Elon Musk has not only inspired millions, but also a established a new framework for entrepreneurship. Modeled largely off the likes of Benjamin Franklin, this site refers to this new framework for entrepreneurship as “Classical Entrepreneurship” Some of the fundamental differences of this entrepreneurial framework are:
The mindset an entrepreneur has about money is a determining factor in their likelihood of success. The best ideas are not spawned from the mindset of “How can I get rich”, but more so from the mindset of “What areas of the world lack efficiency and need improvement” The more meaningful a problem is to you, the better suited you are to solve it.
Having a humanistic intention behind your entrepreneurial endeavors such as “Decreasing the world’s dependence on fossil fuels” helps in a project’s success because it increases customer, Investor, and employee buy-in. Nothing moves mountains quicker than a team of inspired people who truly believe in what they are doing and why they are doing it.
Elon Musk has shown us how to break customers out of brand loyalty. His focus has always been to make the most compelling products or services available. This is because for a customer to choose your product or service over a more recognizable brand, yours must but not be just slightly better, but undeniably amazing.
Elon’s mind is his most valuable asset. His ability to think originally and analyze ideas is one aspect of his genius. His repeated reference to looking at things from a “Physics first principles” approach is a skill that can be practiced. it starts by eliminating distraction content. By minimizing your intake of media consumption, you free your mind to notice and question things in the real world.
Humility is an entrepreneur’s best friend. When Elon describes his ventures, he was always very conservative when it comes to the possibility of success. By starting from the place of “This will likely fail” an entrepreneur frees up his mind to focus on making failure less likely. This positioning has much less stress than feeling pressure to force something to succeed.
Elon taught himself rocket science. He understands that passion is the best teacher. The truth is, anyone can learn how to do anything and passion is a metric that directly correlates with the time it takes to do it. Once you believe that you are capable of learning anything, then it's time to find something you believe in enough to finish.
If your goal doesn’t scare you, it’s not big enough” (every successful entrepreneur) Sam Altman (The president of Y Combinator) stated that if your startup proves a success, you can expect to be married to it for anywhere from 3-7 years. Considering this, it is important for entrepreneurs to choose carefully regarding what type of venture merits such a large life investment. Asking yourself “do I see myself doing this for 7 years?” is a good place to start. We also know that starting any company takes lots of time and effort. Because you’ll be working hard on whatever you choose to develop, choosing something meaningful enough to keep you excited throughout the journey cannot be overstated.
Having a background in physics, Elon Musk doesn’t care whether other people may “think” something is possible or not. He more readily asks, is what I’m trying to accomplish “physically” possible based on the laws of physics. By using physics to scrutinize the possibility of his ideas, he
Choose a product that you think might be able to be made better,
Reason down from that name brand product in your head and try to identify the fundamental no name brand version of it. fundamental products are just ideas at their most basic state. Once you have broken the idea down to its most fundamental state, you are now ready to reason up from the fundamental to a more ideal, innovative efficient, evolutionary version of that product in your head.