Many people tend to think that successful business people like Elon Musk, Jeff Bezos, and Larry Page work very hard to be successful. But that’s pretty far from the truth, many of these super-successful entrepreneurs don’t spend tens of hours working per week as they want you to think. The reality is that these folks work smart where they find effective and efficient ways to accomplish tasks and goals as opposed to toiling to achieve the same.
Elon Musk: The World’s Richest Entrepreneur.
1. Invest In An Area In Which You Have Skills
The #1 tip to optimum entrepreneurship success is to invest in a business directly related to your skills. For example, if you have acting skills it would be best to open a film production business. If you possess internet marketing skills, start an internet marketing company and so forth.
Establishing a business that’s related to your skills will increase your chances of success in entrepreneurship than launching a business that isn’t. Why is that? It’s because you’ll have a full understanding of your business and how to grow it using the right strategies. You won’t need to be at the mercy of other people who may mislead you or even end up sabotaging you.
Matter of fact, most successful entrepreneurs, if not all, including the ones mentioned above, invest in businesses that are directly relevant to their skills. For example, Elon Musk, who has a broad range of expertise that includes engineering, rocket science, tunneling, physics, artificial intelligence, solar power, and energy has put focus on businesses that are directly related to his skills. These include; Tesla Motors(a company that specializes in electric automobiles, solar panels, and batteries for cars and home power storage), SpaceX(manufacturers rockets), The Boring Company(offers infrastructure and tunnel construction services), and SolarCity(provides clean energy services to homeowners, businesses, and government/non-profit organizations). The same can be said about Mark Zuckerberg, Jeff Bezos, and Larry Page who have all established businesses around their skills.
2. Play Video Games
Becoming a super-successful entrepreneur like any of the above billionaires requires having certain qualities, skills, and/or abilities. For example, you need to be visionary, persistent, mentally sound, as well as good at solving problems and multi-tasking.
Yet video games provide all of these qualities, skills, and/or abilities. For example, playing fun games such as Solitaired and Play Solitaire improves your vision, problem-solving skills, multitasking skills, mental health, and persistence levels. Just to prove it, there’s a direct correlation between video games and the world’s greatest entrepreneurs. Elon Musk, Jeff Bezos, Mark Larry Page, and Mark Zuckerberg are all avid gamers. Matter of fact, Elon and Mark are not only video game enthusiasts but also legendary developers.
Did you know that Musk developed a spaceship war game called Blastar, which he later sold to a PC and Office Technology magazine for $500 at only the age of 12? By the way, you can still play the game online, courtesy of the efforts of a Google software engineer called Tomas Llinares.
3. Solve a Need
Netflix, Uber, and Apple Inc are good examples of companies that became so successful immediately after being launched. These companies witnessed explosive growth within a short period because of one thing—they each solved a specific need!
For example, Apple so the need that people had for thinner, sleeker, and more portable yet more powerful personal gadgets and introduced products that are exactly like that.
Similarly, Netflix solved a need that people had for convenient access to movies and variety, which traditional movie libraries had been unable to for a very long time. Likewise, Uber made it easy and quick to hire a cab, something that many commuters had wished for for a very long time.
The problem with this strategy is how to figure out a need that hasn’t been solved yet. If you are a sharp genius though, you wouldn’t have problems doing that. Would you? Similarly, if you think hard enough, you wouldn’t have trouble doing the above, would you?
4. Start Small But Inject More Funds Later
Nearly all hugely successful entrepreneurs you see out there started small but later sought funding from investors to grow and expand their businesses as big as they are today. For example, the late Steve Jobs together with his friends Steve Wozniak, and Ronald Wayne founded Apple Inc, the world’s largest IT company for less than $1500. But the company grew so big and later on went public, attracting millions of dollars from investors including Tim Cook(Apple Inc CEO), Berkshire Hathaway Inc, Vanguard Group Inc, Arthur Levinson, and Jeff Williams. Likewise, Facebook, the world’s largest social media company was launched with almost nothing in 2004 only to receive the first substantial funding from Peter Thiel a few years later.
Starting small enables you to achieve consistency, which is the #1 prerequisite for success in entrepreneurship. On the contrary, starting big makes you work with big goals you’ll strain to achieve. This makes it easy for you to give up and quit altogether if you keep on failing to accomplish those goals.
There’s a general notion that entrepreneurship isn’t for everyone, thanks to the high rates of failure for new businesses. However, if you study successful world entrepreneurs like Elon Musk, Jeff Bezos, it’s easy to rubbish this notion. That’s because you’ll realize that these billionaires kind of have a particular set of strategies they use to find success in the business world. When they make people believe that they work extra hard compared to the ordinary entrepreneur when the reality most of the time is far from that, one can only deduce that they don’t want you to find out those strategies. But fortunately, we know them—#1 these guys invest in areas in which they have skills, #2 they play video games, #3 they solve a need, and #4 they start small but inject more capital later.