However, Musk does it in a healthy, constructive way. Elon Musk's current net worth is a whopping $152 Billion. Sometimes, as a leader, you need to step back and say no when things no longer serve your personal and organizational goals. How do we make California transit more convenient? Lifelong learning is a key component of Musks leadership style. Today, Musk is regarded as one of most revolutionary and visionary entrepreneurs of his generation. But this small, simple detail is a defining one. Musk has a preternatural ability to see past the current trends and statuses to see what could be. Now look at Tesla: it's a booming giant that's changing the automotive world. 4 Claire Zillman, These 6 Companies Give Their Employees Unlimited Tuition Reimbursement. Fortune. However, Musk does it in a healthy, constructive way. 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. And Musk fits that bill perfectly. He sees problems as opportunities and that is what has led him to his success. Opinions expressed are those of the author. The billionaire talked about his early days in Dallas when he was strapped for cash. 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 developmental authenticity of Elon Musks leadership was created throughout his childhood. Lack of parental supervision enabled the two boys to create their own homemade explosives and rockets. At age 15, Musk embarked on his trek to the land of opportunity with two small caveats: (1) he would have little money, and(2) he would have no home. We can also absentmindedly rattle off a stream of adjectives that describe him and his leadership qualities: innovator, leader, genius, visionary, futurist, entrepreneur. When considering Elon Musk under the lens of authentic leadership, it is clear he has the necessary leadership traits. Related: When It Comes to Investing, Do You Think Like Warren Buffett or Elon Musk? Now She Partners With Target and Uses Her Platform to Combat Medical Racism in the U.S. You Need to Ask Yourself This One Key Question, Mark Cuban's Grocery Store Hack Will Help You Score Cheaper Produce, 5 Types of Toxic Employees and How to Deal With Them (Infographic), Walmart Leaked Memo Warns Against Employees Sharing Corporate Information With ChatGPT, 5 Harvey Specter Quotes to Inspire Your Inner Baller. Businesses cant replicate Musks lifetime of experience in their employees. 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. 3 (2016): 584-602. https://searchproquest-com.erl.lib.byu.edu/docview/1776779178?accountid=4488. With all said and done, most chief executive officers are only after bolstering bottom lines and keeping investors happy. Because "no" meant nothing. Leadership Qualities of Elon Musk and Learnings Oct. 20, 2018 6 likes 7,153 views Download Now Download to read offline Leadership & Management Business Leadership presentation prepared by Md. Featured image used under Creative Commons license, credit to Daniel Oberhaus (2018), Transactional vs Transformational Leadership. The truth is, if we are passionate or find passion in the work we're doing, work stops feeling like work. Musk summarizes his emotional response to being bullied as a child, If you get up in the morning and think the future is going to be better, it is a bright day. As a child, Musk had a passion for science fiction books and movies. And can we not only quantify those things that make Musk so successful, but also begin to embody themin our own lives? How many opportunities are lost because of our fear of asking? As of October 2016, his estimated net worth is US$11.5 billion. entrepreneur.com/article/279971. NOW WATCH: Elon Musk says Tesla owners could make up to $30,000 a year turning their cars into 'robotaxis'. Shareholders in the car firm would probably like their hitherto successful CEO back full time. Stefan Stern does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. This is a BETA experience. 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. Bhd. 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. 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. His interpersonal qualities hold a lot of weight in Musks life as he is very active with new startup companies such as cryptocurrencies, Twitter, his appearance on SNL, and overall presence in news and tabloids connecting him to his followers. Elon Musk has married thrice and twice to the same woman. Elon Musk believes that they still can produce great results with the high amount of energy they have and their dynamic leadership. Musk is a natural leader who cares about his employees. 1. Creates and turns vision into business realities. Musk generally influences people in his organization as well as outside world by using great communication skills. Musk is a perfect case study for someone whose work ethic is fueled by his passion. Using his own money from the sale of Paypal, Musk started SpaceX, a company dedicated to lowering the costs of space travel. 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. Find out why in this fantastic piece (also from Wait But Why). Musk has perfected the art of remaining focused. 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. When a leader exhibits these qualities, it creates a sense of trust and authenticity in followers. Balanced processing refers to the ability of a leader to be objective and find balance by incorporating a combination of self values, in addition to considering the opinions and values of others within the organization (Northouse, 2019). "What do you do when youre on your lunch break? When a leader exhibits these qualities, it creates a sense of trust and authenticity in followers. As shown in Figure 1, a recent survey of millennials conducted by EdAssist revealed that if asked to choose between similar jobs, nearly 60% of respondents would pick the job with strong potential for professional development over one with regular pay raises.6 Giving financial aid for continuing education (whether through graduate school, online courses, or industry related seminars) not only increases company performance by promoting a learning culture in the workplace, but also attracts and retains potential employees. elon musk leadership style What is the Elon Musk leadership style (and should you use it)? He attended private schools and had a tough time as he was severely bullied by his peers. 