Despite watching the multi-billionaire’s SpaceX rocket blow up just moments after launch in Texas, Sir Tom Hunter has given Elon Musk 10 out of 10 for his brave style of entrepreneurship.

Musk had hoped the largest and most powerful rocket ever built would mark the first step on a manned journey to Mars.

However, following a cancelled launch because of a pressurisation issue, the 120-metre rocket began to spin at altitude before exploding just four minutes after leaving earth.

Speaking on the Go Radio Business Show, Sir Tom said: “I was watching the launch. This was an amazing vision. It’s an amazing thing he’s trying to do. He wants the human race to be interplanetary dwellers.

“Talk about going big. I mean, what is he having for his breakfast?

“And the rocket went up then it blew up. Now that probably cost him about $10 billion. What did he do? I must admire him for this. He said: ‘Okay, we’ve learned a lot from this. We’ve got to look at our data, get the lessons learned and get that rocket back into space.

“And the lesson here for any entrepreneurs is that things can go wrong. Maybe it won’t be as spectacular as a space rocket blowing up but, of course, things go wrong every day. Things go wrong in my business every day.

“However, it’s how you deal with these things that set you apart from other businesses and from other entrepreneurs. So Elon’s attitude gets a 10 of 10 for me – even if he is still one crazy man.”

Lord Haughey agreed, adding: “In terms of global business interests, I said at the start of the year that this was going to be a big year for Elon Musk. Well, it’s certainly been more than a big week for him.

“I say good luck to Elon for having a go.”