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Enlightenedentrepreneurship:thesuccessof

ElonMusk

DepartmentofEconomics&Business

ChairofEntrepreneurship,TechnologyandInnovation

Supervisor:ProfessorAndreaPrencipe

Candidate:MathiasMair

ID180631

Academicyear2015/2016

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Tableofcontents:

Introduction

1-Whatisentrepreneurship?

1.1-Historyofentrepreneurship

1.2-Behaviouralpatternsinentrepreneurs

1.3-Communicationfundamentalsinentrepreneurs

1.4-Financing

2-HistoryofMusk’srise,hislifeandcareer

2.1-Earlylife

2.2-Careerbeginnings:Zip2andPayPal

2.3-SpaceX:themultiplanetarydream

2.4-Thetransportationadventure:TeslaMotors

2.5-Thetransportationadventure:Hyperloop

2.6-SolarCityandOpenAI

3-ListofMusk’skeystosuccess

3.1-Mainpointsofhisphilosophy

3.2-Family,philanthropyandawards

4-Conclusion

5-Bibliography

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Introduction

Thepurposeofthisthesisistoanalyseindepththestrategies,methodsandactions

thatallowedElonMusktoplacehimselfasatoptierentrepreneur.Startingfromthe

truemeaningofentrepreneurship,Imovedintotakingtoaccountthepointsin

commonbetweenMuskandwhatanowadaysentrepreneurneedstobecapableof.I

followedbyunderliningthefocalachievementsreachedinhiscareerandwhathe

mighthaveusedtogettoreachhisgoals,mostlyhispersonalitytraits.AtlastI

demonstratedhowheaffectedthecultureofthisdaysandhowherewrotethe

definitionofpathfinderintheentrepreneurialworld.

1Whatisentrepreneurship?

Entrepreneurshipisdefinedastheprocessofstartingandrunningabusinessina

strategicwayinordertomakeaprofitfromaproductorservice.Itrequirestheability

toidentifyopportunitiestoexploitamarket,usuallydonebyateam,sometimesonly

byone,entrepreneur.

Anentrepreneurisapersonthatcreates,managesanddevelopsaneconomicbased

enterprisetakingrisks,usuallyonhimselfwithhisownprivateassets,butalsowiththe

capacityofidentifyingandevaluateopportunities.Commonlyanentrepreneurisseen

asavisionary,aninnovatorandabusinessleaderandtheytypicallyareinchargeofa

commercialundertaking,controllinghuman,financialandmaterialresourcesrequired

toexploitabusinessopportunity.EconomistJosephSchumpeter(1883–1950)stated

thattheroleoftheentrepreneurintheeconomyis"creativedestruction"–launching

innovationsthatsimultaneouslydestroyoldindustrieswhileusheringinnewindustries

andapproaches.ForSchumpeter,thechangesand"dynamicdisequilibriumbrought

onbytheinnovatingentrepreneur...[are]thenormofahealthyeconomy."

Entrepreneursusuallyoperateinasystemwheregovernmentprogramsandservices

thatpromote,supportanmentorstart-upsareincluded.Typicallyagoodenvironment

canprovidefacilitiesandresources,sometimeseventrainingprograms.Thecurrently

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mostimportantclustersofleadingfirms,mostlyhigh-tech,arefoundintheSilicon

Valley,aroundNewYorkandBostonandalsoinSingaporeandHongKong.Sincethey

attractalotofpeopleeachandeveryyear,theyjustgrowexponentially,putting

themselvesatthetopofthechain,alsofuelledbytopresearchuniversities.

1.1Historyofterminologyandmeaning

Thetermentrepreneurwasfirstusedin1723,todaythetermentrepreneurimplies

qualitiesofleadership,initiative,andinnovationinnewventuredesign.

Entrepreneurwasdefinedasanindividualwhoorganizesandoperatesabusinessas

FrencheconomistJeanBaptisteSayspecified.HowevereconomistRichardCantillon

defineditfirstinhisEssaisurlaNatureduCommerceengeneral(1755),abook

consideredbyWilliamStanleyJevonsasthecradleofpoliticaleconomy,butwitha

slightdifferentmeaning.Saythoughtthatthefigureoftheentrepreneurwasmoreas

aplannerwhileCantillonmoreasarisktaker,asdefinedbyhimwiththosewords

“someonemakingdecisionsaboutobtainingandusingtheresourceswhile

consequentlyadmittingtheriskofenterprise”.

EconomistRobertReichhascalledteam-building,leadership,andmanagementability

essentialqualitiesfortheentrepreneur.Historicallythestudyofentrepreneurship

reachesbacktotheworkinthelate17thandearly18thcenturiesofRichard

CantillonandAdamSmith,fundamentaltoclassicaleconomics.

Cantillonwasthefirsttoattemptconsideringentrepreneurshipindepthasaconcept.

Hethoughtthat,evenifthereisacleardistinctionbetweenthefunctionoftheowner

andthefunctionoftheentrepreneur,heconsiderstheentrepreneurasarisktaker

withthefinalobjectiveofmaximizingthefinancialreturnbyallocatingtheresourcesin

suchawaytoexploitopportunities.

AnotherwaytotakeinconsiderationtheentrepreneurwasintroducedbyAlfred

Marshall,thatbelievedinamultitaskingcapitalisticentrepreneur.Heobservedthatin

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theequilibriumofacompletelycompetitivemarket,therewouldnotbeaplacefor

entrepreneursasaeconomicactivitycreators.

Inthe20thcentury,entrepreneurshipwasstudiedbyJosephSchumpeterinthe1930s

andotherAustrianeconomistssuchasCarlMenger,LudwigvonMisesandFriedrich

vonHayek.Theterm"entrepreneurship"wascoinedaroundthe1920s,whiletheloan

fromFrenchofthewordentrepreneurdatestothe1850s.

AccordingtoSchumpeter,anentrepreneuriswillingandabletoconvertanewidea

orinventionintoasuccessfulinnovation. EntrepreneurshipemployswhatSchumpeter

called"thegaleofcreativedestruction"toreplaceinwholeorinpartinferiorofferings

acrossmarketsandindustries,simultaneouslycreatingnewproductsandnewbusiness

models.Thus,creativedestructionislargelyresponsibleforlong-termeconomic

growth;thisideaisusuallyaninterpretationoftheendogenousgrowththeoryandthis

isstillapointdebatedinacademiceconomics.

ForSchumpeter,thenewindustriesandthenewcombinationofinputsexisting(for

examplehetakesinconsiderationtheadventofthe“car”sinceitwasacombination

ofahorselesscarriageandasteamengine)wereallresultsofentrepreneurship.Inthe

“car”example,theinnovationdidnotrequireanynewtechnologydevelopment,

insteaditwasjustasimpleideabehindthesparkthatgavebirthtothemodernauto

industry.Obviouslythisswitchbetweentechswasnotimmediate,butwithslow

improvementsandcostreductionmethods(seeFord'sassemblychainidea)thattook

time.

