(A compilation of notes on Elon Musk's supposed secrets to success from numerous interviews and articles.)
Words of Elon Musk
(PayPal, Tesla Motors, Space X, Solar City; Dreamer, inventor, entrepreneur, billionaire)Get down to the fundamental truths and principles and then reason up from there
We always reason by analogy
Copying other peoples work
Take the physics approach
Counter-intuitive things discovered
Pay attention to negative feedback and solicit it from friends, family, etc.
Work hard every waking hour if you want to start a company
You will get twice as much done if you put in twice as much time?
Attract great people, great thinkers and mentors
Gather people with skills and knowledge, talent and hard work
Cohesive group determines success of the company
Focus on signal over noise, spending money on things that don't actually improve the product
Are they making this a better product or service?
Don't just follow the trends. Start simple, use physics
That way, you can see if things really are true or if they are just what everyone else is doing
NOW is the time to take a risk. Obligations increase as you get older? Now is the time to do something bold.
Be focused on something that will have a high value for someone else
Wishful thinking is a natural tendency
Difference between knowing your values and sticking to them or just pursuing a dream that is unrealistic and not based upon your ideals
Be tenacious
Work like a madman
Physics way of looking at the world
"We are doing this because it's like what others are doing and enjoying"
What are we SURE is true, then reason and plan up from there
Takes mental energy
Example:
Battery packs are expensive and they will always be
That's dumb, because if you apply that reasoning to anything new you will never get to that thing
Horses are easy, no gas, grass everywhere, we are never going to use cars
Prevents you from making true progress to constantly be thinking across and down rather than up
What is cleverer? Cheaper? Better? More enjoyable? More attractive? More inspiring?
Have a high pain threshold and patience level
Lots of optimism at the beginning before you encounter the problems and issues that are inevitable
In most cases you will not succeed
If you succeed, after a long time you will get back to happiness
Make sure your happiness is not rooted in your temporal success
Entering new market, lower standard for your product
If you are competing with others in a larger market, you MUST have the best of everything
Observe your competitors and make goals to beat them
Constantly seek criticism from others
Seek it actively from everyone you can, particularly friends
It does not mean they are right, but most of the time they can be right
Take the approach that you are wrong and that you are going to fail without them
Your goal is to be less wrong
Listen to friends, but don't succumb to the opinions of the "little man"
Successful entrepreneurs come from all different backgrounds and stories and personalities
Obsess over the product
Love what you do, no matter what the area you are into
If you don't like it, remember that life is too short
If you love it, you will be able to integrate it into your natural thinking and it won't seem as much like work
Even if you're the best of the best at everything, you need to love what you do or you can't make it work
Never give up. "I'd have to be dead or completely incapacitated."
Address false perceptions
If something is important enough, you should try even if the outcome is a failure
Watch your motivation
Interview people to be on your team
Tell me about the problems you have solved and how you did it
These people will be able to remember every level of the issue they worked with if they truly helped problem solve