3 business lessons you need to learn from Elon Musk

Elon Musk can easily be the most important entrepreneur of the century for his innovations in lithium-ion batteries, electric cars, and space exploration. His businesses will play a major role in the global economy as companies and countries scramble for a place in a sustainable future. This is why serial entrepreneurs should take some notes from Elon’s playbook and learn business lessons from him.

First and foremost, Elon Musk teaches us that businesses should offer solutions to pressing problems instead of just offering run-of-the-mill services and products. His SpaceX solves budget issues space agencies contend with by making reusable rockets. Elon’s car company Tesla aims to eliminate carbon emissions from cars by offering electric ones which can drive hundreds of miles after a single charge.

Musk approaches business development with a designer’s cap instead of just from the lens of business. He approaches a new business idea and rapidly prototypes it to show proof-of-concept. He then hammers down the flaws of his product by constantly iterating on its design. In this process, Elon accepts and uses expert and customer criticism to improve the product.

Lastly, Elon’s curiosity courts failure but he manages this by making sure his failures catapult his products forward. His tackling of the problem of producing an electric car that can perform above and beyond the level of a hybrid car resulted in many failures. It is these failures that led to his innovations in lithium-ion batteries – a technology he can funnel into his other enterprises like making self-powering homes.

Entrepreneurs should learn these lessons from Elon Musk if they ever want to engage in the businesses of the future.

Tyler T. Tysdal is heavily involved in the Entrepreneur's Organization and had received the Denver Business Journal's 40 Under 40 award. He was also the chairman of the Colorado chapter of the Young President Organization. Visit this pagefor more on Mr. Tysdal.