Elon Musk, The Man We Wish to Be
Elon Musk is one of the most successful people that is built by his self. musk was a multi-millionaire by the time he reached the age of twenty-eight. In March 2019, he was ranked 40st on the Forbes list of The World’s billionaires People.
As of March 2019, he has a net worth of $20.6 billion and is listed by Forbes as the 25th-most powerful people in the world. And he also co-founded the electronic-payment firm PayPal and formed SpaceX, maker of launch vehicles and spacecraft. He was also one of the first significant investors in, as well as chief executive officer of, the electric car manufacturer Tesla.
Who is Elon Musk?
Elon Musk, (born June 28, 1971, Pretoria, South Africa), South African-born. Musk was born to a South African father and a Canadian mother. When he was 12, he proved that entrepreneur just doesn’t birth, they build themselves. In order of that, he wrote the code for his own video game and sold it to a computer magazine.
Then he immigrated to Canada at age 17, in order to avoid the required military service for white males in South Africa. Later he worked at a Canadian bank one summer as a college intern. This was his only real job before he became an entrepreneur.
Then he went to Queen’s University. Meanwhile, he transferred to the University of Pennsylvania. Where he earned a bachelor’s degree in economics and a second bachelor’s in physics a year later. From there, he won admission to the prestigious doctoral program at Stanford University.
Where he planned to concentrate on a Ph.D. in energy physics. He moved to California just as the Internet was starting in 1995, and musk decided that he wanted to be in it, too. He dropped out of Stanford after just two days in order to start his first company, Zip2 Corporation.
This was an online city guide aimed at the newspaper publishing business. Musk was able to land contracts with both the New York Times and the Chicago Tribune to provide content for their new online sites.
Entrepreneurs are Built, Not Born
ELON Musk was just twenty-four when he started his first company, and he devoted all of his energies to see it succeed.
He lived in the same rented office that served as his company’s headquarters. Sleeping on a futon couch and showering at the local YMCA, which “was cheaper than renting an apartment,” he explained in an interview with Roger Eglin of the Sunday Times of London.
Still, the company struggled to fulfill its contracts and meet the payroll and other costs, and he looked for outside financing. Eventually, a group of venture capitalists, investors who provide start-up money to new businesses, financed Zip2 with $3.6 million, but he gave up majority control of the company in exchange.
Elon Musk’s Journey
In February 1999 Compaq Computer Corporation bought Zip2 for $307 million in cash, which was one of the largest cash deals in the Internet business sector at the time. Out of that amount, Musk was paid $22 million for his 7 percent share, which made him a millionaire at twenty-eight.
In 1999, he used $10 million of it to start another company, which he called X.com. This was an online bank with grand plans to become a full-range provider of financial services to consumers. The company’s major innovation was figuring out how to securely transfer money using a recipient’s e-mail address.
Musk’s proven track record from Zip2 helped it gain serious attention and generous investors right away. Two important executives signed on with him: investment banker John Story and Bill Harris, the former chief executive officer of Intuit Corporation, the maker of the best-selling Quicken accounting software as well as TurboTax, a tax-preparation program.
Harris was appointed the president and chief executive officer of X.com, with Musk serving as company chair. The company received a generous infusion of $25 million in start-up capital from Sequoia Capital, a leading venture capital firm in California.
X.com went online in December 1999 with a bold offer for new customers: those who opened an online checking account with X.com received a $20 cash card that they could use at an automatic-teller machine (ATM). If they referred to a friend, they received a $10 card for each new member who signed up.
Within two months, X.com had one hundred thousand customers. Which was close to the number reached by its major competitor, E*TRADE Tele bank. But consumer skepticism about the security of online banking was X.com’s biggest obstacle to success.
There was a setback when Musk and the other executives had to admit that computer hackers had been able to perform some illegal transfers from traditional bank accounts into X.com accounts.
They immediately started a new policy that required customers to submit a canceled check in order to withdraw money, but there were tensions in the office about the future of the company.
PayPal: It’s Just About The Risk, Whether You Take It or Not
In March 2000, X.com bought a company called Confinity, which had started an Internet money-transfer presence called PayPal. PayPal was originally set up to let users of handheld personal digital assistants, or PDAs, transfer money.
