Elon Musk has become a global figure and a symbol of invention, innovation, technology, entrepreneurial creativity, and leadership. The younger generation wants to be like him. He motivates individuals by showing them what is achievable and how to manage a high-performance team to develop a worldwide corporation. Musk is the creator of numerous futuristic firms that have become brands in their own right, such as Tesla, Neuralink, SpaceX, and The Boring Company, but he is most known for the electric vehicle manufacturing company Tesla. Musk has amassed a net worth of $57.9 billion via hard work, perseverance, and of course his smart work. But, what young and fresh entrepreneurs or leaders can learn about leadership from this renowned and ambitious billionaire? Here are the top 10 leadership lessons that you should be learning and inculcating from Elon Musk.
This Blog Includes:
- Elon Musk Biography
- About Elon Musk
- Elon Musk Early Childhood
- Elon Musk Personal Life
- Elon Musk Education
- Elon Musk Career
- Elon Musk Startups
- Elon Musk’s Net Worth
- Elon Musk Rewards & Recognitions
- 10 Leadership Lessons to Learn from Elon Musk
- 1. Always Believe in Having a Vision
- 2. Stretch Goals Like Musk!
- 3. Stop Blindly Following Trends
- 4. Believe in Micromanaging
- 5. Talent Plays a Vital Role
- 6. Embrace Failures
- 7. Always Use Feedback to Find Solutions
- 8. Communication is the Key
- 9. Waive the Need for Unnecessary Meetings
- 10. Adapt to Change
- Some Lesser Known Facts About Elon Musk
Elon Musk Biography
|Full Name||Elon Reeve Musk FRS|
|Parents||Errol Musk, Maye Musk|
|Age||50 years(born on 28th June 1971)|
|Children’s||X Æ A-Xii, Nevada Alexander Musk, Damian Musk, Xavier Musk, Griffin Musk, Kai Musk, Saxon Musk|
|Nationality||Canadian, South African(Birthplace) & American|
|Net Worth||$151 Billion|
|Companies||Space-X, The Boring Company, Tesla, Paypal and Co-founder in Neuralink and Open AI|
About Elon Musk
Elon Musk is a visionary entrepreneur and CEO. He co-founded PayPal, Tesla, and SpaceX. He serves as CEO of Tesla and CEO of SpaceX, which he founded with the goal of reducing traffic congestion on the roads by using tunneling systems to create quick, cheap tunnels in urban areas.
He is also the founder of The Boring Company, which will build a network of high-speed tunnels in Los Angeles to relieve traffic congestion. The company’s first tunnel was completed in December 2017 and was officially opened in December 2018.
Furthermore, Musk’s companies have been valued at $82 billion by Forbes as of November 2017. At that time, Musk owned 30% or more of Tesla (TSLA), SolarCity (SCTY), and SpaceX.
The point is that Musk made his fortune from disrupting an industry (electric cars) with a product that makes financial sense while threatening traditional incumbents (automobiles). He did it by reinvesting his profits into research and development, improving production efficiency, and making good business decisions. That’s what makes him a visionary leader in our eyes — not only did he create new markets, but he also managed to make money while doing so.
Elon Musk Early Childhood
Elon’s childhood was marked by tragedy. He was pushed down the stairs and suffered serious injuries when he was a child. Luckily, he recovered. He even suffered from a serious accident when he has pushed down a flight of stairs at the age of ten. This experience, however, made him determined to succeed and to create a world that would be better for everyone in the future.
When Elon was ten years old, his father bought him a Commodore VIC-20 microcomputer. He taught himself how to program it. Back then, computer programming was considered a very challenging skill that most kids could not master. But Elon not only mastered it but developed a genuine passion for it as well.
He loved to read as a child. He later developed a deep fascination for computers and taught himself computer programming when he was ten.
Later in life, Elon severed ties with his father: “I had absolutely no contact with my father from the age of about 12 or 13 until I left for university,” he said in an interview last year. “When I came back two or three years later [for a visit], I had a million questions for him about how to do various things on the computer… And he just wasn’t interested in talking about it at all. He was like ‘I don’t know anything about computers. You’re on your own now.
Elon Musk Personal Life
His personal life has been the subject of significant public interest. He dated actress Talulah Riley for several years before marrying British actress Talulah Riley in 2002, with whom he had two sons, then divorced in 2008. In October 2017, he married Canadian Grimes, who released her first solo single “Flesh Without Blood” on April 7, 2018.
