Global warming and space travel are must-solve problems. Elon Musk – CEO of SpaceX and Tesla Motors, picked his favourite must-solve challenge and dug a layer deeper. Nine years ago, he posted an article called, “The Secret Tesla Motors Master Plan“. Not only did he bet on Tesla taking off, he knew it would be lusted after.
You may want to take down his top three tips on starting a business.
Have a High Pain Threshold
Starting a business is not for everyone. You have to embrace the optimism in the beginning, the whole world of hurt when you come dangerously close to failing and then when you succeed, you can after a long time, get back to happiness, says Elon. It’s almost like a relationship – the sparks flew, reality kicked in, you held on and found your true love.
Enshrine a Great Product or Service
The idea is to step into an untapped market. Nascent innovation is a lot easier than competing with trusted brands. There is no room for “slightly better” when “a lot better” is winning hearts.
Seek Honest Criticism
Elon Musk believes that a well thought out critique is as valuable as gold. Your goal as an entrepreneur is to be open to being “less wrong” and the first step is understanding that the best way to grow is by letting go of that founder’s ego and accepting that you are wrong.