Elon Musk: How to Start a Business (Elon Musk 2017)

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[Applause] you have to make it compelling and this is really at the key of Tesla is a car that you will covet that you want to draw it that happens to be very good for on the environment yeah exactly I think this is sort of general you know advice I’d give to people starting companies entrepreneurs in general is really focus on making a product that your customers love and it’s so rare that you can buy a product and you love the product when you bought it this is this is there are very few things that fit into that category and if you can come up with something like that your business will be successful for sure but it is generally true that innovation comes from questioning the way things have been done before and if in the education system you’re taught not to do that that will inhibit entrepreneurship there’s colonies elsewhere in the solar system and ultimately extend beyond the beyond our solar system and and so there’s the defensive reason of protecting the future of humanity and sharing that the line of consciousness is not extinguished should some calamity before the earth that’s the defense of reason but personally I find the more the word what it gets me more excited is is the fact that this would be an incredible adventure maybe like the greatest adventure ever mm-hmm and it would be exciting and inspiring and they need to be things that excite and inspire people yeah after your you know reasons why you get up in the morning it can’t just be solving problems it’s got to be yeah something something great is gonna happen in the future yeah people want to be more like you so and therefore the fate of humankind I think it would be great to have more Elon Musk’s what do we need to do to become more like Elon all right I don’t know if it’s I think it maybe sounds better than it is there’s a friend of mine he’s got a great thing about creating a company created trying to build a company and have it succeed is like eating glass and staring into the abyss so I mean what can happen is it’s sort of quite exciting for the first several months of starting a company and then then reality sets in things that go as well as planned customers aren’t signing up the technology or the product isn’t working as well as you thought and and then can that consumers be compounded by a recession and it can be very very painful for several years frankly starting company advising people to have a high pain tolerance do you fear that maybe an in this generation or the younger generation that they don’t have that perseverance Ingrid to take on these really tough challenges I think some people do and I think it is definitely sure that I mean maybe they tional e companies that get created work where there’s not an extended period of extreme pain but but I’m not aware of you know very many sort of such instances so but I do think that the new great entrepreneurs are born of every day and will continue to see amazing companies get built yeah but I would definitely advise people there’s not any company to expect a long period of quite high difficulty but let me song as people stay super focused on creating an absolute best product or service that really delights their end customer if they stay focused on that then it should basically if you get a such that your customers want you to succeed then you probably will all right you have to focus on the customer delivering for them yeah make sure if your customers love you you will your other success or dramatically higher yeah so I noticed I picked up two kind of themes from from what you were discussing one was that somewhat audacious goals and the other was I don’t think I heard used word profit and anything that you spoke of but you seem to be each each thing is pointed that reinvigorating in industry or bringing back space missions how much of your success do you attribute to having really audacious goals or versus just not being focused on the short term you know money coming in or their investors approach one one does have to be focused on the short term and money coming in when creating company because otherwise the company will for die so that the I think that a lot of times people think like creating company is going to be fun I would say it’s not it’s really not that fun when their periods of fun and their periods of where it’s where it’s just awful and particularly if you CEO of the company you actually have a distillation of all the worst problems in a company there’s no point in spending your time on things that are going right so you only spend on things on your time on things that are going wrong and they’re things that are going wrong that other people can’t can’t take care of so you like the worst give a filter for the crappers problems in the company the most pernicious and painful problems so I wouldn’t say it’s I think you have to feel quite compelled to do it and have a fairly high pain threshold and there’s a friend of mine who says like starting companies like staring at the abyss and eating glass there’s some truth to that we’re sharing it’s the best part is that you’re going to be constantly facing the extermination of the company because most most startups fail now it’s like 90 percent ugly 99% of of startzville so I so you that that’sa staring into the abyss plug you can’t constantly saying okay if I don’t get this right the company will die and and then you’re eating glass parties you’ve got you’ve got to do you’ve got to do the problems you’re gonna so you’re gonna work on the problems that the company needs you to work on that problems you want to work on and so that the unit working on problems that that you’d