Table of Contents

Beginning

Payment system through the internet

SpaceX

Tesla

In summary

This is an introduction.

Elon M Musk is an entrepreneur from South Africa who is also the founder of SpaceX, Tesla Motors and PayPal. Elon Musk’s networth is an astounding $20. Elon’s net worth is an astonishing $20. “, 2005). Musk was interested in computer programming since a very young age. His vast programming knowledge led him to decide to leave Stanford University at the height of the Internet boom and launch his first company. “, 2005). Musk, who is also passionate about physics, earned his Bachelor of Science in 1992. Musk’s business interests are a direct result of his two passions. This is most likely why he has been so successful. SpaceX’s main motivation was to further space exploration and gain more knowledge about the universe.

In fact, he started Tesla to produce environmentally-friendly automobiles which would help to build a sustainable society. He was most proud of successfully launching the Tesla Roadster to space on a Falcon Heavy rocket (“Elon Musk Biography. “, 2005). It was the world’s first car to be transported into outer space. Elon is a highly-respected entrepreneur. His innovations will have an impact on humanity’s future.

PayPalIn 2000, Elon Musk made his first business venture by purchasing PayPal. PayPal is a secure online platform where users can store their personal financial information. It is easy and secure to make online payments without disclosing any financial information to the recipient. The company has been a success since its inception and is a gazelle, as it has grown by nearly 10% per day while adding 4 million new customers within a year.

PayPal also had a competitive advantage at that time as online money transfers were a complicated process. Elon Musk, however, had found a way to transfer money without risk by using the recipient’s email (“Elon Musk biography. “, 2005). PayPal has filled a technological gap, as before PayPal it was difficult to transfer money from one individual to another. “, 2005). PayPal used the 10x Solution to move funds 10x faster than traditional banking wires and 10x safer than sending money using one’s personal financial information. PayPal experienced a massive growth spurt in 2001 when eBay, an online auction website, adopted the service (“Elon Musk’s Biography. “, 2005). PayPal was used by eBay to allow its users complete online transactions, reducing payment fraud. eBay purchased PayPal’s entire business for $1. Elon Musk’s biography, 2005. “, 2005). Elon was by far the largest shareholder of the company with a stake of 11.5%. His share in this deal was worth $165 million. Elon Musk’s stake in the deal was valued at $165 million. “, 2005). Elon had a great success when he sold PayPal. He was able use the proceeds to start new businesses.

SpaceXSpaceX is the result of Elon Musk’s investment of his newly acquired capital following the sale PayPal. SpaceX began in June of 2002 as a way to further explore the possibility of a life on Mars. “, 2005). Elon was a visionary, just like PayPal. He had the desire to do something that wasn’t possible before. Elon Musk spent much time and resources on SpaceX to make it a success. The primary aim of the business was to provide supplies for astronauts stationed at space stations. NASA gave the company an important contract to achieve this. “, 2018). SpaceX launched into space a rocket on May 22 that carried over 1,000 pounds in supplies essential to an astronaut’s mission. “, 2018).

Elon Musk was extremely proud to have achieved this first-ever independent rocket launch into space. It was an incredible personal accomplishment. A rocket fitted with a brand new engine exploded on a test flight, which was a huge setback. “, 2018). Elon was forced to put up a large amount of money in order to keep his company afloat and he almost went bankrupt. Elon’s resilience in the face of adversity was evident as SpaceX launched a Tesla Roadster to space shortly thereafter, making history. It was the first time a car had ever entered space. Elon has achieved a number of amazing accomplishments with SpaceX.

TeslaWhile Elon continued to operate SpaceX, his attention had been shifted towards the automobile sector. He became the largest investor in Tesla Motors, contributing $70 million to the company. “, 2017). Elon Musk is credited with designing a Tesla Roadster – a completely electric car which runs solely off battery power. “, 2017). Elon capitalized on the fact that gas prices were rising steadily, making electric cars more appealing than they had been before. The concept was feasible because it allowed people to use the power outlets that are already in their homes and garages. The first Tesla had state-of the-art technology and mechanicals which caught local newspapers’ attention (“Elon Musk: Success Story of the 21st Century Innovationist”, 2017). “, 2017). Elon was awarded a Global Green Award in 2006 for his product design. “, 2017).

Tesla’s money ran out. Elon, however, invested his final $20 million to keep the business afloat. It is clear that Elon loves his work. Tesla Motors started to run smoothly after cutting costs and firing many employees. Model S, the vehicle rated safest on the highway, was the company’s greatest success. It featured a longer battery life and a more functional design. “, 2017). Tesla Motors has a clear S-curve. Its start was not profitable and the company had a small business. With the Model S, the company experienced rapid growth. Elon kept on producing electric cars with new features and functionality, which resulted in great sales. Tesla Motors grew to new heights once Elon fully understood his market. He found that car buyers were often budget-conscious (Lambert 2018). Elon decided to offer a Model 3 car, which had the same basic features, design and price as previous Tesla models. Pre-orders surpassed all expectations. The response from consumers was overwhelming. Elon’s design made it impossible for established car manufacturers to compete. Honda, Toyota and Volkswagen are among his biggest competitors. Elon Musk created Tesla to be a company relevant in the present and one that will become more so as time passes.

ConclusionElon Musk can be described as an exceptional entrepreneur. Elon Musk constantly innovates in order to give people practical solutions. Elon musk is a man who has the will and determination to reach for success. Elon Musk is a visionary, and his ventures are often based on future solutions to help humanity develop. It is particularly true because he is leading the charge for electric cars, which will help to reduce greenhouse gases and prevent global warming. Elon’s strategies were very effective, I believe. Many of his strategies gave him a clear advantage over his competitors, allowing Elon’s ventures to surpass the rest. PayPal’s ease of use made it impossible for other online financial services to compete with his advantage. His understanding of his market helped him to provide exactly what customers wanted without adding frills. Elon has proven to be a special entrepreneur.

Author

  • harleyarmstrong

    Harley Armstrong is an experienced educator, blogger and professor. She has been teaching and conducting online courses since 2004. Her courses focus on a variety of topics related to education, including business, history, economics, numeracy, and ethics. Harley has also written for various publications, including The Huffington Post, The Detroit News, and The Daily Caller.

Elon Musk And His Entrepreneurial Ventures
harleyarmstrong

harleyarmstrong


Harley Armstrong is an experienced educator, blogger and professor. She has been teaching and conducting online courses since 2004. Her courses focus on a variety of topics related to education, including business, history, economics, numeracy, and ethics. Harley has also written for various publications, including The Huffington Post, The Detroit News, and The Daily Caller.


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