I wanted to have an understanding of the history of Tesla and SpaceX ventures and hence chose this book to read. This books gives an intrinsic view of the same. This is a well researched book, giving full details and well written to keep the readers attention. A must read book for all as it encompasses within it many facets which will enthrall all type of audience. Some take away's from the book which I would like to share.
Think BIG - don't stop - GO FOR IT
Tesla was a company not started by Musk, he invested in it and then made it really big. There was the idea by the promoters in 2003 but it was Musk who not only dreamed big also went for it. Space X & Tesla are both examples of organisations whose ambitions were too big and highly futuristic without any precedence, it was the sheer persistence of Musk to make it big against all odds (including near bankruptcy in 2008, launch failures, missing deadlines) which ensured Musk succeeded in his ventures. Musk believed in his ideas and worked towards it persistently and ensured that he succeeded in them.
Take away : Do not only dream, action the dream to realise the dream.
Time to action - Immediate
Call it impatience or setting challenging targets. Musk's feature is he sets targets which are very very challenging and never likes to be challenged for these decisions. SpaceX was started in 2002 and he wanted to set up a first launch in 15 months!! He was not afraid of failure. Between 2005 and 2008 there were 3 unsuccessful launches and finally succeeding in the 4th launch in September 2008. But for his tough target setting this launch within a short period of time would not have been possible
Take away : Action should be immediate no procrastination, set challenging targets
Take Control
Musk likes to be in control. This is vindicated by the fact that he did not have multiple suppliers for his components as was the case with his competitors who had multiple vendors across the globe and did not have direct control over them and had to to depend on them for various components. Musk wanted to have control over his components and their supply chain and hence he believed in in-house production and vertical integration. Musk ensured that many components required for his end products are manufactured at his plant at the least time and cost possible at the same time high quality products
Take Away - Wherever possible be in control of our related activities
Surround your self with excellent team members
Challenging himself and his team
Musk has a grueling work schedule working for very long hours and also expect his employees to do the same. When there was problem in some components for Roadster project Musk immediately flew to England in his jet picked up the component and delivered it to the factory in France to be on the deadline. Another instance when one of his engineers wanted to order an component (Actuator) for $120,000 Musk challenged the engineer and gave him a budget of $5,000 to develop this product in house which the engineer did. When challenging is at high levels it becomes a personal challenge for team members and it improves productivity and with it the results.
Take Away - Challenge and bring out the best (rough sea makes a good sailor)
Knowledge of what you do (Subject knowledge)
A must to have for Musk. He important traits are two fold one to read and acquire knowledge about the process to manufacture his products and to discuss with his engineers in detail about all aspects and acquire as much knowledge as possible on all aspects of his product. This helps him in developing his product and also to challenge his team members. In this way Musk became an aerospace expert and also a electric car expert. This trait helped him guide his companies to success
Take Away - Acquire in-depth knowledge in whatever you do
Vini Vidi Vici : Dream - Create - Market
I came, I saw, I conquered said Caesar. Musk is only slightly different. He had a dream (electric car, rockets), he created them with precision. What is the use of dream and creation if you cannot sell your idea or product and make it commercially successful. Musk used his extrovert approach to good use, he kept the media fed with interesting news at times he boasted too. He was constantly in the news giving regular updates about his products and kept his marketing ante upwards. This ensured that his products were well noticed and well received (ofcourse quality of his products were also of high standard). His after sales also was great and any complaint from customer is attended to immediately.
Take Away - For a successful entrepreneur 360 degree skills are essential
Overall a very good book especially for youngsters who are setting out on their career. A must read.
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