Inhistheory,Schumpeterconsideredthecapitalisttheonebearingalltherisk,notthe

entrepreneur,buttheywerethepeopleabletoshifttheproductionpossibilitycurve

tohigherlevelsusingtheirskilfulmindsettoseektherightinnovation

EvenifSchumpeterhighlycontributedtoconsidertheentrepreneurinhistheoretical

framework,microeconomicsofthattimethoughtthatresourceswereabletobalance

andfindeachotherwithatraditionalideaofpricesystemandtheentrepreneurwould

justbetreatedasasmallpartinthegreaterschemeofself-balancingresources.In

thisideatheentrepreneurwasjustanagentofXefficiency,thatistheabilityofafirm

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togetmaximumoutputfromtheirinputsanditsimprovementleadstoasourceof

gainfromtrade(Leibenstein1966).

Inthe2000s,thetermentrepreneurshipcollectedamuchbroaderconceptofsocial

attitude,inwhichenvironment,humanitarianandpoliticalgoalsgoalongsidewith

business.Italsohasbeenextendedtospecifyanewkindofmindset,amindableto

lead,plan,organizeandimproveresultinginentrepreneurialinitiatives.

AccordingtothefounderofGlobalEntrepreneurshipMonitor,PaulReynolds,inthe

recentyearsitisbecomingacommonexperiencefordevelopedcountriescitizensto

becomeself-employed,becomingamajordriverofeconomicgrowth.Those

entrepreneurialactivities,thatcandiffersubstantiallydependingonthetypeof

businessinwhichtheyoperate,areallleadingtothesameobjective,growth.

1.2Behaviouralpatternsinentrepreneurs

Thebehaviouralpatternsthatdefineanentrepreneurnowadaysaremanyand

commonformosttheorists’definitions.Inthelastdecademanystudieshavetriedto

assessthepsychologyandtraitsofentrepreneursandsinceentrepreneurshipissucha

wideconcept,ithastobestudiedfromdifferentperspectives.Thefigureofthe

entrepreneuriswidelyobservedasaninnovatorwithstrongleadership,management

abilityandagreatteambuildingcapacity,usuallyenrichedwiththetalentofagood

useofnewtech;butoneaspectistheoneofbeingarisktaker.Anentrepreneur,if

askedtoputhiscareeronthelineforthecauseofanidea,ismostlikelytoaccept

thoseconditionsoffinancialinsecuritybecausehisbeliefsarestrongerthanthat.A

studyof2014heldattheETHZurichshowedthatentrepreneurs,comparedtotypical

managers,haveahigherdecisionmakingefficiencyandtakeusuallymorerisksthan

theircounterpart.Alsoamaintraitofentrepreneursisthattheyareopportunistic,in

thesensethattheycannoticewhatothersoverlookwithoutpayingattentiontosmall

detailsandareabletoprofitfromtheirrecognitioncapacity.

Theentrepreneurasaninnovatorcreatesa“waveofcreativedestruction”(as

Schumpetersaid)responsiblefor“thedoingofnewthingsorthedoingofthingsthat

arealreadybeingdoneinanewway”bystartingacycleofinnovation-hype-imitation-

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stability-innovationthatrepeatsitselfforeachnewproduct/service.Theirabilityto

innovate,introducingnewtech,newproductsorservices,increaseefficiencyin

workersproductivity,havestrongnegotiatingskillsandconsensus-formingabilityare

thecoretraitsforasuccessfulentrepreneur.Incontrasttothesaythateveryonecan

becomeanentrepreneur,manyacademicsthinkthatthepredispositioncouldbe

founddirectlyintheDNA,becomingamatterofgenesandaninnateability.

Ofcourse,alsotheenvironmentandthesocialcompositioninwhichanindividualis

formedinfluencessignificantlyitspersonality,sothatwhenfacedwithagiven

situationitcantriggeritsstrengthsandweaknesses.Personalityisasystemthatis

relatedtotheenvironmentanditseeksexplanationtothecomplextransaction

conductedbyboth,traitsandattitudes,adeeplyinvestigatedsubjectbypsychologists.

AccordingtoJesperSorensen,peersareoneofthegreatestinfluencevariable,they

stimulateentrepreneurialismbyshowingthatsuccessisachievable,inspiringthe

thought“Ifhecandoit,whycan’tI?”.Pastexperiencesdriveanentrepreneurtowhat

hehasbecomenow,sotosayhiseducation,ifhehasbeenunemployed,ifhehas

facedmanyproblemsandhowheovercamethoseproblems.

1.3Communicationfundamentalsinentrepreneurs

Nowadayssuccessfulentrepreneursneedtohaveafluentandeffective

communicationskillsetwithintheirfirmandmostimportantexternally,with

investors,customersandotherfirms.Theyneedtocommunicateavisiontotheir

followersinaproperwayforthemtoreallybelieveinit,tomakethemfeelasthe

projectisjusttherereadytogettaken,makingitachievableandgivingasenseof

purposeandencouragingcommitment.Sincethisiscriticalrequirementfora

favourableoutcomeinthebusinessworld,itisneededacharismaticleaderthatcan

inspirethemasses.JaysonDemers,founderandCEOofAudienceBloomstates“You

canbethebestatwhatyoudo,butifyou’renotcommunicatingeffectivelywith

clients,staffandthemarket,thenyou’remissingopportunities.”

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Andtodaymanyentrepreneurshavetocommunicateface-to-faceandmanyare

concernedfortheupcominggenerationsincemostofthecorrespondenceisdone

throughemailsandtextmessages.RichardBranson,headofVirgin,saysthatwhenit

comestobusiness“theabilitytoconductatelephonicandface-to-faceconversation

intelligentlyandpersonablyremainsanessentialassetandonlycomeswithpractice.

Beingcapableofconfidentlyholdingaconversationisasimportantasmakinga

confident,strongfirstimpressiononsomeoneyouwanttodobusinesswith.”

Nonverbalelementsinspeechsuchasthetoneofvoice,thelookinthesender'seyes,

bodylanguage,handgestures,andstateofemotionsarealsoimportant

communicationtools.FromastudyoftheUCLA,55%ofthemeaninginface-to-face

interactionsareconveyednon-verbally,sobodylanguageingeneralisaccountablefor

morethanhalfofanarticulation.Bodyawarenessisconsideredoneofthekeypoints

inpublicspeakingcourses,takinginconsiderationposture,expressionsandgestures

andit’snotasurprisethatthoselessonsarehavingaboomingincreaseindemand.

Developingthosesoftskillsareaneedforsuccessandforthecareeranentrepreneur

butnecessitatetimetodevelopinaproperway.

Thelastbutnotleastpartofcommunicationislistening.Beingabletounderstandthe

needs,theconcernsandthecritiquesfromthecounterpartcanbeacardinalrequisite

tohaveahighcustomersatisfaction.

1.4Financing

Entrepreneursareabletogatherresourcesnecessaryfortheirprojectsiftheyraise

capitalinaneffectivewayandthisismatterofentrepreneurialfinancing.After

assessinghowmuchisneededfortheirideatobereadytogo,togrowandto

generateapositivecashflow,howtoraisethiscapitalisthefundamentalquestion.

