What comes to mind when you hear the name Elon Musk? SpaceX, Tesla, PayPal, or even his infamous influence on the cryptocurrency market? Knowing about his success is one thing, but learning how he got successful is another thing you are about to find out here.
Success doesn’t come overnight. For Elon Musk, it took years of his life to become one of the most successful business magnates. With various lines of business he takes part and invests in, he is one of the top three richest people in the world, along with Jeff Bezos and Bernard Arnault. More than just admiring, or even feeling envious, of Elon Musk’s stellar achievement, why not try to learn from him? Here are 7 steps of success, as how Elon Musk did it.
Also Read: Volkswagen and 9 Other Most Indebted Companies on Earth
- Start as early as possible
When he was 10 years old, Elon Musk developed an interest in computing and video games. Thinking beyond his age, he acquired a Commodore VIC-20, one of the earliest personal computers released, from all of his savings. It was uncommon for kids his age to learn programming, but he took his time. Therefore, we can learn that it is never too early to start learning something!
- Learn to build
At age 12, Elon Musk reached a milestone in his early programming journey and created “Blastar”, a space fighting game. The Commodore VIC-20 he bought two years earlier had only 5KB of total RAM with only 3.5KB free for programming. Despite the minimum capacity of his computer, he made the best out of it and managed to create his own video games. Learning to create and build something, therefore, is one essential step towards success.
- Have a business and seller mindset
Not only did Elon Musk manage to create his own game at age 12, he also had an entrepreneurial mindset since youth. He sold his BASIC-based video game “Blastar” to PC and Office Technology magazine for approximately $500. As how Elon did it: learn how to be good at something and find a way to make money out of it.
- Work with the right people
In his early career development, Elon Musk partnered up with his brother, Kimbal, and a friend named Greg Kouri. They founded a company named Zip2 with a small rented office in Palo Alto. Maintaining a good relationship with his partners in Zip2, Elon Musk’s business journey here sailed smoothly. From this, we can learn that working with the right people can avoid possible
- Earn actively and passively
Aside from running a business and earning active income from it, Elon Musk is consistently investing in companies he works in. When Compaq acquired Zip2 for $307 million in cash in February 1999, Elon Musk received $22 million for his 7-percent share. In 2002, PayPal was acquired by eBay for $1.5 billion in stock and as the largest shareholder with 11.7% ownership, Elon Musk received over $100 million. Those were the earliest two of many more passive incomes Elon Musk earned from being a shareholder. It is wise to say that having both active and passive income can actually lead to success faster than relying only on active income.
- Finish one before moving to another
Elon Musk’s business journey started in Zip2 in 1995, in which he managed to get the company developing a successful project of Internet city guide for the newspaper publishing industry. He stayed in the company throughout its journey until it was safe to settle on its own. Only by then, he moved on to X.com, his next project which later turned into PayPal. One lesson to learn here is to focus and finish one project first before starting a new project.
- Move on to build a bigger one
Moving from one project to another is one thing, but moving from a small project to bigger and bigger projects is the Elon Musk thing. He started with Zip2, then moved to X.com (later becoming PayPal) and SpaceX, then later got involved in building Tesla. When moving from one business to another, he made sure to always level up his worth. This “growth” mindset can be something worth adopting in your road to success.
Also Read: PASSION: The Prerequisites of Being Successful Entrepreneur