Being a perfectionist, he went to his professor and got them to change his score to a 100%. Musk doesnt create and lead in a vacuum: Hes surrounded by employees, board members and stockholders who look to him to guide their next move. 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. 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.". Although Elon Musk is a one-of-akind CEO, many of the leadership qualities vital to his success can be developed in managers throughout a company. Shareholders in the car firm would probably like their hitherto successful CEO back full time. 2. Introduction. Trait #3: Glass Half Full Mentality. 3. He also had a hand in conceptualizing and financing SolarCity, which is now the second largest solar power systems provider in the United States. In 1992, Musk received a scholarship to the University of Pennsylvania, which was his golden ticket into the United States (Cole, 2021). Twitter is a resounding practical success. This is 90 percent of the solution, as hiring wrong can cost you so much." Elon Musk noted hiring the right people as his most important advice for up-and-coming leaders. 12 Wall St. Musk once said, "I'd rather be optimistic and wrong, than pessimistic and right.". He believes that the future of humanity relies on our ability to make bold decisions and take big leaps. 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. A strong leader needs to be resolute and persuasive, an innovative leader needs to be open to changing her mind. Score: 10 out of 10 (highest in the batch) Md. Elon Musk's current net worth is a whopping $152 Billion. 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. Eighty-hour work weeks don't feel like work weeks, because our passion is fueling us. 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. He then tried to pull out of the deal in July, before finally taking ownership in October. Demonstrates entrepreneurial maturity by building strategic alliances and surrounding him/herself with talented peopleindividuals, teams, the Board, and a range of advisers/allies to ensure success for all. Its been a tumultuous year for Twitter and Musk. All he focused on was the task at hand. In this segment were looking atElon Musk, the creator of brands such as PayPal, SpaceX, and Tesla. You can save thousands of dollars, for a limited time. 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. How often does something small in scale pull your attention away, making you less productive and less effective? From an early age, Elon Musk learned not to be afraid of hard work. Superheroes emulate him. What's the point of doing that? The truth is, if we are passionate or find passion in the work we're doing, work stops feeling like work. Encyclopdia Britannica. He was also a man with a wonderful vision. Now look at Tesla: it's a booming giant that's changing the automotive world. Musk has described his estranged father Errol as "evil.". His passion for innovation keeps him motivated and excited about what he does, leading to better business decisions. When asked which particular work touched him, his response is equally as unique as himself: comic science-fiction novel, The Hitchhikers Guide to the Galaxy. Musk is undoubtedly a visionary. Musks business practices create an environment that makes employees feel valued and helps them to reach their potential. 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. Musk supervises the creation, engineering and layout of the products of the company. He's quite possibly a genius. 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. But can we describe why Musk is the way he is? Great post! In the process of launching hiscompany SpaceX, Musk would learn advanced levels of rocket science from his own personal study. 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. Many leaders share the mindset to "just get it done" or accept it's good enough even when it's not. Leaders Eat Last (New York: Portfolio/Penguin, 2014). Opinions expressed are those of the author. Musk was born in Pretoria, South Africa, where he lived until he moved to Canada at age 17. Stay laser focused and don't procrastinate. Throughout his career, he has made decisions and moves that align with this vision and help take him closer to achieving them. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Had he been afraid of failure, two of the most recognizable companies in the United States may no longer exist. Realizing that learning never stops, staying curious and seeking different venues to satiate that thirst for information means that no one in Musks circle is resting on existing knowledge. How often are you distracted? Through his unique life circumstances, Musk has developed the important leadership qualities of being (1) a proactive learner, (2) a hard worker, (3) a bold visionary, and (4) an unwavering optimist, which still influence his success today. 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. Chatham: Newstex, 2015. https://search-proquest-com.erl.lib.byu.edu/docview/1652311317?accountid=4488. Another factor that helps Musk get into and remain in the flow state has to do with the quality of work he's doing. Musk generally influences people in his organization as well as outside world by using great communication skills. He then moved across the United States to California to pursue a PhD at Stanford; but after two days, he left the program to pursue becomingan entrepreneur. Learn to say no.. Leveraging Digital Towards Improving Sustainability. Musk may have imagined that owning the website would be fun and make him feel powerful. Visionary leadership exists in most, if not all, other fields too. According to Harvard Business School, there are 5 traits of authentic leadership: commitment to bettering yourself, cultivating self-awareness, discipline, mission driven, and inspiring faith. As of October 2016, his estimated net worth is US$11.5 billion. How often are you distracted? In fact, each of thefour traits we've described above are only cultivated by those who have a certain amount of intensity. Elon Musk exemplifies the creative side of autocratic leadership. Musk has remained true to his vision for the future throughout his career. Authentic leadership has three components to its definition that I believe Elon Musk meets criteria for. They push people out, spiral out of control, or end up underperforming dramatically. His contributions in the fields of aerospace and sustainable energy (among others!) Northouse, P. G. (2018). 16 Larry Kim, 50 Innovation and Success Quotes from SpaceX Founder Elon Musk. Inc.com. Because "no" meant nothing. Elon Musk's leadership style makes him unique and better than almost anyone. Ask yourself questions such as, How would I rate my leadership in the past 2-3months?, What could I have done better? and What can I do in future in order to perform at a higher level?. Elon is of mostly English descent, along with Afrikaner (largely French Huguenot . 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. 