Elon Musk and his wife are the parents of six children. Griffin, Xavier, Damian, Saxon, Kai, and X Æ A-Xii are among those present.
Elon Musk Education
Elon Musk, who was born in South Africa, grew up in Canada. The son of a Canadian model and a South-African engineer, Musk studied physics and economics at the University of Pennsylvania, graduating with a Bachelor of Science in physics (1992) and a Bachelor of Arts in Economics (1994).
After graduating from the Wharton School of the University of Pennsylvania, Musk worked for an Internet startup called Zip2 before going to work at PayPal as vice president of business development. After that, he founded his own company X.com, which later merged with Confinity and then PayPal. In 2002, he sold PayPal to eBay for $1.5 billion – around 13 times what Musk had invested.
Elon Musk Career
In his early career, Musk was known for taking bold risks. In 2000, he co-founded X.com, online financial services, and electronic payment company, with Kimbal Musk and the sale of zip2 to Compaq in 1999. After some initial success, the company was eventually acquired by PayPal in October 2002.
When PayPal was purchased by eBay in 2002, Elon Musk became a vice president at the company where he focused on new product development and strategic matters. In 2004, Musk left PayPal to form SpaceX as CEO and lead the development of the Dragon spacecraft family.
In addition to his work at SpaceX, Musk is a co-founder of Tesla Motors, Inc., an American automobile manufacturer specializing in electric cars. In 2003, he formed SolarCity (now owned by Tesla) as well as Zip2. He also owns a private rocket company called The Boring Company, which is developing a high-speed transportation system called the Hyperloop.
Although his companies are all cutting-edge technology companies that aim to revolutionize transportation and space travel, Musk tends to think big. He famously described his goal with Tesla as “to accelerate the advent of electric cars and renewable energy,” and he hopes that SpaceX will help us colonize Mars by making interplanetary travel a reality.
Elon Musk Startups
- Tesla Motors
The billionaire has recently unveiled Hyperloop, which is a transit system designed to transport people on high-speed trains between major cities in the world at speeds of over 1,200 mph (1,931 km/h), reducing journey times between cities significantly compared with conventional rail
Elon Musk’s Net Worth
The man behind Tesla and SpaceX is not only a tech pioneer but also a problem solver. He’s been credited with revolutionizing the electric car market, while at the same time working on improving space exploration technology. Elon Musk is an entrepreneur who has achieved the unimaginable, making him the most influential person of our times.
He started off working as a programmer in Silicon Valley before founding PayPal and Tesla Inc. In 2003 he founded SpaceX and SolarCity, with the aim to change the world for the better.
In 2016, he became only the second person to reach $20 billion in stock market value after Amazon’s founder Jeff Bezos. At that point, Musk was worth more than $19 billion, according to research firm Bloomberg.
Elon Musk Rewards & Recognitions
He has received numerous accolades for his work in the fields of business, engineering, and philanthropy.
Some of Elon Musk’s most notable achievements include:
● Co-founding both SpaceX and Tesla with the goal of creating a more sustainable future.
● Creating one of the first modern hyperloop(a type of transportation system), which aims to connect major cities in a way that is faster than a plane but safer than driving on surface streets.
● Pushing forward the development of rocket technology through his company SpaceX
- In 2006, Musk was an individual from the United States National Academy of Sciences Aeronautics and Space Engineering Board.
- Inc. magazine Entrepreneur of the Year grant for 2007 for his work on Tesla and SpaceX.
- 2007 Index Design grant for his plan of the Tesla Roadster. Worldwide Green 2006 item configuration grant for his plan of the Tesla Roadster, introduced by Mikhail Gorbachev.
- American Institute of Aeronautics and Astronautics George Low honor for “the most extraordinary commitment in the field of room transportation in 2007/2008”. Musk was perceived for his plan of the Falcon 1, the main secretly evolved fluid fuel rocket to arrive at circle.
- Public Wildlife Federation 2008 National Conservation Achievement grant for Tesla and SolarCity. Other 2008 beneficiaries incorporate writer Thomas Friedman, U.S. Congressperson Patrick Leahy (D-VT), and Florida Governor Charlie Crist.
