We invent before we have to.”

9. Customers are GOD

It is the customer that makes a business. If you can satisfy your customer, you have sailed through the ordeal. Amazon has always given prime significance to its customers and their feedback.
Jeff Bezos quoted-

“We are not competitor obsessed, we are customer-obsessed. We start with what customer needs and we work backward.” “Focusing on the customer makes a accompany more resilient.”

10. Two pizza rule

This is one of the productivity tips given by Jeff Bezos.

“If a team couldn’t be fed with two pizzas, it was too big.”

The rule is based on the idea that small teams work more productively. For successful business teams with a small number of employees should be made. Larger teams are less efficient and less productive.