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.

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]

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.

“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.

• 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 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.

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.