I’ve always looked up to Elon Musk when it comes to handling businesses and creating really good products and services. We all know his accomplishment in engineering reusable rockets and nearing completion of FSD(full self-driving)cars. He has made the world better than the transition to sustainable energy. Therefore, I want to take this time to share what useful takeaways entrepreneurs can learn from Elon Musk’s business mindset. And how he has made me a better entrepreneur and fueled me to start a business.
Why I am Inspired by his Entrepreneur Mindset
I can get influenced easily when it comes positive mindset. I love to hang around people that think about how they can better themselves and the people around them. And honestly, as an entrepreneur for more than 3 years now, that mindset seems to be rare these days.
Money keeps the world rolling, that’s the sad reality. If we want to make the world a better place, we need to be able to create businesses that make money so that the world is inclined to preserve and sustain our environment.
And that is tough! With the top and biggest companies in the US being oil and tech companies, Elon Musk had a huge opponent to deal with to promote his idealism. Back in 2008, electric cars seem to be toy cars back then with practically no real use case and reusable rockets seemed too complicated in our today’s engineering talents.
Despite all odds, the man himself was able to tackle the world’s problems and solved them. Here are some of his entrepreneurial feats that I believe we could learn from.
When the Product is Good. People will Naturally Come!
Don’t talk, take action!
Before Tesla’s popularity blew up, the company was investing heavily in making the car more efficient. Reducing parts, making battery range longer, and FSD more reliable. The best part of Tesla is that they never spent a single cent on advertising.
Marketing is one of the largest spending with the automotive industry in the United States spent 12.42 billion U.S. dollars on digital advertising in the country just in 2020.
You will never really hear a driver sharing about their vehicle other than a Tesla since Tesla is considered the “coolest” car in town! The car is uniquely different which set them apart from the automotive industry.
Every Tesla user loves how smart the car is which can act like a mobile phone. So it’s no surprise that if you watch a Tesla car Youtube video compared to other cars, Tesla sells better because it is the people that are recommending the product.
Be Quick to Adapt to New Changes
One of Elon Musk’s greatest quotes drive many Tesla employee:
If you don’t have sustainable energy, you have unsustainable energy. The fundamental value of a company like Tesla is the degree to which it accelerates the advert of sustainable energy faster than it would otherwise occur.
If you want more people to use your product or services, it has to be worth paying for and is sustainable. You see, many companies fail to last even 5 years because the economy evolves quickly.
Remember how popular flip phones were? Even though they were considered a new trend, they were still overtaken by Apple’s iPhone because of their ingenuity.
Businesses are always reliant on marketing their products that they always forget the most important part which is innovating the product better. That is why many automotive companies in the US will probably be gone within the next 10 to 15 years. They did not anticipate the great change Tesla has brought into the market.
With every innovation, they may start quite expensive but over time as technology and innovation improve, these products and services become more affordable over the years.
The great mind of Elon Musk has shown that innovations are constantly appearing and we as business owners need to be able to ride with the waves of change and adapt constantly to our new environment.
Open Source Everything
Share your knowledge so that others can learn and grow together at the same time
This idea is never reciprocated in the old large corporations of the world. When have we forgotten the idea of sharing is caring? Like Tesla, open-sourcing information is a great way for innovation to come along and build up existing products and services to make them even more efficient.
The information doesn’t have to be free, it’s okay as well to charge for what you’ve learned. By letting others purchase your “knowledge and skill”, you can also learn from their comments and ways to improve yourself even further.
So I have also created the compact knowledge in content writing I have learned over the years. Do check it out if you are interested.
There are always ways to improve and further innovate.
Roads haven’t evolved for pretty much over a hundred years and we are still doing the same thing. It’s no wonder our roads are getting more and more congested as more cars are made accessible.
That is why ideas such as flying cars and even high-speed tunnels for cars are now becoming a reality which Elon Musk is also currently working on.
As long as you are deeply focused on the problem and looking hard for solutions, prevention is the first idea to come by followed by solutions.
If we want to be successful entrepreneurs, we need to find solutions rather than preventions. That’s where the money maker is!
Is Elon Musk your Ideal Entrepreneur to Look Up to?
While I do look up to Elon Musk’s entrepreneurial spirit, I am not fond of his mind always wandering off. Sure Twitter can be further improved but does that mean he has to purchase the company? I highly doubt that.
But I still trust in the man who builds reusable rockets and FSD cars. The innovations he brought to society will be ripe for us for many years to come.