How can a company like Tesla be SO dramatically ahead of its competition, despite having nowhere near the history and pedigree of those brands?
More importantly, what does Tesla’s edge mean for YOU, and how can you capture it for your life and business?
I came across a fascinating stat in Forbes magazine the other day, the one I shared in the headline.
Apparently, at the time of writing, Tesla was five times more valuable in the market than both Ford and General Motors combined.
To be clear, this is DESPITE:
- consistently missing production targets and delivery deadlines for years,
- regular reports of quality issues with some newer models, and
- the constant threat of competition from huge legacy brands pouring tons of money into efforts to beat Tesla at its own game.
Five. Times. More. Valuable.
Obviously, many factors go in to market valuations. Narrowing results down to ONLY one factor is foolish, and probably reveals a misunderstanding of the business.
When you have a case like Tesla, an organization led by a visionary who brings his same chutzpah to other firms, and those companies are ALSO standouts in fields dominated by massive, well-funded legacy competitors (here’s looking at you SpaceX), I think it’s worth asking, IS there some “secret sauce” producing those results?
I believe there is.
If you look at the life and work of Elon Musk, you will see many chapters, many successes, and many failures. However, through it all there is a common thread that I believe not only links all of Musk’s ventures together, but holds the key to their outsized success.
Elon Musk wants to help humanity improve, and he’s willing to risk everything to do it.
I believe one of the greatest secrets to Tesla’s success is that higher purpose and deeper commitment of its leader.
That level of purpose and commitment inspires passion in Musk’s team. It elicits buy-in from investors. It drives loyalty from “true believer” customers, and creates far more of those “true believers” than most competing brands.
That’s the kind of purpose and commitment that literally changes the world.
So what does this mean for you?
Here’s my take on two ways Tesla’s track record can contribute to your success.
1 – Let yourself be INSPIRED.
In the fast-paced world of business, it’s easy to get caught in “the Hustle Trap,” focusing only on those things that make dollars and sense right now.
We keep our nose to the grindstone and only deviate when we think we can find a new tip, trick, tactic or tool that will help us do more and sell more.
But the Hustle Trap leaves little room for wonder.
It starves the soul of vision.
It hollows out our joy.
Let the example of Tesla, SpaceX and other Purpose-led firms inspire you to dream bigger and think deeper about WHY you are in business in the first place.
Let yourself imagine a world where what YOU do right now, today, this week, this quarter or this year can make a meaningful change in the world.
Let that idea capture your vision.
Let it make you smile.
2 – Make yourself INQUIRE how to do better.
A vision without a plan is just a dream.
Dreams are great, but contrary to popular opinion, dreams do NOT actually change the world.
When you let yourself get inspired to do MORE with your life and business, make sure you push yourself to make a plan to implement your vision.
It doesn’t have to be world-changing on a massive scale, either.
Sometimes the greatest gift we can give humanity is simply to start being more “human” in the way we engage with others, and often that is enough.
So whether or not your company grows to 5X, 10X or 100X the value of your competitors, here’s the big idea I hope you’ll take away.
When you live and work with a Purpose that’s greater than yourself, it’s not only “the world” that gets better.
Your world grows larger, too.