It had only been in business a few months when X.com acquired it, and Musk believed that its online-transfer technology, which was known as “P2P” for “person-to-person,” had a promising future. ELON MUSK and Harris did not agree, and Harris resigned from X.com in May 2000.
Five months later, Musk announced that X.com would abandon its original online bank and instead concentrate on turning itself into the leading global payment transfer provider. The X.com name was dropped in favor of PayPal.
PayPal grew enormously through 2001, thanks in part to its presence on eBay, the online auction Web site. Where person-to-person sales were happening in the hundreds of thousands. When PayPal became a publicly traded company with an initial public offering (IPO) of stock in February 2002, it had an impressive debut on the first day of Wall Street trading.
Later that year, eBay bought the company outright for $1.5 billion. At the time, Musk was PayPal’s largest shareholder, holding an 11.5 percent stake, and he netted $165 million in valuable eBay stock from the deal.
By then Musk had already moved on to his next venture. In June 2002 he founded SpaceX or Space Exploration Technologies. He had long been fascinated by the possibility of life on Mars and was a member of the Mars Society, a nonprofit organization that encourages the exploration of the red planet.
Filmmaker James Cameron (1954–) is one of several notable Mars Society members. Musk wanted to create a “Mars Oasis,” sending an experimental greenhouse to the planet, which is a favorable alignment of the planets is about 35 million miles distant from Earth.
His oasis would contain a nutrient gel from which specific Mars-environment-friendly plant life could grow. His plan had a cost of $20 million. But then he learned that to send something into space with the standard delivery method, a Delta rocket made by the Boeing Corporation, would add another $50 million to the cost.
Musk even tried to buy a rocket from Russia. But realized that dealing with the somewhat suspect international traders who dealt in such underground, or illegal, items was just too risky.
Elon Musk is the co-founder, CEO and product architect at Tesla Motors. A company dedicated to producing affordable, mass-market electric cars as well as battery products and solar roofs. Musk oversees all product development, engineering, and design of the company’s products.
Five years after its formation, in 2008, the company unveiled the Roadster, a sports car capable of accelerating from 0 to 60 mph in 3.7 seconds.
As well traveling nearly 250 miles between charges of its lithium-ion battery. With a stake in the company taken by Daimler and a strategic partnership with Toyota, Tesla Motors launched its initial public offering in June 2010, raising $226 million.
Musk had long been interested in the possibilities of electric cars. Then in 2004, he became one of the major funders of Tesla Motors (later renamed Tesla), an electric car company founded by entrepreneurs Martin. In 2006 Tesla introduced its first car, the Roadster, which could travel 245 miles (394 km) on a single charge.
Unlike most previous electric vehicles, which Musk thought was stodgy and uninteresting, it was a sports car that could go from 0 to 60 miles (97 km) per hour in less than four seconds.
In 2010 the company’s initial public offering raised about $226 million. Two years later Tesla introduced the Model S sedan, which was acclaimed by automotive critics for its performance and design. The company won further praise for its Model X luxury SUV, which went on the market in 2015. The Model 3, a less-expensive vehicle, went into production in 2017.
The Man We Wish to Be
Elon Musk expressed reservations about Tesla being publicly traded. In August 2018 he made a series of tweets about taking the company private, noting that he had “secured funding.” The following month the U.S. Securities and Exchange Commission (SEC) sued Musk for securities fraud, alleging that the tweets were false and misleading.
Shortly thereafter Tesla’s board rejected the SEC’s proposed settlement, reportedly because Musk had threatened to resign. However, the news sent Tesla stock plummeting, and a harsher deal was ultimately accepted. Its terms included Musk stepping down as chairman for three years, though he was allowed to continue as CEO.
I, myself love ELON MUSK. He has the thing that doesn’t see often. But we can learn, we can learn how to manage our thoughts and put them in the right way. You just need to move on and find you entrepreneur character.
By the way, we have some more articles like this, you can subscribe us to get notified for the new ones.
By the way, we have gathered the top 7 quotes by Elon Musk. I suggest you read them for your Entrepreneurship way.