- Public Space Society’s Von Braun Trophy in 2008/2009, given for authority of “the main accomplishment in space”. Earlier beneficiaries incorporate Burt Rutan and Steve Squyres.
- Recorded as one of Time’s 100 individuals who most impacted the world in 2010.
- The world overseeing body for aviation records, Fédération Aéronautique Internationale, introduced Musk in 2010 with the most noteworthy honor in air and space, the FAI Gold Space Medal, for planning the main secretly evolved rocket to arrive at circle. Earlier beneficiaries incorporate Neil Armstrong, Burt Rutan of Scaled Composites and John Glenn.
- Named as one of the 75 most powerful individuals of the 21st century by Esquire magazine.
- Perceived as a Living Legend of Aviation in 2010 by the Kitty Hawk Foundation for making the replacement to the Space Shuttle (Falcon 9 rocket and Dragon space apparatus). Different beneficiaries incorporate Buzz Aldrin and Richard Branson.
- In February 2011, Forbes recorded Musk as one of “America’s 20 Most Powerful CEOs 40 And Under.”
- In June 2011, Musk was granted the US$250,000 Heinlein Prize for Advances in Space Commercialization
- In 2012, Musk was granted the Royal Aeronautical Society’s most elevated honor: a Gold Medal.
- In 2013, Musk was named the Fortune Businessperson of the year for SpaceX, SolarCity, and Tesla.
- Granted the President’s honor for Exploration and Technology of the Explorers Club at the yearly occasion on March 16, 2014.
- In 2014, Elon Musk was regarded with an Edison Achievement Award for his “obligation to advancement all through his vocation”.
- 2015 at Yale’s 314th Commencement Ceremony, got Honorary Doctorate in Engineering and Technology.
- In 2015, he was granted IEEE Honorary Membership.
- In June 2016, Business Insider named Musk one of the “Main 10 Business Visionaries Creating Value for the World” alongside Mark Zuckerberg and Sal Khan.
- In May 2017, Musk was granted the Oslo Business for Peace Award.
- In 2018, Musk was positioned 25th on Forbes rundown of The World’s Most Powerful People.
- Musk was chosen a Fellow of the Royal Society (FRS) in 2018.
- Recorded among the Time 100 Most Influential People in the World in 2010, 2013, 2018 and 2021.
- Musk was granted as part (fifth class) of the Most Admirable Order of the Direkgunabhorn on March 4, 2019 for his commitment in the salvage at Tham Luang cave, Chiang Rai Province, Thailand.
- In 2019, Musk was granted the Starmus Festival’s Stephen Hawking Medal for Science Communication
- Musk was recorded joint first on the Forbes rundown of the “Most Innovative Leaders of 2019”.
- Musk was refered to as one of the Top 100 most powerful Africans by New African magazine in 2020.
- On December 1, 2020, Musk was granted the Axel Springer Award.
- Musk Ranked No.1 on Businessperson Of The Year 2020 List By Fortune Magazine.
- On January 7, 2021, Musk was positioned as the richest individual on the planet as indicated by Bloomberg.
- On January 10, 2021, Musk was positioned #1 on Forbes’ Billionaires List
- Monetary Times is naming Musk Person Of the year for his commitment to speed up the world’s vehicle industry towards EVs.
- Musk added to Newsweek Hall of popularity for his disturbance in the Auto and Space Industry
- On December 13, 2021 Time magazine named Musk Person of the Year.
10 Leadership Lessons to Learn from Elon Musk
1. Always Believe in Having a Vision
One of the most important tenets of leadership is to have a vision and further inspire people and your followers to make that vision come true. Musk explains, “You need to have a very compelling goal for the company. Then, putting yourself in someone’s shoes who is talented at a global level, they have to trust that there is a potential for a great outcome and must believe the leader of the company that you’re the right person to work with.”
2. Stretch Goals Like Musk!
Elon Musk is a wildly ambitious individual when it comes to innovation and chasing his vision to come true. He has proven it to the world multiple times, whether by creating brain chips to revolutionize neuroscience or finding ways to colonize Mars. These are all a part of his ‘stretch goals’ strategy. Such objectives are considered as truly important sources of individuals and organizational achievement & motivation.
Did you know? Elon Musk created and sold a video game to a magazine when he was 12 years old. The space battle game ‘Blastar’ was sold for $500 to PC and Office Technology magazine. Musk also worked at ‘Rocket Science,’ a game start-up.