really wish you weren’t working on and so that’s the eating glass part then that goes on for a long time so how do you keep your focus on the big picture when you’re constantly faced with we could be out of business in a month well it’s just a very small percentage of mental energies on the on the big picture like you know you know you know where you generally heading for and the actual path is going to be some sort of zigzagging thing in that direction it try not to deviate too far from the path that you want to be on but you’re going to have to do that some degree but I don’t want to I don’t want to diminish that I mean I think the product the profit motive is a is a good one if the rules of an industry are properly set up so it’s only fundamentally wrong with puppet in fact profit just means that people are paying you more for whatever you’re doing then you’re spending to create it that’s a good thing and if you’re not if that’s not the case then you’ll be out of business and rightfully so you’re not adding enough value now there are cases of course where people will do bad things in order to achieve profit but but that’s actually quite unusual I mean because because usually the rules are set up mostly correctly like not completely with mostly correctly how do you spend your days enough like what what do you allocate most of your time to my time it’s mostly split between SpaceX and Tesla and of course I try to spend it’s a lot of every week at opening I basically half a day at opening I most weeks but other than that it’s really ideal when you’re a little extra Tesla like what is your time look like there yeah it’s a good question I think a lot of people think I must spend a lot of time with media or on business new things but actually almost all my time 80% of it is spent on engineering design engineering and design so it’s developing the next generation product at that’s 80% of it you probably not remember it’s a very long time ago many many years you took me on a tour of SpaceX and the most impressive thing was that you knew every detail of the rocket and every piece of engineering that went into it I don’t think many people get that about you yeah I think a lot of people think I’m kind of a business person or something it was fine I like Fitness is fine but a guy really you know if I get SpaceX Gwynne Shotwell is chief operating officer she kind of manages legal finance sales and kind of general business activity and then my time is almost entirely with the engineering team working on improving that the Falcon 9 and the Dragon spacecraft and developing the most colonial architecture and that Tesla it’s working on the model 3 and some in the design studio took a half a day a week dealing with aesthetics and and look and feel things and then most of our week is just going through engineering of the car itself as well as engineering of the factory how should someone figure out how they can be most useful whatever the things that you’re trying to create what would what would be the utility Delta compared to the current state-of-the-art times how many people it would affect so that’s why I think having something that has that’s that has a mix makes a big difference but effects a sort of small to moderate number of people is great as is something that makes even a small difference but it affects a vast number of people like the area yeah you know under the clothes yeah exactly the area under the curve is would actually be roughly similar for those two things I mean I think there’s a lot of things I mean I sort of I mean certainly you know listen listen more to critical feedback I mean like a lot of things I learned in college actually are pretty helpful I mean the thankful physics approach to thinking is very good like the first principles approach and you applied that in broadly yeah applying the first principles approach to thinking is I think a good way to figure out the counterintuitive situations and I thought that I thought that I was that was really a helpful thing to learn whereas there’s many things that need fixing in the world and students here probably to think of a long list many of which you could probably imagine solutions to using the physics first principle approach but has there been any framework or idea if you’ve used to filter out what you don’t do what you don’t pursue I mean would if sort of followed or what it initially was you know I won’t go back to like college Santa’s working on energy storage technologies for electric vehicles and that’s what I was going to pursue at Stanford actually with work work on like advanced capacitors and batteries to improve the energy density for electric vehicles and then the internet was kind of happening it was like the internet was happening like back in 94 95 and I wasn’t sure if what I worked on in the PhD would actually be useful so I was like I was really concerned that if I’d line timing or what was intuition meaning I think it could be academically useful but not practically useful like thank you you could result in a PhD and adding some leaf to the tree of knowledge but then then discovering that well it’s not really going to get a matter like that’s is it is it going to be a good enough thing to actually be used in an electric vehicle I wasn’t sure I mean so it was like I was uncertain as to whether success was one of the possible outcomes like I thought maybe it was but I wasn’t sure and and then I thought well if I watch the internet get bill while I’m doing this that that would be really frustrating there’s a sense of that eminent tining like that was the time for the internet and maybe yeah it was tough could wait or be in the back was it always there is like one day I’ll get back to that