Elon Musk is the billionaire entrepreneur and business magnate responsible for co-founding the cutting-edge companies PayPal, Tesla, and SpaceX, amongst others. More specifically, this particular study will try to observe Elon Musk's leadership practices in Tesla motors . The truth is, if we are passionate or find passion in the work we're doing, work stops feeling like work. Find out why in this fantastic piece (also from Wait But Why). This mindset helps him stay motivated and excited about what is next. Today, Musk is regarded as one of most revolutionary and visionary entrepreneurs of his generation. It also motivates him to start new companies, even if they initially need to work out. (PDF) LEADERSHIP STYLES Elon Musk Tesla founder and CEO of SpaceX LEADERSHIP STYLES Elon Musk Tesla founder and CEO of SpaceX Authors: Mohammed Elnour University of Salford Abstract. Musk is obviously intense. When PayPal was sold to eBay, Musk began to focus on what hes best known for today: SpaceX, Tesla Motors and SolarCity.For those of you who are unaware, SpaceX is a company that aims to commercialise space travel. The initial question is always small, then the answers grow progressively bigger. We can also absentmindedly rattle off a stream of adjectives that describe him and his leadership qualities: innovator, leader, genius, visionary, futurist, entrepreneur. Things could get nasty.". In 1992, Musk attended the University of Pennsylvania to study business and physics, earning two separate degrees, and while he attended Stanford with the intention of obtaining his Ph D in energy physics, he opted to take advantage of the internet boom. And Musk fits that bill perfectly. Musk has responded that hell step down when he finds someone foolish enough to take over as CEO, saying he will run the software and server teams instead. Tesla CEO Elon Musk, who's originally from South Africa, has perfected the art of remaining focused. Elon Musk Biography. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Musk was born in South Africa to an engineer and dietician. How do we make California transit more convenient? In consideration of the leadership skills of Jobs and Musk, I see four overlapping things. But he wouldn't take no for an answer. After 2 years, he transferred to the University of Pennsylvania. 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. 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 Indeed, many prominent advertisers left the site apparently in response to Musks chaotic decision making. All rights reserved. So what are the most important characteristics of a good leader? How do we make California transit more convenient? 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. I've known too many people who attempt to bring a certain amount of intensity to their work and burnout, break down, or go too far. 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. He believes that the future of humanity relies on our ability to make bold decisions and take big leaps. An electric railroad. How often are you distracted? 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. Elon Musk is widely admired for visible entrepreneurship. They push people out, spiral out of control, or end up underperforming dramatically. His passion for his work is so intense that it fuels late-night shifts, motivates 80-hour work weeks and, like we talked about in the last section, sleeping under his desk. To understand his strategic direction to build huge companies . This leadership style's strengths are innovative thinking, analysis, problem-solving, planning, and strategy execution. There are three main models used in this essay to explore the leadership of Elon Musk, namely behavioral theories, Transformational theory, and path-goal theory. Later, he said, advice I would give is to not blindly follow trends. Musk once said, If something is important enough, even if the odds are against you, you should still do it. 4. 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. And Tesla Motors has remained unprofitable for more than a decade.But thanks to his unwavering belief in the long-term importance of these projects, investors and the general public have remained supportive. The Top 10 Ways To Strategically Scale (Not Just Grow) Your Business, Why And How Your Law Firm Should Start A Newsletter, A New Superfood From Hawaii And The Future Of Food Security, How Your Stories Of Failure Create Better Business Success, 5 Common Startup Content Marketing Mistakes, Five Years In The Making, SVX Colombia Aims To Build Up The Impact Ecosystem In That Country. 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). Elon Musk's leadership style is awe-inspiring - most of the time. 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 may have imagined that owning the website would be fun and make him feel powerful. 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. An electric railroad that goes through an enormous tunnel, dug into the side of a mountain. SpaceX almost went bankrupt. Musk was attracted by the possibilities brought about by the rise of the Internet and saw how it could potentially change the world. After the sale of PayPal, he had enough money to live more than comfortably several lifetimes over.And yet, he invested nearly all those funds into SpaceX, Tesla Motors and SolarCity. Also check out our Top 15 Elon Musk Quotes about Leadership. This event makes him a charismatic leader. I've spent much of my professional life working with incredibly high performers, and although they all impress me to no end with their talents, habits, and work ethic, they don't quite reach Musk's level. Northouse, P. G. (2018). Being a perfectionist, he went to his professor and got them to change his score to a 100%. NOW WATCH: Elon Musk says Tesla owners could make up to $30,000 a year turning their cars into 'robotaxis'. In addition to self reflection, gather feedback from your colleagues and team, and use any constructive comments to improve processes, relationships and performance in the office. How can you schedule your day so you can complete one task, then move to the next, effectively, excitedly, and purposefully? Musk is a perfect case study for someone whose work ethic is fueled by his passion. 