Should your small business shoot for the stars? Or, in this case, Mars?

In Carol’s recent post on Bank of America’s Small Business Community, “Is Your Small Business Ready to Go to Mars?” she shares some business lessons from Elon Musk. Carol begins:

“In 2002, Elon Musk founded SpaceX, essentially because he wanted to colonize Mars, but he didn’t even have affordable rocket power to send some plants to the planet. Late last year, NASA signed a contract with SpaceX, making them one of two companies contracted to take passengers to the International Space Station.

Granted, most small businesses don’t have the financial resources to literally reach for the stars in such a grand fashion. But, this doesn’t mean that small business owners shouldn’t think big.

Here is an organized approach that can help your company move toward amazing accomplishments and profits.

Develop a lofty long-term vision

You’ll never fly to Mars if you don’t even know that you want to go there, but a vision with a strong sense of purpose can make anything possible. Musk believes that populating a second planet with humans is the only way to prevent the extinction of humanity. On the other hand, you may believe that a previously untried way of implementing the software design process can bring greater efficiency to your company and profound benefits to your clients.

If you can imagine that achieving your vision will put your face on the front cover of every business magazine — and interviews on prominent cable business networks — then don’t worry about the potential costs or even immediate client acceptance. This is your perception of a better future; you’ll address the practicalities soon enough.

Create a segmented strategy

It took countless steps for SpaceX to get to today’s space station contract and it has many more steps to go before they begin populating Mars. The chances are that your company cannot fly to your long-term vision in one fell swoop, either.”

You can read the rest of the post here.