The delegation of duties and the . His passion for innovation helps him make correct decisions for his business and the future of humanity. This focus has allowed Musk to perfect the art of getting into a "flow state," "the mental state in which a person performing some activity is fully immersed in a feeling of energized focus, full involvement, and enjoyment in the process of the activity." Conclusion. Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. As of October 2016, his estimated net worth is US$11.5 billion. So the new CEO will need to be confident, perhaps even arrogant, and ready to stand their ground. "Being immersed can be defined as a state of focus in which a person is completely absorbed and engrossed in their work." Elon Musk is most known for founding Tesla, a company that builds electric cars with high demand and high prices, and SpaceX. Rational transparency is about ones ability to express their true self to others, regardless of whether the aspects of themselves are positive or negative (Northouse, 2019). Explore the amazing adventurehe wishes to take us all upon. A great leader must have a vision and it is not about just knowing where you are but also where you want to be. They push people out, spiral out of control, or end up underperforming dramatically. 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). Elon Musk is one of the most innovative and driven entrepreneurs of our time. 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. I think thats the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.. Write an article and join a growing community of more than 160,400 academics and researchers from 4,572 institutions. 12 Wall St. Even though he had complete control of his company, he gave his employees the motivation to accomplish their targets and tasks through his characteristics. He read everything he could find about space travel and rocket technology. 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). To understand his strategic direction to build huge companies . 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. An electric railroad. In this week's issue highlight, "Religion in the W, Our 1st Annual Authors Banquet occurred about a, Changing the World One Garden at a Time NOW WATCH: Elon Musk says Tesla owners could make up to $30,000 a year turning their cars into 'robotaxis'. 11 Duane Ireland, and Michael A. Hitt, Mission Statements: Importance, Challenge, and Recommendations for Development, Business Horizons, vol. accessed November 23, 2017. http://fortune.com/2016/03/04/ companies-employees-tuition-reimbursement/. Recognizes business imperative of anticipating and embracing changes occurring in the competitive environment through continuous improvement in all aspects of the business. It certainly wouldn't be that way without Mr. Musk's unblinking focus at the forefront. China's birth rate declines for first time in decades. During these times, he didn't think about anything else. How many opportunities are lost because of our fear of asking? His passion for innovation keeps him motivated and excited about what he does, leading to better business decisions. I dont believe that to be the case with Musk. https://www.biography.com/business-figure/elon-musk. Elon Musk is a honest person/executive, the world we live has a great lack of honesty. 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. . May 31, 2021. Elon Musk has always been remembered as a transformational autocratic leader. Opinions expressed by Entrepreneur contributors are their own. What more noble cause is there? For better or worse, here are five things weve learned about leadership from Elon Musk. Being a perfectionist, he went to his professor and got them to change his score to a 100%. Because "no" meant nothing. Big ideas always come from small thinking. What Elon Musk has . Elon Musk is widely admired for visible entrepreneurship. "AI stresses me out," Musk said near the end of a more than three-hour presentation to Tesla investors about company plans. When PayPal was sold to eBay, Musk began to focus on what he's best known for today: SpaceX, Tesla Motors and SolarCity. Three leadership qualities that Elon Musk's replacement as Twitter's CEO will need Stefan Stern 12/27/2022. You must really like us. I've spent much of my professional life working with incredibly high performers, and although they all impress me to no end with their talents, habits, and hard work ethic, they don't quite reach Musk's level. We'd, Thanks for all the support! 6 Authentic Ways to Inspire Other People When Youre Not Great With Words. Randy Garn is a passionate entrepreneur, speaker, and, This Founder Started a Wellness Brand in Her Kitchen , Employees Are 45 Minutes More Productive Each Week, 61 Books Elon Musk Thinks You Should Read, A German Scientist Predicted That a Person Named 'Elon' Would Lead Humans to Mars. His predictability allows him to make these risky decisions, knowing that, in the end, it will be worth it. When Musk is brave with his decisions, his team is empowered with the same courage. Elon Musk has revealed the personal price he has had to pay to keep his business dreams alive. 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. 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. Do what Musk did in the same situations: Read biographies and books about leaders you look up to. Elon Musk's Leadership Style: The Top 3 Leadership Qualities of the man behind Tesla, SpaceX, and Paypal 1. Or Elon Musk announcing his company's latest innovation in automobile production. Why? Weve recently launched theBluePointe Capital TechnologyEntrepreneur of the Year Awardto honor the brilliant creators who are changing society for the better. He has borrowed huge sums and sold large tranches of Tesla stock to help fund the acquisition. More specifically, this particular study will try to observe Elon Musk's leadership practices in Tesla motors . I've spent much of my professional life working with incredibly high performers, and although they all impress me to no end with their talents, habits, and work ethic, they don't quite reach Musk's level. Bill Gates. Cheat Sheet: Is Teslas Elon Musk the New Steve Jobs?. A clear indicator of his innate capacity for technology. He possesses illustrious leadership qualities, skills, and styles, some of which are being discussed here. Further, Musk has been selling billions in Tesla stock and its share price is down by over 60% this year. 15 Sunny Bonnell, Every Entrepreneur Can Learn From These 5 Leadership Traits of Elon Musk. Entrepreneur. The current study is narrowly focusing on the leadership traits of Elon Musk in Tesla motors. Sometimes, as a leader, you need to step back and say no when things no longer serve your personal and organizational goals. We can also absentmindedly rattle off a stream of adjectives that describe him: innovator, leader, genius, visionary, futurist, entrepreneur. 