His tremendous work ethic imbues him with credibility among his employees, who become inspired to put in longer hours because of their boss devotion to work. Tesla balance. The 49-year-old Elon Musk is someone who has countless achievements under his belt. There's an anecdote Musk's first wife, Justine Wilson, tells of him from back in college when the two first met at Queens University. I feel the exact same way. While Musk's business ventures have been driven by his unique vision, Musk takes very little input and often makes impulse decisions that haven't been vetted by team members. 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. Musk changes his mind frequently sometimes within hours, as we saw recently when he appeared to walk back a policy change regarding users ability to link to other social media accounts. 7 Michael Schrage, Like It or Not, You Are Always Leading by Example. Harvard Business Review. As of October 2016, his estimated net worth is US$11.5 billion. 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. He dreams about stuff that no one else would How often are you distracted? https://www.britannica.com/biography/Elon-Musk. When It Comes to Investing, Do You Think Like Warren Buffett or Elon Musk? Musk was born in South Africa to an engineer and dietician. Elon Musk, one of the most creative leaders of our time, is widely seen as a visionary. And can we not only quantify those things that make Musk so successful, but also begin to embody themin our own lives? Hes on a mission to save humanity. 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. 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). When Musk is brave with his decisions, his team is empowered with the same courage. Opinions expressed by Entrepreneur contributors are their own. Business Insights Blog. Whats remarkable about Musk is that he never lets it stop him from fighting through and progressing. Companies that pay the price to cultivate a strong office culture will increasingly set themselves apart and experience substantial organic growth as employees step up to become effective managers and branch out the organization. What is your vision? He was also a man with a wonderful vision. Using his own money from the sale of Paypal, Musk started SpaceX, a company dedicated to lowering the costs of space travel. 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. Leaders are often faced with complex challenges that require critical thinking and effective decision-making. When you lead like Musk, youre always pushing for something greater: We believe everyone could stand to be a little fearless and a little more curious when leading their teams to greatness. Do you stand firm in defence of your vision? In 1989, Musk moved to Canada and began undergraduate studies at Queens University in Ontario. 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. Being a perfectionist, he went to his professor and got them to change his score to a 100%. But the reality has been rather different. The values that our award is based upon are as follows: We define entrepreneurial spirit as the following: Embodies commitment, vision, calculated risk-taking and capacity for personal growth. In consideration of the leadership skills of Jobs and Musk, I see four overlapping things. 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. You see, the 2% that separated Muskfrom his current score and perfection sounded to him like a giant "no." He began building up shares in the company in January 2022 and his US$44 billion (36 billion) bid to buy the platform was accepted in April. With transformational leadership styles on the rise, Elon Musk has also entered the list of the 21st century's most influential CEOs along with Steve Jobs, Reed Hastings, and Jeff Bezos. But can we describe why Musk is the way he is? Nominate him or her for our award by visiting here. His speeches are marked with . 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? 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. Because "no" meant nothing. For some time now, I've been assessing Musk and have outlined five different reasons that explain why he's so successful. Musk takes a scientific approach to building teams, one that is based upon an understanding of their behavior and talent, and he leads them through action. Over the years, he has been compared to the likes of Steve Jobs and Henry Ford, and even Iron Man, with actor Robert Downey Jr allegedly modelling his portrayal of Tony Stark off of the SpaceX and Tesla CEO. How often are you distracted? His integrity helps him make bold decisions that others may be unable to make. Chairman, Solar City. 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. Elon Musk was born on June 28th, 1971 in South Africa, where he grew up with his father after his parents divorced in 1980. Qualities of a visionary leader. Eighty-hour work weeks don't feel like work weeks, because our passion is fueling us. Elon Musk is inventive, intuitive, sociable, and adaptable. Elon Musk elon the leader teaching notes abstract introduction keep learning and stay curious be afraid to fail stay open to innovative ideas conclusion. What's the point of doing that? In an ideal world, he could do all of the work himself. You don't have to be a CEO to be a visionary leader. Score: 10 out of 10 (highest in the batch) Md. 3. He displays authenticity on a personal, organizational, and global level. 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. However, there's no denying that Elon Musk deserves a spot near the top of that list. We'd, Thanks for all the support! . And Musk quickly became one of my personal heroes. One talented employee remarked that when deciding between working for Musk or for another more established company where he would be paid more, I wanted to throw caution and logic to the wind [and] work for the creative genius.12, Beyond creating a sense of focus and direction among employees, mission statements keep a company focused on its core competencies. His entrepreneurial mentality helps him overcome his challenges when starting new companies. He may rethink stepping down, or even appoint someone only to sack them. Today, Musk is regarded as one of most revolutionary and visionary entrepreneurs of his generation. Mentors are invaluable when it comes to developing a leadership style. Leadership: Theory and Practice. That is why our content will always be free, and we would be forever grateful to those who help make that possible. After lengthy development of a new model of his all-electric Tesla car, the vehicle burst into flames during a test run. Many of Musk's grand ideas come from small questions. Now many of you will read this and think: Why? He views these as experiments that didnt work out and simply moves on to the next step. But he wouldn't take no for an answer. Some of Musk's characteristics are by chance--like being. He displays all of the four key positive psychological attributes discussed in the Northouse (2019) text. In this segment were looking atElon Musk, the creator of brands such as PayPal, SpaceX, and Tesla. 