Elon Musk is considered the new genius of the business world. If you have no idea who Elon Musk is, here's an introduction to one of the great wizards of business today. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essayElon Musk is a South African-born entrepreneur. At a young age, he decided to start businesses in areas that would most benefit humanity in the future. For him, these three areas were the World Wide Web, the source of clean energy and space travel. He accomplished all three and made billions multiple times in entirely different industries. At the age of 26, he sold his first company Zip2 for $300 million. He then co-founded PayPal with a few others, including billionaire investor Peter Theil, which became a huge success. After selling Paypal for $1.5 billion, when his share was worth hundreds of millions of dollars, most people would want to sit back and relax on the beach for the rest of their lives. But Elon Musk was not one of them. Taking huge risks with his money, he invested almost all of his money in two new companies he created. One was Tesla Motors, which focused on creating innovative cars running on clean energy, and the second was SpaceX, which began creating rockets to send satellites into space with the long-term goal to bring humans to Mars. Although both of these companies nearly went bankrupt during the recession, Musk persevered and bounced back. Today, both companies are worth billions of dollars. There are other billionaires in this world, but what sets Elon apart from them is that he is not just after money, if that were the case he could choose much safer industries. Instead, he entered industries that had incredibly high failure rates simply because they would bring great benefit to humanity. Elon Musk, at the time of publishing this article, is still only 46 years old and has a lot of life ahead of him! No matter how young, old or successful we are, we can all learn a lot from Elon Musk. Here are ten key reasons for the success of this genius! He works very, very hard! Elon Musk regularly puts in 80 to 100 hours of work every week. Running two huge companies is impossible without having this kind of work week. He goes on to say that working harder than others is essential because life is limited and to maximize what you can achieve in life, you need to be able to achieve in a few months, what others would take longer. 'one year to make. This is only possible if you also do the necessary work. At the same time, it is important to remember that hard work is not enough; in fact, it's the bare minimum. Focusing your hard work in the right direction by working smart is also what leads to results. He doesn't do what everyone else does. If you do what everyone else is doing, you can enter a market where people are making money, but that means you have to face stiff competition in that market just to survive. Plus, one revolutionary innovation could wipe out everything in a year. Just like cars wiped out horse-drawn carriages. Elon Musk is focused on entering industries where there is much less competition, but being so innovative that he creates an entirely new market. By the time others enter the industry, he is so far ahead that he creates a near monopoly. He is passionate about what he does. Steve Jobsstated that it is extremely important to follow your passion because if you don't, things usually become so difficult that any rational person would give up. The only thing that sustains you during this time is your passion for what you do. Elon Musk is no different, the fact is he went into industries that weren't making money and almost went bankrupt trying to make them profitable. If he didn't care as much about doing things that benefited humanity or went into areas that didn't interest him at all, he would be inclined to give up much sooner. His passion fueled his commitment to keep going, no matter the obstacles. He is not afraid to take risks. Elon Musk invested much of the money he made from the sale of Zip2 and PayPal into his two new companies that were almost sure to fail. In fact, both nearly did so during the 2008 recession, when they were on the brink of bankruptcy. He then invested almost all of his personal savings, several million dollars, in businesses operating during this tumultuous time and had to borrow from friends just to cover his living expenses. What kind of billionaire needs to do that? Not much, that's for sure. At the same time, Musk recommends taking big risks when you're younger, when you don't have a family to support. Once you have a family to support, it's always important to take risks, but those risks must be calculated. He actively asks for reviews. Most of us want to be praised, which is why there is such a big market for courtiers. However, only criticism helps us improve, especially criticism based on valid facts. The only way to improve ourselves is to identify the flaws in ourselves or what we create, then work hard to improve them. The only problem is that most of us don't want to hear our faults and most people won't tell you your faults, so we stagnate and stop improving. If someone criticizes you and hurts you, that person will lie next time. Elon always asked his friends for everything negative they had to say about his cars rather than being happy for them to tell him how awesome they were. It also listened to customers, which is why it continued to improve its product at a faster pace than its other competitors. He is an eternal student. I was recently watching videos from a man named Tai Lopez, a popular YouTuber in the self-help genre. He attributes his knowledge to reading a book every day. Tai Lopez recently met Elon Musk who had heard of him. Even though Tai wanted to ask Elon a lot of things, Elon ended up asking Tai Lopez for any tips he could use to make his brand more popular on Snapchat. Tai Lopez realized that he ended up teaching Elon much more than he shared with him! No wonder he's so successful. True masters are constantly learning and are humble enough to ask for advice even from people who are not as successful as they are! He creates products that are vastly superior to anything else on the market. To enter a new industry where there are several established players or To create a new industry together, you can't just come up with something good. You must offer a product or service that is vastly superior to anything else. If you don't do this, people will stick to existing brands they are comfortable with. If there is nothing to say, no new industry will be created. You must create something!