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. This event makes him a charismatic leader. Today, Musks 100-hour-work weeks lie at the core of his success. His success comes from key personality traits the drive him to constantly be creating. Ever since then, I have kept abreast with great interest the news surrounding this man the media often dubs the real-life Tony Stark. 3. Creates a culture of innovation. Purpose: To learn and understand the qualities of Elon Musk as a leader that make him so successful. Musk generally influences people in his organization as well as outside world by using great communication skills. Confidence and independence. For leadership profiles of other famous business leaders, including Steve Jobs, Oprah Winfrey, and Warren Buffett, check out our Business Leadership Profiles section. How often does something small in scale pull your attention away, making you less productive and less effective? Business Insights Blog. 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 . 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. 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. Builds and rebuilds the teams commitment to the common goals. Having cofounded and sold PayPal, he quickly moved on to launching a range of ventures with world-changing aspirations for how we generate . Musks innate sense of curiosity stems largely from the unusual amount of independence he experienced as a child. 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. You see, the 2% that separated Musk from his current score and perfection sounded to him like a giant "no." entrepreneur.com/article/279971. Elon Musk has clashed often with securities regulators and highway safety authorities, but there's one area the Tesla and Twitter chief says the government should regulate now: artificial intelligence. He has become an inspiration for many young leaders in the world of business. The truth is, if we are passionate - or find passion - in the work we're doing, work stops feeling like work. His financial decisions even resulted in him borrowing money to pay rent for a period of time.He has justified his unusual entrepreneurial moves saying, If I ask investors to put money in, then I feel morally I should put money in as well. Or as he has more colourfully puts it. Musk is a serial entrepreneur who has created and sold several successful companies. Elon Musk was born on June 28th, 1971 in South Africa, where he grew up with his father after his parents divorced in 1980. This flow state is only achieved when the person can perform undistracted by other, less-significant tasks. 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. As a student of leadership, I can see three key requirements for anyone considering - or being considered for - this role right now: 1. Elon Musk is an American businessman. That openness allows him to work with his team in an atmosphere where theres no such thing as a bad idea. Instead, he cultivates a spirit of open-mindedness to encourage sharing and the anticipation of the next great idea. 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. Someone who has reached goals youre still working on can give you real-life, actionable tips to becoming a better leader. Musk was born in South Africa to an engineer and dietician. After a closer look, researcher Michael Porter discovered a shockingly dismal success rate when companies acquire other firms outside of their original scope.14. As a child, Musk had a passion for science fiction books and movies. 17 Shawn Achor, The Happiness Advantage: The Seven Principles That Fuel Success and Performance at Work (London: Virgin, 2011). A railroad. In his teen years, Musk spent a significant amount of time pouring over religious and philosophical texts. By clicking Sign up, you agree to receive marketing emails from Insider How many opportunities are lost because of our fear of asking? Apparently, the billionaire had been the highest bidder for a Lotus Esprit from the James Bond film, The Spy Who Loved Me.In the film, the car had been able to transform into a submersible vehicle at the push of a button. Confidence and independence. 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. There are occasions when Musk's employees or those working with him find him hard to work with. 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. 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. 2023 Leaderonomics Sdn. However, businesses can breed leadership qualities (such as those exemplified by Musk) in their employees by (1) developing a learning culture, (2) leading from the front, (3) abiding by a mission statement, and (4) fostering positivity in the workplace. He attended private schools and had a tough time as he was severely bullied by his peers. Internalized moral perspective is describes an internal understanding of ones morals and living by those in everyday leadership practice (Northouse, 2019). Has potential to influence by contributing something to the world that improves it in a new and different way and creates a social impact. He loves what he's doing because he does what he loves. Tesla balance. Elon Musk is such kind of a leader who possesses a lot of leadership qualities and styles. 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. As a fan of Elon Musk and his strides to a futuristic way of living, I can appreciate your points about his authentic leadership. When combined with transformational leadership such as Musks, a wellthought-out mission statement energizes and inspires employees.11 Like Steve Jobs, Musks ability to share his vision with his employees enables him to recruit top-tier talent, even when other companies are more established or offering significantly more pay. He is honest, hard-working, and a leader who has influenced many. Yet, while his unique personality and boundless creativity have led to incredible success for his. But is it really a commercial proposition? 