The Importance of Vision and Failures for an Entrepreneur

Table of Contents

The Importance of Vision
Elon Musks Entrepreneurial Characteristics
The Importance of Failure
The Role of Luck in Business Decisions
Conclusion
Reference

It is evident that to attain a particular goal and run a business successfully, every businessman should possess distinctive entrepreneurial traits and profound knowledge in the field they operate. Moreover, an entrepreneur should have a ground-breaking vision, the outcomes of which can bring real and valuable benefit for many people, and the will to overcome obstacles. Therefore, this paper aims at discussing the importance of vision and failures for an entrepreneur and describe Elon Musks entrepreneurial characteristics. In addition, the paper will determine the role of luck in business decision-making.

The Importance of Vision

In business regard, a vision is the imaginary prototype of the future that an entrepreneur strives to bring to life. It serves as the foundation for any large-scale undertaking and initiative as well as gives a clear sense of purpose. Driven by dream and passion, vision is embodied via actual collective efforts to generate beneficial results. Concerning SpaceX, when Scott Pelley asked Elon Musk why he began, Musk answered, I think its important that humanity becomes a multi-planet species (SpaceX, 2012, 4:45-4:48). Elon Musks vision is clear, implying that because of the possibility of life extinction on the Earth, low-cost space exploration is critical to humankinds survival.

When a distinct vision is determined within an organization, it provides common interest or a gathering point, making followers feel like they are a part of one excellent idea. By giving deep meaning to the work, it helps to unite everybody into an organized team focused on contributing to the vision. Furthermore, a constructive and innovative idea holds a stimulating effect on employees within a company. It produces enthusiasm, energy, commitment to goals, persistence, and zeal.

Elon Musks Entrepreneurial Characteristics

While each businessman has a particular complement of traits that makes them successful, Elon Musk possesses a few features notably distinct from any other typical CEO. His entrepreneurial talent and personality can be defined by accurately articulated phrase, namely, When something is important enough, you do it even if the odds are not in your favor (SpaceX, 2012, 4:23-4:27). In particular, Elon Musk is famous for his industry and assiduity, working around 100 hours a week for many years. He can be regarded as the most laborious employee of the company, who set standards for his followers and colleagues to adhere to. For example, before founding SpaceX, Musk did not have comprehensive knowledge about aerospace. However, after studying many books and talking with various competent professionals, he had managed to become the chief technology officer.

The second distinguishing trait is persistence that helps Elon Musk to overcome different failures and obtains valuable advantage from them. For instance, when the first three test flights of an unmanned booster called the Falcon 1 failed to reach orbit, Musk continued working. In this regard, when Scott Pelley asked Elon Musk whether he thought to cancel the project then, Musk answered, Never (SpaceX, 2012, 8:51). Finally, Elon Musk has a bright, creative imagination and is passionate about creating a culture of innovation, which assumes disrupting conventional systems.

The Importance of Failure

Many people face different failures on their way to the accomplishment of their dreams, such as feeling of hopelessness, frustration, apathy, and bitterness of defeat. Nevertheless, only smart and genuine entrepreneurs can comprehend the value and necessity of failures and transform them into a winning. In his career, Elon Musk also had severe setbacks that gave invaluable experience for further accomplishments. For instance, despite three trips to Russia, he failed to buy an intercontinental ballistic missile called the Dneiper because of costliness. However, these disappointments prompted him to the outstanding idea of building a spaceship at his own expense. Besides, after three failures to launch the Falcon 1, SpaceX was on the verge of bankruptcy, and only the success of the fourth attempt saved the company. The experience related to Falcon 1 assisted Elon Musk in constructing a rocket called the Falcon 9 and an unmanned cargo capsule known as Dragon, the first test flights of which were performed flawlessly.

The Role of Luck in Business Decisions

Despite the significance of sound entrepreneurial characteristics and profound knowledge for business success, luck also plays a considerable part in making decisions and their outcomes. In terms of SpaceX, Elon Musk had complicated issues concerning the partnership with NASA not only due to fierce competitiveness but primarily because of strict opposition from astronauts Neil Armstrong and Gene Cernan. These two aerospace legends both expressed their concern against commercial space flight and the way Musk was elaborating it. Nonetheless, the resolute Barack Obamas position on this question and complete trust to Musk determined the future of the partnership that ultimately became belonging to Elon Musk. It is essential to note that Musk was worthy of this good fortune as he had come a long and challenging way to make his dream come true.

Conclusion

In summary, the paper has discussed the importance of vision and failures for an entrepreneur, described Elon Musks entrepreneurial characteristics, and determined the role of luck in business decision-making. In particular, a vision is the imaginary picture of the future that an entrepreneur strives to bring to life. The primary Elon Musks characteristics are hard-working and assiduity, persistence, resourceful imagination, and passion for innovations. The failures provide entrepreneurs with valuable practical experience and knowledge that promote creative and fruitful decision making. Finally, luck also plays a considerable part in making decisions and their outcomes, but to prove oneself lucky, an individual should demonstrate significant accomplishments.