The SpaceX CEO turns 51 today and his mother shared a throwback picture of him as a baby to wish her son on this special day. Elon Musk started from an online business directory Zip2 to a space exploration company SpaceX. He has created various successful business ventures and he inspires the younger generation of budding entrepreneurs.
Five essential business tips by the most iconic businessman
Request Feedback
Business is a process of trial and error and feedback is an important element in this process. In an interview hosted by Google for Entrepreneurs, Elon Musk emphasized the importance of asking for advice. He said, “Take as much feedback from as many people as you can about whatever idea you have,” Musk said. “Seek critical feedback. Ask them what’s wrong”.
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Do not Focus on Money
Elon Musk tells aspiring entrepreneurs not to focus on money. This successful businessman in an interview to PBS explained that he did not make Tesla because he wanted to make money rather it was the need of the hour to look into the environment. He had done it for the change that was needed in the automobile industry. He said, “ So this is not about wealth accumulation for me personally,” .“It’s just that I think this is a very important problem and it’s got to get solved, and if we don’t solve it we’re in trouble.”
He advices to get started at an Young Age
Business takes some to reach success and to flourish. Youth is a time period that helps people to take risks and the different responsibilities. The youth can also focus their energy on the growth of the business. In an interview to Forbes, “As you get older, your obligations increase”. “So I would encourage you to take risks now, to do something bold, you won’t regret it.”
Distinguish Your Business.
With so many companies in the business, consumers often get confused and mostly go for the brands for which they can rely on services. So, to get recognized by people it is necessary to make the business stand among others. In an interview with American business magazine Inc., he said, “If you’re entering anything where there’s an existing marketplace, against large, entrenched competitors, then your product or service needs to be much better than theirs”.
Hire for Cultural Fit
Elon Musk in an interview hosted by Google for Entrepreneurs said, “I think it’s important that everyone understands exactly what the mission is, what the goal is, and that when they join the company, they’re bought into that overall goal”. People hiring new employees for a business should emphasize on the concept of teamwork and targeting on the concept of expectations.
