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Wisdom from Elon Musk

 

Work super hard. Instead of getting an apartment, he rented a small office and slept on the couch, showered at the YMCA. 7 days a week, all the time. Girlfriend slept in the office. Every waking hour if you’re starting a company. If you’re working 100, and someone else is working 50, you’ll get twice as much done.

Attract great people. Join a group you respect or gather great people. A company is just a group of people that are gathered together to create a product or service. Dependent on how talented and hard working that group is, and the degree to which they are focused cohesively, that will determine the success of the company.

Focus on signal over noise. Are these efforts resulting in a better product or service?

Don’t just follow the trend. Rather than reasoning by analogy, boil things down to the fundamental truths and reason up from there. Figure out if something really makes sense or if it’s just something everyone else is doing.

Now is the time to take risk. Once you have a family, you start taking risk for not just yourself but your family as well. Take risks before you have those obligations. Do something bold. You won’t regret it.

Be rigorous in your self analysis. Be extremely tenacious. Work like hell. Put in 80-100 hour weeks.

Starting a business is not for everyone. Have a high pain threshold. Starting a company is like eating glass and staring into the abyss. When you first start a company, there’s a lot of optimism and things are great. Happiness, at first, is high. Then you encounter all sorts of issues, and happiness will steadily decline, and then you will go through a whole world of hurt. Eventually, if you succeed, and in most cases you will not succeed, and Tesla almost didn’t succeed, came very close to failure. After a long time, you will finally get back to happiness.

Whatever you’re doing is a great product or service. If you’re a new company, unless you’re in a new industry or new market. If it’s an untapped market, the standard is lower for your product or service. But if you’re entering anything where there’s existing marketplace against large entrenched competitors, then your service must be much better than theirs. It can’t be a little bit better, because then you put yourselves in the shoes of the consumer. And they say why would you buy it as a consumer. You’re going to buy a trusted brand, unless there’s a big difference. It’s got to be a lot better.

Constantly seek out criticism. A well thought-out critique of what you’re doing is as valuable as gold. Usually your friends know what’s wrong, but they don’t want to tell you because they don’t want to hurt you.

Obsessive nature toward the quality of the product

Like what you’re doing. You think about it even when you’re not working

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