The Success story of Elon Musk


Having the IQ level of 155 wherein the two- thirds of the population lie between 85 and 115 shows how much Elon Musk is different from the normal people in terms of intelligence.Elon musk the business tycoon, inventor, engineer, founder of SpaceX and CEO of Tesla Motors has $74 billion total worth.Currently living in the USA, Elon was born in the capital town Pretoria of South Africa in 1971. Elon musk has a sharp mind since childhood. When he was 12 years old he made and sold a video game to a magazine in $500 He has graduate degrees in physics and economics. For starting his own business, he left his Phd after two days of getting admission.

Getting started with ZIP2 AND PayPal

In 1995, Musk founded a company named ZIP2. Basically it was a combination of map and business listing which provided online city guide software to newspapers. By 1998, more than 160 newspapers were using his services. In 1999, he sold his company and got 7% of this sale which was $22 million. In the same year, he invested $10 million in a company X.COM which was a financial service and email payment company. Later on, it merged with Confinity – a company that provided similar services and decided to change the focus of the company to only the money transfer service, calling themselves PayPal. In 2000, eBay acquired it for 1.5$ billion and Musk got $165 million.

Creation of SpaceX

People call Elon Musk a visionary, a person who can predict future needs and know how they can turn that situation in his favour. After his cash-out from PayPal, Elon Musk was already thinking about what he was going to do next. So in 2001, Elon started working on “Mars Oasis”, a project to build an experimental greenhouse on the surface of Mars to grow plants. For this he had to purchase a space rocket which cost him $8 million.For Musk, this was too expensive so he decided to start a company to build affordable rockets that he needed. So he founded SpaceX in 2002 using $100 million and found that the actual raw material price for making a rocket was 3% of the actual market price of a rocket which was $8 million.

The first successful launch of the Falcon 1, name given to remember the Millennium Falcon from Star Wars, costed just $6 million, while usually the average cost at that time was about $25 million. After three failed attempts to launch Falcon 1 the company was headed towards a failure. In 2008, after the third attempt, Falcon 1 was launched successfully. SpaceX was awarded a contract from NASA to continue the development and test of the SpaceX Falcon 9 vehicle and Dragon spacecraft to transport cargo shipments to the International Space Station.

On 22 December 2015, SpaceX achieved the goal to land back the Falcon rocket at the launch pad. This made the reusability of rocket possible. It seemed unachievable in past but Elon musk made this achievable by an orbital rocket and it was a major step towards rocket reusability, which ultimately led to cheaper space travel or space projects. In 2015, the company was granted permission from the government to begin testing project STARLINK that aims to provide internet through satellites. In starting phase it was 4000 but now more than 30,000 satellites provide the Internet to the entire world.

SpaceX launched total 102 rockets in which 97 were successful. It has a valuation of $36 billion. Recently the SpaceX mission The Crew Dragon sent two astronauts of NASA to International space station. It’s the first time when a non-government company has launched astronauts into orbit.

TESLA MOTORS

In 2003 Tesla Motors was founded, Martin Eberhard and Marc Tarpenning are the founders of Tesla motors. Elon Musk was the controlling investor and became a chairman of the board as well as a fundamental actor in the operations with $7.5 million spent in the project.Tesla is an electric car maker company.The first Tesla roadster car was not sold in numbers as expected but only 147 cars could be sold.Then Elon made awareness campaigns that electric car is not boring or slow in speed and it’s environmentally friendly nature.In June 2009, Tesla had its turnaround.

First it was approved the receiving of a low-interest loan of $465 million by the United States government as an incentive to produce non-polluting vehicles and to further develop the battery technology. Model S was a huge success for Tesla, so much that car market competitors began to feel the pressure and began to enter in the alternative-fuel market. The business grew rapidly, Tesla collaborated with other carmakers and decided to open-source their patents to everyone. Tesla planned to become a 100% vertically integrated carmaker, means tesla wanted to make all the things in their factory that needed to make a car.That’s why they decided to establish in Nevada, the GigaFactory, an immense industrial site completely focused on the production of batteries. The plant, with a cost of about $5 billion, would employ more than 6,500 people and reduce Tesla Battery costs by almost 30%.

Conclusion

What makes Elon Musk unique is the innovation he brings in his entrepreneurship and leadership.As we can observe from his history of companies, every idea he had was innovative and one of the kind. Think about Hyperloop – a simple concept that was never considered by anyone. Elon musk made millions of dollars in the early phase of his entrepreneurial journey but he didn’t stop and keep investing money made by previous businesses showing a risk-taking gesture. Elon Musk is an example of a visionary leader. He dreams about things that no one could. He has an ability to think at the system level of design that pulls together design, technology and business, and that requires a lot of confidence and coming
from that ability of crazy risk taking.

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