15 Key lessons from "The Founders" by @jimmyasoni:
1/ Closed Mouths Don't Get Fed
In college, @elonmusk would read the newspaper and cold-call people he found interesting.
He cold-called an executive at the Bank of Nova Scotia and asked for a job.
They got ended up getting lunch and Elon later got an internship offer from him.
In college, @elonmusk would read the newspaper and cold-call people he found interesting.
He cold-called an executive at the Bank of Nova Scotia and asked for a job.
They got ended up getting lunch and Elon later got an internship offer from him.
2/ Look Inwards To Find Your Passion
As a teen, Elon spent most of his time talking about physics, the meaning of life, and the universe.
Even at 19 years old, his boss could clearly see that Elon's real love above everything else was space.
As a teen, Elon spent most of his time talking about physics, the meaning of life, and the universe.
Even at 19 years old, his boss could clearly see that Elon's real love above everything else was space.
3/ Don't Be Afraid of Big Companies
Elon's banking internship proved to him that banks were lame.
These multi-billion dollar corporations were afraid of change and bad at innovation.
This insight led him to start X .com (which would later become PayPal.)
Elon's banking internship proved to him that banks were lame.
These multi-billion dollar corporations were afraid of change and bad at innovation.
This insight led him to start X .com (which would later become PayPal.)
4/ Take Smart Risks
Elon saw the dot-com wave but was just accepted into Stanford's prestigious PhD program.
However, he realized he would regret sitting back and missing out on this opportunity.
So he put his PhD on pause and figured he could go back to it if things failed.
Elon saw the dot-com wave but was just accepted into Stanford's prestigious PhD program.
However, he realized he would regret sitting back and missing out on this opportunity.
So he put his PhD on pause and figured he could go back to it if things failed.
5/ Startups Require Scrappiness
Elon had less than $5,000 in his bank account when he started his first company.
So he had to get scrappy.
He drilled a hole through the floor to get internet from his neighbor, slept in the office to save money, and showered at the local YMCA.
Elon had less than $5,000 in his bank account when he started his first company.
So he had to get scrappy.
He drilled a hole through the floor to get internet from his neighbor, slept in the office to save money, and showered at the local YMCA.
6/ Study The Success of Others
When a colleague walked into Elon's home, he saw that Elon's room was literally filled with books.
Elon loved biographies about business luminaries and how they succeeded.
"Elon was prepping himself and studying to be a famous entrepreneur."
When a colleague walked into Elon's home, he saw that Elon's room was literally filled with books.
Elon loved biographies about business luminaries and how they succeeded.
"Elon was prepping himself and studying to be a famous entrepreneur."
8/ Pick Your Company's Name Wisely
A company's name should be unique but also easy to spell.
Zip2 was a terrible name because it could be spelled in multiple ways:
-ZipTwo
-ZipTo
-ZipToo
He made sure his next company's name was super simple: X .com
A company's name should be unique but also easy to spell.
Zip2 was a terrible name because it could be spelled in multiple ways:
-ZipTwo
-ZipTo
-ZipToo
He made sure his next company's name was super simple: X .com
9/ Set Expectations Early On
Building a startup is hard and Elon wanted to make sure possible new employees knew that.
During the interview process, he would tell them if they wanted to easy work and standard 40-hour workweeks that his company wasn't the place for them.
Building a startup is hard and Elon wanted to make sure possible new employees knew that.
During the interview process, he would tell them if they wanted to easy work and standard 40-hour workweeks that his company wasn't the place for them.
10/
You can roughly tell how smart a person is by the questions they ask.
Oftentimes, finding the right question is harder than finding the right answer.
If you can properly phrase the question, answering it becomes the easy part.
You can roughly tell how smart a person is by the questions they ask.
Oftentimes, finding the right question is harder than finding the right answer.
If you can properly phrase the question, answering it becomes the easy part.
11/
If you want to build a high-performing company like PayPal, only hire A-players.
A-players hire other A-players because they love to compete and win together.
B-players hire C-players because they want to make themselves look better than others without doing too much work.
If you want to build a high-performing company like PayPal, only hire A-players.
A-players hire other A-players because they love to compete and win together.
B-players hire C-players because they want to make themselves look better than others without doing too much work.
11/
Diversity of opinion is good when no one knows what to do next.
But if one person has experience in the matter or has already done it, follow their direction instead of spending time arguing.
Diversity of opinion is good when no one knows what to do next.
But if one person has experience in the matter or has already done it, follow their direction instead of spending time arguing.
12/ Sometimes You Have To Go All-In
Long before Elon used all of his savings to save Tesla & SpaceX from bankruptcy, he did the same for X.
He used his own money to pay for X's referral program.
He also moved his personal accounts to X and became the company's largest account.
Long before Elon used all of his savings to save Tesla & SpaceX from bankruptcy, he did the same for X.
He used his own money to pay for X's referral program.
He also moved his personal accounts to X and became the company's largest account.
13/ Watch Your Back
Elon was such a charming and powerful storyteller that his opposition knew the only chance they had off firing him was when he wasn't there.
So they waited until he went on his honeymoon to oust him.
It was cruel but Elon also saw it as a smart strategy.
Elon was such a charming and powerful storyteller that his opposition knew the only chance they had off firing him was when he wasn't there.
So they waited until he went on his honeymoon to oust him.
It was cruel but Elon also saw it as a smart strategy.
14/ Forgive and Forget
Elon could've easily stayed bitter about getting fired from PayPal while on his honeymoon.
But he chose to turn the other cheek and not hold a grudge.
This made the team respect him even more and helped him maintain a good relationship with everyone.
Elon could've easily stayed bitter about getting fired from PayPal while on his honeymoon.
But he chose to turn the other cheek and not hold a grudge.
This made the team respect him even more and helped him maintain a good relationship with everyone.
15/ Getting Fired Can Be A Blessing In Disguise
Getting fired from Apple allowed Steve Jobs to build Pixar.
Similarly, getting fired from PayPal allowed Elon Musk to focus on his other passionsβelectric car and space exploration.
This freed him up to build Tesla and SpaceX.
Getting fired from Apple allowed Steve Jobs to build Pixar.
Similarly, getting fired from PayPal allowed Elon Musk to focus on his other passionsβelectric car and space exploration.
This freed him up to build Tesla and SpaceX.
Want to learn more about Elon Musk, the journey of building PayPal, and the PayPal mafia?
Get a copy of the book here:
amzn.to
Get a copy of the book here:
amzn.to
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