Book Summary: "Elon Musk"- Walter Isaacson

Brief about the Book:

Elon Musk ’s life is a blueprint for creating the sort of tech icon who, at 52 years old, merits a 688-page biography by Walter Isaacson , the resulting plans would be fairly straightforward — just rather hard to execute.

Take a bright, exceedingly headstrong, socially maladjusted young boy and forge his character in an abusive, friendless childhood. For solace, give him only science fiction novels, superhero comics, and a cadre of younger siblings and cousins to boss around, imbuing him with delusions of grandeur and a taste for unchecked power.

If he survives that, send him to Silicon Valley during the dot-com boom. Give him a relentless work ethic, an addiction to risk and a moral compass that puts his interests at its magnetic north pole. Add a keen eye for brilliant engineering minds he can mine for ideas and push to achieve the seemingly impossible, while he hogs the profits and credit. And then hope that he gets very lucky at pivotal moments along the way, so that his compulsive risk-taking doesn’t blow up in his face, even when his rockets do.

Interesting Facts.

Started Zip2 – 1995 When Elon was 24.

$3 million was invested in 1996 When Elon was 25.

Zip2 Was sold for $307 million. Elon made $22 million. 1998 When Elon was 28.

EBay bought PayPal in 2002 when Elon was 32.

Elon Musk was an angel investor in Tesla.

Book publication date: September 2023.

Brief about the Author:

Walter Isaacson:-

Walter Isaacson is a Professor of History at Tulane and an advisory partner at Perella Weinberg, a financial services firm based in New York City. He has been the CEO of the Aspen Institute, the CEO of CNN, and the editor of Time Magazine.

He is a host of the show “Amanpour and Company” on PBS and CNN, a contributor to CNBC, host of the podcast “Trailblazers, from Dell Technologies.”

Isaacson graduated from Harvard College and Pembroke College of Oxford University, where he was a Rhodes Scholar.

He began his career at The Sunday Times of London and then the New Orleans Times-Picayune. He joined TIME in 1978 and became the magazine’s 14th editor in 1996. He became CEO of CNN in 2001 and the CEO of the Aspen Institute in 2003.

He is chair emeritus of Teach for America. From 2005-2007 he was the vice-chair of the Louisiana Recovery Authority, which oversaw the rebuilding after Hurricane Katrina.

President Barack Obama appointed him to serve as the chairman of the Broadcasting Board of Governors, which runs Voice of America, Radio Free Europe, and other international broadcasts of the United States. He has also been a member of the U.S. Defense Innovation Board.

In 2023, he was awarded the National Humanities Medal by President Joe Biden.

ELON MUSK:- Book Review

Prologue:

Elon Musk who at age 5 traipsed solo across Pretoria to reach a cousin’s birthday party after his parents left him home as a punishment, has always had a little crazy in him. To help explain it, Isaacson introduces us early on to Elon’s brutal, “Jekyll-and-Hyde” father, Errol Musk. He’s a man Elon mostly despises but also, in his worst moments, resembles. When Musk’s first wife, Justine, reached her wit’s end with him, she would warn, “You’re turning into your father.”

Elon’s childhood in South Africa reads like the origin story for a superhero or a supervillain, at least as he and his family tell it. That may be by design: Musk has a penchant for self-mythologizing, casting himself as the sole hero of complex origin stories like that of Tesla’s founding.

One of the book’s critical passages has sparked geopolitical drama — and an embarrassing public walk-back by Walter Isaacson . In an excerpt from the book published in The Washington Post on Friday, Walter Isaacson recounts how Elon Musk single-handedly foiled a Ukrainian sneak attack on a Russian naval fleet in Crimea by cutting off the Starlink satellite internet service Ukraine’s drones were relying on. Isaacson writes that Musk decided because he feared that the attack could lead to nuclear war, based on his conversation weeks earlier with a Russian ambassador.

Section 1: Elon’s ability to learn and execute is paramount to his success.

One of the huge advantages that stood out to me when comparing Musk?with other entrepreneurs in the technology space was his unparalleled ability to execute and learn what he needed to learn to get the job done.

For example, although his programming background allowed him to create his first startup, which brought media companies online, it was his ability to execute despite all of his hindrances, like money and even a place to stay, that ultimately made the company a success.

He built out the initial functionality, continued to expand it, and eventually, he and his brother showed that they could execute well enough that they were able to attract venture capital dollars.

He also showed an amazing ability to retain and use knowledge in industries that were, at one time, completely foreign to him like finance, rocketry, and alternative energy.

The ability to learn and execute disseminated into the type of culture that he created around his companies. He was more interested in having an engineer find out how to build something rather than dealing with a supplier or outsourcing a part.

For those looking to follow in his footsteps or interested in entrepreneurship in general, I think the questions to ask yourself would be:

• How quickly can you learn what needs to be learned?
• What skill set can you repeatedly and continuously execute?

“He…was not afraid to just go figure things out.”

“Musk also began to hone his trademark style of entering an ultra-complex business and not letting the fact that he knew little about the industry’s nuances to bother him in the slightest.”

