Elon Max named 4 secrets of wealth and success: everyone can follow his recipe - ForumDaily
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Elon Max named 4 secrets of wealth and success: everyone can follow his recipe

Elon Musk, entrepreneur, engineer and billionaire, claims that 4 simple things will help you live a happy, successful and meaningful life, reports Inc.

Photo: IStock

Whether you like Elon Musk or not - the answer probably depends on how you feel about Twitter/X - it's hard not to respect his work ethic. His willingness to think differently. His ability to achieve huge goals.

Here are Musk's 4 recommendations for being a leader, taking risks, charting your own course, and distilling complex things to their essence.

About the goal

“Don’t get attached to a person, place or organization,” Musk says. – Attach yourself to a mission, calling, or goal. This way you will maintain your strength and your peace.”

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If you're an entrepreneur whose goal is to help people live healthier lives, being tied to a specific platform or method can be limiting. Stay flexible and adapt to the needs of the people you serve, and you'll have a much better chance of achieving your mission.

What matters is what you want to achieve. Where and with whom you try to achieve a goal does not determine it.

How to be a leader

“Don’t try to be a leader for the sake of being a leader,” Musk says. “Often the people you want as leaders are the people who don’t want to be leaders.”

Steve Jobs agreed. “Do you know who the best managers are? These are great individual workers who never, ever want to be managers, but decide to become one because no one else can do the job as well as they can,” said Apple co-founder, chairman and CEO.

The key, Musk says, is to focus on the work in front of you and trust that doing excellent work in that area will advance your career or business.

Hiring employees just because a successful business has employees can be counterproductive. Be a leader if you want to serve people. Be a leader if you can accept the idea that your success comes from seeing other people succeed.

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But don't strive for a leadership position just because you think it should be so.

About the power of simplicity

Simply put, a first principle is a basic proposition or assumption that cannot be deduced from any other proposition or assumption. A fact or conclusion that is the only conclusion, regardless of your point of view.

Or as Musk said in his 2013 TED talk: “Reduce things to their fundamental truths and reason from there.”

For Musk, first-principles thinking led to buying raw materials that cost 2% of the price of a typical rocket and building instead of buying rockets for SpaceX missions. This reduced the cost of launching a rocket by 10 times.

First-principles thinking has also led to the development of lightweight, aerodynamically efficient electric vehicles to offset the use of heavy batteries, as well as the creation of these batteries in-house. Since the cost of materials has traditionally been a small part of the price of a battery (and materials, barring future design improvements, are the main principle), Musk decided to find "clever ways to take those materials and combine them into the form of a battery cell." This could lead to "batteries that are much cheaper than anyone thinks."

Musk boils things down to their fundamental truths and argues from there. And you can too.

For example, nutrition and fitness. Fad new diets and fad eating regimens can be beneficial (although studies show many of them provide no benefit at all), but limiting fried and processed foods and eating lean protein, whole grains and plenty of vegetables and fruits will make you much healthier.

Or leadership. Formal programs such as Six Sigma, TQM and 5S can help you improve processes, but the only timeless solution is to ask the people who actually do the work to share their ideas and input. Going to the source will never go out of style.

Or starting a business. Companies solve problems that customers are willing to pay to solve. If you don't solve a real problem that people will be happy to pay to solve, you won't have a business, at least not a good one.

Just make sure that when you delve into finding the fundamental principles that apply in your professional or personal life, you remember the fact that the primary principles, although simple, are not obvious. Although, as Musk says, it's often possible to "copy what other people do, with slight variations," discovering a fundamental truth usually leads to taking a different course.

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About risk

“Now is the time to take risks... As you age, your responsibilities increase. And when you have a family, you begin to take risks not only for yourself, but also for your family. It becomes much more difficult to do things that may not work. So now is the time to do it before you have those obligations. I would encourage you to take a risk now and do something bold. You won’t regret it,” Musk told graduates in his 2014 commencement address.

This advice applies as you get older—perhaps especially as you get older. A study of 2,7 million company founders found that the most successful entrepreneurs tend to be middle-aged, even in the technology sector. A 60-year-old startup founder is three times more likely to launch a successful startup than a 30-year-old, and almost twice as likely to launch a startup that ranks in the top 0,1 percent of companies.

So while the risk may seem higher in terms of your responsibilities, it is likely lower in terms of your skills, connections and experience.

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