8. By clicking Sign up, you agree to receive marketing emails from Insider The Harvard Business Review article, Like It or Not, You Are Always Leading by Example explains that all serious leaders recognize that their example has a continuous impact on their company. It is integral to employ a team that operates in a cohesive and team- oriented fashion Team Leader/Leadership. This kind of thinking makes many companies mediocre. 16 Larry Kim, 50 Innovation and Success Quotes from SpaceX Founder Elon Musk. Inc.com. Leaders Eat Last (New York: Portfolio/Penguin, 2014). It's natural to feel afraid when faced with new challenges, but understanding the danger of complacency can help employees overcome the fear and trepidation around failure. 10. Los Angeles: Sage Publications. Musk would do well to start surfing, running, and/or meditating anything that helps him recharge and be present (and not rely on Ambien to get a good night's sleep). Jun 21, 2022 Qualities of a visionary leader. An authentic leadership aims to make authenticity paramount. As a transformational leader, Elon Musk, of Tesla Motors, demonstrates " incredible vision, dedication, and perseverance " as he strives to actualize his vision. Sign up for notifications from Insider! The ability to face facts. This flow state is only achieved when the person can perform undistracted by other, less-significant tasks. Write an article and join a growing community of more than 160,400 academics and researchers from 4,572 institutions. This might be a little bit more difficult to do, but I think it's possible. So the new CEO will need to be confident, perhaps even arrogant, and ready to stand their ground. When it comes to the troublemakers in your organization you have two choices: cut them out or rein them in. Give the obvious answers, then put your spin on those answers and pursue them with tenacity. In the process of launching hiscompany SpaceX, Musk would learn advanced levels of rocket science from his own personal study. He is a force of knowledge that is easily recognizable not only from his long history of business endeavors, but also by his connection to his followers. Being a perfectionist, he went to his professor and got them to change his score to a 100%. After a slow start (businesses considered the Internet and online advertising merely a fad), Zip2 took off and after 4 years, and the Musk brothers sold the company to Compaq. Elon Musk's current net worth is a whopping $152 Billion. 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. 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. 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. He is a bridge between the market requirements and what the engineers on the ground aspire to do Elon Musk leads by "doing" more than "telling" Musk understands that teamwork is a necessity for any team or business to succeed. Three leadership qualities that Elon Musk's replacement as Twitter's CEO will need Stefan Stern 12/27/2022. It is influential and powerful. Here's how to incorporate them into your own entrepreneurial journey. When combined with transformational leadership such as Musks, a wellthought-out mission statement energizes and inspires employees.11 Like Steve Jobs, Musks ability to share his vision with his employees enables him to recruit top-tier talent, even when other companies are more established or offering significantly more pay. But can we describe why the SpaceX CEO is the way he is? According to published work by Walumba and associates (2008) as discussed by Northouse (2019), the four components of authentic leadership are self-awareness, internalized moral perspective, balanced processing, and relational transparency. Because "no" meant nothing. Promoting life-long learning among a companys employees is essential to maintaining its competitive edge. Confidence and independence A new Twitter CEO will want. He wasn't distracted by other, tedious tasks. I think its very important to have a feedback loop, where youre constantly thinking about what youve done and how you could be doing it better. After a closer look, researcher Michael Porter discovered a shockingly dismal success rate when companies acquire other firms outside of their original scope.14. Eighty-hour work weeks don't feel like work weeks, because our passion is fueling us. I feel the exact same way. Elon Musk may be Time's person of the year, but fintech executives should not follow his cavalier communication style. Perhaps the imaginative leap the new CEO has to make will be to turn Twitter into a viable not-for-profit organisation, one that has enormous utility and value, if not the ability to easily make money for its owners and for advertisers. You don't have to be a CEO to be a visionary leader. At 17, he did not have the support of his parents and lived in poverty as a resident in Canada, 1989, while awaiting citizenship in the United States (Cole, 2021). Chatham: Newstex, 2015. https://search-proquest-com.erl.lib.byu.edu/docview/1652311317?accountid=4488. Musk is a perfect case study for someone whose work ethic is fueled by his passion. Leading From Front. 