More on this book
Kindle Notes & Highlights
What will most affect the future of humanity? The five answers that he came up with, the internet; sustainable energy; space exploration, in particular the permanent extension of life beyond Earth; artificial intelligence; and reprogramming the human genetic code, would determine his future direction as an entrepreneur.
As an entrepreneur you have to know what is important to you.
“Work like hell. I mean you just have to put in 80 to 100 hour weeks every week. [This] improves the odds of success. If other people are putting in 40 hour workweeks and you’re putting in 100 hour workweeks, then even if you’re doing the same thing, you know that you will achieve in four months what it takes them a year to achieve.”
If you have a hunch about the potential of an emerging market, be prepared to put your money where your mouth is.
You won’t always be the only person to have come up with a great idea.
Money alone doesn’t buy you credibility. You need to do your research, plan, and bring in the right level of expertise.
Applying models and strategies from different industries can make you huge savings in your own industry.
“I think it is a mistake to hire huge numbers of people to get a complicated job done. Numbers will never compensate for talent in getting the right answer (two people who don’t know something are no better than one), will tend to slow down progress, and will make the task incredibly expensive.”
If you want to make the very best products, you have to hire the very best people in the field.
“A company is a group organized to create a product or service, and it is only as good as its people and how excited they are about creating. I do want to recognize a ton of super-talented people. I just happen to be the face of the companies.”
Never rest on your laurels. You have to constantly be thinking of – and act on – the next big idea if you want to keep ahead and ensure your offering is fresh.
“Failure is an option here. If things are not failing, you are not innovating enough.”
“You shouldn’t do things differently just because they’re different. They need to be… better.”
Make sure that you have sufficient cash reserves to carry you through your product development phase comfortably.
18 Cash flow problems kill companies.
You will put your best efforts into pursuing an idea if it excites you.
If you can provide a high-quality product or service at a competitive rate, customers will come to you.
The best ideas aren’t necessarily new ideas. Be prepared to take products or services that already exist and rework and improve them for the modern world.
You don’t always have to be the inventor!
“I do think there is a lot of potential if you have a compelling product and people are willing to pay a premium for that. I think that is what Apple has shown. You can buy a much cheaper cell phone or laptop, but Apple’s product is so much better than the alternative, and people are willing to pay that premium.”
If you want to make really big bucks, there will always be an element of risk involved.
People will always try to rain on your parade. Keep your head down, keep working and ignore idle gossip.
“Elon said ‘I will spend my last dollar on these companies. If we have to move into Justine’s parents’ basement, we’ll do it.”
Investment and growth are all about confidence.
Right from the start you should know what your exit strategy for your company will be, and the necessary conditions for that exit.
Creating aspiration creates demand for your brand.
Be aware of all the essential components in the product you sell.
Think outside the box for ways you can enter new markets.
No market or business exists in isolation.
Apply your expertise to real world problems if you really want to have a positive impact on the world in which you live.
“I always have optimism, but I’m realistic. It was not with the expectation of great success that I started Tesla or SpaceX… It’s just that I thought they were important enough to do anyway.”
“You want to be extra rigorous about making the best possible thing you can. Find everything that’s wrong with it and fix it. Seek negative feedback, particularly from friends.”
You don’t have to be possessive about your ideas.
“If you’re co-founder or CEO, you have to do all kinds of tasks you might not want to do… If you don’t do your chores, the company won’t succeed… No task is too menial.” —Elon Musk
Vested interests can block even the best ideas.
In a multidisciplinary world, it is not enough to be an expert in just one area.
Academic awards can enhance your credibility in the commercial world too.
The characteristics that make you successful in business are not necessarily characteristics which will serve you well in other aspects of your life.
No amount of money makes you immune to personal tragedy.
A successful marriage depends on mutual respect and balance.
If you want to mix marriage and money, make sure the paperwork is sorted out before you start.
Support only the things which really interest you.
“I’m interested in things that change the world or that affect the future and wondrous, new technology where you see it, and you’re like, ‘Wow, how did that even happen? How is that possible?”
As an entrepreneur, you have a responsibility to inspire the next generation of innovators.
“I think it is possible for ordinary people to choose to be extraordinary.” – Elon Musk
No one in this world, not even Elon Musk, goes through life with a completely easy ride. For all of us there are forks in the road, and vital decisions to be made. We must approach these times with confidence and conviction if we are to achieve our goals.
