BUSSINESS LESSON
Align Your Business with a Higher Purpose.
Elon Musk is very much the person who, when someone says it’s impossible,
shrugs and says, ‘I think I can do it. One thing you’ll notice in Elon Musk’s
interviews is he never really brings up money or profits. He has a boatload of it,
but money isn’t his main motivator.
His businesses are built on something deeper. He didn’t start SpaceX to make cash;
he wanted to pave the way for space travel and colonization. He didn’t start Tesla
to make a quick buck; he wanted to prove to the world that electric cars could be
sleek, fast, and elegant.
What gets you up in the morning?
Aligning your business with a deeper purpose – focusing on impact instead of
dollars–will keep you working hard and striving to improve.It’s great
motivation for when things get tough or when you don’t see immediate results.
Impact first, and the money will follow.It’s a subtle differenc.but it’s such an
important one.
Look for Opportunities in Emerging Industries.
Musk only starts companies in emerging fields
In 1998, that emerging field was the Internet.Zip2 (and later PayPal) both
succeeded thanks in large part to getting in on the ground floor of Internet boom.
Next, Musk identified three more emerging industries and got in on the ground
floor on all three. SpaceX (space transportation), Tesla Motors (electric cars), and
SolarCity (solar power) have all benefited from the high growth potential and low-
competition that comes with being a pioneer.
The Quality of the Product Comes First.
“I’d say stay very focused on the quality of the product. People get really
wrapped up in all sorts of esoteric notions of how to manage etc.I think people
should get much more focused on the product itself – how do you make the
product incredibly compelling to a customer – just become maniacally focused on
building it better. I think people get distracted from that.”
7