Elon Musk’s career ventures have been as expansive as they are innovative. From co-funding Tesla and creating PayPal to launching Starlink and having a major role in creating OpenAI, Musk has left a significant mark across multiple industries. His name is universally recognized, and his groundbreaking technologies have made him a global symbol of ingenuity.
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From electric cars to underground tunnels, Musk’s success as a businessman has led to him earning the title of the richest person in the world. With a net worth of $425.6 billion, Musk has proven he knows a thing or two about building wealth and solving problems. While children may not be ready to manage companies, it’s never too early to start teaching them the basics of financial wisdom.
To discover the most valuable pearl of wisdom Musk has, GOBankingRates spoke to someone who had a firsthand encounter with the billionaire innovator.
Crystal Stranger, lawyer and CEO of OpticTax, met Musk at an exhibition in 2010. Her experience left a lasting impression of Musk’s dedication to understanding and solving his customer’s needs
“I met Elon Musk back in 2010 at the LA Auto Show when I was hosting the show ‘This Week in Cars’, and he was personally there making sure that everything went well,” Stranger said. “To me, this showed a level of commitment to user experience that I have rarely seen in the many startup founders I’ve met. If I were to give my two daughters advice based on Musk’s career it would be to be laser-focused on solving your customer’s known and unknown needs.”
Musk could’ve chosen easier and quicker ways to build wealth, but instead, he tackled real-world problems head-on–a strategy that ultimately paid off billions of times over.
“All of Musk’s companies have solved real-world problems, be it in finance, transportation or communications,” Stranger said. “Rather than taking the easy money route of making a B2B system to improve corporate efficiency, he has focused on companies that tackle many of the real issues people deal with daily.”
Musk’s approach hinges on identifying and addressing his customers’ unspoken needs, which often earns him empathy and loyalty in return.
“When someone understands you and listens to your voiced or unvoiced concerns, it makes people like that person,” Stranger said. “And I do believe that a lot of Elon Musk’s success is from that subconscious feeling many have for him.”
While being liked is an advantage, it doesn’t necessarily guarantee a sale. Musk’s ultimate goal is to solve problems better than anyone else.
“Being liked isn’t the important part with the detail focus; it is about solving those problems,” Stranger said. “I know plenty of people who widely disagree with Musk’s political views, but still drive a Tesla or use a Starlink, because the solution these products provide to their problems are still so much better than anything else they can purchase.”
Customers aren’t just spending thousands of dollars on a Tesla because it’s an electric car; many less expensive electric options exist. Instead, they’re drawn to Tesla’s unique attention to detail and features that set this brand apart.
“I was a fan of the Tesla roadster back when I had my show not just because it was an electric car and could save the environment, but because they had incredible engineering paired with the most beautiful design anyone had rolled out in the automotive world in decades,” Stranger said.
While typically, what you learn in school is key to success, sometimes throwing out everything you’ve been taught is the best way to stand out. For Musk, his customer-centric philosophy defies traditional business teachings.
“The key to being successful is to find one little area that is a real problem and make sure you keep thinking about the solution from the user’s standpoint, not the business standpoint,” Stranger said. “This is exactly the opposite of everything that is taught in business school, and probably why only a small handful of entrepreneurs succeed. If your consumers don’t love what you are offering, they won’t pay for your good or service, and you don’t have a business.”
While Musk’s financial advice is great, if you try sitting down with a 5-year-old to explain the importance of solving their customers’ known and unknown needs, chances are the conversation won’t go well. Thankfully, Musk’s advice can be simplified into actionable lessons that are much easier for kids to grasp.
Here are three ways to introduce Musk’s customer-focused mindset to your kids.
Teaching children to consider how their actions affect others builds important skills they can use to understand customer needs later in life.
“Most people are so caught up in themselves that they give very little attention to wondering what the people around them are thinking, or how their actions affect them,” Stranger said. “To be successful in anything, it is much easier if you are more aware of how others are affected by your words and actions, and I have tried to help my children understand this.”
Musk’s philosophy of solving customer needs starts with understanding them — a skill even young kids can practice.
“For example, if a child has homework rather than just diving in and doing the work, they could review it first to examine what the teacher is looking for, and prepare it in a way that they believe will please the teacher. This way they can practice on each assignment, and get better at guessing what is wanted, which also is a very useful skill to get good grades.”
Even friendships offer opportunities to apply Musk’s advice. By being a good friend and paying attention to the little things, kids can build stronger connections with their peers, sharpening their critical thinking process.
“I mention with friends as well, as both of my children, 8 and 11, have somehow figured out that they develop strong friendships by supporting their friends in what their interests are, rather than trying to show off or make others like them for what they do. They are always popular with friends and parents alike as they don’t make a playdate or sleepover about their own agenda, but instead have it be a collaborative play or art time. They are very attentive to detail, know exactly which characters and activities their friends like, and are always thinking about what to share with them that they would enjoy hearing.”