1. The initial question is always small, then the answers grow progressively bigger. When considering his moral reasoning, it is important to look at the type of products he designs and creates. If we can overcome the initial fear of being told "no" and understand that no truly means nothing, we'll be better for it. Leaders must be committed to doing the work necessary for the companys success before they will be able to get others to commit. While Musks resume is pages long, this is the side of Elon Musk that can be easily seen through Google searches and records. 3 Andrew L. Cooper, Joseph R. Huscroft, Robert E. Overstreet, and Benjamin T. Hazen. Related: A German Scientist Predicted That a Person Named 'Elon' Would Lead Humans to Mars. Creates and turns vision into business realities. In the end, he got his way. Musk supervises the creation, engineering and layout of the products of the company. Indeed, Musks reaction to finally getting his hands on Twitter has been reminiscent of Christmas morning, when children rip open presents, display initial excitement and then quickly lose interest. Behavioral theories are crucial in understanding the conduct of . He is considered a visionary business leader who is advancing technology in areas such as space exploration and sustainable energy. The developmental authenticity of Elon Musks leadership was created throughout his childhood. Oprah Winfrey. It has certainly sped up the flow of information (admittedly, inaccurate information as well as the useful kind). 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. Expertise from Forbes Councils members, operated under license. For some time now, I've been assessing Musk and have outlined five different reasons that explain why he's found such success. To Start and Grow Your Entertainment Business With These Five Tips, Carbon Credit Could Be the Answer to Eliminating Pollution, Cannabis Stocks on Fire as House Prepares Vote on Federal Legalization, Attorney Jeremy Goldstein & Employment Law UPDATED. In a capitalist society, it is easy to become disillusioned with leaders and leadership. Since his parents were divorced when he was only nine years old, Elon and his younger brother Kimbal were left much of the time to explore the world on their own. https://online.hbs.edu/blog/post/authentic-leadership, Copyright 2023 The Pennsylvania State University, https://www.biography.com/business-figure/elon-musk, https://psu.instructure.com/courses/2137573/modules/items/32271438, https://online.hbs.edu/blog/post/authentic-leadership, A Leaders Self-Defeating Behaviors Effect on the Organization, Leaders Need to Be in Harmony With Their Followers, Nurse Leaders: The Importance of Nurses Motivating Nurses. I feel the exact same way. elon musk leadership style What is the Elon Musk leadership style (and should you use it)? Musk, 46, has a worth of more than $20 billion and has said he is using his personal asset to build his new visions. You see, the 2% that separated Muskfrom his current score and perfection sounded to him like a giant "no." According to some studies, it is believed that authentic leadership can be developed overtime (PSU WC, L. 12, 2021). Managing other people probably puts a lot of strain on him. Businesses can't replicate Musk's lifetime of experience in their employees. 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. Using his own money from the sale of Paypal, Musk started SpaceX, a company dedicated to lowering the costs of space travel. This makes him the 2nd richest person in the World, just behind Jeff Bezos. As of October 2016, his estimated net worth is US$11.5 billion. Elon Musk possesses the ability to think at the system level of design. Musk is not afraid of failure and sees it as an organic part of any creation process. You Can Lead Like Jobs and Musk If You Can Apply These 4 Skills. Empowering Trust Humility Visionary Delegation Innovative Positive Inquisitive Problem Solving Initiative for action Nuturing & Empathetic Active listening Patience Gratitude Strategic & Focussed Decision making Resilience Comittment Good communication Influence Transparency Respect I feel the same way. 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. Few more of his leadership traits are given below: Leading with Purpose Collaborative Being Comfortable with Change Operating with integrity Being Continuous learner is a priority Optimistic 8 Simon Sinek. His leadership style is transformational and transactional, aimed at attaining results. Wow, you scrolled all the way to the bottom! Because managers generally interact with a large number of employees, they have a tremendous opportunity to influence office culture. 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. 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. Musk has perfected the art of remaining focused. But this small, simple detail is a defining one. Top editors give you the stories you want delivered right to your inbox each weekday. Required fields are marked *, Notify me of followup comments via e-mail. Musk is undoubtedly a visionary. Musk is a longtime CEO who has never been afraid of risk. 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. So the new CEO will need to be confident, perhaps even arrogant, and ready to stand their ground. It's not hard to think of well-known, visionary leaders of the past few decades. 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. Many of Musk's grand ideas come from small questions. Eighty-hour work weeks don't feel like work weeks, because our passion is fueling us. Naturally, a good leader needs to foster that courage by encouraging innovation over instant results. When it comes to the troublemakers in your organization you have two choices: cut them out or rein them in. Twitter is struggling financially. Companies looking to gain a competitive edge should invest in their human capital by creating an office culture conducive to developing quality managers. 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. There has been some speculation that Musk has come under pressure from other Twitter shareholders and lenders to move on.