Theriskinessofstartingabusinessisveryhigh,actuallyonlyoneoutofsevenstart-ups

canbeconsideredsuccessful,sohavingasufficientmonetarybaseforeventual

expendituresduetoproblemsalongthepathtothefoundationofthebusinessiskey.

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Therearemanymethodstoraisethiscapital:bootstrapping,friendsandfamily,banks,

businessangels,venturecapitalists,hedgefundsandcrowdfunding.

Bootstrappinghappenswhenentrepreneursdecidetoincurinpersonalcreditdebtso

thattheydon’thavetosharetheirequitywithinvestors.Whilebootstrappinginvolves

increasedriskforentrepreneurs,theabsenceofanyotherstakeholdergivesthe

entrepreneurmorefreedomtodevelopthecompany.Manysuccessfulcompanies,for

exampleDellComputerandFacebook,startedbybootstrapping.

Friendsandfamilyusuallyarethefirsttowhomtheentrepreneurasksforhelp,butit

isjustadequateenoughforasmallbusiness,andalsoitisnotrecommendedbecause

moneyisconsideredthenumberonecauseforrelationshipsbreak-ups.

Banksasabovearenotreallyadequateforbiggerbusinesses,buttheyactuallycanbe

abigpartintheinvestingstrategyevenifusuallyrequireapositioninsidethecompany

forthedecisionmaking.

Businessangelsareaffluentindividualswhoprovidecapitalforabusinessstart-up,

usuallyinexchangeforconvertibledebtorownershipequity.Asmallbutincreasing

numberofangelinvestorsorganizethemselvesintoangelgroupsorangelnetworksto

shareresearchandpooltheirinvestmentcapital,aswellastoprovideadvicetotheir

portfoliocompanies.

Venturecapitalistsmakeaformoffinancingthatisprovidedbyfirmsorfundstosmall,

early-stage,emergingfirmsthataredeemedtohavehighgrowthpotential,orwhich

havedemonstratedhighgrowth.Venturecapitalfirmsorfundsinvestintheseearly-

stagecompaniesinexchangeforequity.

Hedgefundsareinvestmentsfundthatpoolscapitalfromalimitednumberof

accreditedindividualsorinstitutionalinvestorsandinvestsinavarietyofassets,often

withcomplexportfolio-constructionandrisk-managementtechniques.

Crowdfundingisaveryrecentwayofraisingcapitalandisanalternativewayfor

fundingstart-upsbygatheringalargenumberofindividualinvestors.

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2HistoryofMusk’srise,hislifeandcareer

Heisworthover12billiondollars,hascreatedgamechangingbusinesseslikePaypal,

TeslaMotorsandSpaceXandhasbeendefinedasthenowadaysreallifeIronMan,

ElonReeveMusk,theSouthAfricanbusinessmagnate,engineer,inventorand

visionary.

2.1Earlylife

ElonwasborninPretoria(RSA)in1971fromErrolMusk,aSouthAfrican

electromechanicalengineer,andfromMayeHaldeman,aCanadianmodelandnow

dietician.Bothhisparentsarecollegelaureate,ErrolinengineeringandMayein

dietetics,buttheyactuallymetinHighSchool.HispaternalgrandmotherwasBritish,

andhealsohasPennsylvaniaDutchancestry.Hisgrand-parents,JoshuaandWyn

Haldeman,wereadventurousandflewthefamilyaroundtheworldinapropplanein

1952.Afterhisparentsdivorcedin1980,Elonlivedmostlywithhisfatherinlocations

inSouthAfrica.

Olderbrotherofhistwosiblings,Kimbal(1972),andTosca(1974),hebeganattheage

of10tostudyvividlycomputerprogrammingandwhenhewasonly12yearsold,he

wasabletosellavideogamehecreated,Blastar,tothemagazine“PCandOffice

Technology”forabout500$.Alreadywellaheadforhisage,Elonwasoftenbullied

throughouthischildhoodbyhisschoolcompanions,infacthewasoncerecoveredin

thehospitalduetoseverebeatings.Initiallyheattendedprivateschools,butthenhe

graduatedfromthePretoriaBoysHighSchoolandimmediatelymovedtoCanadain

1989afterobtainingcitizenshipduetohismotherMaye,Canadianborn,thatfollowed

himwiththerestofhischildrenanyearlater.ThatyearaloneinCanada,evenif

backed-upbyhiswealthyfamily,gavehimastrongindependency,thatbuilduphis

self-esteem.HewasthenacceptedintoQueen’sUniversityinOntarioforhis

undergraduatestudies,butaftertwoyearshetransferredtotheUniversityof

PennsylvaniaandreceivedaBachelorofSciencedegreeinphysicsandaBachelorof

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Scienceineconomics.Whilethere,afterdecidingtostayonemoreyeartocontinue

studing,ElonandAdeoRessi,afellowstudent,rentedafraternityhouse,usingitasan

unofficialnightclub.Laterin1995,MuskmovedtoCaliforniatostudyatStanford

UniversityforhisPhDinappliedphysicsandmaterialscience,butleftafteronlytwo

daystopursuehisentrepreneurialaspiration.Hewasn’teven25yet.

2.2Careerbeginnings:Zip2andPayPal

ElonandhisbrotherKimbaldecidedtorentanofficewhichtheyusedasbothhouse

andworkingspacetostarttheirownsoftwarecompanyin1995.Zip2,thenameofthe

company,wasfoundedthankstothemoneygivenbytheirfatherErrolandbeganto

developquicklyinthoseyearsofcomputerrise.

Zip2primarilyprovidedandlicensedonlinecityguidesoftwaretonewspaperssuchas

TheNewYorkTimesandTheChicagoTribune.ElonMuskwasappointedtheChief

TechnologyOfficer.Zip2trademarked“WePowerthePress”asitsofficialsloganand

continuedtogrow.By1998,thecompanyhadpartneredwithabout160newspapers

todevelopguidestocities,eitherlocallyoratfullscale.In1999itwasacquiredby

Compaqfor307$million,Muskreceived7%ofthissale,earninghim22$million.

Inthespringof1999,Elondecidedtoreinvest10$millionbyco-fundinganonline

financialservicesandemailpaymentcompanynamedX.com.In2000,theymerged

withConfinity,acompanythatprovidedsimilarservices,anddecidedtochangethe

focusofthecompanytoonlythemoneytransferservice,callingthemselvesPayPal.

Itexpandedrapidlythroughouttheyeardrivenmainlybyviralmarketingcampaigns

untilcompanyexecutivesdecidedtotakePayPalpublicin2002.Paypal'sIPOlisted

underthetickerPYPLat$13pershareandendedupgeneratingover$61million.Later

thatyear,eBayacquireditfor1.5$billionandsinceMuskwasthecompany’sgreatest

shareholder,hereceived165$million.