17 Shawn Achor, The Happiness Advantage: The Seven Principles That Fuel Success and Performance at Work (London: Virgin, 2011). 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: The Bad: While SpaceX was in full startup mode, Elon's first son, Nevada, was born. SpaceXs experimental rockets frequently make the news for launch failures. Or Elon Musk announcing his company's latest innovation in automobile production. Leading From Front. 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). His electric supercars seat seven. He understands the many challenges but is not afraid to take them on. Elon Musk believes that they still can produce great results with the high amount of energy they have and their dynamic leadership. The nimble start-up, OpenAI, has taken on tech behemoth Google in a fight for the spot as AI's top dog. As a student of leadership, I can see three key requirements for anyone considering - or being considered for - this role right now: 1. What's the point of doing that? As a leader, having a vision and communicating it to your team can make a big difference in the success of your organization. "What do you do when youre on your lunch break? Musks childhood problem with bullies played a large role in developing his optimistic tendencies. To learn more about the leadership workshops and keynotes I conduct at events and corporations around the globe, click here: https://jamieturner.live/To down. After arriving in Canada, Musk managed to make his way traveling between distant relatives he had never met, performing odd jobs, and working on local farms. He has a vision of a world that is no longer reliant on fossil fuels, is maximizing their use of green energy, and is exploring space and building colonies on Mars (Jacoby, 2011). An electric railroad. But he wouldn't take no for an answer. 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. Now look at Tesla: it's a booming giant that's changing the automotive world. Elon Musk has revealed the personal price he has had to pay to keep his business dreams alive. ), 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. He is an early investor in SPACEX, PAYPAL, inc. tesla motors and zip2. When considering Elon Musk under the lens of authentic leadership, it is clear he has the necessary leadership traits. It certainly wouldn't be that way without Mr. Musk's unblinking focus at the forefront. Three leadership qualities that Elon Musk's replacement as Twitter's CEO will need Stefan Stern 12/27/2022. You have two choices in life - to see the world as a pessimist, or . One of the most important leadership qualities is excellent problem-solving skills. 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. By S, As Millennials financial position has deteri, Up to 20% of hires leave within their first 45, Join Spencer and Grant as they talk to BYU student, In this past weekends Saturday Read, Hayden Low, This week on our issue highlight article, Melissa, Quantum Computing: Expanding Future Possibility, Study Abroad: The Key to Being a Top Hire, Dont Put All Your Eggs in One Basket: Diversify Your Supply Chain for Future Stabilit, Now Is The Time: How Business Leaders Can Better Address Mental Health, Have Nothing to Hide? In the end, he got his way. Tesla balance. He didn't think about anything else. And this leads us to a major task for any future Twitter CEO and perhaps the heart of the problem with Twitter. 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 is widely admired for visible entrepreneurship. Gavin, M. (2019b, December 10). His next venture was X.com, an online banking service he started in 1999. Copyright 20102023, The Conversation US, Inc. 57.5% of more than 17.5 million Twitter users. This kind of thinking makes many companies mediocre. Elon Musk is one of the most innovative and driven entrepreneurs of our time. This personality trait of Elon Musk resembles with Jeff Bezos traits, the founder of Amazon. In 1989, Musk moved to Canada and began undergraduate studies at Queens University in Ontario. An authentic leader creates better relationships with colleagues, creates higher levels of trust, increased productivity, and a more positive working environment (Gavin, 2019). It's not hard to think of well-known, visionary leaders of the past few decades. A clear indicator of his innate capacity for technology. Musk is obviously intense. As of 2020, he lives in Los Angeles, California. Bill Gates. 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. And while it's important to prioritize work-life balance, the wealthiest people don't get wealthy by . 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). Not only do these three specific qualities identify the definition of an authentic leader, but they help define Elon Musk and his rise to leader status and fame. Your email address will not be published. We'd, Thanks for all the support! Lifelong learning is a key component of Musks leadership style. He may rethink stepping down, or even appoint someone only to sack them. And Musk fits that bill perfectly. Working 120-hour weeks doesn't leverage your unique qualities, it wastes them. Unwilling to support apartheid through military service, Musk moved from South Africa to the United States (Cole, 2021). With Musk, he seeks to add quality to society while at the same time presenting a superior tomorrow to humanity. You Can Lead Like Jobs and Musk If You Can Apply These 4 Skills. 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 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. From a turbulent childhood in South Africa, to the forefront of global entrepreneurship and innovation, Elon Musk is attempting to lead the world to a better tomorrow. Required fields are marked *, Notify me of followup comments via e-mail. Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. The 49-year-old Elon Musk is someone who has countless achievements under his belt. You don't have to be a CEO to be a visionary leader. Here's how to incorporate them into your own entrepreneurial journey. 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. If we can overcome the initial fear of being told "no" and understand that no truly means nothing, we'll be better for it. Musk is a perfect case study for someone whose work ethic is fueled by his passion. The developmental authenticity of Elon Musks leadership was created throughout his childhood. Just like other visionaries before him such as Steve Jobs, Mark Zuckerberg and Larry Page, Musk is changing the world through following his passion, pursuing his big dreams, having laser-like focus on advancing technology to help humanity. 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). The couple had five more sons through IVF; twins in 2004, followed by triplets in 2006. What Elon Musk has . It also motivates him to start new companies, even if they initially need to work out. I'll talk about them here. Creates and turns vision into business realities. Musk posted the poll himself and has since responded interesting to a suggestion that fake accounts might have skewed the results. 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