From Paypal to Tesla, Elon Musk has one winning strategy all entrepreneurs should implement now.
On the cusp of his new Tesla release, Elon Musk has me, and other entrepreneurs, curious about what makes him a success. Like many of us, he took serious risks to get his companies off the ground (both figuratively, with Tesla, and physically, with SpaceX). He seems to take those risks and win, even when he “fails”,
I found a simple, excellent theory that is applicable to all of us. It is from Farnam Street, which cites Musk’s colleagues:
What allows Musk to attempt and complete projects everyone else considers impossible? [SpaceX co-founder Jim Cantrell shared] “[I]t doesn’t matter if its going up against the banking system (Paypal), going up against the entire aerospace industry (SpaceX) or going up against the US auto industry (Tesla).
He “can’t imagine NOT” succeeding and that is a very critical trait that leads him ultimately to success…
What separated us, I believe, was his lack of even being able to conceive failure. I know this because this is where we parted ways at SpaceX. We got to a point where I could not see it succeeding and walked away. He didn’t and succeeded.”
The entire Farnam Street article is worth a read, but there is a simple bottom line: You have to prepare for success more than you prepare for failure. It means determining your endgame before you start. It means working backwards from your ultimate success. It means laying out the steps that you need to take at the end, then determining the actions you need to today to reach those final steps.
It’s worth noting that Musk’s ultimate and perhaps only goal is to have humans live on multiple planets. What do you need to do make that happen? Affordable, reliable rockets. His revolutionary SpaceX program is just an ends to a means. Seemingly fatal mishaps and challenges are minor bumps in the grand scheme, but that only works when you have a master plan.
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It’s not surprising that a number of current and former technology company leaders hold top positions on Forbes’ 30th Annual World’s Billionaires list, but you might be shocked when you learn what most of those who qualify have planned for their money.
Six of the top 15 richest people in the world hail from the technology space on a list that includes 1,810 billionaires (down from 1,826 in 2015). Each has an average net worth of $3.58 billion, which is a drop of $280 million from $3.86 billion in 2015. Forbes also noted that the total net worth for this year’s billionaires dropped as well, from $7.05 trillion last year to $6.48 trillion in 2016.
And all of the tech billionaires in the top 15 are self-made men, which puts them in good company where roughly two-thirds of the billionaires (1,186) created their own fortunes, while 228 inherited their wealth, and another 396 inherited at least a portion but are still growing it, according to Forbes.
The magazine compiled the list using “a snapshot of wealth taken on Feb 12, 2016, when stock prices and exchange rates were locked in from around the world,” according to a press release. It’s based on individual wealth rather than family fortunes, though couples or siblings are listed together “if the ownership breakdown among them isn’t clear.” But they still must be worth a minimum of $1 billion apiece to qualify.
Of course, the six tech names who appear in the top 15 all qualify, and then some.
No. 13, Sergey Brin, $34.4 billion, and No. 12, Larry Page, $35.2 billion: Of course both Page and Brin made their money by creating Google, which now operates under the parent corporation Alphabet (NASDAQ:GOOGL). That new holding company was set up partly to create a way to better organize the “moonhsots,” which have been part of the Google business model. Moonshots are pursuits of big ideas that are partly business and partly for the betterment of humanity.
In an interview with Charlie Rose, Page talked about Elon Musk’s idea of “backing up humanity” by creating a parallel civilization on Mars as an example of an effective way to improve the world through business. “That’s a company, and that’s philanthropical,” he said. In some ways that has Brin and Page using their fortune now for both personal and global gain now instead of donating their wealth to charity, as many on the list have. Neither has spoken much about the topic, but Page has been supportive of innovators like Musk, who he thinks can revolutionize humanity.
Alphabet helps Google pursue those same ideals while also possibly creating future wealth that could be used to do more good going forward. It’s a less direct way to pursue public benefit than some of the other billionaires on this last are pursuing, but it’s still a way to use a personal fortune, or in this case two, to benefit humanity.
But if you are, you may account yourself as one of the lucky few because not many people are able to!
The sole founder of SpaceX,Elon Musk – and of course also know as the co-founder of PayPal and Tesla Motors – has a rather peculiar riddle he likes to ask when he is interviewing potentially new employees. Although Musk is known to appear pretty disinterested while interviewing candidates. After he has finished asking his questions he throws out a rather difficult riddle at the potential candidates, but not many people are able to solve it.
So here is the riddle Elon Musk asks:
“You’re standing on the surface of the Earth. You walk one mile south, one mile west, and one mile north. You end up exactly where you started. Where are you?”
And do you think you know what the location is? If not, be sure to check out the video below in which MindYourDecisions explains some of the potential solutions.
Don’t worry if you weren’t able to solve it, not many people can and I admit it was a challenge..
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Elon Musk’s dream and ultimate goal of establishing a permanent human presence on the Red Planet in the form of “A City on Mars” took a gigantic step forward with the game changing rocket landing and recovery technology vividly demonstrated by his firm’s Falcon 9 booster this past Monday, Dec. 21
– following a successful blastoff from the Florida space coast just minutes earlier on the first SpaceX launch since a catastrophic mid-air calamity six months ago.
I don’t think we can discount the possibility of a third World War. You know, in 1912 they were proclaiming a new age of peace and prosperity, saying that it was a golden age, war was over.
And then you had World War I followed by World War II followed by the Cold War. So I think we need to acknowledge that there’s certainly a possibility of a third World War, and if that does occur it could be far worse than anything that’s happened before. Let’s say nuclear weapons are used. I mean, there could be a very powerful social movement that’s anti-technology.
Elon Musk worries third World War would ruin Mars mission
Tesla Motors CEO Elon Musk and Y Combinator President Sam Altman will be cochairs of OpenAI, “a non-profit artificial intelligence research company,” which was announced on Friday.
“Our goal is to advance digital intelligence in the way that is most likely to benefit humanity as a whole, unconstrained by a need to generate financial return,” says the OpenAI blog entry.
The company has already secured commitments for $1 billion in funding, according to that blog post, from a who’s who in tech, including Altman and Musk as well as Silicon Valley luminaries like Jessica Livingston and PayPal cofounder Peter Thiel.
Elon Musk just founded a new company to make sure artificial intelligence doesn’t destroy the world