Superheroes emulate him. For some time now, I've been assessing Musk and have outlined five different reasons that explain why he's so successful. What Elon Musk has . Elon Musk's current net worth is a whopping $152 Billion. I feel the same way. When Musk is brave with his decisions, his team is empowered with the same courage. 2. Write an article and join a growing community of more than 160,400 academics and researchers from 4,572 institutions. I believe that he really cares about contributing to society and bringing the human race forward to a better tomorrow.After all, this is the man who allowed other automobile manufacturers to freely make use of Teslas valuable battery technology. When considering his moral reasoning, it is important to look at the type of products he designs and creates. Explore the amazing adventurehe wishes to take us all upon. So find a smallidea. This kind of thinking makes many companies mediocre. He views these as experiments that didnt work out and simply moves on to the next step. Biography.com. Few more of his leadership traits are given below: Leading with Purpose Collaborative Being Comfortable with Change Operating with integrity Being Continuous learner is a priority Optimistic The initial question is always small, then the answers grow progressively bigger. Relies on trusted individuals while showing ability to be an independent thinker and take risks in the face of uncertainty. Or Elon Musk announcing his company's latest innovation in automobile production. His solar company is cash-flow positive. Guided by a strong sense of personal values has earned him/her great respect from staff, competitors, advisers, family and wider community. There has been some speculation that Musk has come under pressure from other Twitter shareholders and lenders to move on. . And Elon Musk had purchased this fantastical prop with the serious intention of actually making it work as depicted in the film.I was thrilled. 1. Some of Musk's characteristics are by chance--like being. Musk is a perfect case study for someone whose work ethic is fueled by his passion. Behavioral theories are crucial in understanding the conduct of . Its been a tumultuous year for Twitter and Musk. Hope is not a part of his aggressive optimism. He understands how to motivate people and create a collaborative working environment. An office culture based on continued learning, leadership by example, clear mission objectives, and positivity is the greenhouse that empowers employees to grow into effective managers. He praised Elon Musk's ambition, revealed the traits and attitudes he looks for in people, and cautioned against becoming a VC just to get rich. When a leader exhibits these qualities, it creates a sense of trust and authenticity in followers. Eighty-hour work weeks don't feel like work weeks, because our passion is fueling us. How many opportunities are lost because of our fear of asking? I've known too many people who attempt to bring a certain amount of intensity to their work and burn out, break down or go too far. Eighty-hour work weeks don't feel like work weeks, because our passion is fueling us. Recognizes business imperative of anticipating and embracing changes occurring in the competitive environment through continuous improvement in all aspects of the business. He is honest, hard-working, and a leader who has influenced many. (2021, April 7). Musk is a natural leader who cares about his employees. What's the point of doing that? We can rattle off Elon Musk's accomplishments in our sleep: co-founder of monetary giant PayPal; founder of Tesla Motors, the electric car company that is changing the world; and founder of Space X, which is focused on space exploration and space travel, and has even sent NASA to the International Space Station on his spacecraft. Many people would consider Musk to be the most innovative entrepreneur of our time. Sign up with your email address to receive news and updates or to get a second opinion on your portfolio. Musk, as a leader, has the capability to create balance between who he is, the vision he has created for the world, and acknowledging the importance of the strength of his team (Cole, 2021). The truth is, if we are passionate - or find passion - in the work we're doing, work stops feeling like work. Musk has described his estranged father Errol as "evil.". Here's how to incorporate them into your own entrepreneurial journey. The ability to face facts. He is Elon Musk.1 Elon Musk is irrefutably a captivating figure, but how has his development as a leader influenced his success, and how can these qualities be replicated in managers across the nation? The Bad: While SpaceX was in full startup mode, Elon's first son, Nevada, was born. After Ashley Vances book, this is the best piece of writing out there on the man behind Space X and Tesla. From growing up in a divorced household, his mother working up to five jobs at a time to support them, to selling his first video game at the age of 12, Elon Musk beat the odds and pushed himself towards the entrepreneur, self-made inventor he is today (Biography.com Editors, 2021). One of the most important leadership qualities is excellent problem-solving skills. Related: When It Comes to Investing, Do You Think Like Warren Buffett or Elon Musk? He often gets frustrated when employees cannot follow his instructions. Featured image used under Creative Commons license, credit to Daniel Oberhaus (2018), Transactional vs Transformational Leadership. Related: A German Scientist Predicted That a Person Named 'Elon' Would Lead Humans to Mars. . