Innovation and Entrepreneurship: Personal Qualities, Challenges, and Performance of Elon Musk

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
Determine three main personal qualities of Elon Musk to grasp business opportunities............1
TASK 2............................................................................................................................................3
Analyse the entrepreneurial challenges that faced by Elon Musk in SpaceX business venture.. 3
TASK 3 ..........................................................................................................................................5
Research to evaluate the Elon Musk's entrepreneurial performance on the projects...................5
CONCLUSION................................................................................................................................8
REFERENCE...................................................................................................................................9

INTRODUCTION
Innovation refers to the process and idea by which goods or services is recommence and
make changes to launch new method as well as establish new thoughts in market which lead to
increase in profits and success in company (Bagheri, 2018). Business strategy states to set the
proper objectives in order to gain competitive advantages. Entrepreneur use business strategy
to remain in competitive marketing by launching and bring new ideas for the development of
new products and services. On the other hand, entrepreneurship is defined as method to create
new business to generate profit and bear own risks along with the challenges which result in
developing productivity and operations in business. Innovation is essential in entrepreneurship
as to remain in competitive market to provide customers distinct products and services from its
rivals. Elon Musk is considered in this report who is entrepreneur of rocket company SpaceX.
Its venture follows the electricity and Tesla electric car. This reports covers personal qualities
for opportunities in company, entrepreneurial challenges of Elon Mask's SpaceX venture which
recently launched and evaluation of Elon Musk performance.
TASK 1
Determine three main personal qualities of Elon Musk to grasp business opportunities.
Entrepreneur is a person who innovate new business to gain profit, bear risks and create
new ideas to launch products and services in marketplace (Goryushkina and et.al., 2019). It
improves the lifestyle of people with the implementation in the changing business
environment. Elon Musk is a founder of SpaceX and product architect of Tesla Inc as well as
PayPal. The three main personal qualities of Elon Musk to become a great entrepreneur which
is mentioned below:
Entrepreneurial spirit: It signifies the vision and risk taking for the success of
entrepreneur, to overcome with the problems along with the challenges faced by entrepreneur
(Hensel and Visser, 2018). This is main quality of Elon Musk because he had many challenges
which is the ability to overcome with the issues. He faced such as he failed in innovating his
SpaceX. Musk never get back from his failure as he outlook this as an experiments and he step
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