Leadership is the ability of an individual to lead a company, big organizations, or even countries. The qualities of a leader can turn an ordinary company into one of the best in its category. We have many examples of how small companies opened in the garage, or a single room has turned out to be the world’s most valuable companies like Google, Yahoo, and Amazon. These companies’ owners turned out to be great leaders, and, in this case, Larry Page, Jerry Yang, and Jeff Bezos are responsible for the insane success of these companies, respectively.
Over the years, the name of Elon Musk and Tesla resonates with success and groundbreaking technologies. Electric cars, space rockets, and solar energy companies are just three of the many ventures that Elon Musk has started, and he is very successful in that. We all know that the future belongs to clean energy as fossil fuels are, sooner or later, going to finish and not going to replenish. That’s why the products and services put forward by Elon Musk are going to work for the human race into the future.
Elon Musk garners a great influence on the market so much that he can swing the price of bitcoin and other cryptocurrencies by his mere tweets.
The Leadership Qualities of Elon Musk
I am sure that all of you must have some idea about how Elon Musk became so successful. There must be some secret behind his success, and that is his belief in his products or services, his leadership qualities, and the ability to perform even in the bleakest scenarios. In this blog, I will now discuss three of his most essential qualities so that you can have an idea of how Elon Musk is changing the world with his new and innovative products and services.
We all know how creative Elon Musk is as he has started one significant venture after another and is successful in Virtually all of them. He was an imaginative boy right from his childhood as he sold a computer game which he created himself, to a firm for $ 500 at the tender age of 11 years! And that was just the beginning, as this successful experience made him confident to try out new things.
Elon Musk was one of the co-founders of PayPal, and he stuck by it even in the face of severe criticism. Many people offered him to back out of his project, but he knew from the start that the project has greater potential. And we all know how successful PayPal became after some time.
Creativity is not just doing something smartly; it is the ability to know that a process or a particular product can be highly successful. Conquering space has always been human’s desire, and they have spent billions of dollars into making a rocket or spaceship that can go places. And so far, Elon Musk is successful in creating a rocket that can go into space and is looking to start space tourism, which can be profitable for his company.
2. Learn from Mistakes
This is one of the most important aspects of a leader. It doesn’t matter what project or product you are working on. The failure ratio is very high when we compare the success rate of all the great inventions in the world. Only the people who learn from their mistakes are the ones who succeed eventually.
We all know that not every model of Tesla became a hit right from the word go. More than one model suffered huge setbacks, and the brand Tesla was tested to the optimum. In the early months of 2019, there were speculations that Tesla will not be able to deliver the Model 3 as promised by them. But Tesla bounced back and announced the opening of a new factory near Berlin, Germany, and started the production in Shanghai, China.
The result of the announcement of the two new factories mentioned above is a testament to the fact that Elon Musk learned from his mistake and came out strongly to hit the bullseye. And the results are evident from the share price of Tesla, which rocketed sky-high at the start of 2020. You may have watched different leadership styles, but the way Elon Musk handles tough situations makes you believe that he is one of the most visionary leaders of this era.
3. Inspiring the Target Market through Brand Awareness
If you want to make sure that any of your products work perfectly, you need to find the right target market for it. Apart from producing amazing products, Elon Musk was able to find the right audience and market them. No matter how great a product you have created, if you will not be able to sell it, there is no point in making it in the first place. And Elon Musk knew this.
The electric cars that Tesla produces are not for everyone. For example, the Model 3 is a luxury sedan, and its target market is top-level executives and people with a lot of disposable income. So, Tesla Model 3 wasn’t a tech gadget or a mid-level smartphone that can be marketed to virtually every segment. That’s why a good marketing campaign was the least requirement.
Apart from the marketing, raising brand awareness about Tesla was one of the pivotal tasks for Elon Musk. While the brand Tesla was established, targeting that segment so that they are willing to buy the Tesla Model 3 by exchanging their previous model or leaving their current one in favor of Model 3, was the goal. To make someone switch from Mercedes or BMW that he is using for years isn’t easy. And that’s where Tesla succeeded in making them believe that they are switching to a better product.
Elon Musk always believes in revolutionizing the market with new and innovative products. You also like to incorporate processes in his company that are groundbreaking and make the daily operations smooth and straightforward. So be it the testing of a free task management software that is new in the market or deploying a new CRM, Elon Musk is always up to the task and doesn’t hesitate from experimenting.
If you want to know more about any of the aspects mentioned in this blog or want to ask any questions, you are more than welcome. Please use the comment section below in this concern.