I recently had the opportunity to read Ashlee Vance’s biography of world famous entrepreneur, Elon Musk and took away some inspiring lessons that could easily apply to the private aviation business.
Musk is wildly accomplished in multiple areas including digital banking, automotive and aerospace disruption. Throughout his exploits in each sector he applies consistent strategies that have made him repeatedly successful against all odds. Of course, it doesn’t hurt that he also has a genius mind, a photographic memory and an unstoppable personal drive that leaves the rest of us mere mortals permanently earthbound. However, if we level the playing field a bit, there are some clear strategic measures Musk employs that could truly help private aviation services rise to new levels.
Here are 4 stand out concepts that if applied to private aviation, could help transform the business for the betterment of both industry and customer:
- Think Big. Musk has built his businesses by focusing on vision and mission goals that at first seem impossible to others. The thing is, he believes in his goals (like making humankind an interstellar race, for example) and that is what makes him succeed at creating progress. In private aviation, that kind of big thinking and conviction could help us move away from our “me too” service nature and truly innovate to change the way our potential customers see our industry. Maybe our mission should be to make aviation available and affordable for every business, large or small, on the planet (until we start transporting business executives to Mars that is)..
- Change the Buying Experience. By harnessing new technologies and imagining new ways for customers to interact with the banking and automotive sectors (no branches, no dealerships) Musk has revolutionized how customers buy and allowed them to do so on their own terms. Private Aviation has begun to do this with the use of interactive apps and CRM systems, but there is still huge potential to revolutionize the buying experience for our corporate clients. Perhaps we’ll find a way to deliver on demand access that will increase engagement and usage of our services. Or who might be the first to provide an uber solution or downloadable maintenance services? (Remember, we’re thinking BIG here).
- Learn from failure but never waiver. In his quest for change, Musk has had some disastrous results (imminent bankruptcies, rocket explosions, been fired as CEO from his own companies) but he has never let those things change what he believes to be true. In our industry, we need to understand things that our customers have not even envisioned yet and make them real. That means there will be failures, but who among us will stick with our convictions until we create the kind of disruption that transforms private aviation? (I know what you’re thinking. We can’t push that far because ours is such a heavily regulated industry that changes from one geography to another… but so were Musk’s banking and aerospace challenges).
- Don’t make it about the money. One thing that stands out about Musk: He’s a multi-billionaire but never set out to be one. He has won and lost fortunes and been on the brink of collapse more than most of us could ever stomach. He doesn’t set out to make money, he sets out to make change and recreate the spaces he plays in. The money comes as a direct result of his success in doing so. In private aviation, we can do that too by applying some of the first three strategies and serving customers beyond that which they could ever imagine.
At Avionco, we are inspired to think about these things and to learn from observing others who are making the impossible real. Hopefully the rest of our industry is too.