8 Simon Sinek. https://online.hbs.edu/blog/post/authentic-leadership, Copyright 2023 The Pennsylvania State University, https://www.biography.com/business-figure/elon-musk, https://psu.instructure.com/courses/2137573/modules/items/32271438, https://online.hbs.edu/blog/post/authentic-leadership, A Leaders Self-Defeating Behaviors Effect on the Organization, Leaders Need to Be in Harmony With Their Followers, Nurse Leaders: The Importance of Nurses Motivating Nurses. Its been a tumultuous year for Twitter and Musk. There, he earned two degrees a Bachelor of Science in physics from the UPenn College of Arts and Sciences, and a Bachelor of Science in economics from the Wharton School of Business. Elon Musk is an American businessman. Businesses cant replicate Musks lifetime of experience in their employees. I'll talk about them here. With Musk, he seeks to add quality to society while at the same time presenting a superior tomorrow to humanity. We are Marriott Student Review Swipe r, Come checkout our new issue for 2022 called Authen, Lets get groovy! He displays authenticity on a personal, organizational, and global level. Elon Musk exemplifies the creative side of autocratic leadership. Musk paid US$44 billion to buy it, perhaps twice what it was worth. We live in a highly distracting world. Since his parents were divorced when he was only nine years old, Elon and his younger brother Kimbal were left much of the time to explore the world on their own. Elon Musk's leadership style is transformational since it focuses on innovation and achieving large scale goals. The primary source of Elon Musk power is his leadership skills. Lifelong learning is a key component of Musks leadership style. To Start and Grow Your Entertainment Business With These Five Tips, Carbon Credit Could Be the Answer to Eliminating Pollution, Cannabis Stocks on Fire as House Prepares Vote on Federal Legalization, Attorney Jeremy Goldstein & Employment Law UPDATED. Relies on trusted individuals while showing ability to be an independent thinker and take risks in the face of uncertainty. This essay will include a description of Elon's leadership qualities and a comparison to the trait theory of Leadership. This brings us to a very valuable leadership lesson that the maverick Musk has taught everyone in recent months: we should hesitate before labelling forceful people as great leaders in any setting until we have seen what their long-term impact has been. The couple had five more sons through IVF; twins in 2004, followed by triplets in 2006. He has had many failures in the course of his career, ranging from mechanical failures in his Tesla brand to rockets crashing. Yet, while his unique personality and boundless creativity have led to incredible success for his. A great leader must have a vision and it is not about just knowing where you are but also where you want to be. This could be a part of why Elon Musk has been so successful. Nominate him or her for our award by visiting here. One of the most important leadership qualities is excellent problem-solving skills. 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. Hes on a mission to save humanity. 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 He may rethink stepping down, or even appoint someone only to sack them. They push people out, spiral out of control, or end up underperforming dramatically. Builds and rebuilds the teams commitment to the common goals. "AI stresses me out," Musk said near the end of a more than three-hour presentation to Tesla investors about company plans. The Musk way. He understands how to motivate people and create a collaborative working environment. As a student of leadership, I can see three key requirements for anyone considering or being considered for this role right now: A new Twitter CEO will want assurances that they will be free to take decisions about the direction of the business without being second-guessed by Musk as the majority owner. He understands the many challenges that lie ahead, but his commitment to making a difference in the world makes him determined to keep moving forward. 19 Nicholas A. Christakis, and James H. Fowler, Connected: The Surprising Power of Our Social Networks (New York: Back Bay Books, 2011). Leveraging Digital Towards Improving Sustainability. It turns into a mission or game, and we find ourselves enjoying what we're doing. Learn More Every Day with This 2023 CES-Honored Knowledge App. Give the obvious answers, then put your spin on those answers and pursue them with tenacity. Required fields are marked *, Notify me of followup comments via e-mail. Interesting business experiences from the past. But can we describe why Musk is the way he is? Someone who has reached goals youre still working on can give you real-life, actionable tips to becoming a better leader. Elon Musk is such kind of a leader who possesses a lot of leadership qualities and styles. The novel led Musk to deduce that the only thing that makes sense is to strive for greater collective enlightenment.9 Musks vision of a better future for humanity is the driving power behind his success. https://www.britannica.com/biography/Elon-Musk. His predictability allows him to make these risky decisions, knowing that, in the end, it will be worth it. (2021, April 7). He is the CEO and CTO of SPACEX, CEO of tesla motors, and chairman of solar-city. 