Elon Musk Top 5 Entrepreneurial Traits
Elon Musk was born on (June 28, 1971, Pretoria, South Africa). He was a South African-born American technopreneur who co-founded the electronic-payment company Paypal, Zip2 and formed SpaceX. He was the CEO and president of Tesla. Ebay owned PayPal. Compaq company owned Zip2. Elon Musk is still owned SpaceX
Paypal was founded in March 2000 and specializes in online money transactions. It used to send and receive money also in online shopping sites and to buy subscriptions on apps. You should link the personal email address to your own bank account.
SpaceX, in full Space Exploration Technologies Corporation, founded in 2002. Elon musk mission is to reduce the transportation of rockets. It was the first private firm to send the spaceship to the International Space Dragon in 2012. The current project of SpaceX is the Starlink. Starlink project is to provide the fastest internet signals down to the earth by using small satellites.
Zip2, former American technology firm (1995–99) that was the first enterprise founded by Elon Musk with his brother. The firm Zip2 mission was that people can find the nearest store, pizza on the internet and how to get there. In 1999 Compaq Computer acquired Zip2 for $307 million.
Tesla co-founder Martin emailed Musk at that time. He has already developed the two companies Paypal and SpaceX. Martin was to discuss the investment in his electric company. Because of Elon Musk the Tesla generated the $7.5 million round of funding. Later, he became the CEO of Tesla company.
Traits and Characteristics
High risk tolerance
According to one study that found 96% of startups fails even being in the business for ten years. So before starting something we should consider that if we fail what we lose and how to overcome. To develop the firm Musk has left the PHD at Stanford University. After that, he developed the Zip2 company with his brother Kimbal Musk, in 1995. Afterward, Musk made the profits of $20 million by selling the company to Compaq. Musk took the risk again and built another company X.com. X.com is merged with another company with Paypal.
Stubbornness to pursue a passion
Elon Musk became interested in Space Travel when he was a kid and read the comedy fiction series Hitchhiker’s Guide to the Galaxy. He introduced the electric car concept in 2008–2009. At that period when he introduces this concept all the people laugh at him and say it is impossible. However, he pursued his passion without paying attention to those people. If he focused on those people, he would never end up inventing the electric car.
Prefers to be rare breed
Whenever you start a company never do what other people already do. Because the world needs new things that help people. If you want to be a successful person, then do not copy others but become the rare breed and stand out of the crowd. Start with something new and creative. SpaceX have the main goal of rocket propulsion, but they create their own rocket architecture as well. Tesla not only manufactures electric cars, but they also generate public awareness regarding their cars via Tesla showrooms across several countries.
There’s no alternative to hard work
Elon Musk and his brother Kimbal Musk working on Zip2 company, then he worked nonstop. Elon Musk says “There are way easier places to work, but nobody ever changed the world in 40 h a week.” If others are working 40 h a week and you are working 100 h a week then you can achieve in four months what other peoples achieve in one year. When you have dreams then you should work harder to achieve what you think and dream but dreams without actions is nothing. You have to set goals and divide these goals into smaller parts and have a clear target. When Elon Musk Started SpaceX many people did not want to invest because they thought he failed and we lose money because no one wants to put money on someone else’s hobby. However, Elon proved them wrong because when he started he had a clear target and goals with full preparation.
Never Give up
Elon Musk has faced many failures in life but never gave up. Never giving up mindset makes him different from other people. Elon Musk quote “Failure is an option here, If things are not failing, you are not innovating.” In 2008 Tesla and SpaceX were on the brink of bankruptcy. Musk has to decide to choose which firm from going bankrupt. Even at that time he saved both companies from bankruptcy. He divides his remaining money and invests in both companies. SpaceX saved by contract billing with NASA. Tesla is saved from new funding of $40 million. Elon Musk believes that when you truly like what you do then you need to make sacrifices and do not compromise on vision at any cost.
References
[1] Patel, D., 2017. 5 Traits That Made Bill Gates, Elon Musk and Jeff Bezos Wildly Successful. [Blog] Entrepreneur, Available at <https://www.entrepreneur.com/article/302735> [Accessed 7 April 2021].
[2] “Elon Musk,” Encyclopædia Britannica. [Online]. Available: https://www.britannica.com/biography/Elon-Musk. [Accessed: 07-Apr-2021].
[3]B. Collins, “These Are The 5 Traits Of Successful Entrepreneurs,” Forbes, 30-Apr-2020. [Online]. Available: https://www.forbes.com/sites/bryancollinseurope/2020/04/26/productive-entrepreneurs/?sh=434acac0490b. [Accessed: 07-Apr-2021].
[4] Mario CastanedaFollowHead of U.S. Operations at ProductDossier,“The Three Entrepreneurial Traits That Help Elon Musk Succeed,” LinkedIn, 01-Nov-2016. [Online]. Available: https://www.linkedin.com/pulse/three-entrepreneurial-traits-help-elon-musk-succeed-mario-castaneda. [Accessed: 07-Apr-2021].
[5]“Decoding Elon Musk’s Success Mantra- Traits differentiating him from the rest of us?,” MIRROR. Available: https://blog.mirrorreview.com/decoding-elon-musks-success-mantra. [Accessed:07-Apr-2021].
[6] “15 Personality traits of Elon Musk,” Business Alligators, 02-Aug-2017. [Online]. Available: https://www.businessalligators.com/elon-musk-personality-traits/. [Accessed: 07-Apr-2021].
[7] Lisa Calhoun, L., 2021. Elon Musk’s Top 4 Entrepreneurial TraitsWhich of these traits do you most identify with. [Blog] Innovate, Available at: <https://www.inc.com/lisa-calhoun/elon-musks-top-4-entrepreneurial-traits.html> [Accessed 7 April 2021].