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='FNAME';ftypes[1]='text';fnames[2]='LNAME';ftypes[2]='text';}(jQuery));var $mcj = jQuery.noConflict(true); Your email address will not be published. Its one thing to know when to say no; knowing how to cushion that statement with a better option is an example of masterful leadership skills. 4296: 7379, September 17, 2012, 74. http://web.a.ebscohost.com.erl.lib.byu.edu/ehost/detail/ detail?vid=0&sid=df621e06-0389-45e2-b57a-8dd06f53bd48%40sessionmgr4006&bdata=Jn NpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#AN=79961724&db=buh. "What do you do when youre on your lunch break? He has borrowed huge sums and sold large tranches of Tesla stock to help fund the acquisition. 8. NTB/Carina Johansen via Reuters. 11 Duane Ireland, and Michael A. Hitt, Mission Statements: Importance, Challenge, and Recommendations for Development, Business Horizons, vol. Elon Musk is famously a workaholic - he boasts of working 120-hour weeks to keep production of the Tesla Model 3 on track - but since we met he seems to have been enjoying himself. After a closer look, researcher Michael Porter discovered a shockingly dismal success rate when companies acquire other firms outside of their original scope.14. As part of this initiative, were taking a closer look at the people and leaders who we feel embody the values that our award is based upon. Autodesk is a leader in providing design and . Biography.com Editors. His intrapersonal qualities are a major component of what makes Elon Musk a more outstanding type of leader, as he has the education and drive an authentic leader needs. Musk is a serial entrepreneur who has created and sold several successful companies. accessed November 11, 2017. https://www.inc.com/larry-kim/50-innovation-amp;-successquotes-from-spacex-founder-elon-musk.html. Mentors are invaluable when it comes to developing a leadership style. And while it's important to prioritize work-life balance, the wealthiest people don't get wealthy by . Elon Musk exemplifies the creative side of autocratic leadership. Many leaders share the mindset to "just get it done" or accept it's good enough even when it's not. World-renowned psychologist Shawn Achor asserts in his book The Happiness Advantage that happiness and positivity are key drivers of success and productivity.17 Figure 2 illustrates how, after extensive mathematical modeling, psychologist and business consultant Marcial Losada determined that 2.9013 is the ratio of positive-to-negative interactions necessary to make a corporate team successful. Elon Musk is an American businessman. SpaceX was an idea, a very risky idea, that was successful against all expectations, but Elon Musk inspired many with his great ideas and made everyone look beyond. Musk is not content with doing what everyone else is doing; he seeks solutions for important, large-scale issues that will change the way we live. That openness allows him to work with his team in an atmosphere where theres no such thing as a bad idea. Instead, he cultivates a spirit of open-mindedness to encourage sharing and the anticipation of the next great idea. After making his mark in the dotcom industry with Zip2 and Paypal, Musk went on to his loftier dreams of space exploration and sustainable energy with his current business ventures. But can we describe why the SpaceX CEO is the way he is? Opinions expressed are those of the author. He also uses the feedback loop as part of his self-reflection and self-improvement he seeks to always do better than he did before as he knows that every improvement will lead him closer to achieving his goals. Someone who has reached goals youre still working on can give you real-life, actionable tips to becoming a better leader. "AI stresses me out," Musk said near the end of a more than three-hour presentation to Tesla investors about company plans. Working 120-hour weeks doesn't leverage your unique qualities, it wastes them. Do you stand firm in defence of your vision? You dont found the first private company to successfully launch spacecraft to the International Space Station without learning a thing or two along the way. Elon Musk possesses the ability to think at the system level of design. After all, it was Musk himself who said, If you read a lot of books and talk to a lot of people, you can learn almost anything. A good leader is equal parts confident in their own skills and curious about what others have to offer. Relinquish CEO duties to a qualified candidate Accept an alternative leadership role that aligns with the expertise and time availability Restructure Tesla's board of directors without conflicts of interest or dependencies Has learned from disappointing experiences. You may opt-out by. So find a small idea. The values that our award is based upon are as follows: Entrepreneurial Spirit Passion for Innovation Positive Energy Strategic Direction Personal Integrity/Influence Entrepreneurial Spirit We define entrepreneurial spirit as the following: Authentic leadership has three components to its definition that I believe Elon Musk meets criteria for. Musk also co-founded Tesla Motors, which aims to build low-cost electric vehicles and revolutionize the automobile industry. Although former employees sometimes