Entrepreneurs, take notes: 5 habits Elon Musk swears by for business success

One of the richest people in the world, Elon Musk's story is that of grit and determination, which is nothing but extraordinary. His success story is an inspiration to many across the world. If you are an entrepreneur or you too wish to be successful like him, then here we list some habits to borrow from him for business success:

Despite being one of the richest people in the world, Elon Musk doesn't obsess over his bank balances - wealth is just "shares" in his companies. In a 2014 BBC interview, he shrugged off riches as he said, "It's not as if there is a pile of cash somewhere... It's really just that I have a certain number of votes in Tesla, and SpaceX, and SolarCity, and the marketplace has value on those votes." He further shared that if the wealth is ethical, then he's fine with it. But profit is not what keeps him going. He'd rather pour billions into Mars mission than die rich (like Bill Gates).

Lesson to learn: If you love what you do, and solve massive problems first - then money is bound to follow. Build products people crave (like Musk's Tesla cars, Starlink internet, etc). Focus on making an impact; when successful, it would lead to sustainable empires, not quick money.

Elon Musk believes that following your passion leads to success. For instance: It is well known that Musk loved reading sci-fi books as a child, and now most of his businesses-- be is cards, AI, etc seem to be derived from them. No faking it - love what you do or quit.

Lesson to learn: List your dream projects ignoring the pay. Wake up early and work on your dreams. Remember, your passion auto-sustains through failures. When investors sense this genuine passion and talent – funding flows.

Elon Musk's is known for doing things differently. And his ventures are often grand, from Mars colonies to brain chips. Musk is known for turning his childhood sci-fi fantasies into reality through his work-- not matter how big or far fetched those ideas seemed back when they were started. So, think big to get bigger results in life.

Lesson to learn: Big thinking attracts big talent, media, capital. So, get out of your comfort zones and aim high.

After his $200M loss in PayPal years ago, Elon dared to bet it all in his other ventures. SpaceX/Tesla also teetered – 3 rocket fails, 2008 crisis. As per reports, Musk lost huge amounts of money. So much so that he had to borrow from his friends to pay for rent! While he had a choice of playing safe with cash, he chose to take bigger risks in life and they have surely paid well now.

Lesson to learn: Quit your safe job, reject easy gigs, and finally work on turning your dream into reality. Survival bias favours risk-takers. Elon emerged billionaire. Start small: Invest first paycheck in your vision.

Over the years, Elon Musk has also faced criticism for his risky choices-- be it personal or professional. But, he seems to be ignoring the noise and focussing on his goals instead-- and this is one of the reasons for his success today.