3 Things Entrepreneurs Can Learn from Elon Musk
Elon Musk has been on quite the roll lately. He recently unveiled the Model 3, Tesla’s first mass-production electric car, and SpaceX landed the Falcon 9 rocket on an ocean platform. I also happened to just finish Ashlee Vance’s book, Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, so it feels like the perfect time to write a post about him. Although people have differing opinions on Musk’s hype as the new Steve Jobs or the real-life Tony Stark, it’s undeniable that he has followed through on his lofty promises of changing the world. Despite the litany of barriers involved with the energy, automotive, and space industries, Musk and his uber-talented teams are pushing innovation and forcing established players to play catch-up.
Although most of us can never hope to replicate Musk’s work ethic or aptitude for forward thinking, there are plenty of things we can and should try to emulate. These are the items I discuss below. I could have easily made a longer list, but for the sake of everyone’s increasingly shorter attention spans, I kept it to three main lessons entrepreneurs can learn from Elon Musk. I should note that I wrote this post assuming you’re at least somewhat familiar with Musk and the companies he’s involved with. If you’re not, take a quick second to read his Wikipedia.
Think Long-Term — While most executives obsess over short-term profits to please stakeholders, Musk makes decisions with the survival of the human race in mind. What good is money if we destroy the environment using fossil fuels and have no colonies outside of Earth to fall back on? It’s not only refreshing to learn about companies with altruistic goals that simultaneously turn huge profits, but it also makes you rethink what the private sector is capable of. Tesla and SpaceX were both close to bankruptcy at one point — so thinking long-term is obviously not the easy route — but if more leaders in tech have this mentality, perhaps one day it will become the norm.
Compromise is Overrated — Sure, compromise is great for things like relationships or international diplomacy. But when it comes to science and technology, Musk has taught us that you should never be satisfied with ‘good enough.’ The typical car on the street today runs on century-old combustion technology, requires hundreds of moving parts, and emits harmful emissions. The Tesla Model S is all-electric, has sports car speed and handling, has been rated top of its class in safety, rarely has to be repaired or maintained, has constantly improving software, and looks amazing.
Lean and Innovative = Better Talent — Even before they were high-profile or producing anything noteworthy, Musk’s companies were hiring talent away from places like Apple, Mazda, and Boeing. America’s brightest want to work on exciting projects where they make an impact. This is largely impossible at a lot of mega corporations where, for anything innovative to happen, it has to pass through a gauntlet of decision-makers. Musk is notoriously demanding of his employees, but you don’t hear about many of them leaving for other opportunities.
The book on Musk really emphasized his early struggles and the toll those took on his body and personal life. However, he’s come out of the fire as one of the most innovative and influential people in the world. The rest of us have the luxury of learning from his successes and failures and applying these lessons to our own endeavors. Also, if you haven’t read Ashlee Vance’s book on Musk, I highly recommend it and think it should be required reading for anyone involved in tech.
Originally published on April 27, 2016.
Originally published at blog.snapmobile.io on April 27, 2016.
