Make Failure an Option.
“Failure is an option here. If things are not failing, you are not innovating enough.”
Elon Musk
Good business decisions are often very safe. But great business decisions are
almost always risky.
All of Musk’s business successes have come in emerging industries with a dubious
history of turning a profit: the Internet (in 1995), electric vehicles, space travel,
and solar panels. Musk knew going in that there was a high risk of failure, but
while he never planned on failing, he always had a contingency plan to allow for
failure.
For instance, when Musk set about sending rockets into space, he knew that the
first rocket likely wasn’t going to succeed. That’s why he invested enough money
into SpaceX ($100 million) to “make failure an option” and allow for up to three
launches.
Leadership Requires Putting Yourself Forward.
Musk’s leadership was te