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Monday, June 21, 2021

Business Transformation

Highly Effective Business Success Tips From Elon Musk For CEOs And Business Leaders

Elon Musk

Elon Musk is one of the richest people in the world. He is the founder of SpaceX and one of the founders of Tesla. From an early age, he developed an interest in computer programming showing that he has many capabilities in this sector. Musk has admitted in an interview that before he becomes a successful businessman he lived in an office as he could not afford the rent for an apartment.

He slept on the couch and used one computer with his brother. However, he surpassed all the difficulties and now he enjoys his success. So, it is worth pointing out some advice from Elon Musk for business success. We may have all thought about this advice many times but it is now the time to put these tips into practice.

  1. Pursue your passion: Although he is a successful businessman he regards himself as an engineer and he loves solving technical problems. SpaceX was “born” from his need not only for creation but for solving a problem that was one of his passions. He wanted to bring to the market a cheap rocket-launching business as he had realized that space technology was very expensive. And he did it. He solved a very essential problem till then since he managed to reduce the cost of manned spaceflight by up to 10 times. Elon Musk considers space exploration an important step in the expansion and conservation of the human species.
  2. Think big: Elon Musk was affected to a great extent by the books he was reading as a child in South Africa. His business ideas may be considered by people as impossible to become reality. And yet, he always manages to make the impossible happen. An example of this is his effort to make Mars the place where humanity can survive, ensuring that in some years ahead human life may be possible on many and different planets.
  3. Take risks: This is something most businessmen talk about. They usually advise new CEOs and business leaders to get out of their comfort zone and take risks. Even successful businessmen face hard times. Elon Musk spent a period that he was in debt and he had to borrow money from his friends in order to pay his expenses. But this difficult period did not frighten him. He tried to adjust his expenses according to his earnings. Ultimately, what one can conclude is that luck favors those who take risks.
  4. Do not listen to criticism: For Elon Musk, only what he believes matters. He does not pay attention to what others say. As he says most people did not believe SpaceX or Tesla would be profitable companies when he set them up. He admits that even he was not sure if these two companies will be successful. But the good news is that Elon Musk focuses on what he believes really matters and does not listen to what other people say or criticize. His attitude and considering the successful course of his companies show that he was right.
  5. Don’t waste your money: Elon Musk advises young CEOs and business leaders of being careful when spending money for their companies. For example, Elon Musk insists that businessmen should not spend all their money on advertising. This is the way he acts himself for his companies. After all, a good product or a good service doesn’t need much advertising. It will soon become well-known just by the people who will speak positively about it.
Maria Gourtsilidou
Maria Gourtsilidou is Senior Editor of Research and Data Analytics at the CEOWORLD magazine. She is responsible for driving thought leadership, using data analytics to showcase the company’s products and services, and fostering knowledge sharing between CEOWORLD magazine and client organizations. She studied Public Administration (Economics Of The Public Sector) in Greece and holds a Bachelor’s in Public Administration from the Panteion University of Political & Social Studies. Follow Maria Gourtsilidou on Twitter. Write at maria-gourtsilidou@ceoworld.biz.