Elon Musk: These 5 Things Are The Best Gifts God Has Ever Given Me. Tesla Fans

I provide advice that would be most helpful and I'm not sure I've given enough thought to to that to give you the best possible answer but I think certainly being focused on something that you're confident will have high value to someone else and just being really rigorous in making that assessment because people are tend to, natural human tendency is wishful thinking so a challenge for entrepreneurs is to say well what's the difference between really believing in your ideals and sticking sticking to them versus pursuing some unrealistic dream that doesn't actually have merit. Did you know that spending Elon Musk's fortune at today's prices would take 332 years at an American's current average daily spending rate of about $165? Elon Musk has evolved from a poor South African student who had to write code at night and use a public laboratory to the richest billionaire in the world with a net worth of up to 200 billion dollars. The fact that he started the successful business that made him renowned is no longer surprising to us. How does he maintain such high profit at such a young age and what strategies does he employ? Our goal today is to show you exactly how he runs his company but first please hit that like button then hit subscribe and last don't forget to share this informative video with your friends and family. So without further ado let's get into the meat of today's post. Number one affordability and good quality are the cornerstones of Elon Musk poverty children ideology which guides his enterprises. I think in order for us to get to like let's say ultimately getting like a $25,000 car that's uh that's something we could we could do but it's probably if we really work really hard I think maybe we could do that in three years. According to Elon Musk's statement to staff Tesla's previously announced $25,000 electric vehicle is scheduled for debut in 2023. We're confident that long-term we can design and manufacture a compelling $25,000 electric vehicle so you know this this this has always been our dream from the beginning of the company. I even like wrote a blog piece about it. There have been comparisons between the $25,000 Tesla electric car also known as the Tesla Model 2 and a new electric hatchback that Tesla has been aiming to construct at Gigafactory Shanghai in China and export internationally. What would you say if I told you you could buy a Tesla for $25,000 that was on par with a $260,630 horsepower Lamborghini Huracan EVO or a $227,612 horsepower Ferrari Portofino? Although the Lamborghini Huracan EVO's zero to 100 kilometers per hour time of three seconds is significantly faster than the Tesla Model 2. Model 2's zero to 100 kilometer time is about 3.3 seconds. It's mind-bogglingly fast right? Elon Musk still needs to explain why he wants to produce a budget automobile. Although many individuals would like to own a Tesla, they're out of reach for most due to the car's high price between $35,000 and $70,000. For Elon Musk's satisfaction as a consumer, the Tesla engineering team is working around the clock to get this model to market as quickly as feasible. Tesla Model was released even though it was only recently usable. Model 3 is the most reasonably priced Tesla and was first introduced back in 2017 with a base price at $35,000. Now the same car begins at around $38,000 to bring a total cost to nearly $39,200 with delivery fees which add $1,000. Do you want to join the ranks of those with the first access to a brand new Tesla? Well comment below and let us know. And what about SpaceX? Does Elon have low-cost product development ideas? The answer is yes. I have great great belief in the American entrepreneurial spirit. I mean the fact that Elon can send a rocket into space and land it back on earth for what a tenth of the price of what the U.S. government. Well that's what private industry is supposed to do. Cheaper, faster, more efficient. In fact before he founded the firm, Musk had the idea to send a tiny greenhouse to the surface of Mars with dried gel seeds that would hydrate upon landing as part of a humanitarian mission to the red planet. Musk even quipped the best photo would be a green home in front of a crimson backdrop. However, how did he initially come up with this idea? As in trying to purchase ICBMs from Russia. I had to acquire a few of their largest ICBMs from Russia three times, Musk said. I'm glad I had the opportunity. I received the impression that I too could have purchased the nuclear weapon. Nevertheless, I chose not to. In retrospect, Musk admits, I was clueless. I had no idea what the heck I was doing. This was 2001, 2002 when he was getting ready to launch SpaceX. No one thought, let's use rockets to conquer the globe. Instead of relying on the rockets made famous in movies like Top Gun, Musk and SpaceX set out to build their technology. In addition, after 50 launches, Musk and his colleagues have a far greater understanding of space travel. The most likely conclusion was a failure, Musk said. The initial trio of missiles all crashed. Elon Musk started SpaceX and produced affordable rockets when Russia stopped supplying them. Unlike Russia's Soyuz rocket, which costs $70 million, the business claims it can send an astronaut to the space station for $20 million. What about his other businesses? According to the Boring Company's website, it costs between $100 million and $1 billion per mile to build tunnels at the moment. A factor of more than 10 must decrease tunneling costs to make massive tunnel networks practical, with Boring Company Loop Tunnels costing around $10 million per mile. The Las Vegas project, which they just finished, cost $47 million for a loop of 1.7 miles, despite Musk Tunneling Company claims that their loop tunnels cost approximately $10 million per mile on average. According to the firm, the average cost of a mile of the conventional tunnel is between $100 million and $1 billion. Just three of Musk's typical businesses exemplify the effectiveness of his low-cost yet high-quality strategy by generating profits and operating efficiently. Tell me what you think of Musk's business approach. Share your thoughts with us in the comment section. And here we are at last in the second chapter. 