What skills, traits or characteristics of entrepreneurs do you think would be the most important to have?

 What skills, traits or characteristics of entrepreneurs do you think would be the most important to have? 

I think there are no single skills, traits, or characteristics of entrepreneurs that would be the most important because as an entrepreneur, these factors are like multiple gears to move a big machine. A car does not move without fuel, tires, gearbox, a wheel, and an engine, etc. However, it still moves without a USB charger. So, here I think some core factors are necessary for becoming a successful entrepreneur and there are also some unnecessary factors just to improve the overall chances to succeed. You cannot sell a new car without an engine, but to sell a beautiful and functional car is much easier. 

In my opinion, there are four core elements of entrepreneurs, discovery, knowledge, action, and courage. Discovery means you can discover and find something new, something people need, or something that needs to be improved. knowledge gives you the power to build it or know how to find the resources for it. Action is the actual progress of the overall objective. Without taking any actions, all things are just dreams. Finally, courage keeps you going as far as you can without obstructing by fears. 

A Successful Entrepreneur, Elon Musk

The Background

Elon Reeve Musk is a famous entrepreneur, the founder, and CEO at SpaceX and Tesla. In 2021, Musk is considered one of the richest people in the world. However, money does not grow on trees, and his success was not always sunny days. Musk displayed an early talent for computers and entrepreneurship. At age 12 he created a video game and sold it to a computer magazine. In 1988, after obtaining a Canadian passport, Musk left South Africa and seeking the greater economic opportunities available in the United States. After he received bachelor’s degrees in physics and economics in 1997, he enrolled in graduate school in physics at Stanford University in California, but he left after only two days because he felt that the Internet had much more potential to change society than work in physics. 

PayPal

In 2000, Musk founded an online financial services company, PayPal and eBay bought PayPal in 2002 for $1.5 billion. PayPal is a way to pay online and for businesses to accept payments from you. It's is an online financial service that allows you to pay for products and services using a secure internet account. It wasn't commonly accepted at the time it was announced because we already have so many banks and credit cards. But, PayPal makes the processes much easier internationally. You can transfer the money to one of your assigned bank accounts or cards. Instead of totally rely on banks, I think Elon Musk was trying to make things easier and quicker. He discovered the need for convenience, the need for simplifying the processes, and fill it using his skills.

Tesla

Another innovation was electric vehicles. Musk had long been interested in the opportunities of electric cars, and in 2004 he became one of the major funders of Tesla. In 2012, 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 SUV in 2015. A less-expensive vehicle, The Model 3, went into production in 2017. All these things happened during the gasoline cars dominated period and in a world surrounded by gasoline stations. Leading the world jumping into a whole new chapter of clean-energy cars.

So, What Special Characteristics or Traits He Has?

According to the BluePointe Capital Technology Entrepreneur of the Year Award, they take a closer look at Elon Musk, and their award is based on the five traits. His entrepreneurial spirit, passion for innovation, positive energy, strategic direction, and integrity.

Entrepreneurial Spirit

Entrepreneurial spirit means capacity for personal growth, perseverance, not afraid of overcoming obstacles, and learning from unexpected experiences. Elon Musk has had many failures in the course of his career, ranging from mechanical failures of Tesla cars to rockets crashing of SpaceX, and even almost went bankrupt.

Positive Energy

It is obvious that almost all of Musk's employees, co-workers, customers, and investors feel energized being around him. That is his positive energy. A positive outlook and optimism for a better future can actually stimulus innovation.

Passion for Innovation

When he created the first electric car, the market and even the whole car industry are laughing at him. However, the situation has reversed now. Pioneers a new approach or technology means a lot of challenges and passion is essential mental for you to keep going. 

Strategic Direction

Just like setting a SMART goal, creates and turns vision into business realities is inevitable. So, he must build a great team committed to the common goals.

Integrity

Unlike most politicians, entrepreneurs lead by example and a strong sense of personal values. Elon Musk has the potential to influence by contributing better products to the world that improves it in a new and different way and creates a social impact.

To Remain Successful

As we know that Elon Musk has had many failures in the course of his career, ranging from mechanical failures of Tesla cars to rockets crashing of SpaceX, and even almost went bankrupt. But he did not give up and even get stronger after those failures. Although the earlier series of Tesla Model S and Roadster did not gain much attention, the later series such as Model X, Model Y, and the newest Roadster 2020 reverse all the bad news against him. Therefore, to remain successful, you must keep innovation and constantly learn from mistakes.

Reference

Braverman, L. (2019, November 12). 5 Leadership Qualities of Elon Musk that We Admire. BluePointe Capital Management. https://www.bluepointecapital.com/blog/2019/11/11/5-leadership-qualities-of-elon-musk-that-we-admire. 

Encyclopædia Britannica, inc. (2021, June 24). Elon Musk. Encyclopædia Britannica. https://www.britannica.com/biography/Elon-Musk.