One of the most famous generation of entrepreneurs who is best associated with renowned electric-car manufacturer Tesla Motors, co-founder of online money transfer system Paypal, and inventor of commercial space program SpaceX, Elon Musk is often labeled as the real life ‘Iron Man’ who can do just about anything and everything.

Here are four crucial success tips all aspiring individuals should know.

1. Develop an appetite for lifelong learning

Like many other highly successful people, Elon Musk is known for being an avid reader. His hunger for knowledge started during childhood where he would read dozens of encyclopedias and taught himself vast topics ranging from programming, physics to even rocket science! This simple habit has built his entrepreneur foresights and led to the success of his billion dollar businesses.

“You don’t know what you don’t know. You realize there are all these things out there.” – Elon Musk

Tip: If you want to know what you don’t know, it’s a good idea to read up

2. Money is secondary

Money, one of the greatest motivator in life, but comes with plenty of disadvantages when you make it a primary goal to everything you do.

The idea and aim for Paypal came when Musk thought of issues that could affect the future of humanity and how he can improve it. Little did he know that it would become a huge success, becoming one of the world’s largest online payment companies

It’s our duty to find someone or something that will continuously inspire and motivate us in achieving our dreams and goals. If we choose to make money as a goal in everything we do and eventually have all the money in the world, what can motivate us to achieve greater goals?

3. Be innovative

For Elon Musk, he has always been the pioneer in his projects and never a follower. Always at the forefront of his projects, which have always been new and novel ideas in their respective industry, Musk believes in being innovating, starting early and having that edge over other competitors, giving him an unique edge in the world of entrepreneurs.

4. Turn your mistakes into stepping-stones

All successful entrepreneurs know that failure is feedback and key to success. Even the greatest entrepreneur experiences countless failures. However, the one thing that sets us apart from them is that they have the ability and determination to turn any challenges or difficulties into their motivation for success.

When Musk lost $60 million while failing to launch a rocket twice, he developed an emergency plan swiftly and eventually won $6.1 billion worth of contract with NASA during the third launch.
Instead of abandoning his project, which failed twice, he leveraged on his mistakes and made corrections along the way, succeeding at the third time.

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