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5 Truths Entrepreneurs Can Learn From Elon Musk

5 Truths Entrepreneurs Can Learn From Elon Musk

Are you secretly harboring entrepreneurial yearnings but think you’re not cut out for the life of an entrepreneur? Or are you questioning your current path as a startup founder?

No one said the life of entrepreneurship was easy or sudden success was automatically guaranteed.

If you’re considering following your passion and building the business of your dreams, you might want to sit yourself down and learn a lesson or two from Elon Musk.

Here are five truths as offered by the master of entrepreneurial vision himself:

“When something is important enough, you do it even if the odds are not in your favor.”[1]

Entrepreneurs don’t let naysayers dissuade them from following their dream of building great companies.

From Travis Kalanick to Richard Branson, entrepreneurs who believe in the future of their company don’t give in to the volume of dissenting voices.

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Whether that means multiple pivots or changes in customer acquisition strategies, true entrepreneurs remain focused on the long-term goal.

“Constantly think about how you could be doing things better and questioning yourself.”[2]

Question Yourself

    Even Elon Musk questions himself.

    When you’re an entrepreneur who is also a know-it-all, your chances of success are slim:

    • Be willing to learn lessons from other successful entrepreneurs, angel investors, or venture capitalists.
    • Read their books, listen to their podcasts, or attend their conferences.
    • Don’t assume everything they utter is the absolute gospel as far as your entrepreneurial venture is concerned; there are differing opinions in the world of entrepreneurship.
    • Use what works for you and file the rest away for further contemplation.

    The goal is to continually iterate your best processes; if you’re not getting better as an entrepreneur, you’re standing still.

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    “Life is too short for long-term grudges.”[3]

    A long-term grudge harms you more than it harms your transgressor.

    Rather than allowing anger to fester inside you, turn it into motivation.

    What can you learn and how can you use your newfound knowledge to make your company even better?

    The old adage ‘success is the best revenge’ is definitely true when it comes to holding grudges; move past your supposed wrongdoing and fuel your fire for future business growth.

    “Patience is a virtue, and I’m learning patience. It’s a tough lesson.”[4]

    Building a successful company doesn’t happen in an instant.

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    • You must be prepared for years of struggle before success comes your way.
    • Don’t let tech announcements of massive rounds of funding knock you off course; there’s a high probability those young companies will burn through their investor’s cash and be no further ahead than you.
    • Keep your head down, be patient in the pursuit of business excellence, and know you’ll win in the end.

    If Elon Musk can learn to be patient, so can you!

    “I think it’d be great to be born on Earth and to die on Mars. Ummm… you know, just not at the point of impact.”[5]

    Mars Colony Where Elon Musk Would Like to Die

      Mars is a moonshot endeavor for Elon Musk.

      While you may never plan to set up shop on Mars, there’s no reason you can’t have a moonshot dream too.

      Don’t be afraid to dream and be willing to go after your stretch goals.

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      Whether that’s being acquired by Google or having a well-known Silicon Valley investor on your Board of Directors, dreams do come true if you’re willing to chase them.

      You may not be Elon Musk, but there’s no reason you can’t act like him when it comes to building a business:

      He’s not afraid to be labeled a dreamer or radical thinker and he’s not afraid to pursue his passion in the face of overwhelming odds.

      Heck, if he can turn his radical ramblings into business ventures, there’s no reason for you to expect anything less of yourself.

      https://www.youtube.com/watch?v=NlidB40aoTI


      Consider the above-listed Elon Musk quotes the next time you’re contemplating your entrepreneurial future; you just might be inspired to push yourself to greater heights than you ever dreamed possible.

      Reference

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      Christopher Moore

      Digital Strategist

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      Last Updated on March 12, 2019

      20 Inspiring Vision Statement Examples (2019 Updated)

      20 Inspiring Vision Statement Examples (2019 Updated)

      There is normally a lengthy list of things you need to consider when starting a business, and if you don’t manage them properly, your excitement can quickly turn into overwhelm. What can support you to stay inspired and on the right track when starting out? You guessed it: this is your vision statement.

      What Is a Vision Statement?

      A vision statement is like a photograph of your future business, which gives your business shape and direction.

      A vision statement provides the direction and describes what the founder wants the organization to achieve in the future; it’s more about the “what” of a business. It is different from a mission statement, which describes the purpose of an organization and more about the “how” of a business.

      If you were to take a photo of your future business now, what would it look like? What do you want your business to be recognized for one day?