3. Stop Blindly Following Trends
Elon Musk believes that one should have his way of looking at everything. It’s definite that to achieve things that have never been conquered before, one has to do things that have never been done before. He is a firm believer in questioning and challenging the status quo. This approach has led SpaceX to create a truly innovative vehicle on its terms.
4. Believe in Micromanaging
Being a well-known workaholic, this serves as both a blessing and a curse for his employees. He has always led by example by taking an interest in every single aspect of his projects. Musk describes, “If you are a co-founder or CEO of a brand, you have to perform all the kinds of tasks you might not want to do. If you don’t do your chores, the company would never succeed because no task is too menial.”
Did you know? PayPal, formerly X.com, was the source of Musk’s fortune. Paypal was founded in 1999 and was later bought by eBay for $1.5 billion, $165 million of which was handed to Musk in shares.
5. Talent Plays a Vital Role
Elon Musk has always been meticulous about hiring employees of his company. There is no question that he sees the value in building an excellent team. Talent plays an extremely important role. To create such a fruitful team, Musk said, “Hire great people; this is 90% of the solution, as hiring wrong can cost you so much.”
6. Embrace Failures
Failure never derailed his visions. Instead, he has always embraced it as a way to prove that his team is doing something disruptive. Musk said, “A failure is always an option; if things are not failing, you are not innovating.”
Did you know? Both of Musk’s triumphs and accomplishments, SpaceX and Tesla, were on the verge of failure. While the first three rockets failed to launch, the fourth did, and the Roadster had many production issues.
7. Always Use Feedback to Find Solutions
When an individual uses failure as a lesson, it allows them to tackle solutions and finally reach the goal. Musk’s piece of advice is, “I feel it is important to have a feedback loop, where you are constantly thinking about what you have done and how it could have been done better. Always think about how things can be done in a better manner and keep questioning yourself.”
8. Communication is the Key
Communication is something Elon Musk has always urged his friends to do as efficiently as possible. The issues come from poor communication between departments. The only way out is to allow the free flow of information at all levels. To make something work between departments, people must talk to each other directly and make the right decisions.
Did you know? Elon Musk was awarded the FAI Gold Space Medal by the Federation Aeronautique Internationale in 2010 for developing the first privately constructed rocket to reach orbit.
9. Waive the Need for Unnecessary Meetings
Musk has waived unnecessary meetings because that usually results in wasting time that doesn’t result in meaningful takeaways. He describes, “Excessive meet-ups are the blight of the big companies and almost always get worse with time. So get off the large meetings unless there’s something valuable to the audience, in which case keep them precise.”
Did you know? Elon Musk also made an appearance in The Simpsons episode, “The Musk Who Fell to Earth”, Iron Man 2, The Big Bang Theory, and Rick and Morty
10. Adapt to Change
The billionaire is well-known for changing his mind based on whatever needs attention at that moment or to quickly change course on projects. Elon Musk has an erratic sense of decision making, especially in reaction to things he reads on social media platforms, and can sometimes give his employees a breakdown.
Did you know? Musk named one of his sons Xavier, after Professor Xavier from the X-Men, as he admitted.
Some Lesser Known Facts About Elon Musk
- His initial startup was Zip2
- Musk exited Stanford after only two days
- Musk made an appearance on ‘The Simpsons’, The Big Bang Theory
- Musk purchased James Bond’s submarine vehicle for near $1 million
- Musk ran a club to pay lease
- Musk started a non-profit school to teach his kids
Elon Musk helped to establish the electronic installment firm PayPal and established the rocket organization SpaceX. He became CEO of the electric-vehicle creator Tesla.
He started his career at the University of Pennsylvania in material science, Musk began considering making the plunge as a sequential tech business person with early victories like Zip2 and X.com. He was instrumental in making the organization that became PayPal.
He has invented Musk’s the Electric jet apart from starting new ventures, He is a great inventor too.
Musk was brought into the world by a Canadian mother and South African dad and brought up in Pretoria, South Africa.
Unless you have been living under a rock, you know Elon Musk is all over the news and it makes sense to look at exactly what Musk is doing and what you can learn from him. We hope you found our blog on 10 leadership lessons you can learn from Elon Musk thought-provoking. For more insightful content, keep reading on Leverage Edu!