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February 14, 2018

Business Lessons From Elon Musk

Elon Musk has radically disrupted three major industries. Just a few years ago, his plan for SpaceX to land and reuse rockets was deemed impossible by most experts. Tesla’s mission to start a new American car company focused solely on electric vehicles was considered laughable as well. Musk’s plans to dramatically transform the electric storage industry with his Gigafactory was derided as a dangerously risky scheme. Yet despite his vocal critics, Musk is making waves and effecting change.

The principles outlined below that drive Musk’s success can drive yours as well.

Dare to Attempt a Unique Solution

In every business Elon Musk has been involved with, he has brought a vision of a new way of doing things that transformed the industry. It takes courage to do more than talk about thinking outside the box. It is a lot easier to present a slightly different spin on a tried-and-true sales pitch than to dare to try something unique. Great success often comes from those willing to put in the effort demanded to make such ideas succeed.

Align Your Goals with a Higher Purpose

Elon Musk works more hours in a week than many people work in a month. Tesla and Musk’s home power packs factory are driven by his conviction that we must take drastic action to stop pollution. SpaceX was founded on the belief that we must have a sustained presence on Mars to avoid potential disaster on earth. If meeting your sales goals is just a matter of keeping the manager happy or getting a bigger paycheck, those motivations will rarely push anyone to put in the effort needed to be truly successful. When you find the higher purpose in your life and see your sales goals as a way of achieving that purpose, you will find yourself working harder and succeeding more.

Embrace Your Failures

SpaceX’s first three rocket launches ended in disaster, and Tesla almost failed as setbacks mounted. Yet Elon Musk did not just move on from failure. Rather, he openly embraced it and owned up to it. Owning up to failure is a difficult and humbling process. We often experience the most growth because of what we learn from failure. Embrace your failures and make them a part of your success in the future.

While few people have the drive and ingenuity to succeed to the extent Elon Musk has, by drawing from his approach, anyone can enjoy greater success, meet sales goals, and find new ways to expand their business.

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