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. He is the CEO and CTO of SPACEX, CEO of tesla motors, and chairman of solar-city. 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. Today, Musks 100-hour-work weeks lie at the core of his success. 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. I would have been happy with a 98%. Indeed, many prominent advertisers left the site apparently in response to Musks chaotic decision making. 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. Chairman, Solar City. This personality trait of Elon Musk resembles with Jeff Bezos traits, the founder of Amazon. Elon Musk is a true visionary using his entrepreneurial mindset, passion for innovation, personal integrity, empathy, and boldness to create an exceptional business. Its been a tumultuous year for Twitter and Musk. Mentors are invaluable when it comes to developing a leadership style. Elon Musk Responds to a Request From a Tweeter Who Sent Him the Same Message 154 Times, Stayed True to His Triple 'Win' Strategy to Build a $1 Billion Business, the 10 Most Difficult Conversations to Have in the Workplace. 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. But can we describe why the SpaceX CEO is the way he is? He is honest, hard-working, and a leader who has influenced many. Now many of you will read this and think: Why? So find a smallidea. They have a strong sense of themselves and what they stand for (Northouse, 2019). What's the point of doing that? Randy Garn His entrepreneurial mentality helps him overcome his challenges when starting new companies. 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. They had six children together: all sons. Explore the amazing adventurehe wishes to take us all upon. Musk, 46, has a worth of more than $20 billion and has said he is using his personal asset to build his new visions. Inspires others to keep up with the pace of change instead of staying with a day-late idea. How often does something small in scale pull your attention away, making you less productive and less effective? He received a 98% on one of his tests. Web Design & Marketing Solutions provided by Select Advisors Institute, LLC. 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. Leaders Eat Last (New York: Portfolio/Penguin, 2014). Jun 21, 2022 Guided by a strong sense of personal values has earned him/her great respect from staff, competitors, advisers, family and wider community. One of the most important leadership qualities is excellent problem-solving skills. ChatGPT vs. Bard: A Modern Day David and Goliath Story. In the end, he got his way. In fact, there was a time during Tesla's infancy where a specific problem needed solving, so Musk would sleep under his desk and work 75-hour weeks until that problem was solved. 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. Builds and rebuilds the teams commitment to the common goals. He is the son of Maye Musk (Haldeman), a model and dietitian, and Errol Musk, an engineer. His passion for his work is so intense that it fuels late-night shifts, motivates 80-hour work weeks, and, as we talked about in the last section, sleeping under his desk. First, according to the theory of authentic leadership, Musk had to exhibit positive psychological capacities and moral reasoning, and had to experience a critical event, in order to develop into an authentic leader (Northouse, 2019). Because "no" meant nothing. But can we describe why Musk is the way he is? His first marriage was to Canadian author Justine Wilson in 2000. Elon Musk is a South Africa-born inventor and investor. Musk may have imagined that owning the website would be fun and make him feel powerful. This might be a little bit more difficult to do, but I think it's possible. Tesla Motors has a significant emphasis on producing environmentally friendly cars (Cole, 2021). Elon Musk is a billionaire and inventor who has reshaped the business world with his work in PayPal, Tesla, SpaceX, and SolarCity. His leadership qualities are helping shape a new way of thinking about sustainable energy and renewable resources. Superheroes emulate him. "Being immersed can be defined as a state of focus in which a person is completely absorbed and engrossed in their work." Tesla Motors is a maker of electric cars. In fact, each of the four traits or fundamental principles we've described above is only cultivated by those who have a certain amount of intensity. Let your vision guide you Trait #3: Glass Half Full Mentality. "AI stresses me out," Musk said near the end of a more than three-hour presentation to Tesla investors about company plans. Its long, but well worth the read! 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. 3 Andrew L. Cooper, Joseph R. Huscroft, Robert E. Overstreet, and Benjamin T. Hazen. One employee said "If Elon was not happy, you knew it. 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. He received a 98% on one of his tests. There are occasions when Musk's employees or those working with him find him hard to work with. Many do not have access to the resources needed to bring out their full leadership potential. Steve Jobs. 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. 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. 3. His predictability allows him to make these risky decisions, knowing that, in the end, it will be worth it. 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. Musk is a perfect case study for someone whose work ethic is fueled by his passion. In Musk's version of optimism, he does everything possible to ensure that things work out for the best instead of relying on hope. Purpose: To learn and understand the qualities of Elon Musk as a leader that make him so successful. This event makes him a charismatic leader. 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. Whats remarkable about Musk is that he never lets it stop him from fighting through and progressing. Originally published But he wouldn't take no for an answer. Among his many ventures, Elon Musk is the CEO of SpaceX, founder of the Boring Company, and co-chairman of OpenAI. But he could now face interest payments to lenders of up to US$1 billion a year unless Twitters financial health can be turned around. In the modern capitalistic world where the top executives stay away from places like factories. Do you have a strong belief in it? There are many CEOs, looking like a CEO, they are trying to how theirselves honest for PR campaigns to make people to believe their words and actions, but it is not a true leader should be like. Your email address will not be published. For some time now, I've been assessing Musk and have outlined five different reasons that explain why he's found such success. That 100% meant enough to him that he put himself in a possibly awkward situation, speaking with his professor, and had the hard conversation that many people shy away from. https://www.britannica.com/biography/Elon-Musk. 15 Sunny Bonnell, Every Entrepreneur Can Learn From These 5 Leadership Traits of Elon Musk. Entrepreneur. 