Tesla Motors Inc (TSLA) CEO Elon Musk Does Fear Failure

0
Tesla Motors Inc (TSLA) CEO Elon Musk Does Fear Failure
<a href="https://pixabay.com/users/Unsplash/">Unsplash</a> / Pixabay

Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk has been making headlines virtually every day lately. Many see him as being fearless because of all that he has accomplished, but in fact, he’s just as human as the rest of us, he admits. Even though everyone loves to compare him to Tony Stark and Iron Man.

Tesla Motors Inc (TSLA) CEO Elon Musk Does Fear Failure

Tesla’s CEO speaks on fear

The Next Web’s Josh Ong reports that he spoke at the Dublin Web Summit today and admitted that he does fear failure. He also highlighted just how close he did come to failure with both Tesla and SpaceX. Nonetheless, he said what makes innovators great isn’t a lack of fear about failure but simply the ability to move past it.

Deprival Super-Reaction Syndrome And Value Investing

Howard Marks oaktree capital value investing value investors valuation metrics famous investors PE ratio PB ratio EV/EBITDA PEG ratioDeprival Super-Reaction Syndrome And Investing. Part four of a short series on Charlie Munger’s Human Misjudgment Revisited. Charlie Munger On Avoiding Anchoring Bias Charlie Munger On The Power Of Prices The Munger Series - Learning . . . SORRY! This content is exclusively for paying members. SIGN UP HERE If you are subscribed and having an Read More


Musk’s near misses with failure

Musk told about how he financed the first three launches of Space X and that each of them failed. The fourth launch was the company’s last chance to succeed, and it barely had the money to complete it. But it was that launched which changed everything for the rocket maker. When the fourth launch went up, Musk said he was “so tense” that when it finally was a success, he didn’t feel excited. All he felt was “stress relief.”

Tesla Motors Inc (NASDAQ:TSLA) was trying to raise funds in 2008 at the beginning of the financial crisis. Larger automakers like General Motors Company (NYSE:GM) and Chrysler were going bankrupt, and Musk said it was difficult to approach investors to talk about Tesla. He said they were actually angry when he brought it up.

He ended up putting everything else he had into Tesla, borrowing from his friends in order to make up the difference. Tesla closed its investment round in the last hour of the very last day. If the automaker hadn’t raised enough funds, it would have been bankrupt just days later.

Other advice for entrepreneurs

Musk also offered some advice for entrepreneurs, like reasoning from principles instead of analogy and focusing on one specific area while soliciting as much feedback as possible from friends.

“They know what’s wrong with your product,” Musk said. “You need to get it out of them.”

No posts to display