Elon Musk You Want BIG REWARDS? Take BIGGER RISKS! | Elon Musk | Top 10 Rules
So today, this learn from one of the best Elon Musk and my take on his top ten rules of success. Joy, okay, let’s! Kick it off with rule number one accept failures when trying different things you got to have some acceptance of failure, as you’re alluding to earlier failure must be an option if failure is not an option, result in extremely conservative choices, and you may not get something. Even worse than lack of innovation, things may go backwards, so if what you really want is risk risk to provide to you what you want reward and Punishment you to be proportionate to the actions that you see. So if, if what you’re seeking is innovation, then reward success and innovation and only visually, there should be minor consequences for lack of minor consequences. For trying and failing should. There should be minor with a significant rewards for trying and succeeding minor consequences for trying and not succeeding and big and major negative consequences for not trying rule number two overcome doubt.
Maybe I just blank out the word doubt so no I mean I treat totally Frank. I doubted us too, so I thought we you know had maybe when starting SpaceX maybe had a temps and chance to reaching orbit. So so you know to those who who doubted us I was like. Well, I think you probably right you know, I mean the number of times that I was sold like because I was taking the money I earned from from PayPal and and rolling into to create SpaceX and Tesla and and as in our spending it all it wasn’t.
The attention but and and and almost both companies went bankrupt. Frankly, at 2008 was a tough year. You know took us, took us four attempts just to get to over it with felt more and so, but a lot of times us. You know, I feel, will tell me this joke like how do you make a small fortune in the rocket industry? You start with large one is the punchline and I was like okay. I already heard that joke twelve thousand times you know so anyway, and it was it almost came true. You know we just barely made it there that fourth launch of Falcon one that’s, all the money we had for that both launch and then it and that wasn’t even enough to save the company. We also, then had to win the NASA cargo resupply contract so that that came a little after you know a little bit later or right towards the end of 2008.
Those are the two key things that that saved SpaceX. Otherwise we would have. We would have, you know not made it so so hey, I think those those doubters were there. Probably the assessment was correct, but fortunately Vader smiled upon us and for us to this day rule number three limit mistakes. As you look back on your career in the space industry, what has been the most surprising or unexpected challenge that you faced and along those lines? If you were to go back in time and talk to your 20 year old self, would you do anything differently? Go back in time to your 20 year old self.
I mean, I think. If I get it, I think it would make a far fewer mistakes. I was here pick a card like it here’s a list of all the dumb things you’re about to do. Please do not hear them. Yeah I’d be a very long list and like here let me have you write it down or something. You know. I mean it’s behind sighs, 2020, so it’s hard to say I mean number of I’ve made so many foolish mistakes. I have left count honestly, I mean some of these things. I just wish. I liked just like that’s a simple sort of mantra: management by rhyming I mean it worked for more okay. The management of our rhyming is the thing I was saying like if, but if the schedule is long, your design is wrong.
We’Ve overcomplicated the design many times, and I think you should just gone with a a simpler design with the acid test being. How long will it take for this to fly and if it’s gon na take a long time don’t do it do something else? Rule number four push for radical breakthroughs. I think we we need to push for radical breakthroughs and, if you don’t push for radical breakthroughs, you’re not gon na get radical outcomes and that that does mean taking risks and – and it common sense that the if you take a big risk in order to have A big reward: there must be a big risk it’s most the time.
You cannot find risk big reward for small risk that’s. What those are rare, so you’re gon na have some proportionality or the risk and reward. Also, if you want to have more confidence and learn from billionaires check out my 254 series, they’re free, the link to join in the description below there are times when something is important enough. You believe in it enough that you do you do it in spite of fear, starting companies like staring at the abyss and eating glass. When you want to do something new, you you have to, you have to apply the the physics approach. Rule number five optimize really just is it. I simplify your product as much as possible. You know and then like, if I think, of some of the ways which how does the SWAT engineer make dumb mistakes and clearly is it, you know, is optimized something that shouldn’t exist.
It don’t optimize something that shouldn’t exist. If people are trained to do this in college, you can’t say no to the professor. You know this is gon na give you the the exam and you’ve got to answer all the questions, or they will get angry so and give you a bad grade. So then you be always optimize the you always answer the question a lot of the times you should say this is the wrong question all right. In fact, the question is definitely wrong to some degree just how wrong and I think, just generally taking the approach that your design is some degree wrong.
