Essay: Elon Musk

Essay details:

  • Subject area(s): Business essays
  • Reading time: 4 minutes
  • Price: Free download
  • Published on: August 27, 2019
  • File format: Text
  • Number of pages: 2
  • Elon Musk Overall rating: 0 out of 5 based on 0 reviews.

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Elon Musk was born on June 28, 1971, in Pretoria, South Africa. Musk taught himself computer programming at age 10 years old. At age 12, he made his first software sale which was a game he created called Blaster. In 1992, Elon attended University of Pennsylvania where he graduated with an undergraduate degree in Economics and a second bachelor degree in Physics (Bio, 2015).
In the summer of 1995, Elon Musk decided to further his studies in Applied Physics and Material Science at Stanford University. However, after two days he withdrawn from graduate school and teamed up with his brother Kimbal Musk to pursue some of his business ideas. Musk first company was Zip 2. Zip 2 was a web software company that provided business directories and maps to media companies and local e-commerce merchants (Astrum People, 2015).

At that time, internet was becoming very popular which it was experiencing a period of rapid growth and development. So in 1999, Elon Musk became a multimillionaire when he sold Zip 2 to Compaq computers for $307 million in cash and $34 million in securities (Astrum People, 2015).

A very ambitious entrepreneur, also in 1999, Musk was one of the co-founder of X.com which is now known today as PayPal. PayPal is an electronic payment system that was gaining popularity, so in 2002, eBay acquired $1.5 billion in stock. Elon Musk owned about 12 percent of PayPal stock before the sale, which he received $180 million for his share (Bio, 2015).
After the sale of PayPal, Musk did not stop there. In 2002, Musk founded his third company, Space Exploration Technologies Corporation or Space X. His envision for Space X was to build spacecraft for commercial space travel. In my opinion, the business-level strategy that Musk incorporated into Space X is the differentiation strategy. Musk wanted to offer something unique that NASA did not possess in their spacecraft and services to astronauts and future customer. In addition, Musk wanted customers to have the opportunity to travel in space at an affordable price. Space X first three launches had failed but the fourth launch succeeded. In 2012, Space X was the first private company to send a cargo load to the International Space Station (Bio, 2015).

In my opinion, Elon Musk corporate level strategy he pursued was unrelated diversification. Musk future-minded thinking was not only into space engineering but also into alternative energy sources. So in 2004, he joined and supported the business in Tesla Motors. Tesla Motors was founded by engineers Martin Eberhard and Marc Tarpenning in 2003. Musk contributed $70 million in Tesla to start up which he became the chairman of the board of directors. Musk goal was to design a vehicle that was energy efficient and used renewable sources. The first electric car was born, the Tesla Roadster, which Musk won a Global Green award in 2006 for Tesla Roadster product design. The Tesla Roadster did not come out until 2008. The materials used to design the car consist of lithium ion battery and carbon fiber composite materials to minimize the weight. The car is operated by battery opposed to the usage of gasoline (Astrum People, 2015). This was a social responsible move by Musk which he created a vehicle that will not pollute the planet with exhaust fumes (Jones & George, 2016, p. 114).

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