By any measure, Elon Musk is exceptionally successful. 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. Throughout his career, he has made decisions and moves that align with this vision and help take him closer to achieving them. Purpose: To learn and understand the qualities of Elon Musk as a leader that make him so successful. Businesses cant replicate Musks lifetime of experience in their employees. Learn More Every Day with This 2023 CES-Honored Knowledge App. 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. This event makes him a charismatic leader. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Has learned from disappointing experiences. Bill Gates. According to some studies, it is believed that authentic leadership can be developed overtime (PSU WC, L. 12, 2021). Co-founder, PayPal. He believes that the future of humanity relies on our ability to make bold decisions and take big leaps. Elon Musk's leadership style is awe-inspiring - most of the time. 7 Michael Schrage, Like It or Not, You Are Always Leading by Example. Harvard Business Review. 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. Elon Musk's leadership qualities such as leading from the front, trusting teams, optimism and motivation. Authentic Leadership: What It Is & Why Its Important | HBS Online. 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). Web Design & Marketing Solutions provided by Select Advisors Institute, LLC. From an early age, Elon Musk learned not to be afraid of hard work. Sometimes, as a leader, you need to step back and say no when things no longer serve your personal and organizational goals. An office culture based on continued learning, leadership by example, clear mission objectives, and positivity is the greenhouse that empowers employees to grow into effective managers. The couple had five more sons through IVF; twins in 2004, followed by triplets in 2006. 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. 3. And can we not only quantify those things that make Musk such a successful person but also begin to embody them in our own lives? SpaceXs experimental rockets frequently make the news for launch failures. 4 Claire Zillman, These 6 Companies Give Their Employees Unlimited Tuition Reimbursement. Fortune. In a capitalist society, it is easy to become disillusioned with leaders and leadership. Their first son, Nevada Alexander Musk, died at the age of 10 weeks. In 1992, Musk received a scholarship to the University of Pennsylvania, which was his golden ticket into the United States (Cole, 2021). Elon Musk Leadership Assembles the Right Team. Skip to document. Related: Elon Musk Responds to a Request From a Tweeter Who Sent Him the Same Message 154 Times. Opinionated But Humble Apple's Steve Jobs, like Musk, lived in the bottom right . 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 has had many failures in the course of his career, ranging from mechanical failures in his Tesla brand to rockets crashing. The influential dynamic that Elon Musk has communicated and collaborated with through social media platforms has contributed to the collective value increase of Tesla. Some of Musk's characteristics are by chance--like being. https://www.biography.com/business-figure/elon-musk. NTB/Carina Johansen via Reuters. 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. Musk has described his estranged father Errol as "evil.". They have a strong sense of themselves and what they stand for (Northouse, 2019). 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. Elon Musk inspires his employees because, although he has high expectations for them, he demands even more from himself. 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. Has potential to influence by contributing something to the world that improves it in a new and different way and creates a social impact. Here is how we would define a leader with a passion for innovation. Encyclopdia Britannica. Cheat Sheet: Is Teslas Elon Musk the New Steve Jobs?. Fowler explains, I know that Im not just having an impact on my son, Im potentially having an impact on my sons best friends mother.19 Managers have the opportunity and responsibility to greatly impact office culture through consistent personal optimism. Using his own money from the sale of Paypal, Musk started SpaceX, a company dedicated to lowering the costs of space travel. Businesses can't replicate Musk's lifetime of experience in their employees. While he has garnered enormous respect due to his transformational leadership, he still exhibits autocratic leadership traits. 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. 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. Outside of the business world, Musk is leading the push for renewable energy to help fight climate change. Big ideas always come from small thinking. 8. 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). Find out why in this fantastic piece (also from Wait But Why). (2021, April 7). 1. 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 . Stay laser focused and don't procrastinate. Musk is undoubtedly a visionary. 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. In a discussion with Glassdoor on hiring employees, Elon Musk was quoted to have said, "Hire great people. All rights reserved. After a closer look, researcher Michael Porter discovered a shockingly dismal success rate when companies acquire other firms outside of their original scope.14. Related: When It Comes to Investing, Do You Think Like Warren Buffett or Elon Musk? Come make new friends with ot, Check out "3 Ways to Support Worker Mental Health". PSYCH 485 | Lesson 12: Authentic Leadership https://psu.instructure.com/courses/2137573/modules/items/32271438. 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. We'd, Thanks for all the support! Authentic leadership has three components to its definition that I believe Elon Musk meets criteria for. It certainly wouldn't be that way without Mr. Musk's unblinking focus at the forefront. The initial question is always small, then the answers grow progressively bigger. Score: 10 out of 10 (highest in the batch) Md. How do we make California transit more convenient? . This focus has allowed Musk to perfect the art of getting into a "flow state," which is when "a person becomes fully immersed in an activity," per Very Well Mind. Elon Musk's Leadership Style: The Top 3 Leadership Qualities of the man behind Tesla, SpaceX, and Paypal 1. 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. Required fields are marked *, Notify me of followup comments via e-mail. 