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2.3SpaceX:themultiplanetarydream

Afterhiscash-outfromPayPal,ElonMuskwasalreadythinkingonwhathewasgoing

todonext.Hehadvariousideasinmind,manyproblemsthathewantedtosolvenot

forhimself,butratherforthewholehumankind.Hewantedtodosomethingdifferent

andnotdirectlyrelatedtotheinternet,hismainfield,anddecidetobegintoexplore

newprojects.AshesaidinarecentinterviewforKhanAcademy,hewasinAmerica,

thelandofexplorersandthisgavehimthesparktoreachoutofhiscomfortzone.

Hehadthreemainideasinmind:firsthewantedtomakepeoplecaremoreforthe

environment,makethemawareandgivethemtheinstrumentstopolluteless;second

pointisrelatedtotheenvironmentbutinadifferentway.Muskwantedtoimprove

thetransportationsystems,makethemmoreefficient,notdependentfromfossilfuel,

andsopointingtoelectricenergy.Thirdpoint,hefirmlybelievedthathumans,

proceedingatthistechimprovementrate,wouldnecessarilyneedtobecomea

multiplanetaryspecies,asanimportantstepinexpanding,ifnotpreserving,the

consciousnessofhumanlifeandtodosohewantedtoreignitespaceexploration.

Soin2001,Muskconceptualized“MarsOasis”,aprojecttolandanexperimental

greenhouseonthesurfaceofMarsinanattempttoregainpublicinterestinspace

explorationandtoincreasethebudgetofNASA.HedecidedthentotraveltoRussia

withAdeoRessi,hiscollegepartner,andanaerospaceexperttobeginaseriesof

meetingstobuyrocketthatwouldbringthepayloadtoMars.Muskwasn’treally

consideredbythecompaniesforhislackofrocketknowledgeandsothefirstmeetingended

withoutanyprogress.Muskfeltthatitwashisrighttobepartofthisidea,sohereadand

studiedvariousbooksonthesubject.

In2002thegroupmetagainwithKosmotras,andwereofferedonerocketfor8$

million,however,thiswasseenbyMuskastooexpensive;Muskconsequentlystormed

outofthemeeting.OntheflightbackfromMoscow,Muskrealizedthathecouldstart

acompanythatcouldbuildtheaffordablerocketsheneeded.

Usingapproximately100$millionfromhisPayPalcash-out,MuskfoundedSpace

ExplorationTechnologiesorsimplySpaceXinJune2002.ThenewlyCEOandCTO

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calculatedthattherawmaterialsforbuildingarocketactuallywereonly3percentof

thesalespriceofarocketatthetime.Byapplyingverticalintegrationandthemodular

approachfromsoftwareengineering,SpaceXcouldcutlaunchpricebyafactoroften

andstillenjoya70-percentgrossmargin,andverticalintegration’sreasonwasMusk's

beliefthatreusablerocketscouldn'tbebuiltwithcomponentsfrompre-existing

aerospacesuppliers.ThefirstlaunchoftheFalcon1,namegiventorememberthe

MillenniumFalconfromStarWars,costedjust6$million,whileusuallytheaverage

costatthattimewasabout25$million.Muskhadbeenabletolowertoaquarterof

itsactualcostthelaunchbybuildingthesmallestusefulorbitalrocketinsteadof

riskingbankruptcyforhiscompanywithamorecomplexrocketthatmighthavefailed.

Evenifthepathwasnoteasyandnearlyledthecompanytofailure,in2006,after

Falcon9,anewlydevelopedrocket,hadasuccessfullaunch,SpaceXwasawardeda

contractfromNASAtocontinuethedevelopmentandtestoftheSpaceXFalcon9

vehicleandDragonspacecraftinordertotransportcargototheInternationalSpace

Station.In2008,1.6$billionswastherewardNASACommercialResupplyServices

programgavetoSpaceXfor12flightsofitsFalcon9rocketandDragonspacecraftto

theSpaceStation.Muskwaslivingingreatdistress,workingdayandnighttosolvehis

company’sproblems,untilwiththefundsofNASAhewasabletofocusagainofhis

longtermscope,thehumancolonizationofMars.

On22December2015,SpaceXsuccessfullylandedthefirststageofitsFalconrocket

backatthelaunchpad.Itwasthefirsttimeinhistorythatsuchafeathadbeen

achievedbyanorbitalrocketanditwasasignificantsteptowardsrocketreusability,

loweringthecostsofaccesstospace.Thisfirststagerecoverywasreplicatedseveral

timesin2016bylandingonanautonomousspaceportdroneship,anoceanbased

recoveryplatform.Inlate2016SpaceXintendstolaunchitsFalconHeavyrocket,

whichwillbethemostpowerfuloperationalrocketintheworld.

In2015,thecompanyaskedpermissiontothefederalgovernmenttobegintestingfor

aprojectthataimstobuildaconstellationof4000satellitescapableofbeamingthe

Internettotheentireglobe,includingremoteregionswhichcurrentlyhavenot

internetaccess.

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MuskstatedinJune2016thatthefirstunmannedflightofthelargerMarsColonial

Transporter(MCT)spacecraftisaimedfordeparturetotheredplanetin2022,tobe

followedbythefirstmannedMCTMarsflightdepartingin2024.Hehasexpressedhis

interestinsomedaytravelingtotheplanet,stating"I'dliketodieonMars,justnoton

impact."Toachieveit,MuskplanstoestablishcargoflightstoMars,gettingthefirst

deliverythereby2018.Arocketeverytwoyearsorsoafterthatcouldprovideabase

forthepeoplearrivingin2025afteralaunchin2024.Muskbelievesthatby2035at

thelatest,therewillbethousandsofrocketsflyingamillionpeopletoMars,inorder

toenableaself-sustaininghumancolony.

Figure1:RocketlaunchesperyearoperatedbySpaceX

Source:WikipediaarticleonSpaceXlaunches

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2.4Thetransportationadventure:TeslaMotors

TeslaMotorswasfoundedin2003byMartinEberhardandMarcTarpenning.The

nameisofcourseinspiredbyNikolaTesla,aSerbianinventorthatwantedtochange

theworldatthebeginningoftheXXcentury.

ElonMuskwasthecontrollinginvestorinthefirstfinancingroundin2004andbecame

achairmanintheboardofdirectorsaswellasanfundamentalactorintheoperations

thankstothe7.5$millionspentintheproject.HetrulybelievedinTeslaandwantedto

changethepublicopinionoverelectriccars.Theprimarygoalwastostartwitha

premium,high-endvehicle,tocatalysetheattentionandattractaffluentinvestors,as

toemulatetypicaltechnological-productlifecyclesandinitiallyentertheautomotive

marketwithanexpensive.Asthecompany,itsproducts,andconsumeracceptance

matured,ithadtomoveintolarger,morecompetitivemarketsatlowerpricepoints.

