12 Brilliant Business Strategies from Elon Musk [Billionaire Tactics Ep: 02]
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At this point, there’s hardly anyone who hasn’t heard of Elon Musk.
As the founder of Zip2, Paypal, SpaceX, and Tesla, this 50-year-old entrepreneur is the second richest man in the world and absolutely tireless in his ventures.
And the strangest part is that those ventures aren’t just failed attempts and whims — they all turn into multimillion-dollar companies.
So, how does Elon Musk do it?
What’s the secret to his incredible success in everything he tries?
Today we’ll take a look at the twelve brilliant business strategies he employs to secure himself a place on the top!
1. Set Stretch Goals to Motivate Yourself (01:52)
Stretch goals are purposefully overly ambitious and radical, often exceeding capabilities that are currently available.
2. Seek Out Criticism (03:00)
It may seem entirely counterintuitive to ask your clients about the parts of the product or service they didn’t like. But it does force you to re-examine things and make improvements.
3. Avoid “Chain of Command” Communication (03:57)
A free flow of information in the company is the best way to ensure its growth, productivity, and efficiency.
4. Regular Meetings Without Actual Value Are Unnecessary (04:40)
Many managers nowadays believe that regular meetings with the staff are a great way to review the results. If you ask Elon Musk, though, they are a complete waste of time.
5. Use Unconventional Advertising Strategies (05:18)
Most companies of Tesla’s size and influence often advertise on TV, billboards, or newspapers.
Ads of this kind help them reach new audiences and raise brand awareness, and thus, they’re a key part of their business strategy. Yet, you won’t find Tesla’s ads in any of these places, no matter how hard you look.
6. Focus on Quality Above All Else (06:31)
Elon’s priorities are quite clear. He values quality above all else and is willing to focus most of his funds on improving his products.
7. Be Prepared for Failure (07:23)
Instead of turning a blind eye to the possibility of failure, accept it and prepare for it. That way, if your first few attempts are unsuccessful, you’ll be able to easily lift yourself off the ground and try again.
8. Look for Connections Between Seemingly Unrelated Concepts (08:31)
Elon Musk’s secret is broad fundamental knowledge and cross-disciplinary reasoning by analogy. In other words, he learns about as many different concepts as he can and then looks for connections in other fields.
9. Persist in Spite of Detractors (09:36)
Behind every successful person there is a horde of doubters and detractors. Elon Musk is no exception — his wildly ambitious ideas are often mocked and ridiculed. And yet, to him, that doesn’t matter.
10. Don’t Expect to Achieve Everything at Once (10:32)
The key to success is — learning from past mistakes and making slow progress towards your goal. It may take years and decades, but the end result is worth every second.
11. Take Risks for Greater Payoff (11:28)
There’s nothing wrong with taking the safe route in your business and reaping the benefits that come with it. But if you hope for great success, that isn’t the way to go. Sometimes, only a leap of faith can actually bring you closer to your goal.
12. Work Harder Than Anyone Else (12:12)
Ultimately, no business strategy will work if you don’t pour your heart and soul into your work.
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