(Photo: Getty Images) One of Musk’s biggest strengths is certainly his ability to bring consumers, investors and employees together to support his vision.
GUEST BLOG. Today, almost everyone has their own opinion about Elon Musk. For some, he is the greatest visionary of recent years, and some even rank him far above Jobs. For others, he is a tyrant and an unscrupulous entrepreneur. The reality probably lies between those two answers, but one thing is certain, again with his surprise acquisition of Twitter: Elon Musk knows how to succeed!
As such, Twitter is expected to be acquired by a wholly owned Musk company at $54.20 per share in a deal worth around $44 billion.
While this deal may surprise many, it is typical of Elon Musk’s work. From reinventing the automobile industry to trying to colonize Mars, flouting government laws, and tweeting whatever comes into his head despite market backlash, Musk has always completely ignored the rules. According to several experts, he wanted to improve the social media world, so he decided to do it himself.
His disregard for the status quo, combined with other key qualities such as his ability to sell his vision and solve problems in innovative ways, should definitely inspire entrepreneurs!
Know how to communicate your vision
One of Musk’s greatest strengths is certainly his ability to bring consumers, investors, and employees together in support of his vision. For example, it has managed to continually secure billions of dollars in funding, even though Tesla only announced its first annual profit in 2021, after 18 years of operation. It also continues to receive global support from SpaceX, despite the many explosions that very few aerospace companies have been able to achieve!
By itself, Elon Musk always positions his projects as a response to problems on which the future of mankind depends.
Tesla was his answer to saving the planet from an environmental point of view, and he associated sustainable transportation with luxury. SpaceX aims to secure the future of humanity through the colonization of space (Mars, to be exact) – which for many should be the task of governments, but this one has made it a private enterprise, going much further!
Now he promises a new era of freedom of speech and communication. “Twitter has huge potential,” Musk said in a letter to company executives. I will open it.” This powerful message is dreamy because it makes Twitter look like a stuck rocket, but it will take off when you unlock it.
It is likely that without this very strong vision, consumers, but especially investors, will no longer follow Musk. All entrepreneurs today should be inspired by Musk’s ability to not only communicate his vision, but to make it bigger than life.
An entrepreneur closer to home who has this ability is former dragon Dominic Brown, president of Chocolat Favoris. As soon as he acquired a small chocolate factory in Quebec, he told all the media that he was going to reach a turnover of 100 million in 2020 and that he would become “Chocolate Google”.
Look at things from a different angle
There is a way of thinking in engineering and physics called “thinking in first principles,” which Musk is a big fan of.
Thinking about first principles is basically thinking about how you would solve a given problem if you were an alien who had never seen or heard about the problem before. Ignore how things have been done in the past and discard all previous assumptions so you can start from scratch. This is the mindset Musk uses in all his projects, and also imposes on his employees.
For example, to estimate the cost of producing a new car, don’t rely on the prices quoted by your competitors. Determine the different materials you need and then find out their price. In this way, you will know exactly how much it will cost to build a new car, starting from the base, that is, the various elements needed to build it. This way of thinking is the opposite of thinking by analogy, which is what your competitors are doing or what is being done in the same industry.
Know how to break the rules
Musk is always looking for answers to big problems, so he’s looking for the most innovative solutions. Many times this means that he breaks the rules or deviates from conventions: for better or for worse. This is also what he did with the acquisition of Twitter.
Let’s say he fits the profile I defined in my blog: Five Reasons Why You Should ‘Think Like a Criminal’.
While breaking the rules has been the driving force behind innovation in all of his ventures, it has also led Musk to become embroiled in a number of public legal battles.
Innovation sometimes leads to the need to go a little faster and shake up the established order: however, you have to be careful not to go too far and keep the ethic – which Musk didn’t always do!
As always, Elon Musk was able to surprise us once again with an unprecedented acquisition of Twitter. His strong personality and character traits undoubtedly make him a strong opponent. For my part, even if I do not approve of his treatment of his employees, among others, I always remain fascinated and inspired by what he is and what he can do!