We’ve written about the PayPal, Tesla, Solar City, and SpaceX founder before. He’s a fantastic leader, a visionary entrepreneur, and is slowly becoming a real-life Tony Stark. He has done the impossible in many ways, and now is seeking to do it again by sending people to Mars. Though it is a long way from fruition, he’s making great progress over at SpaceX. Today, I have a brief video where Mr Musk offers his three tips for anyone who wants to start a business. We’ll summarize them below as well.
I love that Musk’s first caution is that starting a business isn’t for everyone. While the lure of working for yourself, making your own rules, and being the boss sound enticing, the stresses that come with running a company can be far too high for some people, especially in the critical start up phase. However, if you’re going to start a company, here’s what he recommends.
Elon Musk’s Three Tips for Starting a Business
- Have a high threshold for pain. Things will always begin in high spirits with tons of optimism. It’s always easy to be optimistic when you haven’t encountered any hurdles yet. However, when the obstacles come – and they will – you’ve got to remember that your goals lie on the other side of that pain.
- Produce a great product or service. There are very few untapped markets in the world. Most needs are being filled for the consumer in some way or another. If you want to get them to switch, your offering has to be drastically better than what’s available already.
- Constantly seek criticism, preferably from your friends. You may be right about what you’re doing. You may have it all figured out. However, if you come from that mentality you’ll never know for sure. Come from the stance that you are always wrong and that you seek to be, as Elon puts it, a little less wrong.
Let us know what you think of Mr Musk’s tips in the comments below, and feel free to share any tips that you have. Have an awesome Tuesday!