Innovation and Entrepreneurship

INNOVATION AND ENTREPRENEURSHIP
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 2............................................................................................................................................3
Analyse the three entrepreneurial challenges that Elon Musk’s SpaceX venture will face........3
TASK 3............................................................................................................................................5
Critical evaluation of Elon Musk entrepreneurial performance and shortcomings during his
investment in Tesla.....................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES ...............................................................................................................................7
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INTRODUCTION
Innovation in entrepreneurship helps an entrepreneur in forming innovative ideas through
which they can make their business highly competitive and build a strong customer network
through which organisation can gain competitive advantage from their operations (Campbell,
2019). Elon Musk is a American entrepreneur who aims to introduce business ventures by using
some innovative approaches through which they can contribute to the advancement of the society
and for getting maximum competitive advantage for their business. This project report is based
on the Entrepreneurial venture which are introduced by Elon Musk. This report also highlights
entrepreneurial performance and shortcomings during his investment in the venture which was
introduced by him.
TASK 2
Analyse the three entrepreneurial challenges that Elon Musk’s SpaceX venture will face
Elon Musk is the entrepreneur and founder of SpaceX which is a rocket company with
an aim to launch humanity's first ride to Mars. SpaceX is an entrepreneurial venture of Elon
Musk following Tesla electric car and electricity ventures. The study revolves around the
entrepreneurial challenges that will be faced by the SpaceX venture of Elon Musk. Musk does
not want interference of outsiders in this venture and hence this is the reason behind the venture
not being public. Whether the venture goes Public or private, there are some serious challenges
which need to be overcome. The challenges are as follows-
 Commercial market stagnation: The global market for the commercial space launches
is quite small. The market share of space launches in global market is analysed around $
6 Billion per annum. SpaceX is launched with the aim to capture and dominate the
market by offering the cut rate prices for placing the communication satellites in
geosynchronous orbit (Cunningham and et.al, 2019). Geosynchronous orbit is an orbit
which enables the satellites to remain above a specific point on the Earth's surface in-
spite of travelling at a speed of as high as thousands of miles per hour in order to match
the rotation of the planet. SpaceX claimed almost half of the market which led to the
stagnation of the geo satcom. Arianespace is the biggest launch competitor of SpaceX in
the commercial market which just needs ten per year to remain viable. Lower demand is
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