The much awaited Tesla Model 3 car from Elon Musk’s Tesla Motors is finally ready and a grand handover event had taken place for its customers. Elon Musk does accept that they have lot many orders to complete and the following months the production capacity will have to increase exponentially to address the demand. He clearly mentioned that his team is ready and is confident to deliver the orders as promised. But yes, there is certainly some delay, well a lot delay has happened due to which some cancellations did happen, specifically 63,000 cancellations for the Model 3.

The above cancellation figure is certainly disturbing for an entrepreneur who has achieved this dream after a span of 11 years. But for a leader, how you handle the failure is really what matters to others and it shows how efficient you are in coping failures. Elon Musk did it with an open acceptance and certainly is confident to deal eith it. To an online news platform, Elon Musk responded with the below and we extracted 3 lessons from his response, what should be inspiring to future entrepreneurs.

Elon Musk responded “Those [Tesla Model 3] cancellations occurred over the course of more than a year, I think [these numbers] are inconsequential. With a small amount of effort we can easily drive the Model 3 reservation number to something much higher but there’s no point. It’s like if you’re a restaurant and you’re serving hamburgers and there’s like an hour and a half wait for hamburgers, do you really want to encourage more people to order more hamburgers?”

Now what you should make out this statement from Elon Musk –

Take the ownership of failures:

As an entrepreneur, you will fail and succeed; in fact you will fail a lot than get success. What really matters is how you are handling the failure. If you will give up and let go of your dream, then definitely the success is not happening for you. But if you are accepting the failure and taking the ownership of the failure, you will get back up with an improved solution and taste the success. The spirit of entrepreneurship does not encourage giving up and asks you to find motivation within you to keep going forward.

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Elon Musk Tesla Model 3

Marketing and Delivery should be balanced:

Your product won’t see good sales figures when you don’t talk about it well and at the same time you need to ensure people are able to understand what you are providing. But it is equally important to deliver what you are promising. One of the major reason of the Tesla Model 3 cancellations is the delay in delivery, which Elon Musk highlighted in his response. He clearly mentioned that if you are not confident of delivery, then you should not encourage people to buy your product. It may sound little rude, but it is a fact. Marketing will be successful when you deliver the product as expected and respecting the time committed to a customer.

Stay Confident:

Usually there is a lack of confidence among entrepreneurs, which is rather genuine to have, when things go wrong or not as expected. It is actually a testing phase where people are looking at you and how you are handling it. Let us assure you that – people won’t look back if you loose confidence and give up. So stay confident even things are going wrong and fins ways to deal with the problem. Elon Musk clearly indicated that the figures are certainly disturbing, but they are confident on marketing to boost these figures and certainly confident to address the demands in following months. Customers are investing their money and faith on you. So your response, approach and body language should be filled with confidence.

We hope you will keep yourself confident for your services and product, where you must be ready to handle failures and always find ways to solve the problem at hand. If you have any feedback and comments, please leave those in the comments section or you can write back to us at chief@chief-mag.com. Thank you.

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