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From PayPal To Planetary Success: How Musk Is Changing The World One Company At A Time

Article Overview: “If you have millions of dollars it changes your lifestyle, and anyone who says differently is talking bullshit,” says Musk. “I don’t need to work, from a standard of living point of view, but I do, you know. I work every day and on weekends and I haven’t taken a vacation for years.”

From PayPal To Planetary Success: How Musk Is Changing The World One Company At A Time

“If you have millions of dollars it changes your lifestyle, and anyone who says differently is talking bullshit,” says Musk. “I don’t need to work, from a standard of living point of view, but I do, you know. I work every day and on weekends and I haven’t taken a vacation for years.”

Musk may not have taken a vacation for years, but that does not mean he is not having the time of his life. With two successful Internet companies under his belt, and a space exploration company that is promising big things, Musk has proven that his entrepreneurial success is more than the result of just luck. How did this military draft dodger and Stanford University dropout go on to become a millionaire businessman?

Efficiency: Musk hates waste, but more than that, he hates the fact that people have been wasting for years. In the decades since the first man landed on the moon, Musk says little has changed in terms of the high cost of space exploration. And so, by making his operations as lean as possible and reducing any bureaucratic red tape, Musk is challenging that history.

Failure: Musk knew the odds were against him when he began, both with his Internet companies and with Space X. But if Musk was going to fail, he was at least going to commit to failing in a way that nobody else had before. That is why he took the risks he needed to succeed, because he was not afraid of failing. After all, either way, Musk would be achieving something new.

Mission: In starting all three of his companies, Musk was driven by a strong mission, but it was one that was larger than himself. He did not just want to grow a business and make millions of dollars. Musk wanted to change the world, and it was that determination that kept him going. “This is the chance to fulfill a dream,” he says.

Innovation: To those outsiders of the space industry, Musk’s changes might seem insignificant. But he is indeed changing the way the industry is run. From design improvements to technological innovations, Musk is challenging the industry to think outside the box.

Talent: Musk is not only a fan of low numbers when it comes to cost. He does not like to have a large number of staff working for him either. Instead, Musk focuses on keeping a small family of the best and the brightest in his company, and ensuring that they have the resources and the freedom they need to do their jobs.

Musk calls himself “nauseatingly pro-American. It is where great things are possible.” As a South African immigrant, Musk proved that the U.S. has opportunities available for anyone who is ready and willing to seize them. After having conquered the world of online business, Musk set his sights on the skies, and he is determined to play a role in expanding life to new places. “As life’s agents,” he says, “it’s on our shoulders.”

Related Articles
  Lesson #3: Make Your Mission Your Holy Grail
  Zipping Forward: Musk Starts His First Company
  Lesson #4: Use Innovation To Break Through Your Limitations
  Lesson #2: Commit To Failing In A New Way
  The Wired Entrepreneur: The Early Years of Elon Musk

Article Tags: bullshit, bureaucratic red tape, cost of space exploration, decades, draft dodger, efficiency, entrepreneurial success, exploration company, fact that people, first man, internet companies, military draft, millionaire businessman, odds, outsiders, paypal, point of view, space industry, space x, stanford university



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Re: My Favourite 7 Boldest Entrepreneur Moves of All Time - Thanks David - both are great suggestions! We've done Elon Musk from PayPal but none of the traditional credit card companies - I like the VISA idea a lot! Right now we're working through the entrepreneurs who were part of our Entrepreneur Heroes trading cards and as soon as that's done I'll add this to the list!
Re: My Favourite 7 Boldest Entrepreneur Moves of All Time - [quote="Evan":3rjwci0x]Thanks David - both are great suggestions! We've done Elon Musk from PayPal but none of the traditional credit card companies - I like the VISA idea a lot! Right now we're working through the entrepreneurs who were part of our Entrepreneur Heroes trading cards and as soon as that's done I'll add this to the list![/quote:3rjwci0x] Hi Evan, Oh good! Glad you like the suggestions. I think the book will furnish me with several more as I go through it!
Online selling tips for newbies - If you want to sell something online and get paid through PayPal, what are you supposed to do? Do you ask the seller to pay your account by giving him/her your email address (that's registered with PayPal) or do you send him/her a bill via PayPal? And once the seller has paid you, can he/she get a refund or cancel that transaction? Thanks
Re: Online Store for Website - We've used it for our business since early 2011 and there have been no issues. All you do is create a PayPal account with your business email address, or make one up for you business, apply the business credit card info to it and get a shopping cart app and that's it. We don't keep a lot of money in our PayPal account though. Stay around $500 or less. I've heard stories where people had a ton of money in their PayPal account and could not get it out for some reason. So be careful. Use it only as a transfer process and you'll be fine.
Re: e-Commerce and e-Payment providers - I use PayPal. They're recognized worldwide. 99% of my payments are processed electronically, and my customers need to feel secure about making their payment. PayPal has a sound reputation, so I am hesitant to use anyone else even if there are incentives to switch. Aneshia


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