Answer to Question #167756 in Marketing for william

Question

Watch the video: 20 Min With A Pro- Entrepreneurs

1. What is Elon Musk's Physics Approach?
2. What advice did Jeff Bezos provide?

Answer 1

Elon Musk's Physics Approach

Elon Musk physics approach has been the first principles thinking; where you can employ for breaking down complicated problems and generating original solutions. It also might be the single best approach to learn how to think for your-self. In an Interview he said, “I tend to approach things from a physics framework,” “Physics teaches you to reason from first principles rather than by analogy. So I said, okay, let’s look at the first principles. What is a rocket made of; Aerospace-grade aluminum alloys, plus some titanium, copper, and carbon fiber. Then I asked, what is the value of those materials on the commodity market? It turned out that the materials cost of a rocket was around two percent of the typical price.” He applies first principles of thinking by breaking down fundamental aspects into sub-groups and building up from there.

What advice did Jeff Bezos Provide?

Jeff Bezos has a message for budding entrepreneurs: be ready to take big risks and fail. Jeff Bezos encouraged budding entrepreneurs to take risk; they have to be willing to take risk. He further argued that if they have a business idea with no risk, it's probably already being done. In addition to taking risks and failing, entrepreneurs must also be passionate about the businesses. He argued that entrepreneurs should be customer-obsessed and thus they should not satisfy them, absolutely delight them. In summary, Jeff Bezos has four key pieces of advice for budding entrepreneurs: be customer-obsessed, be passionate, take big risks, and fail. They should take risks all the time. Lastly, he said they need big failures in order to move the needle. If they don't, they are not swinging enough.