describe him as autocratic and blunt to the point of offensive, they remain remarkably loyal.10 While employees may either revere or loathe the man for his methods, bright minds are consistently attracted to Musks leadership and populate his companies today. Expertise from Forbes Councils members, operated under license. But this small, simple detail is a defining one. In fact, there was a time during Tesla's infancy where a specific problem needed solving, so Musk would sleep under his desk and work 75-hour weeks until that problem was solved. May 31, 2021. By Andrew Fayad, CEO of ELM Learning, a creative agency focused on designing custom multimedia and digital learning experiences. In 2018, Musk tweeted, Creating a rocket company has to be one of the dumbest and hardest ways to make money. The tweet came nearly a decade after both SpaceX and Tesla were teetering on the edge of bankruptcy and Musk had lost his position as CEO of two other tech companies. Throughout his childhood, Musk was repeatedly bullied by many of his classmates, once even to the point where he had to be rushed to the hospital. Leveraging Digital Towards Improving Sustainability. Think of your own work-life and the way you go about your day-to-day tasks. Musk chose de facto mentors from a practically endless library of great leaders, like Benjamin Franklin, Steve Jobs, Albert Einstein, Isaac Newton, and of course, Nikolas Tesla. His contributions in the fields of aerospace and sustainable energy (among others!) Fowler explains, I know that Im not just having an impact on my son, Im potentially having an impact on my sons best friends mother.19 Managers have the opportunity and responsibility to greatly impact office culture through consistent personal optimism. Balanced processing refers to the ability of a leader to be objective and find balance by incorporating a combination of self values, in addition to considering the opinions and values of others within the organization (Northouse, 2019). And the commitment to bettering ones self in conjunction with honing leadership skills, and embracing a mission we put ourselves in a position to be great leaders. Give the obvious answers, then put your spin on those answers and pursue them with tenacity. His financial decisions even resulted in him borrowing money to pay rent for a period of time.He has justified his unusual entrepreneurial moves saying, If I ask investors to put money in, then I feel morally I should put money in as well. Or as he has more colourfully puts it. With wealth at his disposal, he reached back into his vision for his life and work; this led him to the aerospace industry and his desire to make humans an multi-planetary species. A railroad. He is also the CEO of Tesla Motors, the SpaceX Corporation, and SolarCity. Copyright 20102023, The Conversation US, Inc. 57.5% of more than 17.5 million Twitter users. 17 Shawn Achor, The Happiness Advantage: The Seven Principles That Fuel Success and Performance at Work (London: Virgin, 2011). Builds and rebuilds the teams commitment to the common goals. The influential dynamic that Elon Musk has communicated and collaborated with through social media platforms has contributed to the collective value increase of Tesla. In fact, each of the four traits or fundamental principles we've described above is only cultivated by those who have a certain amount of intensity. Who Will Win? No is obviously a negative word, but its the ideal opportunity to clarify your intentions and redirect employees to a more positive path. ), Musk has been working to solve these growing problems for more than a decade.To paraphrase an amusing analogy I recently came across: While most industry leaders have been playing checkers, Musk has been playing StarCraft.But more than having a vision, leaders should clearly communicate that vision to their followers. Their first son, Nevada Alexander Musk, died at the age of 10 weeks. 1. . Apparently, the billionaire had been the highest bidder for a Lotus Esprit from the James Bond film, The Spy Who Loved Me.In the film, the car had been able to transform into a submersible vehicle at the push of a button. But is it really a commercial proposition? Creates a culture of innovation. Mission statements provide a sense of focus and direction among employees. As a fan of Elon Musk and his strides to a futuristic way of living, I can appreciate your points about his authentic leadership. Co-founder, PayPal. Jun 21, 2022 Shareholders in the car firm would probably like their hitherto successful CEO back full time. He wants to die on Mars. In an ideal world, he could do all of the work himself. An electric railroad. 