Probably a lot more than you think your goal is to make it less wrong over time. Rule number six. Always look for improvement. One of the fun things for me is watching the the the car go go into the crew vessel. You know all of a sudden. We had dragon one. Now we have crew dragon and it’s substantially different, but familiar so tell us, like what’s, been some of the hardest parts to transition from cargo into crew. Cuz crew is a little more important than me. Then cargo, yes, I mean cargo can be replaced. Crew cannot, and so the the level of scrutiny the level of attention is. I mean I don’t order of magnitude greater it was. It was already high for cargo. I mean we’re and and but it’s it’s, just a whole nother level for for a crew.
So you have to, and after I told the suspect, the SpaceX team that you know the this mission, reliability is not really. The top priority is the only priority right now so we’re just doing continuous engineering reviews from NIT now non, stop 24 hours a day until launch just going over everything again and again and again – and I was out at the pad just recently just walking down the Rocket we’ve got a team that’s just crawling over the rocket in the horizontal, then we’re, going to rotate it vertical. Then we’re gon na cool, all over in the vertical and we’re, just looking for any any possible action that could improve the probability of success, no matter how small, where that comes from an intern or me or anyone very matter, number seven innovate.
What sort of things do you look for in people or in processes that make the workforce better sure? Well, I think the massive thing that can be done is to make sure your incentive structure is such that innovation is rewarded and lack of innovation is punished. They’Re going to be a characteristic, so if somebody is innovating and doing making critical progress, then they should be promoted sooner and if somebody is completely failing to innovate, not every role requires innovation, but if they’re, in a role where innovation is, should be happening and it’s, Not happening, then they should either not be promoted or exited, and let me tell you: you’ll get promoted, you’ll, get your view.
You’Ll get innovation real fast rule number eight use management by rhyming. So now your actual total mass of a steal of a reasonable steals, a spacecraft, is less than that of the most advanced carbon fiber vehicle. You could possibly imagine yeah Wow, but does it happen by accident by the way it may sound like some great insight, but it actually happened because we were moving too slowly on composite and I was like we cannot move the slowly or we’ll go bankrupt. So just get do this with steel, so yeah I mean the design has to be focused on problem solving, otherwise you’re going to spend too much time trying to figure it. You don’t start with it yeah yeah I’m, like sort of taken to management management by rhyming.
If the schedule is scheduled as long your design is wrong all right, it was very true, it’s good good point. Yes, rule number nine, be a problem: solver, zip to started off as basically like so we’re trying to figure out how to how to make enough money to exist, company and the. So so, since there wasn’t really any advertising money being made, we thought we could help existing companies get online, bring their stuff online. So we developed software that helped bring love and newspapers and media companies online because their loan just didn’t. They also didn’t know what the internet was. Oh yeah and even the ones that were aware of the internet didn’t have a software team, so they could.
They were very good at developing functionality and it’s, weird as investors and customers of new york times, company knight, ridder host and and so we were able to get them to pass, to develop software for them to bring them online. So online publishing stuff and redid maps and directions and yellow pages and white pages and various other things and rule number ten. The last one before a very special bonus clip is plain, perfect dates. I met a woman. I dated briefly in college who now works at Scientific American as a writer and and and she related anecdote that we were on a date I was all I was talking about – was electric cars. That was not a big, a winning conversation, so he’s a bit of a monologue.
Was it yeah? She said she said. The first question I asked her was: do you ever think about electric cars you’ll learn from that that wasn’t the best wasn’t great, but it is recently it’s been more effective. Now I’ve got a special bonus gift from Ilan on how to work towards your goals that I think you’re gon na enjoy. But before that question of the day I want to know what is the internal doubt that you have that you need to overcome. Let me know put it down the comments below and if you made it this far to video you’re still here watching give me a hashtag believe down the comments below I want to celebrate you.
We don’t just watch videos here. We do something about it. So give me that believe in the comments below I mean, I really have quite overcome with emotion in this day, so it’s kind of hard to talk frankly, I’ve been 18 years to working towards this goal, so it’s just hard to believe that’s happened when we haven’t Quite yet, doctors at the Space Station and, of course, sweets bring them back safely and we need to repeat these missions and have this be a regular occurrence, so it’s a lot of work to do but it’s a it’s. Just incredible. If you want 10, more awesome rules from Elon Musk’s check out the video right there.