“Musk initially relied on textbooks to form the bulk of his rocketry knowledge. But as SpaceX hired one brilliant person after another, Musk realized he could tap into their stores of knowledge…He would quiz you until he learned ninety per cent of what you know”

Section 2: He might be a smart guy, but his passion is unmatched

There is no doubt that Musk is a super smart guy. Not only does he excel at absorbing new bits of information, but he can also do complex calculations in his head, get a feel for what is needed in an industry, and understand the interworking of other human beings.

However, there are a lot of smart people in the world. There are lots of individuals out there who are better at physics, mathematics, or programming than Musk. So why does he succeed??

At certain a level, intelligence and success are corollaries, but there is a point where?more intelligence does not lead to more success from a company-building standpoint. Instead, what matters more is drive, work ethic, the ability to learn, and the ability to hire people who are smarter than yourself.

Therefore, it’s Musk’s amazing passion, commitment, and determination to succeed, no matter what it takes, that sets him apart from his peers, not his intelligence. In business, given the correct?resources, a less intelligent man who continually tries and works hard will eventually find something that works and?resonates with customers (or a way to make it). A more intelligent man who fails to take continuous action and has less desire to see a certain outcome is less likely to be successful.

Section 3: His greater mission and vision unite his employees

It’s obvious that Elon Musk is talented and intelligent, however, in my opinion, it’s his ability to inspire and convince other talented and intelligent individuals to follow him and work for him that makes him stand out as a great entrepreneur.

It seems to me that it’s his inspiring visions and reasons for working hard that are what captivate the hearts and minds of the American public and his employees. He’s not just working hard to make more money and?become the?richest man in the world. He’s trying to make the entire human race multi-planetary and build an exciting future.

Would you rather work for a big government contractor who is intent on making money or a passionate individual who is genuinely trying to change the world for the better?

“His vision is so clear. He almost hypnotizes you.”

Section 4: He evaluates by rationality, not expertise.

This is one of the hardest things to do, particularly as a young entrepreneur, but you must evaluate opinions, assumptions, and advice based on the rationality that supports them, rather than the expertise of the individual who is speaking out.

A good example of this is the financial industry. Many young Americans will invest in this stock or buy this mutual fund because they were advised to do so under the guidance of a financial “professional” who has “20 years in the business.”

Funny enough, many of these financial professionals have a horrible track record of beating the S&P 500 and an even worse record of being right in terms of market timing or investment choice. Still, many people will entrust their money to such an individual because they believe that “they know better than they do,” simply because they have some kind of degree, certification, or industry experience.

Whether you are evaluating the advice of a financial professional, a veteran entrepreneur, or anyone who?claims to be an expert, you must evaluate the advice from the basis of the underlying rationality, not because “he or she who is an expert said it.”

There are great examples of this in the book where Musk calls veteran financial professionals idiots or calls someone an idiot with a distinguished background because they came to a faulty illogical conclusion.

Section 5: Determination and persistence?is the only thing that matters.

I’ve already mentioned that I think that Musk’s passion is his secret weapon when?motivating people to work for him and to get himself to work towards his own goals. But, everyone can be passionate about something temporarily and have that passion fizzle out over time.

Elon Musk has the uncanny ability to be passionate and focused over a very long duration, which ultimately is at the root of his success. Most people would quit after a few failed space launches, but simply by persisting, continuously learning, being “all in,” and trying it again, his next launch, which was a success, made the difference between him being seen as a success and failure in the eyes of history.

Therefore, the line between success and failure is very thin and sometimes it only comes down to determination and persistence. These qualities will decide if you can cross over the line from failure to success.

“He does what he wants, and he is relentless about it. It’s Elon’s world, and the rest of us live in it.”

“What he went through in 2008 would have broken anyone else. He didn’t just survive. He kept working and stayed focused. Most people who are under that sort of pressure fray. Their decisions go bad. Elon gets hyperrational. He’s still able to make very clear, long-term decisions. The harder it gets, the better he gets. Anyone who saw what he went through firsthand came away with more respect for the guy. I’ve just never seen anything like his ability to take pain.”

Section 6: Building Useful Things

When asked how Musk wanted to be seen, he said that he wanted to be seen as useful. He’s also repeatedly said that a business that does not bring a useful product to a consumer that solves some kind of pain point should simply not exist.

Not only does Musk work backwards from the consumer to figure out what he needs to build that will be of use to that individual, but he also continuously asks that question. Tesla is famous for shipping new software that expands the functionality of their fleet and coming up with new and interesting ideas that will future solve energy and transportation problems.

Paul Graham says it well: “Make something people want. Don’t worry too much about making money.”

Section 7: Being in his world

I’ve also read most of the biography of Bill Gates and one of the things that struck me was the similarity between how individuals described Gates and Musk. Acquaintances?both said that these individuals would often retreat into their world where they would be thinking and not respond to their surrounding environment, even if people asked them questions.

I think this is a testament to the incredible amount of single-minded focus that both of these individuals exhibit and the way they can tune out any kind of distraction.