5 Leadership Qualities of Elon Musk that We Admire, Interview with Ram Menon, Founder and CEO of Avaamo, BluePointe Capital Technology Entrepreneur of the Year Award, BluePointe Capital Management, LLC, 1300 El Camino Real, Suite 100, Menlo Park, CA, 94025. So what are the most important characteristics of a good leader? So, if Twitter wants to find a new CEO, what sort of person should the troubled social media platform be looking for? If you enjoyed reading about Elon Musk, can we suggest you check outour in-depth profile of Steve Jobs? On Teslas blog, Musk gave his rebuttal to the public, For consumers concerned about fire risk, there should be absolutely zero doubt that it is safer to power a car with a battery than a large tank of highly flammable liquid.15 These are the brutal facts a new leader must confront. I understand that the data I am submitting will be used to provide me with the above-described products and/or services and communications in connection therewith. Musk has perfected the art of remaining focused. Great post! You can't . His leadership qualities are helping shape a new way of thinking about sustainable energy and renewable resources. Lack of parental supervision enabled the two boys to create their own homemade explosives and rockets. Elon Musk is widely admired for visible entrepreneurship. Leadership Qualities of Elon Musk and Learnings Oct. 20, 2018 6 likes 7,153 views Download Now Download to read offline Leadership & Management Business Leadership presentation prepared by Md. As he has made, sold and ran a bevy of successful companies, its clear that he utilizes a very specific type of leadership to keep the train of innovation chugging. The billionaire talked about his early days in Dallas when he was strapped for cash. He sees problems as opportunities and that is what has led him to his success. Elon Musk is such kind of a leader who possesses a lot of leadership qualities and styles. accessed November 23, 2017. http://fortune.com/2016/03/04/ companies-employees-tuition-reimbursement/. Researcher Fred David found that 59 percent of the Chief Executive Officers of Business Weeks top 1,000 firms run companies that do not havemissionstatements.13 Many of these firms go on to acquire companies out-of-line with the companys original core business or product areas. Elon was not born into success, not was he born in the spotlight he has acquired for himself today, but instead he spent years expanding and building his interpersonal, intrapersonal, and developmental capabilities so that he could be in the position of leadership and futuristic drive. Find out why in this fantastic piece (also from Wait But Why). Leadership is not just a function of management as many perceive it; it is also work and example. Has potential to influence by contributing something to the world that improves it in a new and different way and creates a social impact. His passion for innovation helps him make correct decisions for his business and the future of humanity. Musk is not afraid of failure and sees it as an organic part of any creation process. Works on Ground Level. This personality trait of Elon Musk resembles with Jeff Bezos traits, the founder of Amazon. Also check out our Top 15 Elon Musk Quotes about Leadership. This focus has allowed Musk to perfect the art of getting into a "flow state," "the mental state in which a person performing some activity is fully immersed in a feeling of energized focus, full involvement, and enjoyment in the process of the activity." He displays all of the four key positive psychological attributes discussed in the Northouse (2019) text. Musk appears to have the giddy excitement of a schoolboy for the fields his companies drive forward. Musk is a perfect case study for someone whose work ethic is fueled by his passion. Confidence and independence. Sign up for notifications from Insider! In Musk's version of optimism, he does everything possible to ensure that things work out for the best instead of relying on hope. Having cofounded and sold PayPal, he quickly moved on to launching a range of ventures with world-changing aspirations for how we generate . Eventually he went on to study at Stanford and began to pursue his technology legacy (Cole, 2021). He really gives his all to what he does.This certainly cant be easy considering the failures his companies have faced. His other ventures include Hyperloop (his design for a high-speed transportation system that would drastically reduce travel times) and OpenAI (a non-for-profit research company dedicated to artificial intelligence). How do we make California transit more convenient? A strong leader needs to be resolute and persuasive, an innovative leader needs to be open to changing her mind. You can save thousands of dollars, for a limited time. The primary source of Elon Musk power is his leadership skills. Elon Musk has clashed often with securities regulators and highway safety authorities, but there's one area the Tesla and Twitter chief says the government should regulate now: artificial intelligence. 3 (May/June 1992). Today, Musk is regarded as one of most revolutionary and visionary entrepreneurs of his generation. How often are you distracted? By any measure, Elon Musk is exceptionally successful. Mr Musk. He faced failure and strife, but he maintained his optimism and was able to continue on through his resilience (Northouse, 2019; Cole, 2021). 3 (2016): 584-602. https://searchproquest-com.erl.lib.byu.edu/docview/1776779178?accountid=4488. He may rethink stepping down, or even appoint someone only to sack them. Access your favorite topics in a personalized feed while you're on the go. So the new CEO will need to be confident, perhaps even arrogant, and ready to stand their ground. It certainly wouldn't be that way without Musk's unblinking focus at the forefront. Musks innate sense of curiosity stems largely from the unusual amount of independence he experienced as a child. And curious about what others have to offer you 're on the man behind Space X Tesla. Consider Musk to be the most innovative entrepreneur of our time would Lead Humans to Mars industry. 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