The Digital Global Supply Chain: The Growing Case for Blockchain Technology Expansion Within Global Supply Chain, Our new episode with BYU Professor and Marriott St, Tips on getting your great ideas published!! 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. The 45-year-old is best known for being the founder of X.Com which later became PayPal, one of the largest Internet payment companies. Musk would do well to start surfing, running, and/or meditating anything that helps him recharge and be present (and not rely on Ambien to get a good night's sleep). Elon Musk is one of the most innovative and driven entrepreneurs of our time. This kind of thinking makes many companies mediocre. You see, the 2% that separated Muskfrom his current score and perfection sounded to him like a giant "no." 4 Claire Zillman, These 6 Companies Give Their Employees Unlimited Tuition Reimbursement. Fortune. Whats remarkable about Musk is that he never lets it stop him from fighting through and progressing. Confidence and independence. Confidence and independence. Mentors are invaluable when it comes to developing a leadership style. Hes on a mission to save humanity. 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). This is inspirational and indubitably it has allowed him to persist through highly challenging circumstances in his businesses. Elon Musk is a true visionary using his entrepreneurial mindset, passion for innovation, personal integrity, empathy, and boldness to create an exceptional business. 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. 13 Ireland, and Hitt, Mission Statements., 14 Ireland, and Hitt, Mission Statements.. Elon Musk Leadership Assembles the Right Team. There's an anecdote Musk's first wife tells of him back in college. As a leader, having a vision and communicating it to your team can make a big difference in the success of your organization. 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. 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. You can't . 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. Adib Ibne Yousuf Follow Unwilling to support apartheid through military service, Musk moved from South Africa to the United States (Cole, 2021). There are occasions when Musk's employees or those working with him find him hard to work with. This could be a part of why Elon Musk has been so successful. While he has garnered enormous respect due to his transformational leadership, he still exhibits autocratic leadership traits. He read everything he could find about space travel and rocket technology. Bhd. Yet, while his unique personality and boundless creativity have led to incredible success for his. Who Will Win? Musk once said, If something is important enough, even if the odds are against you, you should still do it. His contributions in the fields of aerospace and sustainable energy (among others!) He has had many failures in the course of his career, ranging from mechanical failures in his Tesla brand to rockets crashing. 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 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. It's not hard to think of well-known, visionary leaders of the past few decades. Musk paid US$44 billion to buy it, perhaps twice what it was worth. Jun 21, 2022 However, there's no denying that Elon Musk deserves a spot near the top of that list. He wasn't distracted by other, tedious tasks. But he wouldn't take no for an answer. Dolly Singh, former HR head at SpaceX, says about Elon Musk, "The thing that makes Elon Elon is his ability to make people believe in his vision.". Because managers generally interact with a large number of employees, they have a tremendous opportunity to influence office culture. You may opt-out by. It also sets a good example for others to follow. 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. Twitter is a resounding practical success. Now look at Tesla: it's a booming giant that's changing the automotive world. Inspires others to keep up with the pace of change instead of staying with a day-late idea. This might be a little bit more difficult to do, but I think it's possible. But can we. He may rethink stepping down, or even appoint someone only to sack them. In an ideal world, he could do all of the work himself. Being a perfectionist, he went to his professor and got them to change his score to a 100%. After 2 years, he transferred to the University of Pennsylvania. He has used his skills to aid in the design of electric cars and even spaceships. Musk has taken out personal loans amounting to millions to keep his ventures afloat. Had he been afraid of failure, two of the most recognizable companies in the United States may no longer exist. 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. 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 . Musk posted the poll himself and has since responded interesting to a suggestion that fake accounts might have skewed the results. Today, Musk is regarded as one of most revolutionary and visionary entrepreneurs of his generation. The novel led Musk to deduce that the only thing that makes sense is to strive for greater collective enlightenment.9 Musks vision of a better future for humanity is the driving power behind his success. The initial question is always small, then the answers grow progressively bigger. 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. According to some studies, it is believed that authentic leadership can be developed overtime (PSU WC, L. 12, 2021). Now many of you will read this and think: Why? The truth is, if we are passionate or find passion in the work we're doing, work stops feeling like work. Businesses cant replicate Musks lifetime of experience in their employees. Related: Elon Musk Responds to a Request From a Tweeter Who Sent Him the Same Message 154 Times. He really gives his all to what he does.This certainly cant be easy considering the failures his companies have faced. I think thats the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.. Originally published 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. will no doubt profoundly impact our world. Warren Buffett. Although Elon Musk is a one-of-akind CEO, many of the leadership qualities vital to his success can be developed in managers throughout a company. 