Afterhavingconsultedonthestrategy,therehadbeenotherroundsofinvestment

wereMuskcontributedsubstantially,alwaysleadinginthecapitalinvestedandableto

attractfriendsinthetechcommunityasSergeyBrinandLarryPage,buttheactualfirst

modelwasn’tyetinproduction.In2008,followingthefinancialcrisis,Muskassumed

leadershipandbecameCEO,avoidingbankruptcybyfiring25%ofTeslaemployees.

TheTeslaRoadstercameoutin2006,butjustasaprototype,andfinallyin2008the

productionbeganandMuskhaddecisionmakingfortheproductdesignatadetailed

level.

TheRoadsterisanall-electricsportscarthatwasabletoraise187$million,butwasn’t

soldasmuchaswanted,just147cars.Theawarenessinthemarketwasspread.Many

peoplewerefinallyunderstandingthatelectriccarswerenotjustslowandboringcars,

butcouldalsoattachtotheirenvironment-friendlyetiquettetheemotionthatcould

givearealsportscar.Lateronin2009,thenextmodelofTeslawasannounced,the

ModelS,bringingahugewaveofhypeforTesla,somuchthatDaimlerAGdecidedto

acquire10%ofTesla,givingthemtheboostneededcontinuedevelopthemodelS.

InJune2009,Teslahadisturnaround.Firstitwasapprovedthereceivingofalow

interestloanof465$millionbytheUnitedStatesgovernmentasanincentiveto

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producenon-pollutingvehiclesandtofurtherdevelopthebatterytechnology.Then,at

theendofthemonth,the29th,TeslaMotorslauncheditsinitialpublicoffering(IPO)

raising226$millionforthecompany.AfterFordMotorCompanyin1956,Teslawas

thefirstAmericancarmakertogopublic.

ItwastimeforthecompanyofPaloAltotoproceedtothenextmodelinitsbusiness

strategy.Afterthelow-volumehigh-priceRoadster,itwastheModelStimewithits

mid-volumemid-price.Finallythedeliveringofcarsbeganin2012.

ModelSwasahugesuccessforTesla,somuchthatcarmarketcompetitorsbeganfeel

thepressureandbegantoenterinthealternative-fuelmarket.Theywereamazedon

howasmallCalifornianstart-up,runbypeoplewhoknewnothingaboutcarbusiness,

hadsuchsuccess.InordertoallowquickchargeforthenewModelS,Teslabeganto

buildanetworkoffastchargingstations,thathadtobespreadallovertoallow

costumersaquickandefficientwaytochargeincaseoflongjourneys.

Thebusinesswasrunninggood,Teslahadmanycollaborationswithothercarmakers

(Mercedes,Smart,Toyota)anddecidedtomakeavailabletoeveryonetheirpatents.

Thereasonsexpressedforthisstanceincludedattractingandmotivatingtalented

employees,aswellastoacceleratethemassmarketadvancementofelectriccarsfor

sustainabletransport.Inthesameyear,Muskreducedhissalarytoonedollar.And,

similartoSteveJobsandothers,theremainderofhiscompensationwasintheformof

stockandperformance-basedbonuses.

In2015itwastheturnoftheModelXtobeputinproduction.Stillbeingamid-volume

mid-pricevehicle,butaimingattheSUVmarket.Wellacceptedafterhisfirstdays,

Teslawantedtobecomeacompanywithalmost100%ofverticalintegration,

controllingallthesuppliesneededfortheircars.That’swhytheydecidedtoestablish

inNevada,theGigaFactory,animmenseindustrialsitecompletelyfocusedinthe

productionofbatteries.Theplant,withthecostofabout5$billion,wouldemploy

6,500peopleandreduceTeslaBatterycostsbyalmost30%.ThestateofNevada

helpedtomakethiscometruethrougha1.3$billiontaxincentive.

17

InMarch2016,Teslarevealedhislatestmodel,Model3,thehigh-volumelow-pricecar

thatMuskwantedtobenamedModelE,butwasnegatedbythefactthatFordalready

ownedthatcopyright.MuskwantedthefirstthreemodelstospellS-E-Xbutsettled

with"S3X”.However,thedigit"3"willbestylizedlikethreehorizontalbars,makingit

indistinguishablefromthe"E"inTesla'slogo.

ApartfromMusk’sstrangenamingcriteria,Model3hasbeenthebiggestoneweek

launchofanyproductever.Tensofthousandsofpeoplewerereportedwaitinginlines

toreservetheirspot.DuringtheModel3unveilingevent,itwasrevealedthatover

115,000peoplehadreservedtheModel3priortotheevent.AsofApril7,2016,one

weekaftertheunveiling,TeslaMotorsreportedover325,000reservations,morethan

triplethe107,000ModelScarssoldbytheendof2015.

Thecashinofthecompanyhasunprecedentedrecords.Muskannouncedplansfor

otherprojects,eveninothervehiclecategories;heiscontinuouslyimprovingthe

autonomousdrivingexperienceandenlarginghispartnershipdealswithother

companies.UptonowMuskowns22%ofTeslaanditistheprojectthatoccupieshim

themost.

2.5Thetransportationadventure:Hyperloop

InAugust2013,ElonMuskrevealedaconcepthehadidealizedforsometime.His

projectwasaboutahighspeedtransportationsystemthatwouldusepressurized

capsulestravellinginsidetubeswithreducedpressurepoweredbyaircompressors,

similartotheoldpostofficesortingsystem.Themechanismforreleasingtheconcept

wasanalpha-designdocumentthat,inadditiontoscopingoutthetechnology,

outlinedanotionalroutewheresuchatransportsystemmightbebuilt:betweenthe

GreaterLosAngelesAreaandtheSanFranciscoBayArea.Muskdecidedtoestablish

thefoundationsofhisconceptandcreatedesigncompetitionsforstudentsandothers

tobuildHyperloop.Thisproposalwouldmaketravelcheaperthananyother

transportationsystemforlongdistances.Thealphadesignwasproposedtousea

partialvacuumtoreduceaerodynamicdrag,whichitistheorizedwouldallowforhigh-

18

speedtravelwithrelativelylowpower,withcertainotherfeatureslikeair-bearingskis

andaninletcompressortoreduceairdrag.Thealphadesigndocumentestimatedthe

totalcostofanLA-to-SFHyperloopsystematabout6$billion.Withthehelpof

engineersofTeslaandSpaceX,thetrackfortestingisunderconstruction.

Developmentsinhigh-speedrailhavehistoricallybeenimpededbythedifficultiesin

managingfrictionandairresistance,bothofwhichbecomesubstantialwhenvehicles

approachhighspeeds.TheHyperloopconceptwouldeliminatetheseobstaclesby

employingmagneticallylevitatingtrainsinevacuatedorpartlyevacuatedtubes,

allowingforspeedsofthousandsofmilesperhour.Nowadaystherearemany

proposedroutesfortheHyperloopsystemandMuskisworkingincollaborationwith

manycountriestoachievethisgoal.Also,asifhedidn’tknewit,ifHyperloopwouldbe

asuccessifwouldalsobetheperfecttransportationsystemforafutureMarscolony.

