He Sees a Gap in the Market
Apart from striving to be innovative, Elon Musk also aims to create solutions for society’s need. By keeping future developments in mind, he sees a gap in the market and tries to find either products or services that will simplify the future.
With PayPal, he realized that people have the need to make online payments, with Tesla he envisioned the future of electric cars and with SpaceX he considers life on Mars for the future generations.
It’s his ability to see these gaps in the markets that catapults him to success. There is also nothing more satisfying than not only doing something for yourself, but humanity as a whole.
He’s Always Eager to Learn
Tariq Malik, recently commented that “one of the biggest lessons Musk learned after founding SpaceX was how much more there was still yet to learn”.
It’s not like Elon Musk is pretending to know everything, but once his goal requires a certain type of knowledge, he will go above and beyond in acquiring it.
Elon Musk on Progress:
“I came to the conclusion that we should aspire to increase the scope and scale of human consciousness in order to better understand what questions to ask. Really, the only thing that makes sense is to strive for greater collective enlightenment.“
What also shows that he’s open to learning and improving. This is the advice he gives to those setting out on reaching a goal or producing a product.
Musk is convinced that one should rely on negative feedback from friends and family in order to implement the best idea.
He Dreams Big, With the Future In Mind
With regard to Elon Musk’s perspective; there doesn’t seem to be any boundaries as to what can and cannot be achieved.
He doesn’t want to be just another entrepreneur – he wants to change the world. Elon Musk sees possibilities beyond the present state and envisions a future that he wants to be a part of.
Elon Musk on Sustainable Energy:
“As far as Earth is concerned, I think the biggest problem that humanity faces is one of sustainable energy. If we don’t solve that problem this century, independent of any environmental concerns, we will face economic collapse…This is obvious.“
Think of it this way; who decides to build their own Space Company after they’ve become impatient with the progress of NASA?
Musk never excused his intelligence and made use of every opportunity. Back when he was 12-years old he sold his first video game, in order to buy more technology. During the time when his peers were noticing the opposite sex, or rebelling against homework; he started to build his empire.
Elon Musk on Failure:
“Failure is an option here. If things are not failing, you are not innovating enough.“
He Picks the Right Teams
A sign of good leadership is your ability to connect the right people at the right time. It might seem obvious what a good team would look like, but it’s steering clear from a bad combination that translates leadership.
Innovators such as Musk has a clear vision for success and that, alongside his experience is why he’s able to determine who and what will work together.
Elon Musk on Picking the Right Team:
“I think it’s incredibly important to pick the right people. The right team can accomplish miracles. The wrong team, well… or if a team isn’t working together well that can be a huge problem as well“
He Knows How to Deal With Competition
Elon Musk on Government Licensing:
“We have essentially no patents in SpaceX. Our primary long-term competition is in China. If we published patents, it would be farcical because the Chinese would just use them as a recipe book.“
He Knows When It’s Time to Move On
Where some individuals might cling onto their first successful business venture, Musk knows when to sell and move on to greater things. He started out with companies SolarCity and PayPal and moved on to Tesla and SpaceX. It’s all about knowing when it’s time to transform and innovate.
Even though he believes in his ventures, ideas, and concepts these aren’t projects you can run on a basic budget. He funds his projects through the successes of previous endeavors and then relies on exponential growth to come.
Elon Musk on Growth:
“Choosing when the time is right to grow has been key, because most companies don’t have the ability to sustain ill-timed growth.“
For futher reading, perhaps you would like to read The Transformative Effects of Elon Musk’s Reading List on Inside Envato.
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