      You need to have a crystal clear vision when you start out, otherwise you can get easily lost in deciding the best way forward. When you are making strategic decisions for your business and even daily operation decisions, your vision statement will give you the inspiration and targeted direction you need.

      The Importance of a Vision Statement

      Without a vision statement, your business will lack motivation to keep going.

      If you don’t aim for anything, you might not hit anything. The more specific and clear you are, the better your chances are at seeing your vision turn into reality.

      The importance of a vision statement cannot be overlooked; not only does it provide long term direction and guidance, but it also gives you the inspiration and the necessary energy to keep going when you feel lost.

      Always keep your vision statement alive by revisiting it regularly and communicating your vision with other members of the team, to inspire and motivate them as well.

      How to Craft an Inspiring Vision Statement

      1. Dream big and use clear language

      An inspiring vision statement should inform a clear direction and priorities for the organization, while challenging all the team members to grow together. Based on our expert sources’ advice, we’ve got some great tips for you:

      • Imagine how you want the business to be like in five to ten years.
      • Infuse the business’ values in the statement.
      • Make sure that the statement is implying a clear focus for the business.
      • Write your vision statement in the present tense.
      • Use clear and concise language.
      • Ensure the statement is easily understood.

      There are many different types of vision statements and there is no wrong or right way to do it. The most important thing is to resonate with it. It will always inspire you and give you a clear targeted direction.

      2. Get inspirations from the successful companies.

      Having researched on a number of successful companies’ vision statements, I’ve shortlisted 20 good examples for the new startups:

      Short vision statements made up of a few words only:

      1. Disney

      To make people happy.

      2. Oxfam

      A just world without poverty.

      3. Ikea

      To create a better every day life for the many people.

      Quantitative statements are based on numbers, quantities:

      4. Microsoft

      Empower every person and every organization on the planet to achieve more.

        5. Nike

        Bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are an athlete.)

          Qualitative statements are based on qualities that you want to have:

          6. Ford

          People working together as a lean, global enterprise to make people’s lives better through automotive and mobility leadership.

          7. Avon

          To be the company that best understands and satisfies the product, service and self-fulfillment needs of women—globally.

          Competitor based statements – this type is becoming less common, but famous examples are:

          8. Honda – in 1970

          We will destroy Yamaha.

          9. Nike – in 1960s

          Crush Adidas.

            10. Philip Morris – in 1950s

            Knock off RJR as the number one tobacco  company in the world.

            Role Model Vision Statements – using another company as an example:

            11. Stanford University – in the past

            To become the Harvard of the West.

            12. Reach for Success – in the past

            To become the next Tony Robbins in self development.

            Internal Transformations vision statements:

            13. Apple

            To produce high-quality, low cost, easy to use products that incorporate high technology for the individual.

            14. Giro Sport Design

            To make sure that riding is the best part of a great life.

            15. Tesla

            To accelerate the world’s transition to sustainable energy.

            16. Sony

            To be a company that inspires and fulfills your curiosity.

            17. Facebook

            To give people the power to share and make the world more open and connected.

              Longer and more detailed vision statement:

              18. Walmart

              To give customers a wide assortment of their favorite products, Every Day Low Prices, guaranteed satisfaction, friendly service, convenient hours (24 hours, 7 days a week) and a great online shopping experience.

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              19. Coca Cola

              To achieve sustainable growth, we have established a vision with clear goals:

              Profit: Maximizing return to share owners while being mindful of our overall responsibilities.

              People: Being a great place to work where people are inspired to be the best they can be.

              Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy peoples; desires and needs.

              Partners: Nurturing a winning network of partners and building mutual loyalty.

              Planet: Being a responsible global citizen that makes a difference.

                20. Heinz

                Our VISION, quite simply, is to be: “The World’s Premier Food Company, Offering Nutritious, Superior Tasting Foods To People Everywhere.” Being the premier food company does not mean being the biggest but it does mean being the best in terms of consumer value, customer service, employee talent, and consistent and predictable growth.

                The Bottom Line

                Remember, always keep your vision statement up-to-date to direct your company’s actions.

                Remember, once you reach your vision, it needs to be changed. General Motors overtook Ford as #1 automotive company in the world because once Ford’s goal was reached, they never updated it.

                Keep your vision statement alive and visibly in front of you, revisit it and let it help direct your actions and activities. This is the fun part: this is where you get to dream really big and allow your imagination to fly as high as you want.

                Don’t hold back, let your creative juices flow and give yourself permission to explore what is possible for your business.

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                To your success!

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