or was it that’ll probably get back to it and did end up doing that a bit yeah absolutely the internet was happening it like really taking off all the most people weren’t aware a bit in 95 and and so I figured like electric vehicle technology energy storage technology will be some sort of natural progression in that and I could come back to it later but the internet you know it was really that was the moment to really do something although in 95 it wasn’t obvious that you could actually make any money on the internet this was like no nobody until Netscape went public I think at the end of 95 at nobody even thought there was like you could make a valuable company on the Internet melodia says it seems now yes like now it seems really obvious but back then I was not at all and then the Internet is also helpful because it’s anything to do with software is a low capital endeavor so I didn’t have any money I just had a bunch of students dad but but software you can just write like by yourself and you don’t need a lot of atoms like you don’t need a lot of tooling and equipment and such like capital intensive so the ability to start a company if it’s software related and it’s the first company is much much easier and it seems obvious now but of course the easier place to start and maybe a more of a personal reputation and had more personal capital as some Marianne I know SpaceX was ill but was entirely funded by Elon for its first period partially from you know in an era when others probably wouldn’t have funded it right in those arrived two days oh and actually I mean before the precursor to to SpaceX was not the idea wasn’t really to create a company it was it was to try to figure out why we hadn’t gone ten people to Mars going from PayPal so the next thing I was sort of thinking well it is a some way to reignite the dream of Apollo that says you have a useful company so benign in a high-growth scenario you have a lot more inputs for for future outputs so that you have negative cash flow and like a profitability and which we currently have a Tesla but in the long term of course that has to be that that has to be fixed they can’t be negative cashflow and long term and that there needs to be a net positive output which is sort of profits in the long term but in the short term when there’s high growth that that doesn’t it isn’t the most sensible thing when you have this thing that every employee and customer knows is the purpose of the company how do you see that flowing through to benefits for the company I think having a purpose suddenly is going to attract the very best talent in the world because if people can do something it’s intrinsically enjoyable and the branch rewards are good but then also it’s something that’s going to genuinely change the world and that’s I think that’s pretty powerful motivator and but I don’t think you like everything needs to change the world you know you know honestly like there’s lots of like useful things that people do and I mean I think it really it should be like a usefulness optimization like just say like is what I’m doing as useful as it could be you tamen through the goal of an organization well in general yeah and you know just even if something isn’t changing the world that could make making people’s lives better I think that’s that’s great and you know if even if some things like making own people so it’s only slightly better but it’s a large number of people and kind like the area under the curve is is quite good and that mathematical first principle the point utility in number ugly yeah like I mean it’s sort of like the point it’s like so like it’s like some app really making people’s lives better fit specially but if it’s affecting a lot of people even in a small way then yeah these sort of area is good it’s always really tricky to predict the future alright some of its pretty obvious like computing power is going to be just crazy and really the big change is the cost of computing power hmm not so much the sort of circuit density so the Moore’s Law thing but if you if you look at say what is the actual dollars per instruction and and that that is dry I mean that that that cost is is dropping exponentially anything about it like you making a computer just you’re rearranging silicon and copper you know so one on a little chip and once the capital cost of the development and the the chip plant is paid for the act I mean the module cost of a chip is very very tiny so I think we’ll see massively parallel computers and kind computing power and storage being you know as really as much as you want it is interesting I to start with that like it’s like I don’t know what else to predict but as a foundation we’re sure of this seems like the safest starting you know premise but then what is that ripple through to and feels like genetics in AI which you mentioned autonomous driving space related topics I mean just ubiquitous computing everywhere I like AI is going to be incredibly sophisticated in 20 years hmm the when the first it like it seems to be accelerating and that the tricky thing about predicting things when there’s an exponential is that next potential looks like looks linear closed off and and it’s actually it’s not linear so and a I appears to be accelerating that’s what I can see engine so that you look at autonomous driving and point a is like this theory like functionality as you have guideposts well I had sort of debate about someone like is AI accelerating or not and the key thing like you think well what’s the y-axis you know if you different accelerating your T on the x-axis but what’s what the y-axis as well thought about that I think you can have a recursive y-axis so that if at any point in time your predictions for