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. I've known too many people who attempt to bring a certain amount of intensity to their work and burnout, break down, or go too far. 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. Musk has described his estranged father Errol as "evil.". The primary source of Elon Musk power is his leadership skills. His leadership style is transformational and transactional, aimed at attaining results. 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. How Elon Musk and Tim Cook Will be Remembered in Business History. . 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. Errol shot and killed . 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. 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). Here are a few considerations that Musk should pursue to get Tesla back on track. 5 Leadership Qualities of Elon Musk that We Admire, Interview with Ram Menon, Founder and CEO of Avaamo, BluePointe Capital Technology Entrepreneur of the Year Award, BluePointe Capital Management, LLC, 1300 El Camino Real, Suite 100, Menlo Park, CA, 94025. I feel the exact same way. Relinquish CEO duties to a qualified candidate Accept an alternative leadership role that aligns with the expertise and time availability Restructure Tesla's board of directors without conflicts of interest or dependencies Opinions expressed by Entrepreneur contributors are their own. Leaders are often faced with complex challenges that require critical thinking and effective decision-making. Its been a tumultuous year for Twitter and Musk. This leadership style's strengths are innovative thinking, analysis, problem-solving, planning, and strategy execution. 12 Wall St. Elon Musk is inventive, intuitive, sociable, and adaptable. That 100% meant enough to him that he put himself in a possibly awkward situation, speaking with his professor, and having the hard conversation that many people shy away from. The Musk way. After lengthy development of a new model of his all-electric Tesla car, the vehicle burst into flames during a test run. "AI stresses me out," Musk said near the end of a more than three-hour presentation to Tesla investors about company plans. 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.. But he wouldn't take no for an answer. Many people would consider Musk to be the most innovative entrepreneur of our time. Do you have a strong belief in it? What's the point of doing that? entrepreneur.com/article/279971. Musk also co-founded Tesla Motors, which aims to build low-cost electric vehicles and revolutionize the automobile industry. Works on Ground Level. 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 Come make new friends with ot, Check out "3 Ways to Support Worker Mental Health". The reason that we feel Elon Musk is an outstanding example of the entrepreneurial spirit is his ability to overcoming disappointment. I'll talk about them here. If we can overcome the initial fear of being told "no" and understand that no truly means nothing, we'll be better for it. You can save thousands of dollars, for a limited time. Musk was born in Pretoria, South Africa, where he lived until he moved to Canada at age 17. Disclaimer: The opinions expressed on this website are those of the writers or the people they quoted and not necessarily those of Leaderonomics. He holds South . He is able to push his employees harder because they understand that they are working towards a greater cause. 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. Because "no" meant nothing. The values that our award is based upon are as follows: Entrepreneurial Spirit Passion for Innovation Positive Energy Strategic Direction Personal Integrity/Influence Entrepreneurial Spirit We define entrepreneurial spirit as the following: 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. Elon Musk, one of the most creative leaders of our time, is widely seen as a visionary. Copyright 20102023, The Conversation US, Inc. 57.5% of more than 17.5 million Twitter users. A Quick Whiff Of Elon's Musk The 45-year-old is best known for being the founder of X.Com which later became PayPal, one of the largest Internet payment companies. In the end, he got his way. After a closer look, researcher Michael Porter discovered a shockingly dismal success rate when companies acquire other firms outside of their original scope.14. 1. As a child, Musk became interested in computer programming and taught himself to code. https://www.britannica.com/biography/Elon-Musk. Bill Gates. I would have been happy with a 98%. In this segment were looking atElon Musk, the creator of brands such as PayPal, SpaceX, and Tesla. 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. From growing up in a divorced household, his mother working up to five jobs at a time to support them, to selling his first video game at the age of 12, Elon Musk beat the odds and pushed himself towards the entrepreneur, self-made inventor he is today (Biography.com Editors, 2021). 8. And it can be a force for good for example providing data and advice during the COVID-19 pandemic or helping to highlight the failings of politicians or the media even with the unpleasantness and abuse that seem to be an unavoidable part of tweeting. 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. How many opportunities are lost because of our fear of asking? We can also absentmindedly rattle off a stream of adjectives that describe him: innovator, leader, genius, visionary, futurist, entrepreneur. 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. So find a small idea. This mindset helps him stay motivated and excited about what is next. 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. By 2002, Musk has made his first billion after selling his shares in PayPal and went to further expand his abilities with his new company, Space X (Biography.com Editors, 2021). Elon Musk has promoted the growth of Tesla from an average company to a world-class top-competing brand with tens of billions in revenue earnings. The couple had five more sons through IVF; twins in 2004, followed by triplets in 2006. He understands the many challenges but is not afraid to take them on. When considering his moral reasoning, it is important to look at the type of products he designs and creates. Himself to code and indubitably it has allowed him to persist through highly challenging circumstances in his businesses, is! 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