2.6SolarCityandOpenAI

SolarCitywasfoundedin2006bytwobrothers,PeterandLyndonRive,onthe

suggestionofaconceptbyElonMusk,theircousin,nowchairmanandlargest

shareholder.Theyideawassimple:installingsolarpanelswoulddecreasetheeffects

ofglobalwarming,aconceptstresseddeeplybyMusk.Thecompanygrewenormously

alreadyinthefirstyearthankstoamarketingcampaignwithoutequalandtothe

manyadvantagesofferedtothecostumer.In2007itwasalreadythemarketleaderin

Californiaandin2013thesecondlargestsolarinstallationcompanyintheUnited

States.Sincehisthreecompaniesweredoingsogood,Tesla,SpaceXandSolarCity,

Elonwantedtoputthemunderasaveroofwitheachonecoveringtheshouldersof

theother.Soin2016,SpaceXacquires90$millionofSolarCitystockwhileTesla

formallysubmittedamergingcontractwiththereasonthatintegratingTeslabatteries

andsolarpowerwouldbeaperfectcomposition.AsofnowMuskowns22%ofSolar

City.

OpenAIisaresearchcompanycreatedbyElonMuskin2015specializedinthe

developmentofartificialintelligence.ThereisagreatconcernofMuskaboutAI

19

becausehethinksthatitwouldbecomeaverypowerfultoolthatthehumanswould

probablynotbeabletocounteractunlesswithspecificrulessetintheprogrammingof

thesystem.Hisideaistomakeitavailabletoeveryoneinasafeandbeneficialway,

withoutlettingprivatesorgovernmentsbeabletouseitpowerforillicittasks.Ina

famousinterviewof2015withBillGates,thetwomagnateswereaskedtheiropinion

onAIrisksbyBaiduCEORobinLi.

Li:Recently,you(Musk)havesaidthatartificialintelligence’sadvancesarelike

summoningademon.Thatgeneratedalotofhotdebate.BaiduchiefscientistAndrew

NgrecentlysaidduringaninterviewthatworryingaboutthedarksideofAIislike

worryingaboutoverpopulationonMars.Howwouldyouaddressthat?

Musk:FirstIthinkthatisasortofradicallyinaccurateanalogyandIknowabitabout

Mars.TheriskswithdigitalAI,Iwantyoutounderstandthatitwouldn’tbeathuman

levelbutsuperhumanalmostimmediately,waybeyondanythingwecouldimagine.A

morecorrectanalogywouldbeifyoucompareittonuclearresearchwithitspotential

ofaverydangerousweapon.Yousee,releasingtheenergyiseasy,containingitsafely

isverydifficult.SotherightemphasisshouldbeputonAIsafety.Weshouldputvastly

moreeffortinAIsafetytheninadvancingAIinthefirstplace,becauseitmaybegood

ormaybebad,andifitiscatastrophicallybad,itcouldbetheequivalentofanuclear

meltdown.SoI’mnotagainstadvancementinAI,butIthinkweshouldbeextremely

careful.Ifthatmeanstakingabitlongertodevelopit,thenIthinkitwouldbetheright

trail.Weshouldn’tberushingheadlongintosomethingwedon’tunderstand.

Li:Bill(Gates),IknowyousharesimilarviewswithElon,butistheresomedifference

betweenyouandhim?

Gates:Idon’tthinkso.Imeanheactuallyputsomemoney(referringtoOpenAI)to

getgoingonthis,andIthinksit’sabsolutelyfantastic.ThebasicpointthatElonhas

madeisthatwehaveageneralpurposelearningthealgorithmthatevolutionhas

endoweduswithanditisrunninginanextremelyslowcomputer(referringtoour

brain)withaverysmallmemorysize.Sobelieveme,assoonasthisalgorithm,taking

experienceandturningitintoknowledge,isimplanteditwillnotbeclearwhenitwill

20

beathumanlevel,becauseitwillbeatthesuperhumanlevelalmostimmediately,

becausewiththatlearningalgorithmhejustgoesontheinternetandreadsallthe

magazinesandbookandthingslikethat.Wehaveessentiallybeenbuildingthe

contentbaseforsuperintelligence.Sotryingtosaythatitisnotaproblem,thatreally

makesmedisagree.Howcanpeoplenotseehowhugeofachallengethisis?

InthisinterviewalltheconcernforAIisdepictedinsimplewordswithpowerful

meaning.Somescientists,suchasStephenHawkingandStuartRussell,believethatif

advancedAIsomedaygainstheabilitytore-designitselfatanever-increasingrate,an

unstoppableintelligenceexplosioncouldleadtohumanextinctionandthisisexactly

whatElonMuskisafraidof.

CurrentlyOpenAIisbeingbackedupbyvariousentrepreneursofbigcompaniessuch

asAmazon,LinkedInandPayPalandoperatedbyhighprofilestaffrecruitedbymajor

companiessuchasGoogle,MicrosoftandFacebook.Itaimstocarefullypromoteand

developopen-sourcefriendlyAIinsuchawayastobenefit,ratherthanharm,

humanityasawhole.

21

3ListofMusk’skeystosuccess

Therearemanyindicatorsthatcanhelppredicttherateofsuccessofanentrepreneur

excludinghispersonalitytraitsthatwealreadydiscussed.Manystudieshaveshown

thatapatterninthoseindicatorscanbefound.Ofcourse,thepossessionofthis

characteristicsisnotadeterminanttobeanentrepreneurreadyforsuccess,butwe

knowforsurethattheyhelptoachievesuchscope.

Thewayanentrepreneurapproachestotheexternalandinternalsettingsofhis

companyrevealthemethodsandstrategiesheiscapableofusing.Forexample,the

methodbywhichheaimstoestablishgrowthandsurvivalstrategiescanallowusto

considerhisriskawareness.Ifheinvestsalotinhumanresources,byrecruiting

talentedemployeesandteachingthemtoallaimtothesamerangeofgoalsandnotto

justthinkaboutprofit,hewillhaveamind-setmoreappropriatetoworkinteamand

exercisehisleadership.Alsoheshouldsurroundhimselfofcontradistinctpeople,

differentiatingbygender,race,beliefs,sotodiversifythewayofthinkingofhisteamin

thebroadestwaypossible.

Theentrepreneurisrequiredtorelateinaperfectharmoniouswaywiththemarket,

targetinguntappedmarketswithapossibilityofhighgrowth,tryingtoimpactasmuch

aspossibletheindustrybyusingoneormorecompetitiveadvantagesthatthefirms

has.

Exploitingthemarketisadifficulttask,butwithahighcapitalintensity,asmall

averageincumbentfirmsizeandthecapabilityofensuringtheavailabilityofrequired

materials,thefundamentalindicatorsarethere.

Alsohavingaclearideaofwhattypeofclientsoneisaimingat,ifbusiness-to-business

orbusiness-to-consumer,andseekingacongruencywiththecultureofthesociety,

lookingforthedefectlessdesignorganizationthatthepubliciswillingtoaccept

throughastrongmarketingresearch.