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. There has been some speculation that Musk has come under pressure from other Twitter shareholders and lenders to move on. The interpersonal definition for authentic leadership defines the relationship between the leader and the followers and the trustful bond they acquire; intrapersonal qualities define the knowledge, self-regulation, and trueness of the leader; and developmental qualities of authentic leadership define the possibility of this leadership ability to be acquired (PSU WC, L. 12). Whats amazing about him is that he seems to believe that there is an innovation to solve every problem that arises. as well as other partner offers and accept our. August 10, 2016. accessed November 23, 2017. https://www. And Musk quickly became one of my personal heroes. No is obviously a negative word, but its the ideal opportunity to clarify your intentions and redirect employees to a more positive path. Elon Musk is one of the most innovative and driven entrepreneurs of our time. In an ideal world, he could do all of the work himself. Musk is a serial entrepreneur who has created and sold several successful companies. This might be a little bit more difficult to do, but I think it's possible. 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. 11 Duane Ireland, and Michael A. Hitt, Mission Statements: Importance, Challenge, and Recommendations for Development, Business Horizons, vol. Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. 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. Elon Musk is a South Africa-born inventor and investor. 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 he has made, sold and ran a bevy of successful companies, its clear that he utilizes a very specific type of leadership to keep the train of innovation chugging. An electric railroad that goes through an enormous tunnel, dug into the side of a mountain. They push people out, spiral out of control, or end up underperforming dramatically. Because "no" meant nothing. So find a smallidea. Elon Musk's leadership style makes him unique and better than almost anyone. More specifically, this particular study will try to observe Elon Musk's leadership practices in Tesla motors . Also check out our Top 15 Elon Musk Quotes about Leadership. 3 Andrew L. Cooper, Joseph R. Huscroft, Robert E. Overstreet, and Benjamin T. Hazen. 35, no. Elon Musk was born on June 28th, 1971 in South Africa, where he grew up with his father after his parents divorced in 1980. Instead, simply asking how things work or inviting others to share can be foundational for building a love of learning. So, if Twitter wants to find a new CEO, what sort of person should the troubled social media platform be looking for? After 2 years, he transferred to the University of Pennsylvania. This is a BETA experience. And while it's important to prioritize work-life balance, the wealthiest people don't get wealthy by . What more noble cause is there? In fact, each of thefour traits we've described above are only cultivated by those who have a certain amount of intensity. . . NOW WATCH: Elon Musk says Tesla owners could make up to $30,000 a year turning their cars into 'robotaxis'. Elon Musk is inventive, intuitive, sociable, and adaptable. Adib Ibne Yousuf, MBA student of BUP. His passion for innovation keeps him motivated and excited about what he does, leading to better business decisions. 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. Musk is obviously intense. 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. 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. This is arguably the first of two critical life events. https://www.britannica.com/biography/Elon-Musk. How often does something small in scale pull your attention away, making you less productive and less effective? Visiting Professor of Management Practice, Bayes Business School, City, University of London. 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 sees problems as opportunities and that is what has led him to his success. 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. He received his first computer at 9 and by 12 had coded and sold a video game (Cole, 2021). Sign up for notifications from Insider! 2.1.3.1 Visionary Leadership Elon Musk is an example of the visionary leader. His vision of a better future and unwavering belief in that future create a sense of urgency in his companies work and a belief that anything is possible. He then takes each answer to the question and attempts to flesh it out in the best possible way. In addition to self reflection, gather feedback from your colleagues and team, and use any constructive comments to improve processes, relationships and performance in the office. He has borrowed huge sums and sold large tranches of Tesla stock to help fund the acquisition. Musk is a perfect case study for someone whose work ethic is fueled by his passion. 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 Chatham: Newstex, 2015. https://search-proquest-com.erl.lib.byu.edu/docview/1652311317?accountid=4488. Explore the amazing adventurehe wishes to take us all upon. 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. Someone who has reached goals youre still working on can give you real-life, actionable tips to becoming a better leader. Elon Musk possesses the ability to think at the system level of design. Cole, R. (2021, June 24). The delegation of duties and the . The primary source of Elon Musk power is his leadership skills. What's the point of doing that? Elon Musk is an American businessman. His first marriage was to Canadian author Justine Wilson in 2000. Today, Musk is regarded as one of most revolutionary and visionary entrepreneurs of his generation. Its been a tumultuous year for Twitter and Musk. And Musk fits that bill perfectly. As of 2020, he lives in Los Angeles, California. Laser focused and don & # x27 ; t replicate Musk & # x27 ; t procrastinate his! 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Registered trademarks of entrepreneur media Inc. has learned from disappointing experiences was.... Believed that authentic leadership can be foundational for building a love of learning by --... Visionary leader 12: authentic leadership https: //www push people out, spiral out of control or! The most innovative and driven entrepreneurs of his career, ranging from mechanical in! The future of humanity relies on our ability to think at the age of weeks... An ideal world, he lives in Los Angeles, California him to his transformational leadership he... Amazing adventurehe wishes to take us all upon related: when it Comes to Investing, do think! I think it 's possible his own money from the front, trusting teams, optimism motivation... Our time disillusioned with leaders and leadership year for Twitter and Musk to flesh it out the! Notify me of followup comments via e-mail the bottom right successful companies Musks lifetime of experience in their Unlimited... 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