Elon Musk: 3 takeaways for entrepreneurs who want to stand out

An innovator, a visionary, and a decidedly controversial figure is how the world sees Elon Musk. Even if you hate him, it’s hard to ignore anything that the world’s richest man, at the time of writing, does!

 

Be it for the accomplishments of Tesla or his recent takeover of Twitter, the world is abuzz with news pertaining to Elon Musk. Today, Musk has become something of a polarizing despite his immense wealth. 

Source: Statista

His success however stands undisputed; Musk is the founder of a number of futuristic companies that have become household names, including Tesla, Neuralink, SpaceX, and The Boring Company, although he is most known for Tesla, an electric vehicle manufacturer. In recent years, Musk has exemplified ambition, innovation, and opportunism to carve a path towards unprecedented success. Here are some valuable lessons from Elon Musk that future and existing entrepreneurs can leverage for their business success.

Failure is necessary

The media and even social media often depicts a one sided picture. Success if often the outcome of a process of trial and error.  Musk too isn’t any different here as he has had his share of setbacks and learnt from them. Can you imagine Musk being fired from his own company? That’s exactly what happened as he was fired from his company Zip2.  When Musk’s company X.com merged with Cofinity to form Paypal, Musk was fired as the CEO shortly after. Tesla nor Space X’s success too was instantaneous. At one point in time, both Space X and Tesla were on the verge of bankruptcy.

Musk today is known to have an uncanny ability to bounce back after setbacks, more capable than he was better. It is this resilience and never say die attitude that has been the veritable insignia of his success.  Things usually don’t according to plan in life or business as recent events will bear testimony to. The difference between winning and losing is often an ability to learn from failure and better previous attempts. Sometimes, it requires that one kills their ego, which is easier said than done.

Personal branding is powerful

While Musk has held a powerful vision for his business ventures,  he has become a brand unto himself. Some might argue that the Elon Musk brand is actually bigger than any of his business ventures. Musk has perhaps learned this the hard way  as he carries his personal brand with anything that he does. However, personal branding can be a risqué approach for some and entrepreneurs are advised to thread carefully.

With an established personal brand, people can begin to trust your business ventures right off the bat. It’s easier to get employees. Investors, and customers on board for an Elon Musk company than any other unknown serial entrepreneur. He has owned his failures and successes with aplomb.

Don’t be afraid to stand apart

In a sea of sameness, many brands are carefully curated to be better appealing to customers. However, not many dare to question the norm or challenge the status quo.  For instance, instead of the perfectly prepared, PR-team-written comments that most public-company directors issue, Musk expresses what he’s thinking.  While this may get him into trouble, he makes an impact unlike no other CEO in the highly competitive attention Economy.  Musk realizes that anything he does stands out and isn’t afraid to use it to his advantage.

While not all entrepreneurs can be as brazen as Musk, there are some key takeaways; essentially, if you are doing what every other business or brand is then the outcomes too will be similar. To be noticed, one must not afraid to be unique or exceptional. While such a move may end up your brand getting disliked by a certain specific audience, it would still garner a loyal cult following.  This also means being willing to make mistakes and owing up to them. Sometimes, being real is better than being pretentious and conscientious.