This mindset helps him stay motivated and excited about what is next. Know an entrepreneur that embodies these values? There's an anecdote Musk's first wife tells of him back in college. You have two choices in life - to see the world as a pessimist, or . Naturally, a good leader needs to foster that courage by encouraging innovation over instant results. One course of action many successful companies have implemented to create a learning culture is to give financial assistance to its employees to further their education.4 Educational benefits are becoming increasingly important as more millennials enter the workplace. I would have been happy with a 98%. 19 Nicholas A. Christakis, and James H. Fowler, Connected: The Surprising Power of Our Social Networks (New York: Back Bay Books, 2011). After a closer look, researcher Michael Porter discovered a shockingly dismal success rate when companies acquire other firms outside of their original scope.14. Yet, while his unique personality and boundless creativity have led to incredible success for his. Elon Musk may be Time's person of the year, but fintech executives should not follow his cavalier communication style. Even if your personal vision isnt as revolutionary or world-changing as Musks, its important to have a goal that motivates you to do better and inspires your team to work together. He has created a corporate culture that sets SpaceX and Tesla Motors apart from other companies in the industry. As a teenager, the self-denoted low point of Musks manual labor career involved donning a hazmat suit to clean boilers at a lumber mill by shoveling steaming goop from the inside of a tunnel. Make sure you understand the fundamental principles of what youre trying to do before you get into the details, otherwise you could be building on faulty ground.. 3 Andrew L. Cooper, Joseph R. Huscroft, Robert E. Overstreet, and Benjamin T. Hazen. Elon Musk has revealed the personal price he has had to pay to keep his business dreams alive. He is honest, hard-working, and a leader who has influenced many. Elon Musk is inventive, intuitive, sociable, and adaptable. According to some studies, it is believed that authentic leadership can be developed overtime (PSU WC, L. 12, 2021). Score: 10 out of 10 (highest in the batch) Md. Furthermore, Losada discovered that although teams just above the Losada Line arent hindered by negativity, teams that manage to reach a ratio of six-to-one positiveto-negative comments yield peak levels of performance.18. After Ashley Vances book, this is the best piece of writing out there on the man behind Space X and Tesla. His predictability allows him to make these risky decisions, knowing that, in the end, it will be worth it. I think thats the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.. Tesla Motors has a significant emphasis on producing environmentally friendly cars (Cole, 2021). The reason that we feel Elon Musk is an outstanding example of the entrepreneurial spirit is his ability to overcoming disappointment. He has used his skills to aid in the design of electric cars and even spaceships. Even if it was for 2%. The truth is, if we are passionate - or find passion - in the work we're doing, work stops feeling like work. That is why our content will always be free, and we would be forever grateful to those who help make that possible. [3] It could be a good exercise to think of ways you can distill these traits as usable leadership skills. What Elon Musk has . Companies looking to gain a competitive edge should invest in their human capital by creating an office culture conducive to developing quality managers. From his 2014 USC Commencement to his 2017 Tesla Product Reveal, it seems like Musk stutters through every presentation. Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. 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. Using his own money from the sale of Paypal, Musk started SpaceX, a company dedicated to lowering the costs of space travel. For example, one recent scholarly study conducted by Andrew Cooper indicates that a learning culture positively impacts organizational performance.3. If you enjoyed reading about Elon Musk, can we suggest you check outour in-depth profile of Steve Jobs? I believe Musk's ability to healthfully maintain his intensity comes because of his flow state mindset, his passion for his work, and his absolute focus. The primary source of Elon Musk power is his leadership skills. Errol Musk was once tried and acquitted of manslaughter. It is integral to employ a team that operates in a cohesive and team- oriented fashion Team Leader/Leadership. Together with his brother, he founded Zip2 which was an online directory for businesses. Musk is obviously intense. All of his qualities and traits cannot be described in words. We live in a highly distracting world. 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. Now many of you will read this and think: Why? 8th Edition. Employees, colleagues, customers, and investors should feel energized being around a leader. What can you do to set the standard in your industry? The developmental authenticity of Elon Musks leadership was created throughout his childhood. The way Elon Musk leads his various companies takes the old adage of shooting for the moon so that even if you miss, youll end up among the stars, from sage wisdom to literal direction. Superheroes emulate him. In a discussion with Glassdoor on hiring employees, Elon Musk was quoted to have said, "Hire great people. In their book Connected, Nicholas Christakis and James Fowler conclude from years of research that our actions, attitudes, and behaviors not only influence those we act with directly, but also extend to people within three degrees. Hope is not a part of his aggressive optimism. He has become an inspiration for many young leaders in the world of business. When Musk is brave with his decisions, his team is empowered with the same courage. Elon Musk is the billionaire entrepreneur and business magnate responsible for co-founding the cutting-edge companies PayPal, Tesla, and SpaceX, amongst others. 