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. The billionaire talked about his early days in Dallas when he was strapped for cash. Find out why in this fantastic piece (also from Wait But Why). Even though he had complete control of his company, he gave his employees the motivation to accomplish their targets and tasks through his characteristics. 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. Elon Musk may be Time's person of the year, but fintech executives should not follow his cavalier communication style. Why? SpaceXs experimental rockets frequently make the news for launch failures. For leadership profiles of other famous business leaders, including Steve Jobs, Oprah Winfrey, and Warren Buffett, check out our Business Leadership Profiles section. He wasn't distracted by other, tedious tasks. Great Resignation Climate Change Leadership Inflation Ukraine Invasion . 1. 3 (May/June 1992). We can also absentmindedly rattle off a stream of adjectives that describe him and his leadership qualities: innovator, leader, genius, visionary, futurist, entrepreneur. 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? 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. Superheroes emulate him. Who Will Win? City, University of London provides funding as a founding partner of The Conversation UK. These five traits together create what is presumably a great leader (Gavin, 2019). Musk may have imagined that owning the website would be fun and make him feel powerful. I believe Musk's exceptional ability to healthfully maintain his intensity comes because of his flow state mindset, his passion for his work, and his absolute focus. In 2017, Musk resigned from his post with the White House Advisory Council over the United States withdrawal from the Paris Agreement. So find a small idea. 35, no. 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. 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. Works on Ground Level. Co-founder, PayPal. Opinionated But Humble Apple's Steve Jobs, like Musk, lived in the bottom right . 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. Together with his brother, he founded Zip2 which was an online directory for businesses. Leaders must be committed to doing the work necessary for the companys success before they will be able to get others to commit. Leading From Front. For better or worse, here are five things weve learned about leadership from Elon Musk. Learn More Every Day with This 2023 CES-Honored Knowledge App. You may opt-out by. An electric railroad. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. Elon Musk's leadership style is awe-inspiring - most of the time. This essay will include a description of Elon's leadership qualities and a comparison to the trait theory of Leadership. 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. Also check out our Top 15 Elon Musk Quotes about Leadership. What can you do to set the standard in your industry? Sometimes, as a leader, you need to step back and say no when things no longer serve your personal and organizational goals. Pennsylvania State University World Campus. Read our privacy policy for more information. Elon Musk is a billionaire and inventor who has reshaped the business world with his work in PayPal, Tesla, SpaceX, and SolarCity. 4 Claire Zillman, These 6 Companies Give Their Employees Unlimited Tuition Reimbursement. Fortune. Give the obvious answers, then put your spin on those answers and pursue them with tenacity. Behavioral theories are crucial in understanding the conduct of . If being willful, and opinionated, yet adaptable are key traits to great leaders. It could have global impact. Later, he said, advice I would give is to not blindly follow trends. There are occasions when Musk's employees or those working with him find him hard to work with. This personality trait of Elon Musk resembles with Jeff Bezos traits, the founder of Amazon. Because sometimes, more than winning, leaders should inspire. He then takes each answer to the question and attempts to flesh it out in the best possible way. This mindset helps him stay motivated and excited about what is next. Musk once said, If something is important enough, even if the odds are against you, you should still do it. The new leader will have to confront the brutal facts of the situation according to management expert Jim Collins, this is how to begin productive change. Confidence and independence A new Twitter CEO will want. Skip to document. 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. Cole, R. (2021, June 24). Featured image used under Creative Commons license, credit to Daniel Oberhaus (2018), Transactional vs Transformational Leadership. 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. 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 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. An authentic leadership aims to make authenticity paramount. Is New Business Creation Still Setting Records? It is influential and powerful. Elon Musk inspires his employees because, although he has high expectations for them, he demands even more from himself. So, if Twitter wants to find a new CEO, what sort of person should the troubled social media platform be looking for? And SolarCity specialises in powering homes, businesses and eventually cities with solar power.Through the many successes and many more failures of these companies, we are able to see the traits that make Musk such a good leader. 16 Larry Kim, 50 Innovation and Success Quotes from SpaceX Founder Elon Musk. Inc.com. 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. He then takes each answer to the question and attempts to flesh it out in the best possible way. 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). As a child, Musk became interested in computer programming and taught himself to code. . However you feel about Elon Musk, some things are irrefutable: Hes extremely successful, is endlessly innovative and acts as a case study for creative leadership. 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. Know an entrepreneur that embodies these values? Interesting business experiences from the past. From an early age, Elon Musk learned not to be afraid of hard work. Elon Musk is a terrible public speaker. Unfortunately, he died of sudden infant death syndrome. 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. June 24 ) were looking atElon Musk, the creator of brands as... Is fueling US to get others to commit sudden infant death syndrome $ 11.5 billion Council over the United withdrawal. 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