Don’t Just Follow The Trend.
If you look at all of Elon’s businesses they solve huge problems in emerging
markets where there is little competition.
When he co-founded PayPal they were for a time the only email money
transferring solution in the world.
SpaceX is the first private company to send a spacecraft (Dragon) to the ISS.
Tesla is the worlds leading electric car company.
In his USC commencement speech Elon recommends“Don’t just follow the
trend” and his actions have certainly followed this advice.
To reap the greatest rewards focus on innovation rather than competition.
Strive to innovate to such a degree that there are no competitors. .
If you want to create and capture lasting value, look to innovate and create a
monopoly.
Monopolies by definition transcend competition and are how the greatest business
profits can be achieved.
Really Like What You Do.
When you really like what you do it enables you to find the energy persist through
the challenges that a growing business will undoubtedly face.
Elon recommends taking risks when you are still young as obligations only
increase over time.
“Once you have a family it gets much harder to do things that might not work out.”
It’s worth keeping in mind that Elon started SpaceX and Tesla with a young family
so his family obligations have certainly not slowed him down.
With greater risks, such as those needed to carve out a new niche, comes the
potential for far greater rewards.
Do Something Important.
Success and satisfaction with your work are not all about making money.
Elon had more money than he needed at the age of 27 but he has pressed on,
working like a madman because he recognizes the importance of his work, and
changing the world in the process.
Elon recommends being bold and choosing to do something important.
“Not only can working on important projects give you great financial rewards it
can also provide the satisfaction that comes with knowing you are changing the
world for the better ”.
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