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. 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. To understand his strategic direction to build huge companies . Adib Ibne Yousuf Follow Write an article and join a growing community of more than 160,400 academics and researchers from 4,572 institutions. Elon Musk is widely admired for visible entrepreneurship. ChatGPT vs. Bard: A Modern Day David and Goliath Story. 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. Many do not have access to the resources needed to bring out their full leadership potential. What skill does he have that we can implement in our own leadership style? Guided by a strong sense of personal values has earned him/her great respect from staff, competitors, advisers, family and wider community. Access your favorite topics in a personalized feed while you're on the go. . He has been criticised and abused, both online and in real life and now 57.5% of more than 17.5 million Twitter users have voted for him to stand down as its CEO. His speeches are marked with . China's birth rate declines for first time in decades. 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. Web Design & Marketing Solutions provided by Select Advisors Institute, LLC. So find a small idea. After 2 years, he transferred to the University of Pennsylvania. His first marriage was to Canadian author Justine Wilson in 2000. Musk was born on June 28, 1971, making him 48-years-old at the time of publication. . Related: 61 Books Elon Musk Thinks You Should Read. Finally I will identify two other leadership theories that best represent . His integrity helps him make bold decisions that others may be unable to make. He wants to die on Mars. We can also absentmindedly rattle off a stream of adjectives that describe him: innovator, leader, genius, visionary, futurist, entrepreneur. SpaceXs experimental rockets frequently make the news for launch failures. He received a 98% on one of his tests. Because "no" meant nothing. Work Ethic => Your Goals It's safe to say that most people want to be successful, but among this group there are some who want it more. 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. While Musks ability to fail may not separate him from his competitors, he differentiates himself with his ability to remain optimistic and wholeheartedly convinced that he will succeed. Working 120-hour weeks doesn't leverage your unique qualities, it wastes 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. This merged with Confinity to become Paypal. This makes him the 2nd richest person in the World, just behind Jeff Bezos. Musk also co-founded Tesla Motors, which aims to build low-cost electric vehicles and revolutionize the automobile industry. Being a perfectionist, he went to his professor and got them to change his score to a 100%. Heres part 1. All he focused on was the task at hand. He is not just focused on creating a product, he is in the business of creating products that are sustainable while still offering quality to consumers. Trait #3: Glass Half Full Mentality. But he wouldn't take no for an answer. How many opportunities are lost because of our fear of asking? Promoting life-long learning among a companys employees is essential to maintaining its competitive edge. In the end, he got his way. It turns into a mission or game, and we find ourselves enjoying what we're doing. (2021). Copyright 2023 Entrepreneur Media, Inc. All rights reserved. Steve Jobs. If [employees] work in an environment in which leadership tells the truth [and] in which layoffs are not the default in hard timesthe result, thanks to the increased levels of oxytocin and serotonin, is trust and cooperation.8 Leaders who think of their employees before themselves create a work environment that dramatically increases the teams effectiveness. While most industries are still waking up to the realities of global warming and some are still ignoring it (how are climate change deniers still a thing? Knowledge Management for Logistics Service Providers: The Role of Learning Culture.Industrial Management & Data Systems116, no. How Elon Musk and Tim Cook Will be Remembered in Business History. 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. So, if Twitter wants to find a new CEO, what sort of person should the troubled social media platform be looking for? This flow state is only achieved when the person can perform undistracted by other, less-significant tasks. However, Musk does it in a healthy, constructive way. elon musk leadership style What is the Elon Musk leadership style (and should you use it)? 2.1.3.1 Visionary Leadership Elon Musk is an example of the visionary leader. Musk was born in South Africa to an engineer and dietician. Companies acquire other firms outside of their original scope.14 skills to aid in the industry June 28,,! Advisors Institute, LLC of person should the troubled social Media platform be looking for brother, he to! 100 % and acquitted of manslaughter it ) electric vehicles and revolutionize the automobile industry Role of Culture.Industrial. Cutting-Edge companies Paypal, Musk tweeted, creating a rocket company has to be of. 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