Type: Research Essays
Sample donated: Henry Norton
Last updated: July 23, 2019
Elon Reeve Musk is one of the wealthiest man on earth in fact he as a net worth of over US $ 19.8 billion the 46 years old business magnate ranks as the 21st wealthiest person in america in the 2017 Forbes 400. Elon Musk born June – 28 – 1971 had an eye for business since his college times when he used to use his dorm as an illegal nightclub . But in 1995 musk and his brother with the help of a group of angel investors started his first serious business venture called Zip2 a web software company. They developed and marketed an Internet guideline for newspapers industry. Based on the researchers and studies made on Mr. Musk one key point comes out, the wanting to be an innovator, with the different projects and businesses he created we can see that it’s all about innovation delivering something new never seen; and we can see it clearly with his 3 different companies: SPACEX, Tesla, PayPal.Let me break it down, I’ll explain why to become one of the most successful entrepreneurs and one of the wealthiest man on the planet been an innovator that thinks out of the box is crucial.
PayPal for example it’s the outcome of the union of two companies X.com, an online financial services and e-mail payment company where Musk was the co-Founder and another company called Confinity, which had a money transfer service called PayPal then they focused on the PayPal system. We know how big paypal is and this simply proves that the sense of innovations of musk grant him the opportunity to be the Ceo of PayPal even for just one year , and he was also the biggest shareholder.Then we have SpaceX, this project shows simply how Musk is ahead of the game and he’s ready to take risk that normal entrepreneurs wouldn’t take.Musk In 2001 conceptualized “Mars Oasis” one of the most futuristic ideas and ongoing project in this day and age , as the name of the project hints Mars Oasis is a project to land a miniature experimental greenhouse on Mars, containing food crops growing on Martian regolith.This project wasn’t easy to start up because Musk had resource problem from the begging and on how to create rockets with enough power to launch in to the space;In October 2001, Musk travelled to Moscow with Jim Cantrell (an aerospace supplies fixer), and Adeo Ressi , to buy refurbished Dnepr Intercontinental ballistic missiles (ICBMs) that could send the envisioned payloads into space The group met with companies such as NPO Lavochkin and Kosmotras; however, according to Cantrell, Musk was seen as a novice and was consequently spat on by one of the Russian chief designers, and the group returned to the United States empty-handed.
In February 2002, the group returned to Russia to look for three ICBMs, bringing along Mike Griffin. Griffin had worked for the CIA’s venture capital arm, In-Q-Tel, as well as NASA’s Jet Propulsion Laboratory, and was just leaving Orbital Sciences, a maker of satellites and spacecraft. The group met again with Kosmotras, and were offered one rocket for US$8 million, however, this was seen by Musk as too expensive; Musk consequently stormed out of the meeting. But all of this didn’t stop him from achieving his goal, so instead of quitting or paying an enormous amount of money he chose to start a company that could build the affordable rockets he needed, and this was a big risk because for many it my look easier, less risky and cheaper to buy a finished product, but he took the risk of start a company that would take raw material and assemble them to make the rockets he needed , according to early Tesla and SpaceX investor Steve Jurvetson Musk calculated that the raw materials for building a rocket actually were only 3 percent of the sales price of a rocket at the time.
It was concluded that theoretically, by applying vertical integration and the modular approach from software engineering, SpaceX could cut launch price by a factor of ten and still enjoy a 70-percent gross margin. Ultimately, Musk ended up founding SpaceX with the long-term goal of creating a “true spacefaring civilization”. Thanks to his can do attitude in 2006 SpaceX was awarded a contract from NASA to continue the development and test of the SpaceX Falcon 9 launch vehicle and Dragon spacecraft in order to transport cargo to the International Space Station followed by a US$1.
6 billion NASA Commercial Resupply Services program contract on December 23, 2008, for 12 flights of its Falcon 9 rocket and Dragon spacecraft to the Space Station, replacing the US Space Shuttle after it retired in 2011. Musk’s private trust holds 54% of SpaceX stock, equivalent to 78% of voting shares in the company that today is worth over $21.5 Billion.And this is just some of the accomplishment Elon Musk was able to gain i was able to make more money more innovations with is other company Tesla that deal with electric cars , this further shows that Elon Reeve Musk today his successful because he is an innovator and obviously for he’s great sense of business.To be a successful Entrepreneur we must be able to think outside the box and be able to create something and go beyond the limits we have to accomplish a greater goal. Every single project of Mr.
Musk has affected or will affect humanity and economy greatly from being able to create with joined effort of other people a platform that enables people to trade their money in a easier way to futuristic mars colonies and electric cars.Conclusion:By just giving a glimpse at the entrepreneurial life of Elon Musk we can understand that any business is going to have obstacles but the key difference from a successful entrepreneur and and a self proclaimed entrepreneur is the conviction on wanting to solve the problem in a sensible way , also we saw that the risk he took in creating the company that creates rockets wasn’t out of the simple blue there was research and study on the materials needed that simply means that yes a risk it’s always a risk but a good entrepreneur will reduce the actual risk by doing and investing money in productive research to make sure you aren’t simply wasting your time.And we also see how he overcame his barrie with the creation of SpaceX not only he proved wrong russian experts that considered him a rookie but also created such an efficient company that also NASA wanted to join in with their projects .
Elon musk has many other companies like Hyperloop, SolarCity, OpenAI, Neuralink, The Boring Company; all of this companies have one thing in common the research in trying to enhance the human life or developing technology for the human gain.My personal opinion is that to become a successful entrepreneur is a lot to do with the character development obviously it’s a journey and it’s learning from the mistakes and trials and tribulations we face but it’s also abandoning the concept of self and not lose our self in the little accomplishments but alway set ourselves new targets to aim at, because once we lose that key focus decline is inevitable. Sources of information to support me with this assignment https://resistexperformance.co/2016/07/https://steemit.com/elonmusk/@sundarrajan/how-elon-musk-startedhttp://www.cneat.ru/spacex-en.html http://www.bid-org.com/personality/elon-musk/https://prezi.com/vjjdi61lwmx5/elon-musk/