Elon Musk, CEO of SpaceX and Tesla, has earned billions for his work re-imagining the way we travel, both on earth and in space. But the business magnate didn't create these innovative companies alone.
With an estimated 4,000 employees at SpaceX and around 30,000 employees at Tesla, Musk's No. 1 tip for young leaders makes sense: "Hire great people."
Hiring talented individuals, he tells company review site Glassdoor, is "90 percent of the solution as hiring wrong can cost you so much."
He's right: Financially, it takes an average of 52 days to fill an open position, up from 48 days in 2011, according to research compiled by Glassdoor. Additionally, U.S. companies spend $4,000 on average to fill each vacant position.