Elon Musk's Speech that Broke the Internet | I Lost Many Battles!

well i certainly have lost many battles uh so far i've not lost a war but i've certainly lost many battles oh yeah more than i can count probably um i i don't really like risk for risk sake or anything it's and i do think that um early things are are very risky uh with a low chance of success but if you want to try to come up with an innovative breakthrough that's kind of that's going to be how it is anything which is significantly innovative is going to come with a significant risk of failure and but you know if you've got to take big chances in order for the potential for a big positive outcome um and um you know just if i mean if the outcome is exciting enough then then taking a big risk is worthwhile it's really i approach it but but then once executing down a path i actually do my absolute best to reduce uh risk you know because or to improve the another way of saying to improve the probability of success because when you try to do something that is very um very risky uh that you hate you have to spend a lot of effort trying to reduce that risk as you embark down that path i mean when um when i started spacex the i thought the odds of success were very low um i thought we'd most likely fail but i thought well we should give it a try nonetheless it certainly there are times when things don't go well and then that's quite dispersing for sure and so then it's difficult to proceed with the same level of enthusiasm but but i do think like i do think the things that we're doing are are you know pretty important to the future um and if we don't succeed then you know there's well there's not it's not clear what other things would succeed and if we don't succeed then we'll be certainly pointed to as a reason why people shouldn't even try for these things so i think it's important that we do whatever is necessary to keep going i think successful entrepreneurs probably come in all sizes shapes and flavors i'm not sure there's any one one particular thing for me you know some of the things i've described already i think are very important i think really an obsessive uh nature with respect to the quality of the product it is very important uh here so you know being obsessive compulsive is a good thing in this context um uh really really liking what you do what whatever area that you get into um given that you know even if you if you're the best the best there's always a chance of failure so i think it's important that you really like whatever you're doing if you don't like it life is too short um you know i'd say if and and also if you if you like what you're doing you think about it even when you're not working i mean it'll just it's something that your mind is drawn to um and and if you don't like it you just really can't make it work i think um well i think it's important to have a very um to apply critical thinking to space aren't right but to apply critical critical thinking to what one is doing um and by that i mean just the fundamentals of logic you know of um do you have the right axioms um are they relevant and are you making the right conclusions based on those on those axioms that's the essence of critical thinking and yet it is amazing how often people fail to do that i think wishful thinking is uh innate in the human brain you want things to be the way you you wish them to be in so you tend to filter information that you shouldn't filter that's the most common flaw that i see if you want to do something really innovative you have to apply a sort of first principles analysis not and don't don't reason by analogy analogies are are referencing the past um so first principles means you you look at the most fundamental truths in a particular arena and the things that really are almost indisputably correct um and you reason up from there to a conclusion um and and if you if you see that that conclusion is at odds with with what people generally believe then you have an opportunity now you can't operate like that on all things because it takes too much mental horsepower so most of your life you have to operate by reasoning by analogy but if you really want to invade you must reason for first principles to identify the problem the reason i came out to stanford was actually to work on energy storage technologies for electric cars at that summer of 95 i was looking at the the internet and it seemed to me like the internet was going to have a big effect on humanity so i i thought well i can either work on electric vehicle technology and do my phd at stanford and watch the internet get built or i could put my studies on hold and try to be part of the internet and at first i tried to get a job at netscape because that was the only internet company and they didn't respond to me so then i was like okay if i can't get a job at the only internet company then i better try starting something but i talked to my professor and i said look i'm going to try starting a company it's probably not going to succeed and if it doesn't succeed can i come back and he said sure no problem and so i put my studies on hold and started the company i mean we had many uh tesla who came many times close to bankruptcy in fact in at the end of 2008 we were only a few days from bankruptcy it was literally two days or three days maybe

Channel: DB Business

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Id: m-V8cZvAiJo

Length: 6min 27sec (387 seconds)

Published: Sun Aug 02 2020