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). And this leads us to a major task for any future Twitter CEO and perhaps the heart of the problem with Twitter. You see, the 2% that separated Muskfrom his current score and perfection sounded to him like a giant "no." He then takes each answer to the question and attempts to flesh it out in the best possible way. However, Musk does it in a healthy, constructive way. What's the point of doing that? The billionaire talked about his early days in Dallas when he was strapped for cash. 2. . Even though Musk no longer performs menial labor, his work ethic remains second to none. Originally published We'd, Thanks for all the support! . This is inspirational and indubitably it has allowed him to persist through highly challenging circumstances in his businesses. . Think of your own work life and the way you go about your day-to-day tasks. (2021). Elon Musk is inventive, intuitive, sociable, and adaptable. He received a 98% on one of his tests. Tesla Motors is a maker of electric cars. He believes in clean energy and is helping to advance it by spending most of his time on the two companies devoted to this cause: Tesla Motors and SolarCity. The delegation of duties and the . Vision: There is no doubt that Musk has a vision. What skill does he have that we can implement in our own leadership style? His leadership style is transformational and transactional, aimed at attaining results. Fear is an emotion that keeps us from doing things that can help us achieve our goals. Do you stand firm in defence of your vision? Gavin, M. (2019b, December 10). 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? By 2002, Musk has made his first billion after selling his shares in PayPal and went to further expand his abilities with his new company, Space X (Biography.com Editors, 2021). Here's how to do the latter, like a boss. In a strong response to a recent Twitter poll posted by Elon Musk, users of the platform have called for him to relinquish his position as CEO. Authentic Leadership: What It Is & Why Its Important | HBS Online. By Andrew Fayad, CEO of ELM Learning, a creative agency focused on designing custom multimedia and digital learning experiences. Even if it was for 2%. Elon Musk is a business mogul, engineer and inventor, best known for founding and leading SpaceX (a company that aims to lower the costs of building rockets with the ultimate goal of multi-planetary colonization by humans) and Tesla Motors (a company that produces electric cars). In an ideal world, he could do all of the work himself. Among his many ventures, Elon Musk is the CEO of SpaceX, founder of the Boring Company, and co-chairman of OpenAI. This management style can exist in all levels of leadership, whether you're a department head, VP, or . Dolly Singh, former HR head at SpaceX, says about Elon Musk, "The thing that makes Elon Elon is his ability to make people believe in his vision.". Musk has taken out personal loans amounting to millions to keep his ventures afloat. He has borrowed huge sums and sold large tranches of Tesla stock to help fund the acquisition. 11 Duane Ireland, and Michael A. Hitt, Mission Statements: Importance, Challenge, and Recommendations for Development, Business Horizons, vol. Throughout his career, he has made decisions and moves that align with this vision and help take him closer to achieving them. Elon Musk is Tesla Motors ' co-founder, CEO and brand architect, a firm devoted to the manufacture of inexpensive, mass-market electric vehicles, battery products and solar towers. A clear indicator of his innate capacity for technology. For leadership profiles of other famous business leaders, including Steve Jobs, Oprah Winfrey, and Warren Buffett, check out our Business Leadership Profiles section. He sees problems as opportunities and that is what has led him to his success. Explore the amazing adventurehe wishes to take us all upon. 4 Claire Zillman, These 6 Companies Give Their Employees Unlimited Tuition Reimbursement. Fortune. What is your vision? Be obsessed and obsessive. He is also the CEO of Tesla Motors, the SpaceX Corporation, and SolarCity. . Now look at Tesla: it's a booming giant that's changing the automotive world. Because sometimes, more than winning, leaders should inspire. You have two choices in life - to see the world as a pessimist, or . 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. It is not a platform like Facebook or Instagram that can deliver billions of users to potential advertisers. Leadership: Theory and Practice. Be an Authentic Leader: Ma possesses a strong sense of character which helps him build loyalty and strong foundation on which his business Alibaba grows. Twitter is a resounding practical success. The social media platforms current position leads on to a third requirement for the new leader: imagination. He creates hope for his consumers through positive visions of the future and his confidence in his products makes followers flock in his general direction (Northouse, 2019; Cole, 2021). You may opt-out by. Whether it was Paypal where he championed the idea of an online banking institution, or SpaceX which has become the first private company to successfully launch a rocket and dock at the International Space Station, or SolarCity which promotes the use of solar energy as a sustainable energy source, Musk is disrupting large industries by setting a new standard. Your email address will not be published. If you enjoyed reading about Elon Musk, can we suggest you check outour in-depth profile of Steve Jobs? In this segment we're looking at Elon Musk, the creator of brands such as PayPal, SpaceX, and Tesla. This focus has allowed Musk to perfect the art of getting into a "flow state," which is when "a person becomes fully immersed in an activity," per Very Well Mind. Unwilling to support apartheid through military service, Musk moved from South Africa to the United States (Cole, 2021).
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