The New Frontier: Why We Must Dream Big to Save Humanity
If you look at each of Elon’s businesses they solve huge problems in emerging markets where there is little competition.
When Elon helped build PayPal they were the only email money transferring solution in the world.
SpaceX is the first private company to send a spacecraft (Dragon) to the ISS, and the first company to create reusable rockets.
Tesla is the world’s leading and first highly successful electric car company. And as of 2020 Tesla is the most valuable car company in the world.
In his USC commencement speech Elon recommends “Don’t just follow the trend” and his actions have certainly followed this advice.
To reap the greatest rewards, focus on innovation. Be fuelled by competition but focus on innovation.
Strive to innovate to such a degree that there are no competitors.
Elon’s Billionaire business associate Peter Thiel writes on this topic in his book Zero to One.
If you want to create and capture lasting value, seek to innovate and create a monopoly.
Monopolies by definition transcend competition and are how the greatest business profits can be achieved.
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