- Manoj
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How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 1:01 pm
hi
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:13 pm
After dropping out of his PhD program at Stanford, Musk and his brother Kimbal launched a software company in 1995 called Zip2, using $28,000 of their father's money and funds from angel investors.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:13 pm
The Internet was beginning to expand by leaps and bounds, and newspapers were trying to figure out how they could make the best use of the new medium.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:13 pm
The Musks’ company developed online city guides for newspaper publishers.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:14 pm
Before long, Zip2 had won contracts with major players in the industry, including The New York Times and the Chicago Tribune.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:14 pm
there was tension at Zip2. Musk wanted to be CEO, but the board stood firm against the move.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:14 pm
In 1999, as the tech bubble was approaching its zenith, the board sold the company to Compaq for $307 million plus $34 million in stock options. In the sale, Elon Musk received 7% of the sale, $22 million. (See also: Three Steps Elon Musk Took To Become Successful.)
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:15 pm
That same year, Musk co-founded X.com, an online banking company, using $10 million from the sale of Zip2.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:15 pm
A year after that, with the dot-com bubble fully popped and a preponderance of tech companies closing their virtual doors, X.com would purchase Confinity, another online financial services firm, and its money-transfer service, called PayPal.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:15 pm
It quickly became clear that PayPal was the most important element of the company. X.com focused on the service and renamed itself PayPal in 2001.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:16 pm
It soon became the online-payment system of choice, with a few thousand users multiplying to more than 1 million in a few months.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:16 pm
Its fast adoption has been credited to a marketing campaign that recruited new customers when they received money through the service.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:16 pm
boardroom troubles dogged Musk, who was ousted from the CEO’s chair over technical arguments concerning the future architecture of the service.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:18 pm
Again, those battles were followed by a sale, this time to eBay in October of 2002. At the time of the sale, one in four eBay transactions were completed using PayPal.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:18 pm
This sale was enormous by Internet-company standards of the time, with $1.5 billion in stock changing hands. Musk received $165 million for his 11.7% stake in PayPal.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:18 pm
Before the PayPal sale had closed, Musk had begun to dream up a miniature experimental greenhouse that he could land on Mars.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:18 pm
The greenhouse, which he called "Mars Oasis," would contain crops and would, he hoped, rekindle faded public interest in space exploration. (For more, see: Elon Musk's Ventures-Bringing His Visions to Life.)
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:19 pm
In 2001, Musk took steps to realize this vision, taking a trip to Moscow to shop for Soviet Intercontinental Ballistic Missiles (ICBMs) that could be refitted to deliver payloads into space
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:19 pm
Musk and his advisors, however, failed to see eye-to-eye with the Russian aerospace companies, who didn’t take them seriously.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:20 pm
In 2002, he tried again, this time bringing along a former CIA venture capitalist, but the Russian aerospace firms wanted too much money for their rockets and Musk moved on.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:20 pm
On the flight back, Musk decided to start a company that would build affordable rockets, using vertical integration and the modular approach of software engineering
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:20 pm
Those ideas culminated in his launch of SpaceX in 2002, whose mission, Musk said, was to create a "true space-faring civilization.”
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:20 pm
It was clear that SpaceX was more than a hobby to Musk, who invested $100 million to get it started.
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:21 pm
The company named its first launch vehicle Falcon 1, after the Millennium Falcon from Star Wars
- karan
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Re: How did Elon Musk become successful Entrepreneur ?
Mon Jan 14, 2019 2:21 pm
The Falcon 1 made the history books in 2009 as the first privately-funded, liquid-fueled rocket to put a satellite into Earth’s orbit.
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