AI are coming sooner or later that that actually would help to find whether it’s accelerating or not whatever that axis was so you magically get didn’t ever immersive access like so if in any given year if you find your predictions are going further out or coming for the river coming closer ran that that actually you know it was one way to think of acceleration because like because otherwise what’s the what’s the quality verbal quantitative measure of AI and I can certainly see that with with autonomous driving you know three years ago I thought it was ten years away and at two years ago I thought it was five years away now I think it’s three years away or less than three years away Wow so any me say away like like like release the market available for consumer adoption is as opposed to prototyping no I mean like like the technology works there’s a sort of second question as to when regulators would approve a yeah yeah yeah yeah but but like look at that technology works as a general solution so like Tron was driving like crisscross anywhere so it could be sooner for point things like highway only or in hi only we’re already in public beta with this Tesla so we’ll be hopefully in the next several weeks releasing to to all of the cars that happen the autopilot hardware which is all car spoken like roughly the last 12 months and so for sure ubiquitous computing AI that’s beyond anything like the public appreciated today I think will have most of the new vehicles being produced being electric and will be probably have the supermajority of energy being produced being sustainable so I think I think we’re on head of solar primarily in your mom early solar yeah I think that those are sort of some good things like I think will be and hopefully on a good path for sustainable energy sooner is always better but I think by 2035 I think will be substantially like what most of transport most of new energy being produced will be sustainable broadband everywhere broadband everywhere yeah and hopefully hopefully a small base on Mars or some school city on Mars in 20 years years I’m gonna sit here well okay fine town village of you Hamlet I mean that’s exciting I mean that could get people fired up about the teacher yeah I do I agree exactly I mean for sure for sure Mars and sustainable transport like those items I think are really very sustainable energy those are I think really cool things I mean in terms of getting excited about having needs I think we’ll probably start seeing like more like truly sidewalk activity like human brain in like like the look range of your interfaces like there’s a long side the AI is that are purely yeah yeah I think so the only way we can relate I think you know and have a conversation and there are amazing things happen like happening these days like this they’ll be able to figure out how to do it auto fishel hippocampus in rats and monkeys and and now they’re looking at at doing that to solve severe epilepsy about half of severe epilepsy cases originating at so hippocampus by having sort of an artificially augmented hiccup hippocampus they can actually solve the severe epilepsy cases other board members asked and maybe they cheering up kind of method with some quoting Bill Gates or somebody that said you know if you haven’t failed and you’re not learning or so that’s a paraphrase of the clothes and I remember your reply and I have it written as a quote because I want to put it on a placard given the options I prefer to learn from success that me good I can come back and so I guess Alec series in general what do you think of the Silicon Valley mantra fail fast fail often or as Esther Dyson says always make new mistakes as well as if failure is the crucible of learning and experience if you have any further thoughts on that and that may be off-the-cuff comment you made out there I mean there are there are many bits or I mean I think it’s sort of just like some entropic basis but it’s like there are many walk more ways to fail than to succeed so you have to explore I mean take like for a rocket there’s like a thousand ways to think and fail in like one way it can work so you could you could have a lot of rocket fires to explore all the ways in which you could fail if it but I didn’t think that one great thing about looking at is failure is not a not a big stigma so it’s like if you if you try hard and it doesn’t work out that’s okay like you can learn from that and you know do another company and it’s not a big deal and that’s really one of the great things about talk about it interesting do you also I’m curious if either on the well it seems to me that on the system design side you can accommodate a likely failure of sub components and so much of the elegance of what they have Falcon nine or a fucking nine heavy at an ultimate incarnation of this vision of how the rocket should be built to say hey parts will fail thing but here’s other system can succeed and I’m curious if there’s any other thoughts along that how to how to accommodate anticipated failure and then also maybe inner like in managerial II is there ways that you motivate the team either in advance of failure to coach them on it this is going to happen or in the aftermath of failure to get them fired up to solve it and move forward when it might be dark times and like for example you emotions like failure to launch you know exploding on the paddy know there’s all these it’s a very visual it’s public spectacle when you have a setback in the rocket industry you can curious how you manage around failure I mean it’s I think it’s it’s like quite quite painful and difficult honestly and it feels terrible that the company is sort of looking to you know me to you know rally them and I do but