We can learn from Elon Musk what is the true meaning of the Entrepreneur, because he is such a businessman that Elon Musk has tried his hand in such a business model that no one could even imagine. In the work to be done for space, before 2002 no businessman could have imagined what Elon Musk thought. In many of our interviews, we have heard that the purpose of his business is to earn money has never been a priority.
Rather, he believes in solving the fundamental problems of the entire human society, and with this idea, he works on every project of his. Any problem can be thought of in a scientific way, it is their belief which they call “first principle method” and under which “Spacex” why should this company be formed, it is their deep thinking behind this which we are presenting to you . For this, he shifted his house from Silicon Valley to Los Angeles, under which he could practice about this business model.
Earlier, all the work related to space in America and all over the world was looked after by the government of that country and private business could not even think about this business. Therefore, after the establishment of Spacex, he had to face criticism from many people, including people like Neil Armstrong, who has been an experienced person in this field. But still he started this business and made it successful. We will see whose business model is. Our aim is to help you get inspiration for any difficult business project.
How SpaceX Was Formed –
From childhood, Elon Musk was very fond of reading books, so that he believed that humans should be multi-planetary, it was done by Elon Musk and from time to time he studied the trauma and change on the earth. In his email written in 2013, he wrote to his Spacex employees that the main objective of this company will always be to establish humans on Mars and the company will always work for this purpose.
He had two visits to Russia through the “Mars Society” before building this company, where he found out about the cost of launching a rocket into space, which he found to be too expensive. That’s why he started revising how much it costs to make rockets and saw that more expenditure on making rockets is enough for battery and energy and a lot of waste/debris remains for the rocket that is launched which is not used. is done.
Elon Musk saw that the cheapest rocket was being made by Russia at that time and he found it expensive and after modifying it, he discovered its flaw and made his own Falcon rocket through Spacex which was much cheaper than Russian rocket. For this he first tried three times but failed and last time he sold his house bar and invested money and made this launch successful.Pleased with this success, NASA of America placed him the first order of $ 1.5 billion, which was the first such large order from Spacex.
Business Model of SpaceX –
This company was established in 2002, for which Elon Musk had worked hard, because before this, Elon Musk was removed from the post of CEO of PAYPAL and ZIP2 these companies, the rest of the people of these companies believed that he was in this position. Not worth for. During this time he was doing social work for the Mars Society and had done a lot of study on nature and he was well aware of the damage caused by industrialization on the earth.
He believed that business should be such that the problem of living life of the people should be removed. The result of this was that he had to think for a long time that man should settle himself in different houses of this universe, on which many people made fun of him at that time. He had invested 100 million dollars for this business, whose original purpose was to settle people on Mars, to make it normal for people to travel in space, through the Star Link project to reach the Internet from space all over the world.
Prior to the establishment of SpaceX, the work of making rockets was done only by government entities and no businessman had even dared to think that Elon Musk had done it. For this he was criticized a lot, which he never paid attention to because, like other businessman, his aim is not only to earn money, but to make future multi-planetary for human beings. The specialty of this business model has been that not many private sector companies have entered it, so there is not much competition for them.
Changes in Space Industry after SpaceX – ,
After the creation of SpaceX, India had made the cheapest rockets, for which Elon Musk praised India’s ISRO for this achievement. After this, he broke this record of making India’s cheapest rocket and made the cheapest rocket in the world. The main reason for which was their technology, which began to be used to rebuild the cost of rocket manufacturing during launch and the waste that was not used.
With which he could make rockets much cheaper than other government companies, secondly, before this, the cost of energy required to build rockets was greatly reduced. This modification of Elon Mask later we see in the auto industry, which turned out to be a big revolution, that is the electronic vehicle whose original modification is the brainchild of Elon Musk.
Earlier, no one had paid attention to the cost of rockets and this sector was run by countries around the world only on government expenditure. When he decided to enter this field, many people believed that the private sector should not be brought in the field of space, but what he did, even American organizations like NASA had not been able to do it before.
Purpose of SpaceX Company ,
Elon Musk always used to think that big businessmen are working on small problems instead of working on the big problem of man and he used to think that no one wants to work on the main problem of man. So he shifted himself from Silicon Valley to Los Angeles where he could get to know the space industry closely. For this, he associated himself with the Mars Society, donated many funds and became the board of directors of this institution.