2. Stringent Hiring Practices and Widespread Layoffs People who've worked closely with Musk say he's active in running the businesses that he heads, including the recruiting process. He interviews nearly every new employee that SpaceX hires, just as he did at PayPal. So it's natural to wonder what criteria one of the world's brightest uses when making hires. I gained some understanding of Elon Musk's approach to recruiting through reading interviews and anecdotes online. How about the two-hands test? Both first- and second-hand testing are included in this test abo. A combination of theoretical understanding and practical experience is needed for the testing. Musk is unique in that he doesn't place a high value on academic credentials, but rather values those who bring practical experience to the table. Hands-on tests closely mimicking the real-world experience candidates will have are the key to overcoming this obstacle. Testing candidates is an integral aspect of growing a company, much like testing new products. The time and effort put into finding and employing new employees is considerable. The faster you can screen resumes and find qualified candidates, the sooner you can do interviews and field tests to find hidden gems, much like Tesla and SpaceX do. Do you believe the two-hands method can help you get to the point and find the best candidates in less time? With an ongoing replacement of staff policy, Elon Musk businesses are constantly hiring and firing employees. Elon Musk has started firing a large portion of Twitter's 7,500 employee workforce to restructure the firm completely. The company is, quote, overstaffed in many areas, unquote, according to Musk in another email to colleagues, prompting a 10 percent reduction in salary-based positions. Yet hourly headcount will climb, he said. Also, SpaceX has announced it would be laying off approximately 600 of its 6,000 personnel in 2019 to thin out the company. Since Musk constantly restructures his businesses, layoffs are commonplace. Compared to other long-term businesses, our tycoon doesn't count on keeping all the same people on board. Successful companies, like those founded by Musk, have proven that high employee turnover rates are warranted. What do you think? Number three, creating non-conformist private enterprises. Elon Musk started a firm making electric automobiles while everyone else was driving gas-powered autos. It's not well known, but Musk has also previously had two vehicles powered by internal combustion engine, a 1978 BMW 320i, and for years, an E-Type Jaguar, which he has admired, even though having one is like being in a toxic relationship. And I said, well, if I can ever afford it, that's the car that I'm going to get. And so that's why I bought it. That was like a bad girlfriend. It kept breaking down on me, causing all sorts of trouble. In fact, it broke down on the way back from the dealer. That's a bad sign. Plus, Musk forgets important details about his gas-powered car. And then literally one of the wheels fell off. When you were driving? No, actually, it was during the start of my first company and I'd lent the car to an intern to go get something. And he gives me a call and says the wheel fell off the car. And you can see this like big scratch in the road where the axle looked like it could while he was turning. And I scrapped the car at that point. Knowing the mentality and issues faced by gas-powered vehicle owners influenced Musk's decision to create and build Tesla. The company's stated goal is to accelerate the advent of sustainable transport by bringing compelling mass-market electric cars to market as soon as possible. While its stated mission is to create the most compelling car company of the 21st century by driving the transition to electric vehicles. And Elon Musk is executing his strategy and vision with great success. He started the Boring Company equipped with an excavator to build tunnels for automobiles at a fraction of the cost of government digging when there was an increase in traffic on the roads. The company's mission is to build extensive tunnel systems to one day eradicate soul-destroying traffic. Like many of Musk's ideas, the Boring Company seems to have been founded on a whim. Musk famously tweeted, traffic is driving me crazy in December of 2016. Boring Tunnel equipment is being constructed and I intend to begin excavating immediately. Six months after Musk's SpaceX parking lot excavation project began in Hawthorne, California, the Boring Company was established. The company has said before that its technology might eventually transport people at According to a press release from the Boring Company, they received the extra capital in a Series C investment round to put the company's valuation at $5.675 billion. The new funds will expand Loop. That's the company's technology for transporting people through tunnels at fast speeds. I can't wait for Musk's next completely crazy idea. Is the idea of operating a smartphone without touching it something you've never considered? Must be a joke, right? Well, Elon Musk company Neuralink will be the driving force behind that. Neuralink, a company founded by Elon Musk, has started working on a way for people to control electronic items mentally. According to their website, Neuralink's