The question many ask is: how did Elon Musk become successful? The answer is quite complex, but it can all be traced back to the man’s impressive work ethic, innovative thinking and unique set of skills. Musk has proven to be an extraordinary leader and master of entrepreneurship. In order to appreciate his success, it’s important to understand the background of his upbringing, the events that pushed him to become an entrepreneur, and the strategies he applied to become an unstoppable force.
Elon Musk was born in 1971 in Pretoria, South Africa. By the age of 18, Musk was accepted into the prestigious Queen’s University in Canada. Showing an early talent for computer programming, Musk then moved to the United States in 1995 to pursue a degree in physics and economics from the University of Pennsylvania. It is reported that Musk was accepted for a scholarship at Stanford University to pursue a Ph.D. in applied physics but quickly turned down the offer to pursue a career in the computer software industry.
Musk’s first taste of the technology sector was in 1995 when he founded software company Zip2 with his brother Kimbal. By 1999, the brothers sold their company to Compaq for $340 million USD. This was the very first sale of a company owned by Musk and served as his kick start in the industry.
Following the successful sale of Zip2, Musk went on to found X.com which later merged with Confinity to form PayPal. PayPal revolutionized the then-slow process of transfer payment and eventually was sold by Musk to eBay in 2002 for $1.5 billion USD. It was the mastermind behind this innovative online payment system that served to vouch Musk’s position in the technology industry.
In 2002, Musk moved to Los Angeles to found SpaceX. The mission of the company was to enable the colonization of Mars with fully reusable rockets to reduce the overall cost of travel to space. As of December 2020, SpaceX has managed to launch 91 commercial and 10 Falcon 9s missions.Early this year (2021) SpaceX became the first private company to send a spacecraft to the International Space Station.
Just two years after founding SpaceX, Musk then landed a position on the board of Tesla Motors, where he is currently the CEO and product architect. With the mission of accelerating the advent of electric vehicles, Tesla has become the symbol of sustainability and innovation in the automobile industry. Thanks to its series of smooth electric cars and competitive pricing, Tesla is now the leader in the electric car market.
Furthermore, Musk is currently leading the race to end our dependence on oil, especially in the transportation industry. He is a strong advocate of self-sustainable technologies and his goal is to supply humanity with clean, sustainable and renewable energy. In 2020, Tesla was valued at $619 billion USD and has become the largest clean energy company in the world, surpassing Shell Oil by market capitalization.
Musk’s Strategic Thinking
Elon Musk isn’t a regular entrepreneur. He is a strategic thinker and it appears that every move he makes works towards the bigger picture he has in mind. Whether it’s the Musk’s approach towards the marketing of the Tesla car or the creation of the Hyperloop, strategies are always at the forefront of his decision making.
Musk is said to be an expert in applying innovative methods to solve problems as well as strategically utilize capital-raising events for future investments. He is well known for his visionary approach and seems to be three steps ahead of competitors. Clearly, the vision and planning Musk has applied to his entrepreneurial journey has been a key factor in making his companies successful.
Musk’s Network
It’s true that having a great network of people can have a positive impact on your entrepreneurial journey and many agree that Musk is an excellent networker. He is known for having the capacity to make great connections and knows how to collaborate and work with other people. He carefully controls his conversations with people and carefully evaluates strategic partnerships before jumping in.
Having such a strong network has brought a lot of support to Musk throughout his journey and enabled him to build strong foundations for his projects. For instance, Tom Mueller, a former Chief Propulsion Technology Officer of SpaceX, has collaborated on numerous occasions with Musk and has respected his leadership style. He was quoted saying “I think the biggest thing is that Elon has the right combination of skills, wisdom, and sheer drive.”
Musk’s Focus
Musk is also a master of focus and is said to have the propensity to effectively prioritize his goals and objectives. Ex-employees and colleagues provide us with insight on Musk’s consistency and dedication to his passion. Musk’s extreme focus has enabled him to stay ahead of competitors despite difficult times and to objectively evaluate risks associated.
He is also known for always pushing himself and encouraging his employees to strive for greatness. He has been said to rant and ask hard questions but always strive for greatness and clearly state expectations. Consequently, he forces employees to take personal responsibility and be mindful when it comes to meeting goals effectively.
Musk’s Risk Taking Ability
It’s evident that taking risks is a must in this industry but Musk knows how to evaluate the risks before taking them. Unlike many of his peers, he is less optimistic and more realistic when it comes to this topic. Even with the knowledge that he could potentially make losses or face failure, he still wants to test boundaries and make sure that he’s not reducing the chances of success.
Additionally, many agree that Musk is immune to the feeling of failure and is aware of the costs of being an entrepreneur. It takes an extreme amount of courage and strength to endure failure. But if we can learn only one lesson from Musk’s success, it’s that we have to be focused, persistent, and never give up in order to achieve success.
Musk’s Vision
One of Musk’s chief traits that has brought him success is his ability to envision the future and depict probable outcomes. His grand vision shapes his decisions and decisions of the companies he founded. Musk is looking to the future, when he states that his mission is “to make life multiplanetary.”
Musk’s ambitious projects have set him apart from other entrepreneurs and have shown just how far one’s vision can take them. This is perhaps the best explanation for his success and the key to understanding how this incredible man managed to become one of the most influential business moguls.
Musk’s Perfect Timing
Not only did Musk pick the right technology to focus on, but he also strategically timed his entrance into the industry. He seized opportunities when they presented themselves and took advantage at the right moment. This sharp intuition has been a trademark of the man’s success and has enabled him to stay one step ahead of the game.
This strategy can be seen with the founding of Tesla and SpaceX. In the early 2000s, electric cars were extremely rare and SpaceX was at the right spot at the right time, and the international demand for space exploration was on the rise. Through this intuition and quick action, Musk was able to reap the rewards.
Musk’s Ability To Persevere
The success Musk has achieved has not been easy, and it has been due to his willingness to persevere. He takes risks and puts his all into every project he works on. Along with his strong will, Musk has also been able to use tough times as lessons in order to fine tune his approach and learn from his mistakes.
Throughout his journey, his commitment has remained unwavering despite unfavorable odds and even losing friends in the process. It goes to show that true success is the result of, not only intelligence, but also an unwavering will to persist even in the face of failure.