After joining the Mars Society, he put his objective in front of the world to settle humans on Mars. Earlier, when he used to think about this American space organization NASA, he thought that NASA was not working on the basic problem of man. He has made several critical comments on NASA’s website, in which he has said that NASA is working on the wrong purpose.
Under this inspiration, he felt that he should do something for the right purpose and for this purpose he created SpaceX in 2002, whose main objective is to settle humans on Mars, to make space travel as normal as normal air travel and Star Link. Internet access all over the world through the project, which today is run through sea cable, which is very expensive, should be made cheap.
Who is a Spacex customer? –
Before the establishment of SpaceX, the traditional customers of NASA used to be, in which various government organizations of the world and the military were the main customers. We all know that the main objective of government organizations is not to earn profit, so they do not pay much attention to costing, but the first thing that Spacex did after coming in this field was how much it costs to make rockets.
SpaceX entered the space industry in 2002 as the first commercial company in the world, and in 2008 successfully built its first reusable rocket, which became a significant achievement for the world. SpaceX decided to take this business out of the traditional way and aimed to bring space travel to the common people, which no space company had thought of before.
Therefore, after the first success of SpaceX, he got the first important project from NASA which was 1.5 billion US dollars. After that, his main customers were many governments of the world, and military and many private companies for which Spacex works. StarLink Project is set to revolutionize the Internet world through SpaceX.
Features of SpaceX Company –
- Spaces The full name of this company was named “Space Exploration Technologies Corporation”, which was founded by Elon Musk starting from 100 US dollars.
- After the failure of the first three attempts of this company, Elon Musk invested his entire wealth for the fourth attempt, for which 500 of his employees worked hard to make his dream come true in 2008.
- The cost of leaving the rocket in space was reduced by SpaceX and the company succeeded in reusing what was previously considered to be a waste material.
- In the commercial sector, Spacex became the first company in the world, before this all the institutions in aerospace were run worldwide under government control.
- The ideas came to Elon Musk while revising SpaceX to revolutionize electric vehicles in the auto sector.
Spacex has been successful in making the world’s cheapest rockets, whose main purpose is to settle humans on Mars.
- Spacex is working for this, ordinary people will also be able to travel to space in the future, currently the company is working on making this facility available to the billionaires of the world.
- American organization like NASA could never work on the main problem of man, that work has been done by Spacex, it is believed by Elon Musk.
- The main objective of the company is not to earn money, but to solve the basic problems of human beings, this is what Spacex believes and the company will continue to work on this purpose.
Critical Analysis of SpaceX Company –
- Many experts believe that it is not good for human society to enter the business sector in an important field like aerospace, we will see its bad consequences in future.
- Through a project like Sterlink, Spacex, this company can manufacture a lot of garbage in space, which is called rocket debris, and other companies can also build this problem in the future.
- With the coming of commercial sector companies in the aerospace sector, government companies will lose their importance and this purpose of earning profit is harmful for this sector.
- Other business companies are not ready to enter this sector because there is a lot of risk in it, so other companies will give priority to invest their money in other areas.
- Spacex’s business model placed in it is quite risky, so how much the company can earn from it is not clear.
- America being this capitalist country, there was no difficulty in building Spacex, but in other countries of the world, other businessmen will have a purpose like Spacex, there is a possibility of it.
In this way we have tried to understand the business model of Spacex Company, which is a very different and risky project. It is necessary to be very intelligent to run such a business model which is the formula of doing business of Elon Musk which he calls problem solving business model. Elon Musk believes that the rest of the businessmen run their business on the common problem of the people and they try to find the solution on the big problem of the people.
To write this topic, we took it because in any business, one can differentiate oneself from tough competition and earn money, but for this, a lot of risk and intelligence has to be used. That’s why we have to work on a new business model apart from the traditional business method, this business model of Elon Musk is the inspiration for today’s new generation.
He used this principle to build SpaceX, the first principle under which any problem should be worked on by separating the problem into small pieces in a scientific way, this Elon Musk believed. From this case study, we get the lesson that if you work honestly and rationally for some purpose, then we definitely get success. This is the reason that Elon Musk is considered to be the richest person in the world today, who does not understand the main objective of earning money.