mission is to develop a brain-computer interface that would enable wireless data transfer between the human brain and a computer. One might utilize a Neuralink chip implanted in their brain to operate a computer without using their limbs, allowing a paraplegic person to do things like using a mouse and keyboard. Reverse transmission of information would allow the person's brain to create a simulated touch experience. And how do we do it exactly? Electrodes put close to neurons can record the electric impulses sent and received by the brain's neurons. Despite the advanced technology, repeating those impulses may recreate the feeling of grasping an apple or kissing another person. Do you not find that unbelievable? Me too. Technological advancement may bring about major benefits in the not-too-distant future. Elon Musk has set a precedent and the advertising industry must now follow his lead by putting more emphasis on research and development. According to a recent study, Tesla invests far more in R&D than any other carmaker per vehicle while investing significantly less in advertising. Despite selling a small fraction of the vehicles that the world's largest automakers sell, Tesla is currently the largest carmaker in the world by market valuation. The electric manufacturer is expanding rapidly and can produce over a million vehicles annually. So why don't they need advertising strategies? Considering they have Elon Musk working for them. Elon Musk has had a significant impact on Tesla through his remarkable ideas and his use of social media. In addition, his recent takeover of Twitter only works in Tesla's favor. Musk tweets average 211,518 likes and 16,569 retweets from his massive following of over 120 million users. So with just one tweet, he shatters the car industry's collaborative advertising. Let's draw some parallels. 45 firms in the U.S. spent over a billion dollars on advertising. Of those, three are automakers, with GM advertising ranking fifth. In 2018, GM spent $3.14 billion on advertising and was the only automaker to crack the top 10 list in the U.S. While some automakers don't spend nearly as much on advertising, others in 2018 had big expenditures in the U.S. Ford spent about $2.3 billion annually on national advertising, putting them at number 13 on the list of the largest national marketers. Following the top five corporations in terms of vehicle expenditures are Fiat Chrysler at $2.1 billion, Toyota at $1.4 billion, and Honda at $1.4 billion. Collectively, these five businesses control 67.6% of the industry. How does Tesla put its money toward research and development when it hasn't spent a penny on advertising? Well, the Tesla R&D budget dwarfs that of any other carmaker. The average cost of R&D is about $2,984 per car. More than Ford, General Motors, or Chrysler spend as much on research and development annually, and it's more than three times the industry average of about $1,000 per car. Alternatively, traditional automakers spend $495 on average to promote each vehicle they sell. If the OEMs cut their marketing budget in half and put the money into R&D, they would still lag significantly behind Tesla's R&D expense per car. By making the change, Ford would only need to spend an additional $1,700 per vehicle on R&D. In addition, Tesla devotes 100% of its research and development budget to advancing electric car technology rather than sharing resources with the company's internal combustion engine division. Now, in today's episode, we learn Musk's final secret. 5. Its Entrepreneurial Aspiration This kind of multitasking by a single CEO is unusual. Musk frequently invests in what he calls existential projects. Musk, an industry trailblazer in the online payment field, invested heavily in Tesla and SpaceX, using the proceeds from the sale of PayPal to eBay. Given how often he tweets about the need for free speech on social media, he clearly considers Twitter crucial to his legacy. He devotes a great deal of time, effort, and money toward his lofty goals of making mankind a multi-planetary species and ending humanity's reliance on fossil fuels. Elon is exceptionally bright, has boundless vitality, and has an insatiable need for success. To be sure, he's a rogue in the truest of the word. He goes about things in a way that's counter to the accepted norm of both thought and action. Like the rest of us who have followed him on his journeys, he realized at some time that fundamental change could not come from inside the system and must come from beyond. Elon Musk is a multi-billionaire entrepreneur whose success may be attributed to his innovative ideas. Elon's five-fold approach to being an exponential entrepreneur has helped him achieve unprecedented success. They stress the importance of having a positive frame of mind as the primary tool for realizing one's ambitions. In the end, if you want to make a difference in your business and the world, you have to be passionate and motivated by that mission. Otherwise, you won't take chances when you need to. You won't keep going when you encounter insurmountable challenges. To what sort of thinking have you committed yourself? How do you plan to deal with adversity, motivate your team, and secure the necessary funds and resources? Feel free to weigh in with your thoughts in the space provided in the comment section. Entrepreneurs, you should make conscious decisions about mindset you adapt and the people and information you surround yourself with daily and annually to reinforce that mindset. And this is the last bit of information we have for you today, but let us know by clicking the like button and subscribing if you enjoyed today's video. What a tremendous help. Thanks for your time and we hope to see you again soon. Enjoy the rest of your day and be safe until then.