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Elon Musk's Ultimate Advice for YOUNG PEOPLE | How to SUCCEED in Life - YouTube
Channel: Evan Carmichael
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He's worth over eleven billion dollars.
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He's created game-changing businesses like
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Pay Pal,
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Tesla Motors,
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and SpaceX.
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He's the closest thing we have to real-life Iron Man.
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He's Elon Musk and here are
his 10 rules for success.
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(Sonic Boom)
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Interviewer: That third failure in a row...
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...did you think: 'I need to pack this in' ?
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Elon: Never.
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Interviewer: Why not?
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Elon: I don't ever give up I have to be that
dead or completely incapacitated.
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Really liking what you do--
What-- Whatever area that you get into...
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Um...
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Given that-- even if you're the best the
best there's always a chance of failure.
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so I think it's important that you
really like whatever you're doing.
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Uh, if you don't like it... life is too short.
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If you like what you're doing, you think about it even when you're not working.
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I mean it's-- it's-- it's-- something that your mind is drawn to.
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Um, and... and if you don't like it, you
just really can't make it work, I think.
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So many people try to talk me out of starting our own company, it was crazy.
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One good friend of mine,
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collected a whole series of videos of rocket blowing up
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and made me watch those.
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He's just didn't want me to lose all my money.
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We're doing these things that, uh, seem unlikely to succeed.
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and we've been fortunate, and,
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at least thus far, they HAVE succeeded.
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Now is the time to take risk, you don't have kids--
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as you get older your obligations
increase.
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So-- You-- Those--
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And once you have a family you start taking risk not just,
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for yourself, but for your family as well:
it gets much harder to
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do things that might not work out.
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Uhm,
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so now is the time to do that.
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Uh,
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before you before you have
those obligations.
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so I would encourage you to take
risks now, do something bold!
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Uhm,
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you wont regret it.
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Reporter: How did you figure you were gonna start
a car company and be successful at it.
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Well, i didn't really think
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Tesla would be successful, I thought
we'd most likely fail.
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But I thought that, uh, we at least could
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address the false perception that people had,
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that an electric car had to be ugly
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and slow and boring, like a golf
cart.
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Reporter: But you say you didn't expect the company be successful?
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Then why try?
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Elon: If something's important enough,
you should try even if...
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...the probable outcome is failure.
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We focus on signal over noise.
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Um,
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A lot of companies get confused, they
spend money on things that don't
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actually make the product better.
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For example, at Tesla,
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we've never spent any money on advertising.
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Um, we, we've--
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put all the money into R&D, and manufacturing and design,
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to try to make the car as good as possible.
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Um,
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and, uh...
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I think that's...
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that's the way to go.
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For any given company just...
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keep thinking about 'all these
efforts that people are expending,
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are they resulting in a better product or service?'
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And if they're not, stop those efforts.
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When I interview someone,
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to work at the companies, I ask them to tell me about the problems they worked on
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and how they solved them,
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and if someone was REALLY the
person that solved it,
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they'll be able to answer multiple levels,
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they'll be able to go down to the brass tacks
and if they won't
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they'll get stuck,
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and then you can say 'oh, this
person was not really the person who solved it'
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because anyone who struggles hard with a problem never forgets it.
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If you're creating a company --or if you're joining a company--
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Uh,
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the most important thing is to,
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uh,
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is to attract great people.
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So either join a group that's amazing, that you really respect, or
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if you're building a company-- you've gotta gather great people.
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I mean all a company is, is a group of people
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that have gathered together to create a product or service.
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And so depending upon...
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how talented and hard-working that group is,
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and the degree to which they're focused,
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uh,
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cohesively in a good direction,
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that will determine the success the
company.
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So,
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do everything you can to gather great people,
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ah, if you're creating company.
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You gotta make sure that
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whatever you're doing is a great
product or service,
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it has to be really great.
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And i go back to what I was saying earlier, where,
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uhm,
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if you're a new company... I mean unless it's like some new industry or
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or new market that-- if it's an untapped
market,
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then,
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then,
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ah,
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you have...
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more ability to-- you've this-- this--
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The standard is lower for
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for your product or service. But if you're
entering anything where those an
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but if you're entering anything where there's
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existing market place
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against large, entrenched, competitors
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then,
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your product or service needs to be much better than theirs.
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It can't be a little bit better
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because then you put yourself in the shoes of the consumer,
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and they say "Why would you buy it?" (as a consumer.)
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You're always gonna buy the trusted brand,
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unless there's a big difference.
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So,
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a lot of times, uh, you know, an entrepreneur will
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come up with something which is only
slightly better,
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and its-- it's not-- it can't just be slightly
better, it's got to be a lot better.
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Depending on how well you wanna do, and particularly if you're starting a company,
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you need to work super hard.
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So, what does 'super hard' mean?
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Um, well,
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When my brother and I were starting our first company,
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instead of getting an apartment we just rented a small office,
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and we slept on the couch.
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Uh,
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and we showered at the YMCA.
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And we were so hard up we had
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one computer, so,
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The- , the-, the
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The website was up during the day,
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and I was coding at night,
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seven days a week,
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all the time.
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And, and, and, I, uh...
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...sort of briefly had a girlfirend
in that period and, in order to
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be with me, she had to sleep in the office,
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So--
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I-
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we're caught like--
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I mean, every waking hour, that's-- that's the-- the thing I would say.
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Particularly if you're starting a company.
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Um,
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and I mean, if you do the simple maths,
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say like, if somebody else is working 50 hours, and you're working 100...
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you'll get twice as much done in the course of a year
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as the other company.
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(music plays)
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thank you guys so much for watching I'd love to hear what you think about
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Elon Musk as an entrepreneur in the
comments below.
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if you want me to make a compilation
video of another entrepreneur
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leave a comment and let me know who you want me to make that video about.
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And don't forget to subscribe to the
channel and the newsletter.
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Believe.
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thank you guys so much for watching
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I ll see you soon.
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(sonic boom)
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