honestly feel super bad like a punch in the gut yeah yeah remembers almost like a tight like the stages of grief I remember yeah I mean it’s just I mean it’s particularly with Rockets it’s just a really quite space is hard and rockets tend to fail unfortunately and even when you’ve got a lot of really smart people working super hard to minimize the probability of failure it’s still still there and it’s and it’s no it’s quite significant every lovasco nyquil wire wire rockets are especially hard and you’re part of it is like everything has to work the first time like there’s there’s no you can’t do a recall you can’t patch it it’s like nine minutes to orbit or it’s over and and then the that you know what you can’t you can never test the rocket completely in the environment that it’s actually going to experience you can’t fully recreate something that’s moving super fast in a vacuum on surface of a like you can only really record recreate that on in space so they limited the simulation tools all right is that a limit of the simulation tools today or that yeah absolutely other if there’s any error between the simulation and reality and there’s always so amount of error then then that that can result in failure it’s a really really tricky one it’s like in a software analogy it would be like if you had to write a whole bunch of software modules and you can never run them together and you can run them on the target computer look like when you’re testing them you’d have to test them individually and not in the actual computer that they’re going to run on gotcha then you put them put all the modules together run it for the first time in a completely different very different computer and it has to run with no bugs that is difficult the software analogies to rocket design are deep modular reuse I mean many of these like those who are in earth it’s not like this is an aerospace engineer by traditional training coming but but is in fact radically changing industry I think applying ACS perspective to industry after industry I’m like how would how would you know computer scientist or a physicist approach the problem which oftentimes the solution very unlike the industry incumbents there’s there’s a certain elegance to it at least from the outside what do you look for in design and related if you’d like what do you look for in art design might be more immediately there lord I mean you you want to make something beautiful you want to trigger whatever whatever fundamental aesthetic algorithms are like it in your brain you have I think some intrinsic elements that represent theory and and let that trigger the emotion of appreciation of beauty in your your mind and I think that these are these are actually relatively consistent among people I mean not completely so if you like not everyone likes the same thing but there are there’s a lot of commonality and and there yeah and they’re worth it but but I think it is important to combine aesthetic design with functionality like if you say like what was really hard about the Model S or the Model X was to combine aesthetics and utility so to balance the two you can make a car look very good by giving it sort of certain proportions I keep making it sort of low and slim and if you if you do that the utility is significantly affected and so the big challenge with the set of Model S was trying to figure out how do we get five adults plus two kids because I wanna have from 17 a big challenge with the like with with es was having a car that had a high utility and look good and the same with the X so like it’s like with the tomato sports car look good is relatively easy but to make a sedan look good or an SUV look good it’s because quite difficult and I think another principle is you want to have it feel bigger on the inside then it looks on the outside and that that’s also really hard thing to do and then you really pay attention to the little details the the nuances of design and shape and form function and the way it looks in different lights and when something’s off the little thing how do you experience that there drives me bananas yeah I mean it the problem is like if you you can train yourself to to pay attention to the tiny details I think almost anyone can although it this is a very much double edged sword because then you see although we’ll be fit and then little things driving crazy so but like most people don’t they don’t see they don’t consciously see the small details but they they do subconsciously see them like you sort of your mind takes in a result of the overall you know the overall impression and and you know if something is appealing or not even though you may not be able to point out exactly why and it’s it’s a summation of these many small details so most of us experience it as a way that’s ugly or I think that’s beautiful or like wow that’s elegant but ya can’t break it down you mentioned something in passing like you can train yourself in this though yeah you can train yourself I think you can make yourself pay attention to why you essentially bring the subconscious awareness into conscious awareness I wish I could do that how do you do that just Paik really close attention almost like a meditation on the object trying to find the details like why do I not like this is that what yeah look look closely and carefully mm-hmm and if for any given object its that it’s geometry there’s always something wrong somewhere all the time and so as long as people say super focused on creating an absolute best product or service that really delights their end customer if they stay focused on that then if your customers love you you will you’re a success or a dramatically higher

 

 

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