9 Things to Learn From Elon Musk

November 25, 2013

Rajiv Mathew

Recent news reports reveal that serial entrepreneur, Elon Musk, is aiming to develop

supersonic electric airplanes that can take off and land vertically! The exploits of

this innovator would probably give Steve Jobs an inferiority complex! He has

revolutionized space travel, electric cars, online payments and is now on the quest

to colonize Mars! His unconventional actions and logic defying decisions have lead

to potential company shutdowns, founder wars, products almost being killed off and

nearly going broke. Yet, some would argue that Elon has already surpasse d Steve

Jobs and is the modern avatar of Nikolas Tesla.

For the uninitiated, Elon Musk is the man behind Tesla Motors, SpaceX, Paypal,

SolarCity and Hyperloop. It is really overwhelming to see a single entrepreneur

reinvent multiple industries in such a short period of time. He is transforming age-

old industries like finance, space and automobile with panache. The Tesla electric

car has won rave reviews from thousands of customers for its futuristic appeal and

pollution free benefits. Paypal has changed ecommerce dramatically. SpaceX is into

space colonization, low cost rockets and had sent the first private vehicle to the

International Space Station. A private company actually achieving this milestone

when multiple nations have failed is truly epic! SolarCi ty deals with finding cost

efficient alternatives using solar energy, thus ridding us of our dependence on fossil

fuels. Elon won the Heinlein Prize for space work, was a TED speaker and has been

called the real life Tony Stark by the international media. His fortitude & leadership

skills are testimonial to how you can face multiple failures and still create things

that can change humanity within a low budget.

The more I read about this man, the more patterns I was able to discern to

understand his thought process. This South African is a successful entrepreneur

today due to certain traits that need to be noted, studied and applied in all of our

lives. Let’s take a closer look at them!

1. Always be learning

The amazing fact about Elon is that he is self -taught inprogramming, Physics and

rocket science! As a kid, he used to read encyclopedias by the dozen. Apparently he

turned into a bookworm since he was bullied at school and read, voraciously, to gain

knowledge and understand concepts. Obviously, these book s played a major role in

his decision to create companies that will have a positive effect on the world.

2. Insane work ethic

Elon is a hardcore workaholic, working 100 hour weeks, and has been doing so for

many years. You might even wonder if the man has a social life! He is the hardest

working employee of the company and sets standards for his colleagues to follow.

The chances of burnout are lower than average since he does what he loves .

3. Focus on the big picture

Elon has taken on extremely challenging problems that have been the bane of

mankind for many decades. He has identified three main areas where he wants to

make a difference (internet, clean energy & space), taking big risks in each field with

no short term gains in sight. In the next 10 years, he wants to put a man on Mars

and is committed to retiring on Mars with 80,000 other colonists! Many more

entrepreneurs should follow Elon’s path of trying to fix real world problems that can

change thousands of lives for the better.

4. Serial entrepreneurship

Elon also shows us how serial entrepreneurship is not a bad idea at all, if done right.

Through PayPal, Elon has helped us to make payments in seconds, thus single

handedly changing worldwide ecommerce. The space industry was moving at a

snail’s pace, until SpaceX came along and built space ships at a fraction of the cost

that NASA incurs. Tesla electric cars appealed to customers and are likely to become

more cost effective in the coming years. SolarCity could potentially be the largest

American electricity provider. Elon also is credited with the creation of Zip2, which

was the predecessor of Google Maps. Through these various projects, Elon has

demonstrated that being a serial entrepreneur can be fun and rewarding!

5. Sacrifices galore

With everything that he does, Elon really has his skin in the game. He has invested

his savings in ventures that he believes in, at the risk of going broke. Elon is not

afraid to make hard decisions and does not compromise on his vision. The lesson

here is that you need to make sacrifices when you really like what you do.

6. The feedback loop

Elon is constantly soliciting feedback and doing self -analysis. He is constantly

thinking of what he has done and how it could be done better. For example, he seeks

out his critics and tries to converse with them. This habit of self -reflection at regular

intervals is critical for success.

7. Hands On

Elon is a brilliant applied engineer and has the ability to think at the system level of

design. He gets his hands dirty by working wit h the engineers on the ground. It is

rare to see a “C level” person work hand in hand with the junior folks. He personally

test-drives the changes to the Tesla car before it goes out to customers. He loves

getting into the details. The man is less of a talker and more of a doer. His “lean

startup” kind of approach makes him a “sleeves folded” kind of leader that people

want to work with.

8. A crack team with clarity of thought

The man knows exactly what he wants and leads a team that is super intense. He

hires the best minds on the planet, pays them stock and has no tolerance for bullshit.

He is a bridge between the market requirements and what the engineers on the

ground aspire to do. He seems to be a taskmaster of sorts but his attitude sets the

culture of the team. His goal setting skills are legendary and he puts his heart and

soul into achieving those goals!

9. Ambition

There is no doubt that Elon is extremely motivated and driven. For instance, even

after 3 launch failures of the SpaceX rocket, he had the tenacity to continue and

persist through the odds. He is driven to do the “right thing” and does not bother

about the status quo. His determination to overcome competitor lobbyists is

amazing. The man is intrinsically motivated and pushes himself real hard. His never

give up attitude gives him the ability to “stick with it.”

Elon is being compared to the likes of Nikola Tesla, Steve Jobs, Edison, Howard

Hughes and James Cameron. Most companies run with the prime motive of being

profitable. It is not too often that you come across a businessman who genuinely

wants to change humanity. Elon is a rare business leader who is interested in

mankind as a whole and wants to explore how technology can change the world we

live in. Elon could be the ideal 21st century industrialist who is pushing the envelope

on how business can be done. The best part about this story is that Elon has just

begun!