22

3.1Mainpointsofhisphilosophy

Duringhismanyinterviews,ElonMuskhasslowlyshowedhisuniquewayofthinking

andhisapproachtoproblems.

Thefirstofhiskeypointsisthathenevergivesup,andevenifitsoundslikea

commercializedadvertisement,heisnotwillingtoleaveaprojectuntilhehasreached

aprecisegoalthatheself-imposedhimself.Inaninterviewregardinghisfirstthree

consecutiverocketexploding,almostbringingSpaceXtoimmediatefailure,the

journalistaskedifheeverthoughtaboutgivingup.Musksimplyrepliedwithano,he

shouldhavebeendeadorcompletelyincapacitatedtodoso.

ThesimpleyetfundamentaladviceElongavetoanaudienceofgraduatedstudents

wastogetinvolvedinworkwithapositiveattitude,tryingtoreallylikewhatyoudo,

because,evenifyouarethebestofthebest,thereisalwaysachanceoffailure.Itis

importanttobelikingwhatyoudo,becauseifyoudon’t,lifeistooshort.Ifpeopleare

driventothinkabouttheirjobevenwhennotactuallyworking,youknowyoureally

likeit.

ManytimesMuskhasencounteredpeoplethattriedtodiscouragehimfromstarting

hisowncompany.HeoncetoldananecdotewhenhewasstartingSpaceXabouthow

oneofhisgoodfriendscollectedawholeseriesofvideosofrocketsblowingupand

madehimwatchthose,hejustdidn’twantMusktoloseallofhismoney.Peopleare

doingthosethingsthatseemunlikelytosucceed,butifheactuallylistenedto

discouragingcomments,Elonwouldn’thaveachievedanythingafterhisPayPal

adventure.

Inanotherencounterwithahighschooldiplomaaudience,soprevalentlystudents,

Muskmadethisinspiringspeech:“Nowisthetimetotakerisk,youdon’thavekids,as

yougetolderyourobligationsincrease,onceyougetafamily,youaretakingrisknot

onlyforyourself,butalsoforyourfamilyaswell.Itgetsmuchhardertodothingsthat

mightnotworkout,sonowisthetime,beforehavingtodealwiththoseobligations,

soIencourageyoutotakerisksnow,dosomethingbold,youwillnotregretit.”

23

“Dosomethingimportant”thosewordsarethemantraofElonMusk,healwayshadin

mind,sincehewasahighschoolstudentthathewantedtochangetheworld.A

journalistinaninterviewaboutTeslaMotorsasked:“Howdidyouthinkyouwere

goingtostartacarcompanyandbesuccessfulatit?”Muskreply:“WellIdidn’treally

thinkTeslawouldbesuccessful,Ithoughtwewouldmostlikelyfail,butwecould

addressthefalseperceptionofpeoplethatanelectriccarhadtobeuglyandslowand

boringlikeagolfcart”Journalist:“Ifyoudidn’tthinkthecompanywouldbeasuccess,

whydidyoutry?”Musk:“Ifsomethingisimportantenough,youshouldtry,evenifthe

probableoutcomeisfailure.”Thisstatementclarifiesthatpeoplehavetoreallybelieve

inwhattheydotosucceedintheirlife.

Thephrase“Focusonsignalovernoise”hasmanyimplicationinMusk’sworld.Hesays

thattomanycompaniesgetconfused,theyspendmoneyonthingsthatdon’tactually

maketheproductbetter.ForexampleatTesla,Muskhasneverspentanymoneyon

advertising,theyputallthemoneyinR&D,manufacturinganddesignareasgoodas

possible,andElonthinksthat’sthewaytogo.“Foranygivencompany,justkeep

thinking:arethisefforts,thatpeopleareexpecting,makingabetterproductorservice,

andiftheyarenot,stopthoseefforts.”Simplerulesthatnowadaysareappliedbya

smallpercentageoffirmsandafactoroverlookedbythemost.Alsohavingagreat

product/serviceiskey.Musk:“Besurethatwhateveryouaredoingit’sagreatproduct

orservice,ithastobebecauseifyouareanewcompany,unlessyouareinanew

industryoranuntouchedmarket,andenterinanexistingandlargemarketplace

againstbigcompetitors,thenyourproductorserviceneedstobemuchbetterthan

theirs,itcan’tbealittlebitbetter,becausethenifyouputyourselfintheshoesofthe

consumer,youhavetoaskyourself,whywouldIbuythisinsteadofatrustedbrand

unlessitmakesabigdifference.Solotoftimesanentrepreneurwillcomeupwith

somethingthatisjustslightlybetteranditcan’tbelikethat,ithastobealotbetter.”

Thepathhastobefoundandithastobeamuchmoreefficientone,it’stheonlyway

towinoverbigcompetitors.

24

Fortheteammanagement,Muskwantstosurroundhimselfofthemosttalented

people.HisHumanResourcesrecruitmentsystemisverystrict.Heisalwaysonthe

searchforproblemsolvers.Hestated:“Whenweinterviewsomeonetoworkinmy

companies,Iaskhimtellmeaboutproblemsyouhaveworkedonandhowyouhave

solvedthem,andifsomeonewasreallythepersonthatsolvedit,theywillbeableto

answermultiplelevel,theywillbeabletogodowntodetails,iftheyweren’ttheywill

getstuckandyouunderstandthatitisn’treallythepersonwhosolvedit,because

anyonewhohasstruggledhardfortheproblemneverforgetsit.”Thistreatmentof

courseattractsevenmoretalents,becausetheyseeitaschallenge,andattracting

greatpeopleisthemostimportantthingsince,dependingonhowtalentedandhard

workingthegroupofworkersis,howtheyarefocusedcohesivelyinagooddirectionis

thedeterminantofthesuccessofthecompany.Sotobuildagreatteam,

entrepreneurshavetodoeverythingpossibletogetthosepeopleandkeepoutthe

non-productiveones.

ThelastadvicethatcanbeextrapolatedfromElonMusk’sphilosophyisthatpeople

needtoworkhard.Nothingisgivenandatalentwithouthardworkisjustawasted

one.Muskwordsaboutthissubjectare:“Dependingonwhatyouwanttodo,

especiallyifyouarestartingacompanyyouhavetoworksuperhard,sowhatdoes

superhardmean?WhenmybrotherKimbalandIwerestartingourfirstcompany,

insteadofgettinganapartment,wejustrentedasmallofficeandwesleptonthe

couch,weshoweredattheYMCA,andwehadonecomputer,sothewebsitewasup

duringtheday,andIwascodingitatnight,sevendaysaweek,allthetime.Ibriefly

hadagirlfriendthatperiod,andinordertobewithme,shehadtosleepintheoffice.

Soworkhardlikeeverywakinghour,that’sthethingIwouldrecommendifyouare

startingacompany.Soifyoudosimplemath,ifsomeoneelseisworking50hoursand

youareworking100,youwillgettwiceadoneinthecourseofthetimeoftheother

company.”

