One of the best ways to learn entrepreneurship and business mindset strategies is to study a biography of great entrepreneur. If we look at the Elon Musk example, we can discover how his entrepreneurial mindset helps him not only enjoy life, but helps him make huge wins. Looking at the Elon Musk lifestyle, you can find habits for entrepreneurs to apply to your own business. The Elon Musk approach to learning is a lot like playing a video game. Eric Siu shares his insights on top entrepreneurs stories and shares lifestyle advice for entrepreneurs.
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Full Transcript of The Video
Elon Musk, superstar entrepreneur, TESLA, SpaceX, PayPal. But before he did all that, let me tell what he did. He was a kid that grew up in South Africa, he got beat up all the time, got bullied all the time and his solace, the area that he went to kind of escape is by playing games. He played a lot of games growing up, and even to this date, he still plays games.
The first company he started was actually a video game related company. Then he also built an agency as well. He started the video game company, that didn't work out that well, I mean, at least he learned a lot, right? I think he also did something around pinballs and that moved on to the next thing.
What happened after that was that he decided to move into things such as PayPal. Each and every step, he started with the gaming company, then he went to the agency, then he went to start X, which then merged with PayPal to form into PayPal. What he did afterwards was, he decided to play the next game. The next game was taking the 170 million or so that he got from PayPal, those proceeds, put 100 million dollars into SpaceX, put 60 million into TESLA, and then put a certain amount into SolarCity. I don't know the exact numbers, but I'm showing you that basically he went all in, and he went to live on somebody else's couch for a while.
Even after having that windfall, doesn't need to work a day in his life, ever again, he decides to bet on these other companies. TESLA almost went down. SpaceX almost failed, he had to ... basically, they're down to their last rocket before they're gonna decide to give up. SolarCity eventually was acquired by TESLA that was founded by one of his relatives. But, everything all ties together. He decides to bet on the next thing. But, in order to get to the next level, to where he's at, the real life Tony Stark, he had to start somewhere small and then he got to the next stage, and got to the next stage, and just kept working.
Now he has different companies that are changing the world. When you have reusable rockets coming back into space, when you have electric cars, when you have SolarCity, you have TESLA building, it's not just a car company, it's a battery company. When you have that kind of vision, it takes a lot of grit, it takes a lot of ... you have to have a lot of courage to be able to do that.
Elon Musk didn't just ... he wasn't a rich kid growing up at all, he had to earn ... he had to take his whippings and then he had to basically get to the next level. So what I like looking ... the way I look at entrepreneurship is always taking investments and reinvesting it and moving on to the next thing. Because I see entrepreneurship as just this game that's really fun to play, and if I'm gonna play this game at the highest level, I'm just gonna keep on reinvesting and moving on to the next thing and looking at where trends are going.
That's what Elon Musk did. He did it in a very ... yes he gambled, but he did it in a very deliberate fashion and that's how he got to where he got to.
If you want more videos on how you can play the game of entrepreneurship, on how I study ... on how these other entrepreneurships are playing the game, just his subscribe, and we'll see you in the next one.
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