What made Elon Musk Worlds Richest Man | 5 Important Lessons to Learn from Elon Musk
Elon Reeve Musk popular referred to as Elon Musk was born on 28 June 1971 in South Africa . He is an entrepreneur who founded X.com in 1999 (which later called as PayPal), SpaceX in 2002 and Tesla Motors corporation in2003.
According to Forbes, Musk’s net worth as of 2020 estimated at $167 billion making him the 2nd richest person in the world. Elon Musk earned his first billion with the sale of PayPal in 2002 and his company SpaceX is valued at quite $20 billion.
So how did Elon Musk become Worlds richest man and what can we learn from him?
Lesson 1 - To Learn from Elon Musk | Elon Musk - World's Richest Man
Reading books is important.
Although Elon studied physics and economics in college, he actually first learned about rockets by reading books. Throughout his childhood, books played a crucial role in fueling Elon’s ambitions. Musk read the whole Encyclopedia Britannica at age nine and would pore through fantasy novels for quite 10 hours each day .
One particular book that he read, Isaac Asimov’s Foundation series taught a particular lesson that, "you should try to take the set of actions that are likely to prolong civilization, minimize the probability of a dark age and reduce the length of a dark age if there's one.” This lesson would shape Elon’s very ambitions as he grew up. "I was raised by books. Books, then my parents," Elon Musk The lesson for children Reading is extremely crucial to success.
It is a known fact that most successful people are avid readers. Reading increases your focus, helps you set goals, gives you perspective, increases your memory, boosts your reading and writing skills and helps you relax. These are all traits that can make you successful in life, so take a moment every day to read a good book.
Lesson 2 - To Learn from Elon Musk | Elon Musk - World's Richest Man
Have a powerful vision
Elon like most successful people had a very powerful and revolutionary vision that would make him a billionaire. In order to take advantage of the internet boom, Elon dropped out of his Ph.D. program in Stanford just 2 days after being a part of it and launched his first company Zip2 Corporation. He later sold this company in 1999 to a division of Compaq Computer Corporation for $307 million in cash and $34 million in stock options. When Elon co-founded PayPal in 1999, he was able to transform the industry of money transfer across the world.
PayPal changed the financial industry by digitizing money transfer and making it easy for people round the world to send and receive money online. Musk’s SpaceX Company, which was founded in 2002, and the SpaceX program contributed a lasting impact on space travel. Elon is a typical example of someone who think big and worked hard to make his vision a reality.
The lesson for young people Ever heard the saying, “If your dreams do not scare you, then you are not dreaming enough? ”How successful you can get, depends on the clarity of your vision. With a clear and bold vision, you would know where you are going and you are able to make progress in line with that goal. When you have a powerful vision, it means you have a goal. You develop a plan of action and measure your results and progress regularly towards achieving that goal.
Lesson 3 - To Learn from Elon Musk | Elon Musk - World's Richest Man
Seek out constructive criticism.
When Elon spoke with the automobile engineers during the development of the Tesla electric car in 2008, he asked them to tell him what was wrong with his design instead of what was good about it. In this way, he learned his mistakes and fixed them. In May 2018, Consumer Reports claimed that the Tesla 3 wasn’t a recommendable car.
Elon showed that he was open to constructive criticism by first acknowledging that the Consumer Report may be right and that his car simply didn't make the grade. After this, Elon assessed his designs, found the flaws and admitted his mistake on Twitter. Later on, he announced how they would make the change and that a firmware update would be available in a matter of days.
By August 2018, the Tesla 3 became the best selling car in North America with monthly sales of $993 million. The lesson for young people If you want to be successful, then you need to welcome constructive criticism because it helps you change for the better and helps you to know where you may have gone or maybe going wrong. Criticism also helps you avoid the complacency that could cause you to stray from the path of success. It teaches you to listen such that not only would you be able to listen to advice, but you will also be able to understand the other side's point of view, thereby fostering positive working relationships, which are essential for success.
Lesson 4 - To Learn from Elon Musk | Elon Musk - World's Richest Man
Failure will happen, have a back-up On
Lesson 5 - To Learn from Elon Musk | Elon Musk - World's Richest Man
Understand the fundamentals
Although people were convinced battery packs were constantly expensive, because they were expensive to make, Elon did not accept that as true. As CEO of Tesla motors, he made efforts to find alternative solutions and eventually realized that when you break down batteries into their fundamental components (cobalt, nickel, aluminum, carbon, polymers, and a steel can) and build your own batteries, costs go down dramatically.
On April 30, 2015, Tesla revealed Powerwall a giant rechargeable battery for home use and Power back which was great for commercial use. Tesla Energy became a revolutionary energy storage for sustainable homes and businesses making Elon millions of dollars. The lesson for young people Einstein said, “You can’t solve problems with the same thinking that caused them.” If you do, then you need to start thinking differently.
If Elon did not think differently, he wouldn’t have achieved much of what he has today. Question things and try to find out why they are the way they are. Explore the fundamental truths behind the challenges in your life and explore how things really work.
In conclusion, if you’re a young person and you want to be rich and successful in life, By reading, you draw inspiration from role models and use that inspiration to further your cause and become successful. Successful leaders usually have a powerful vision and work hard to achieve their dreams. Any good criticism you face will only make you better. You may fail, but keep pushing on. Lastly, challenge the norm and carve your success from innovation.
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