How does Elon Musk run a business?

Elon Musk is called the real world Iron Man. The Iron Man of the comic book or movie screen is a genius, he comes up with all the great ideas, and by using them, he has built a mountain of money himself and trying to benefit the people of the world. Elon Musk is a lot like that. He worked day and night to come up with new technology ideas. They have made billions of dollars using them. Again, he spent those dollars on projects to improve the lives of the people of the world.

But Elon Musk is not just a technical genius. He also understands the business very well. Otherwise, you can’t become a billionaire just by being a technical genius. Many geniuses in the world have come up with great ideas, but they have not made money. So, in addition to being one of the best technologists and inventors in the world today, he is also considered one of the best business icons. Because of his good understanding of science and business, he is compared to real-world heroes like Iron Man and Thomas Alva Edison.

Before shooting the first Iron Man movie in 2006, Robert Downey Jr., who plays Ironman, went to Elon Musk’s headquarters at SpaceX to meet him. Because author Ashley Vance wrote in her Elon Musk biography book, “Tony Stark (Iron Man’s real name) and Elon Musk are people of similar character.” So before playing the role of Ironman, Robert met the real Ironman and went to get ideas about his behavior and type of work.

After meeting Musk, Robert Downey Jr.’s reaction was this: “What struck me was the way he ran his business. Such a person must be a great businessman. “

Mostafa Dastras, a regular contributor to the leading business and self-development magazine “Addicted to Success” and co-founder of “LiveaBusinessLife,” tried to find out how Elon Musk runs a business. He found a total of 4 things that made Elon Musk a great business administrator.

We summarize what he found for our readers:

1. He is very friendly in the office.

The boss of most organizations is a very scary character. The staff has to think ten times before he can say a word. This harms the organization. Maybe an employee got a new good idea, but he didn’t dare say it because of the boss’s seriousness. Again, even if a good opinion comes to mind in the meeting, many do not open their mouths in front of the boss. It is the responsibility of the head of the organization to understand the evils of this and to make the work environment friendly. If the organization’s head is serious all the time and keeps a distance from others, this culture spreads throughout the organization. And new ideas are not published. The organization cannot go too far. –

Elon Musk understands this very well, and the staff at all his organizations can easily approach him and talk. He takes good care of the good and bad of his employees, which makes the employees feel responsible for doing their job properly. – That’s why the staff of all his projects work very hard. As a result, almost every project is 100% successful. The staff respects him – but is not afraid. That’s why they can easily present their ideas and opinions to the boss – which is good for the company.

Creating an environment where employees can be comfortable and speak freely is a great motivation. Only the best Basrai can give this motivation. And Elon Musk is undoubtedly one of them.

2. Honesty

Elon Musk is undoubtedly a very talented and wise man. But he never pretends to know what he does not know. When asked at a conference what he did not know, he did not answer in the affirmative but admitted that he did not know.

What is given in the description of his product is available. There is no more or less. That’s why companies like NASA buy things like rockets and satellites from his company. One of the conditions for being a truly successful businessman is to be united in words and deeds. Those who promise one type of product and hand over another type of product to the buyer are not traders – they are thieves. Such people in business can never go to the level of Elon Musk or Jack Ma.

If you want to be a big entrepreneur, you have to be honest. There can be no discrepancy between promises, words, and deeds. This policy of Elon Musk has helped his brands become the most trusted brands in their respective markets.

3. There is no discount in terms of customer satisfaction

According to statistics, 6 out of 10 businesses failed. One of the main reasons for this is not being able to satisfy the buyers. If a business person can truly satisfy buyers – then nothing more is needed for his business to succeed. Buyers should be satisfied even with the initial loss. There are many search engines on the internet, but people still only search on Google – because Google tries to show the best search results. It’s their free service – but they still spend millions of dollars on it. This is because satisfied customers trust Google and do not hesitate to buy other Google services with money.

Let’s talk about Elon Musk, who sold his first “Pay-Pal” to eBay and got 180 million US dollars. He invested almost all of that money in his new companies, Tesla and SpaceX. Due to some problems both the companies have a money problem.

It was reported that the car company Tesla had only ৯ 9 million in funds. As many cars were pre-ordered, it was not possible to make them with this capital. In this situation, Mask was ready to compensate the buyers with his money, even making announcements. But in the end, he did not have to do it anymore. Tesla was able to turn around properly. But this incident changed people’s perceptions of Tesla. When most of the company’s owners go to court to declare the company bankrupt to save their own pockets when the company’s funds are strained, Musk announces compensation to buyers from his pocket. This is why he has become one of the best public figures of the present time.

Mask tries to make the best product of all time for his buyers. If the test fails, try again. There should be no defect in his product. And the company that works for the customers’ satisfaction, at one time or another, turns into a huge company.

4. Invest in finding something new

Almost all of the world’s largest businesses value passion more than profit. They want to make money from business and do something that will bring something new into people’s lives. Besides, their names will be written on the pages of history.

Entrepreneurs like Jeff Bezos or Steve Jobs are so respected and famous for giving the world something new.

And one of the most famous entrepreneurs of their next era is undoubtedly Elon Musk. Because of this, he has also done something new. His discovery of PayPal changed the concept of online transactions. In the past, people had to wait for a few days to transfer money to the bank – where people could transfer money from one end of the world to the other in seconds through Pay Pal.

But the Mask did not stop after the pay-pal. He has brought the eco-friendly electric car Tesla to the market. No one before him could have imagined that rocket parts could be used more than once. Before his Space X, a rocket could only be used once, which would have cost billions of dollars. Because of him, the cost of the rocket has been reduced many times.

Musk still puts a lot of his business profits behind the new research. Research is underway to meet all human needs by generating electricity from sunlight through his Solar City project. – He is working on many more new ideas.

Spending time and money behind this new idea is another major reason for his fame and success. An entrepreneur doesn’t just have to do business, and he has to try to give something new to others to be unique.

Appendix:

There are many businessmen in the world. But there are very few who have been able to be like Elon Musk. As an entrepreneur, he is different in many ways.

If you want to be successful in any field, you need to think about the type of work you have done before. If you want to be a successful entrepreneur – who could be a better role model than Elon Musk? Of course, each person’s work style is different. What works for one may not work for another. Blind imitation is never good. But having an idea of ​​the way different people work will help you solve different problems and work properly.