Contemporary Business Leaders
Leadership incorporates both a scientific and artistic approach. To implement a successful leadership, the leaders should develop a vision, establish a mission, inform the appropriate participants of his vision and mission, and ensure a successful implementation of his strategy. A contemporary business leader utilizes his/her individual influence to grow and motivate employees to accomplish structural goals and objectives and positively impact society. In an enormous and modern world comprising varied activities, there are diverse leaders with diverse leadership styles. This discussion will focus on Elon Musk. He is an influential contemporary business leader who has exhibited modern leadership consistently and productively. He demonstrates that good leadership is an essential component in establishing successful businesses. In this discussion, Elon Musk’s most significant leadership approach, achievement, attributes, power base, and challenges will be reviewed.
Contemporary Business Leader
Elon Musk is, without doubt, a leader in the technology world. He is known for his ground-breaking and advancement of technology to a higher level. He has popularly recognized achievements, including his association with multi-billion companies like SpaceX, Tesla, and PayPal. He has transformed vehicle manufacturing by introducing a novel and revolutionary kind of vehicle. This is among the many of his ground-breaking accomplishments since the vehicle is ultramodern and overhauled; furthermore, it uses electric motors. Additionally, Elon Musk is responsible for the establishment of a space exploration company called SpaceX. The company has gained recognition from NASA. Before completing his studies at Stanford University, where he would obtain a Ph.D. in Applied Physics and material sciences, he ventured into becoming among the co-founders of the Zip2 company. The company was involved in web software and exposed the local businesses to the internet to attract more customers. Zip2 aided the local businesses by connecting their directions through the internet. He established this company with his brothers. Zip2 gained acknowledgment from several magazines; consequently, the company sold the rights to Compaq computers at more than 300 million dollars (Gregersen, 2020). It is this sale that boosted Elon Musk to become among the best in the business sector.
He became a millionaire before hitting 30 years of age. This financial power enhanced him to develop an online banking service company called X.com which was involved in simplifying and securing the online sale of properties which later led to the development of PayPal. After generating more than 300 million dollars in the formation of PayPal, he did not settle, and he further decided to develop a space exploration company, SpaceX. This company focuses on aerospace manufacturing and space transportation services. It is involved in designing, erecting, and launching rockets and spaceships (Gregersen, 2020). Elon Musk’s ideology is to transform space technology and explore other planets to determine life’s existence. SpaceX has gained global popularity because of its noticeable accomplishments. It is the only private corporation with the ability to launch and return a spacecraft from the earth. For instance, it has successfully helped fuel and transport items to the international space station on two occasions. This has raised Elon Musk’s reputation in the space technology business.
Another Elon Musk’s success is in the automobile industry, whereby he established Tesla car manufacturing company. The company deals with the production of electric vehicles. This has revolutionized the motor vehicle business. Tesla has a reputation for its focus on a clean environment by producing environmentally-friendly vehicles. The cars are energy-efficient. Furthermore, Tesla also produces solar panels. Currently, Tesla is the leading car manufacturer that produces cars that are not gasoline dependent.
Leadership Approach
During the several years of successes and accomplishments, Elon Musk portrayed several leadership approaches. Elon Musk is a transformational leader because of his style of business leadership. Transformational leadership emphasizes the general objective of the business and encourages responses from the employees (Trujillo, 2017). Elon Musk’s revolutionary ideas would not be born it not for the effective and efficient communication between Elon Musk and his employees or business partners. He is knowledgeable, skilled, and innovative in online banking, transportation, and space exploration.
Greatest Achievement
Elon Musk’s most significant accomplishment was shifting from Pretoria to Canada, Queens University, and subsequently moving to the University of Pennsylvania to pursue a bachelor’s degree in Economics and Physics. Elon Musk then later ventured into entrepreneurship, which would later be very successful. It is extraordinary that Elon Musk left South Africa for studies and eventually becoming the most successful business leader. He is the longest-serving CEO in the automobile industry.
Handling a Challenge
Elon did not attain his accomplishments without some inherent losses and challenges. These problems aided in shaping Elon for greater heights. His space exploration company, SpaceX, experiences drawbacks in its initial stages of development. The company went through numerous failed rocket launches. These cost the company millions of dollars to the point of almost getting into bankruptcy. This tried Elon Musk’s persistence in the process of following his goal. A normal person would have given up on his/her dreams if he/she had to go through such challenges; however, Elon Musk became skilled at his field. He faced his challenges head-on, evaluated them, and eventually developed a worthwhile resolution.
Power Base
Elon Musk’s proficiency assisted him to boldly face and overcome challenges he experienced. Several leaders are only better at giving concepts but cannot develop the concepts individually. Having completed his studies in economics and physics turned out to be instrumental in his career. Economics has enabled him to access the most viable businesses to venture into and create capital to fund his projects. His expertise in physics has aided him in revolutionizing the vehicle manufacturing industry, making the most energy-efficient vehicle in history and in the space exploration industry producing the most reliable private spacecraft which can launch and land successfully. His knowledge in economics has also enabled him to control the cryptocurrency business, where his opinion can cause a drastic change in the value of cryptocurrencies.
Leadership Comparison
Elon Musk, on the other hand, has been linked to the likes of Steve Jobs and Tony Stark. Steve Jobs paved the road for the common worker to significantly impact the world in various ways. Tony stark, a fictitious character, is a brilliant scientist specializing in the development of new and sophisticated technology. These names all have the ability to reach a wide spectrum of people from many walks of life. Musk pushed the limits year after year, from new firms and novel ideas to rockets and electric cars, building a business for himself along the way; Musk pushed the boundaries year after year, building a business for himself in the process.
Attributes
Musk’s willpower and effort are two characteristics that have been explored (Khan, 2021). Without either of these features, his story could have turned out to be a nightmare rather than a fairy tale. He would not have made history on the fourth try if he had not been adamant about continuing to launch rockets. Success would be minimal at best if he was not focused on any of his visions. People are often the only ones who perceive the genius of their ideas. When it comes to their personal lives, many people try to incorporate these characteristics into their everyday routine. Others’ determination and focus help them stay ahead of those who lack these qualities. In life, it’s easy to become frustrated and distracted.
Conclusion
Elon Musk is an influential contemporary business leader who has exhibited modern leadership consistently and productively. He has continued to demonstrate that good leadership is an essential component in establishing successful businesses. He has revolutionized both the vehicle and space exploration industry. His innovations have significantly impacted the world positively. He is a resilient business leader with future-oriented objectives.
References
Khan, M. R. (2021). A critical analysis of Elon Musk’s leadership in Tesla motors. Journal of Global Entrepreneurship Research, 1-10.
https://link.springer.com/article/10.1007/s40497-021-00284-z
Trujillo, J. (2017). The Thinking of SpaceX/Tesla CEO Elon Musk. Existentia, 17, 231-61.
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