25

3.2Family,philanthropyandawards

Hetriesasmuchashecantobeapillarforhisfamily.Muskmethisfirstwifeat

Queen’sUniversity,JustineWilson,andhadsixsons(Nevada,Griffin,Xavier,Damian,

SaxonandKai),unfortunatelythefirstborndiedstillababy.Hedivorcedin2008and

in2010remarriedwithTalulahRiley,Englishactress.Aftermanybreakupsand

rejunctions,in2016Muskbecameofficiallydivorced.

ElonMuskhasdemonstratedhimselftobeanamazingentrepreneuraswellasakind

heartedperson.Evenifheisinvolvedinmanyactivitiesandhasacquiredagreat

fortuneovertheyears,placinghiminthe100richestpeopleonEarth,hedeeply

focusesinphilanthropy.

HeischairmanoftheMuskFoundation,whichgoalistoprovidesolarpowerenergy

systemsindisasterareas.HeobviouslyinvolvedSolarCitytodonateenergytoCoden,

Alabama,acitydestructedbyahurricane.In2011,thefoundationwasabletodonate

250.000$towardthecityofSoma,Japan,devastatedbyatsunami.In2014hedonated

1$milliontotheTeslaScienceCenter,amuseumdedicatedtoNikolaTesla,whilein

2015hegave10$milliontotheFutureofLifeInstitutetorunaglobalresearch

programaimedatkeepingartificialintelligencebeneficialtohumanity.

ElonMuskwonnumerousawardsinhiscareerandherearethemostrelevant:

-In2006heservedasamemberoftheUnitedStatesNationalAcademyofSciences

AeronauticsandSpaceEngineeringBoard

-R&DMagazineInnovatoroftheYearfor2007forSpaceX,TeslaandSolarCity

-Inc.MagazineEntrepreneuroftheYearawardfor2007forhisworkonTeslaand

SpaceX

-2007IndexDesignawardforhisdesignoftheTeslaRoadster

26

-AmericanInstituteofAeronauticsandAstronauticsGeorgeLowawardforthemost

outstandingcontributioninthefieldofspacetransportationin2007/2008forhis

designoftheFalcon1,thefirstprivatelydevelopedliquid-fuelrockettoreachorbit

-NationalWildlifeFederation2008NationalConservationAchievementawardfor

TeslaMotorsandSolarCity

-TheAviationWeek2008Laureateforthemostsignificantachievementworldwidein

thespaceindustry

-NationalSpaceSociety'sVonBraunTrophyin2008/2009,givenforleadershipofthe

mostsignificantachievementinspace

-AutomotiveExecutiveoftheYearin2010fordemonstratingtechnologyleadership

andinnovationviaTeslaMotors(youngestever)

-ElectedbyTimeMagazineasoneofthe100peoplewhomostaffectedtheworldin

2010

-Theworldgoverningbodyforaerospacerecords,FédérationAéronautique

Internationale,presentedMuskin2010withthehighestawardinairandspace,the

FAIGoldSpaceMedal,fordesigningthefirstprivatelydevelopedrockettoreachorbit

-Namedasoneofthe75mostinfluentialpeopleofthe21stcenturybyEsquire

magazine

-RecognizedasaLivingLegendofAviationin2010bytheKittyHawkFoundationfor

creatingthesuccessortotheSpaceShuttle

-In2010,electedtotheboardoftrusteesoftheCaliforniaInstituteofTechnology

-Elected10thmostpopularspaceherobytheSpaceFoundation

-Forbesputhiminthe20AmericanmostpowerfulCEOsunder40years

-InJune2011,awardedwiththeHeinleinPrizeforAdvancesinSpace

Commercializationwith250.000$

27

-In2011,honouredasaLegendaryLeaderattheChurchillClubAward

-In2012,awardedwiththeRoyalAeronauticalSociety'shighestaward:aGoldMedal

-2012recipientofSmithsonianmagazine'sAmericanIngenuityAwardinthe

Technologycategory

-2013winnerofFortune’sbusinesspersonoftheyearforSpaceX,SolarCity,andTesla

-In2015hewasawardedIEEEHonoraryMembership

-Asof2015,MuskservesontheboardofadvisorsofSocialConcepts,Inc.

-In2016,TheDrive,adivisionofTime,namedMuskthemostinfluentialpersoninthe

carbusinessandasthesecondmostinfluentialpersonintheautomotivetechsector

ElonMuskwasalsonamedhonorarydoctorinDesignfromtheArtCenterCollegeof

Design,inAerospaceEngineeringfromtheUniversityofSurreyandinEngineeringand

TechnologyfromYaleUniversity.

Apartfromhisseriousside,ElonMuskisalsodeeplyconsideredbythepopularmedia

forhishumourandwillingnesstogetinvolvedeveninseeminglybizarreprojects.

Hemadeseveralcameosinmovies(Thankyouforsmoking,IronMan2),TVseries(The

BigBangtheory,DClegendsoftomorrow)andanimatedseries(TheSimpsons,South

Park)mostlyinterpretinghimself,butthisdemonstratestheloveheisgettingbythe

media,aswellastheidolizationthatheisgettingbyhisfanbase.Muskhasbeen

nowadaysrenamed“ThereallifeIronMan”andheisofcoursenotrejectingthis

denomination.

28

4Conclusion

ElonMuskhasshowntoeveryonehisrealcapacitiesasentrepreneurthroughoutall

hiscareer.Hehasbroughthisprojectstoshineeachandeverytime,butofcoursehe

isnottheonlyonetohavedoneso.Thegroupwereheactuallystartedhasbeen

renownedthePayPalmafia,thatisthegroupoffoundersandformeremployeesofthe

companywhohavesincefoundedanddevelopedadditionaltechnologycompanies

(TeslaMotors,LinkedIn,Matterport,PalantirTechnologies,SpaceX,YouTube,Yelp,and

Yammer)andthatseemsabitstrangetakingalsointoaccountthatthreeofthemare

nowbillionaires(Muskincluded).Sothequestioncanbe:howisitpossiblethatsucha

restrictednumberofpeoplehavebeenabletoobtainfameandfortunestartingall

fromthesamepoint?Aninstantaneousreplycanbethat,afterthesellingofPayPal,

everyonereceivedanenormouscashinflow,perfecttostartanewcompany.Second

pointthatcanbemade,isthetiming.InthatperiodtheInternethadbeguntogrowat

afastandsteadypace.Everyoneinvolvedintotechnologyingeneralreceivedmany

gratifications.Anotherpointincommonisthat,allthisentrepreneurs,beforehaving

workedtogetherandsharedideasandthoughts,havehadaverygoodeducationand

startedwithabasicfundamentalofknowledgeoftheITbusinesses.Thosecouldallbe

validexplanations,butthereissomethingwecan’tevaluate:themind-set.

ThepersonalitytraitsofElonMuskaresomethingthatdistinguisheshimfromthe

massesand,aswealreadydiscusseddeeply,hisstrongwillpushedhimfurtherand

furthersotoriseandbecomewhatheistoday,asuccessful,hardworkingand

enlightenedentrepreneur.

29

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