Module 6 Contemporary Business Leader (1) PDF

Preview

Summary

Contemporary Business Leader...

Description

Running head:CONTEMPORARY BUSINESS LEADERS

1

Contemporary Business Leaders Kiona Wooten Grand Canyon University: MGT-420 May 10, 2020 Instructor Marnie Davis

2 Contemporary Business Leaders In this greatly diverse and vast society there are many different types of leaders and ways they positively affect the culture. This paper will be highlighting Elon Musk in which is a great contemporary business leader who demonstrates this trait on a very productive and consistent basis. Some would even say that many are in fact born a leader rather than a trait that they develop over time. Elon Musk is proof that leadership is a vital ingredient in becoming a successful business owner. In the essay below, some of Elon Musk’s greatest attributes, leadership approaches, challenges and power bases will be discussed. Contemporary Business Leader When it comes to being innovative and pushing technology to the next level Elon Musk must be revered as one of the leaders in this field. His accomplishments and known affiliations with such companies as PayPal and Tesla are just a couple feats that comes to mind amongst his few endeavors. Renovating the automobile industry by implementing a new and futuristic brand of vehicle highlights his career achievements by revamping and introducing electricity operated cars. If that's not fascinating enough Musk is responsible for the inception of SpaceX a company who gained acknowledgment from NASA itself. In 1995 shortly after he left Stanford University where he was looking to obtain his PHD in material sciences and applied physics he co- founded Zip2. Zip2 was a web software company that provided neighborhood businesses to the internet for potential customers by linking the direction to their location via internet. This company founded with his Brothers Kimbal Musk, and Greg Kouri would go on to gain recognition from many of the local newspapers in the areas of its use. Such praise that in February of 1999 Compaq computers paid a whopping $305 million dollars to obtain the rights of Zip2 (Gregersen, E. (2020, April 9). This success thruster Musk onto the scene as being a major player in the business world making him a multimillionaire in his late 20's and fueling financially

3 Contemporary Business Leaders and mentally his next startup company X.com. X.com was an online banking service geared to making it easier and safer to purchase items online. This idea had caught wind of the executive’s continuity and they couldn't resist a merger of the two companies thus creating what is now known as PayPal. This affiliation netted him $340 million by combining the two entities and changing the landscape of online banking. These two feats alone would have satisfied the normal businessman or woman but not for Musk. Next his ingenuity led him in 2002 to start his company coined Space X. Space X specializes in aerospace manufacturing and space transportation services. Space X designs, erects, and launches advanced spacecraft and rockets (Gregersen, E. (2020, April 9). Musk's vision is to revolutionize space technology with the goal of the idea of life on other planets. Space X has expanded worldwide in its popularity for a series of monumental milestones. As of date it is the only private company with the capability of launching and returning a spacecraft from earth. This feature was accomplished in 2010 and in 2012 where the spacecraft was sent to help fuel and deliver items to the international space station (Gregersen, E. (2020, April 9). This is another victory on his climb to the ranks of being a true pioneer in the technology industry. Elon Musk’s most notable career move is founding Tesla in 2003. Tesla has become a major competitor to the standard fuel powered automobile. Tesla is a car company focused on making cars cleaner and healthier for the environment. The company specializes in energy efficient cars powered by electric and solar panels while still maintaining the type of power we look for in a gasoline engine. To this day, Tesla stands apart from any other motor vehicle manufacturer when it comes to alternate means of powering a vehicle. Leadership Approach

4 Contemporary Business Leaders Many types of leadership skills if not all were displayed and mastered by Musk throughout his years of triumph. Based on research, Elon Musk would be classified for his business leadership style as transformational. Transformational leaders always focus on the overall goal of a project and invites feedback from his colleagues to ensure the quality of the product (Uhl-Bien, et al. 2014). These ideas could not manifest without high level of communication with his team and staff to help the ideas come to life. Elon Musk always seem to be ahead of time and pushing the envelope when it comes to the innovation of better banking online, space exploration, and transportation.

Greatest Achievement Elon Musk made his way from Pretoria, South Africa (where he still resides) when he was 17 to attend Queens University located in Ontario, Canada (Gregersen, E. (2020, April 9). After a Couple years at Queens he then transferred to the University of Pennsylvania where he studied and gained his bachelor's degree in both economics and physics. As if those achievements weren't enough, he then sought out to Stanford University to major in in applied physics and material science. His enrollment at Stanford lasted roughly 48 hrs. and he then sought out to be an entrepreneur and create his legacy. All these milestones are great achievements in their own respective way. To leave his native country and not only excel academically but to create multiple brands for himself netting him as of date a net worth of 41 billion dollars is nothing short of remarkable. Musk is also the longest tenured CEO of any automotive company.

Handling a Challenge

5 Contemporary Business Leaders All these great victories could not come without a couple losses to help test the resolve of Musk. His nationality accredited Space X had begun to take a bit of a hit after several failed launches of Musk's specialty rockets. In fact, in 2011 the company almost filed for bankruptcy (Gregersen, E. (2020, April 9). Millions of dollars were attributed to the conception of the first 3 failed launches. This tested the grit of Musk as he pushed through to complete his goal of launching a privately-owned spacecraft in to orbit. Without these failures or challenges Musk may have never mastered his craft. To the average person when conflicts arise some tend to shy away from them and not tackle them headfirst. Elon Musk buckled down, zoned in, and came up with a viable solution. Power Base His expertise helped guide him to be able to overcome the obstacles that he faced. Some leaders are good with just presenting the ideas and not being able to construct them personally. With Elon's vast knowledge of science and physics he can not only lead by example but is able to demonstrate what needs to be done physically and not just verbally. Being able to fully explain the "why" factor in many cases helps the team see the whole picture and not just a snapshot. Having a leader who is willing to examine and put forth the same energy as you into a situation separates him from the less fortunate. Leadership Comparison In comparison Musk has been tied to the such minds as Steve Jobs and Tony Stark. Steve jobs made way for the average working man to be able to make a huge impact on the world in a series of ways. Tony stark although fictional is an extremely gifted scientist who specializes in the innovation of new and advanced technologies. Being able to reach a range of individuals and different areas of life are what these names share. From startup companies and

6 Contemporary Business Leaders original ideas to Rockets and electric cars Musk pushed the envelope year in and year out creating an enterprise for himself along the way.

Attributes A couple of attributes that have been researched about Musk has to be determination and focus. Without either of these characteristics his story may have not ended up as a fairy tale instead that of a nightmare. Had he not been determined to keep launching rockets he would have never made history on that 4th try. Without being focused on any of his visions the success would be limited at best. Often, it's only the people who truly sees the brilliance of their ideas. Many people try to put these traits into their daily approach when it comes to their personal life. The determination and focus of others help keep them ahead of those who lack those attributes. It's easy to get discouraged and distracted in life.

Conclusion In conclusion, Elon Musk is truly revolutionary and a modern-day pioneer. His innovations have been and continue to be groundbreaking. He is a great resource to look toward for inspiration and motivation in becoming a successful entrepreneur. He believed in himself and never looked back helping him create a legacy that will live on and touch those for many generations to come.

7 Contemporary Business Leaders

References Uhl-Bien, M., Schermerhorn, J. R. Jr., & Osborn, R. N. (2014). Organizational Behavior (13th ed.). Hoboken, NJ: John Wiley & Sons, Inc. Available from http://gcumedia.com/digitalresources/wiley/2013/organizational-behavior_ebook_13e.php

Gregersen, E. (2020, April 9). Elon Musk. Retrieved from https://www.britannica.com/biography/Elon-Musk...