Learn more about creativity with this collection
The importance of innovation
The power of perseverance
How to think big and take risks
Having What It Takes To Turn Ideas Into Reality
According to Musk, "What matters is the pace of innovation, access to resources, and raw materials." So, entrepreneurs can quickly and easily gauge whether they have what it takes to turn their wild idea into reality using this simple equation.
It breaks down into three basic questions:
- How long will it take you to build?
- Do you have access to the right resources?
- Can you obtain the required raw materials?
For any entrepreneur, this is a critical step in the pursuit of a startup. Not only can it save you a great deal of time, money, and energy.
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MORE IDEAS ON THIS
Factor 2: Access To Resources
With the right pace, you also need access to the right resources. This is because resources indicate your ability to innovate. Without them, an idea is simply just an idea, and pursuing something without the necessary resources will cause you to spend more time pursuing resources...
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844 reads
Factor 3: Raw Materials
You need to have the physical resources, or raw materials, available to be able to innovate. Raw materials are often something that holds startups back in terms of speed.
But trouble sourcing raw materials can also be to the detriment of a startup that depends on them.
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935 reads
The Innovation Equation
Elon Musk is revered as one of history's greatest innovators. But what makes him so brilliant is that his genius is rooted not in an abstract complexity, but in straightforward simplicity.
He doesn't pursue every idea or innovation that comes to mind. Rather, he fields them using his ...
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Factor 1: Pace of innovation
Time matters, though it's not necessarily that you need to be able to build something the fastest. But you do need to be able to innovate in a timely manner.
Especially when those looking to innovate are typically those looking to innovate quickly and stay ahead of the...
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1.03K reads
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