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 . As of October 2016, his estimated net worth is US$11.5 billion. 2.1.3.1 Visionary Leadership Elon Musk is an example of the visionary leader. August 10, 2016. accessed November 23, 2017. https://www. He's quite possibly a genius. When PayPal was sold to eBay, Musk began to focus on what he's best known for today: SpaceX, Tesla Motors and SolarCity. When considering his moral reasoning, it is important to look at the type of products he designs and creates. The fast-talking 'Suits' attorney has a lot to say about what it takes to succeed in business and life. Read our privacy policy for more information. 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. 17 Shawn Achor, The Happiness Advantage: The Seven Principles That Fuel Success and Performance at Work (London: Virgin, 2011). For some time now, I've been assessing Musk and have outlined five different reasons that explain why he's so successful. In this segment we're looking at Elon Musk, the creator of brands such as PayPal, SpaceX, and Tesla. Elon Musk's leadership style is transformational since it focuses on innovation and achieving large scale goals. Why Data Privacy Is Still Important for You, Where Accounting Meets Crimefighting: A more exciting career option for accounting students. But any replacement will need to be able to steer Twitter back to calmer waters, with Musk remaining majority owner. Elon Musk inspires his employees because, although he has high expectations for them, he demands even more from himself. Score: 10 out of 10 (highest in the batch) Md. Great Resignation Climate Change Leadership Inflation Ukraine Invasion . He may rethink stepping down, or even appoint someone only to sack them. An electric railroad that goes through an enormous tunnel, dug into the side of a mountain. He is able to push his employees harder because they understand that they are working towards a greater cause. This mightbe a little bit more difficult to do, but I think it's possible. So, if Twitter wants to find a new CEO, what sort of person should the troubled social media platform be looking for? World-renowned psychologist Shawn Achor asserts in his book The Happiness Advantage that happiness and positivity are key drivers of success and productivity.17 Figure 2 illustrates how, after extensive mathematical modeling, psychologist and business consultant Marcial Losada determined that 2.9013 is the ratio of positive-to-negative interactions necessary to make a corporate team successful. He often gets frustrated when employees cannot follow his instructions. Visiting Professor of Management Practice, Bayes Business School, City, University of London. While the post was prestigious and offered the benefits of extreme power at the highest level, recognizing that the job no longer aligned with Musks mission for sustainability and care for the environment meant that it was diametrically opposed to his objectives. By Andrew Fayad, CEO of ELM Learning, a creative agency focused on designing custom multimedia and digital learning experiences. By clicking Sign up, you agree to receive marketing emails from Insider In 1989, Musk moved to Canada and began undergraduate studies at Queens University in Ontario. He values feedback, both good and bad, as it helps him refine his ideas and execution. . . Heres part 1. 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). If we can overcome the initial fear of being told "no" and understand that no truly means nothing, we'll be better for it. 4. How often are you distracted? This essay will include a description of Elon's leadership qualities and a comparison to the trait theory of Leadership. While Musks resume is pages long, this is the side of Elon Musk that can be easily seen through Google searches and records. Musk is not afraid of failure and sees it as an organic part of any creation process. Learn to say no.. A clear indicator of his innate capacity for technology. 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. Nominate him or her for our award by visiting here. Im lucky I have all my fingers.2 A pattern of learning and experimentation continued for Musk into his adult career. Tesla will not initiate patent lawsuits against anyone who, in good faith, wants to use our technology.Perhaps this is why investors have stuck with him despite Tesla Motors still operating on a loss and SpaceX rarely meeting its ambitious goals on time and within budget. SpaceX almost went bankrupt. It could have global impact. 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. He received his first computer at 9 and by 12 had coded and sold a video game (Cole, 2021). Musk has taken out personal loans amounting to millions to keep his ventures afloat. I've known too many people who attempt to bring a certain amount of intensity to their work and burn out, break down or go too far. He also had a hand in conceptualizing and financing SolarCity, which is now the second largest solar power systems provider in the United States. Leading From Front. 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. Has potential to influence by contributing something to the world that improves it in a new and different way and creates a social impact. Exhibits these qualities, it is clear he has the necessary leadership traits of Elon Musk has married thrice twice. The automotive world mightbe a little bit more difficult to do, I! 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Cto of SpaceX, CEO of ELM learning, a model and dietitian, and Benjamin Hazen... Of change instead of staying with a day-late idea Musk does it in a way! Ceo back full time things no longer serve your personal and organizational goals Management Practice, Bayes business,!
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