It is no longer a rumour that Tesla Founder, Elon Musk has now become the world richest person after dethroning Amazon founder, Jeff Bezos.
The Tesla and SpaceX business magnate, Elon Musk has over the net worth of $185bn after a massive increase in the share price of his electric car company.
So what is the secret of his business success?
To celebrate his new milestone, we have just gathered 6 secrets of Elon Musk’s business success that may also motivate you.
1. It is not All About The Money
This has been one of the major talks of Elo Musk whenever people interview him.
In one of his interviews dated in 2014, the Tesla founder claimed that he doesn’t even know how rich he is.
It’s not as if there is massive cash somewhere but I have a certain number of votes for Tesla, SpaceX and SolarCity, the marketplace also gets its own value on those votes” He said.
Tesla which is his electric company did wonderfully well, this is because shares which rise over the past year favour him after hitting over $700bn.
With this value, One can afford Ford, General Motors, BMW, Volkswagen and Fiat Chrysler and still have enough left over to buy Ferrari.
But Elon Musk who will be clocking 50 by June 2021 still has many years ahead of him to enjoy life at its fullest.
He even said most of his earnings will go to the base he is building on Mars.
2. Pursue Your Passions
The Mars base is a good clue to what Elon Musk believe that is the key to success.
Musk said some of his passions are to make the future better and life easier for people.
He revealed that what gave him the tendency to establish SpaceX is due to the fact that the US space programme is no longer interesting.
“I kept expecting us to advance beyond Earth and to put people on Mars and also get base on the moon,” he said.
Since this didn’t happen as expected, he came up with the great idea for the “Mars Oasis Mission” which the aim is to inject small greenhouse to the red planet.
The initiative is to get people happy about space again and also encourage the US government to improve on the Nasa budget.
During the period of trying to establish the base, he realised that the main problem is not “Lack of will but lack of way” because the space technology is very far more costly than what it supposes to be.
From the challenge, he was able to produce the world’s cheapest rocket-launching business.
It is not about making money but rather, it’s about people who have a base on Mars.
Musk said he always sees himself as a great engineer rather than an investor and what usually triggers him is to solve technical problems.
3. Don’t be afraid to think big
One of the things about Elon Musk businesses is about how big they are.
He has the desire to even revolutionise the car industry, colonise Mars and produce super-fast trains in Vacuum tunnels, integrate AL into human brains and build more on what the solar power and battery industries have today.
No doubt, his projects look like one of the futuristic fantasies that young ones do see in the magazine during the 1980s.
Musk even confirmed that his inspiration comes from the books and movies that kids read about in South Africa.
So his advice to everyone is to make sure they are always working on things that are important.
4. Be ready to take risks
This one is what many of us lack because it’s very obvious.
You will need strong skin for the game to give the desired results.
In 2002, he sold two of his shares to his first two ventures.
The first venture was One internet city called Zip2 while the second was the popular online payment company known as Paypal.
He was in his early 30s when he sold these and even got about $200m as his profits.
According to him, the plan was to invest half of his fortunes into businesses and keep the other half for personal use.
His companies faced a lot of challenges because his SpaceX’s first three launches proved abortive and Tesla also encountered multiple production problems, supply chain and design glitches.
After that, the financial crisis also struck.
Musk said that during that time, he was faced with two options.
“Either I keep the money and then the companies die or invest the leftover cash maybe there may be a change”
He then continues to invest money into the business though, at some points, he entered debt to the extent that he had to seek more funds from his colleagues in order to cater for the living expenses.
5. Ignore the Critics
This one is very common because when people see you that you are making it, they will begin to talk about you in a bad light.
Musk said that many blog websites even post the news that his businesses have crashed.
“I didn’t believe that SpaceX or Tesla will ever make money for me when I established it and the shocking truth is nobody ever believe too” he revealed.
Musk advised people never to listen to critics because some people won’t see the good in what you are doing.
In October, the US investment bank Morgan Stanley valued SpaceX at $100bn because the company really change the economics of space flight but what actually makes him proud was how his company restore the US space programme.
Just last year, his Crew Dragon rockets launched six astronauts to the International Space Station which acts as the first of such missions from US soil since the space shuttles stopped in 2011.
The advice from him is that Ignore what bad people are saying and keep moving.
6. Enjoy Yourself
Follow his secret to success and with a bit of luck, you would probably become rich and well known too because anything can happen.
Elon Musk claimed that he used 120-hour weeks to keep the production of the Tesla Model 3 on a good spot.
Remember in September 2020, Musk also believed that all the company new cars would soon become automatic self-driving.
December 2020 ended well for him as SpaceX test-run his starship launch vehicle that is expected to take the first sets of humans to Mars.
The giant rocket exploded after landing six minutes upon its take-off.
Elon Musk described the test as an “awesome success”.