Section 8: Days spent hustling

Not to draw too much of a parallel (though I do think Musk is a hybrid of Steve Jobs and Bill Gates in terms of skills), but in the same way that Gates was famous for working long hours and getting home late at night only to collapse from exhaustion and sleep, Musk was also a big hustler.

“I had friends who complained that their husbands came home at seven or eight. Elon would come home at eleven and work some more. People didn’t always get the sacrifice he made to be where he was.”

His hard work translated to his team, which at SpaceX, are known for working on weekends. It also made him a bit less empathetic I think, because he would be constantly evaluating how key components of his life are aligned toward his larger mission.

“Even then, as essentially a college kid with zits, Elon had this drive that this thing – whatever it was – had to get done and that if he didn’t do it, he’d miss his shot.”

As a CEO, Elon is extremely hands-on from working on problems to evaluating the quality of the product. He also has a knack?for making complex decisions quickly and moving on. Overall, his hard work in the right industry and with his talents has certainly paid off.

“Elon concluded early in his career that life is short. If you embrace this, it leaves you with the obvious conclusion that you should be working as hard as you can.”

Conclusion:

“He always works from a different understanding of reality than the rest of us. He is just different than the rest of us.”

There are a lot of abilities, skills, and personal qualities that Elon Musk has that explain why he is where he is today. If I had to pick one key takeaway?however from reading his biography, it would be?the way that he:

1. Gets smart people to work for him.
2. Gets them to work harder than they ever have in their life.

He and his team are willing to deal with shitty problems and work towards a solution, no matter how many hours they have to put in to get there. This means that he’s put himself in a great position to own great intellectual property and the products that come from dealing with these problems.

When scouting for engineers, Musk has it down pat:?“We’re looking for people that have been building things since they were little” and in the same way that coders are evaluated, he measured individuals based on what they have built and how they’ve demonstrated their exceptional abilities.

I think that Musk has put himself at the intersection of hardware and software, which is going to become a booming industry in the years to come and draws on the strengths of his Silicon Valley experience.

Learning:

My take is that the first 100-200 pages of the book didn’t grab as quickly as the final 400 did.

I think there is a lot to relate to depending on each reader’s perception of the world. Here are my key takeaways from his remarkable journey

• Being Resilient and Optimistic Pays Off, Especially When You Have Skin in the Game.

Elon’s companies are like his own children to him. He puts everything he has on a level that I can never imagine. For many, he is taking unnecessary risks, but his all-in approach is what makes Tesla incredibly successful and allows SpaceX to build reusable rockets. If he did not have enough skin in the game, he would just be a CEO, trying to make money out of his ventures. There is an element of luck in these stories, but it’s Elon’s unwavering determination that creates opportunities.

Not surprisingly, he demands the same level of dedication from his employees. This is puzzling for many, including myself. But this is a different level. For Elon, life isn’t about balancing work and personal life; rather, life itself is work — a meaningful, joyous endeavour where money becomes a byproduct.

• Life Is a Trade-off, and Success Comes with Sacrifices and Harsh Criticism.

To me, striking a balance between being a great father, boss, and healthy person while running multiple successful companies is nearly impossible. One can see a magnificent life which hides the sacrifices made behind the scenes. I am not saying “money can’t buy happiness” kind of cliche. Nor am I saying there is a sob story of an ultra-wealthy man. However, sacrifices are inherent in lives like Elon’s, and they often go unnoticed.

Be careful what and who you envy.

• If You Believe in Your Skills and Hard Work, Don’t Be Afraid of Contrarian Thinking.

If Elon listened to the wise men surrounding him, he would not have initiated his endeavours, never started car manufacturing and never imagined going to Mars. Instead, he would create another addiction machine (which sadly he is doing it now but for excusable reasons) like the rest of the Silicon Valley. The man taught himself how to code at 12, mastered rocket science (not figuratively), and revived the manufacturing industry in the USA. Reading this book, I have seen this pattern in many of his decisions, whether it is technical or financial. He is smart, relentless about what he wants, and trusts his guts. We’re fortunate to have contrarians like him.

• Sharing Value Creates More Value:

Elon Musk has a unique approach to sharing valuable information. He open-sourced Tesla’s patents in 2014 believing that they belong to mankind. He promised to make Twitter’s algorithm to be open-sourced and he wanted OpenAI to do the same. Such openness is rare in this capitalist world that often guards knowledge. Imagine even vaccines are protected by patents despite using a significant amount of public resources. Ultimately, sharing its valuable information did not make Tesla worse, rather, it contributed to the progress of the electric car industry. As someone tired of ultra-protectionist lawyers, I embrace the idea of sharing what is valuable to humanity. This will lead to a better world.

• Life is short, do what you want:

This is self-explanatory but requires daily reminders. I have seen Elon advising the same.

As I explore Elon Musk’s life, I’m grateful to witness the evolution of a modern-day icon. Also, Walter Isaacson’s biography of Elon Musk is coming this year. I am excited to read it from the master of biographies.

Walter Isaacson & Elon Musk

Get the link to buy this book: https://amzn.to/3LLt0IY