Entrepreneurship Comparison among Two Selected Entrepreneurs

The report compares and contrasts the entrepreneurship of Muhammad Yunus and Elon Musk based on specific criteria. It analyzes their traits, characteristics, and contributions to the economy. Muhammad Yunus is a social entrepreneur who revitalized the future of economically marginalized householders in Bangladesh. Elon Musk is a famous inventor entrepreneur who has exceptional problem-solving and decision-making skills. The report concludes by highlighting the similarities and differences between the two entrepreneurs.

Running head: ENTREPRENEURSHIP COMPARISON AMONG SELECTED
ENTREPRENEURS
Entrepreneurship Comparison among Two Selected Entrepreneurs
Name of the University:
Name of the Student:
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1ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
Table of Contents
Introduction......................................................................................................................................2
Brief Introduction to Selected Entrepreneurs..................................................................................2
Comparing and Contrasting Entrepreneurs Based on Specific Criteria..........................................3
Muhammad Yunus the Social Entrepreneur................................................................................3
Elon Musk famous Inventor Entrepreneur..................................................................................6
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
Appendices....................................................................................................................................11

2ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
Introduction
Entrepreneurship is the process of developing, launching and operating a new business
and the successful entrepreneurs look for new ways in developing business (Bacq, Hartog and
Hoogendoorn 2016). The objective of the report will be to analyses the through employing
relevant entrepreneurship theories that can facilitate in explaining the actions of the
entrepreneurs in attaining organizational success. In addition, the similarities and differences of
each entrepreneur based on the selected criteria will also be explained in details. In completion of
the report, Muhammad Yunus the social Entrepreneur and Elon Musk famous inventor
Entrepreneur have been selected.
Brief Introduction to Selected Entrepreneurs
Muhammad Yunus is a Bangladeshi social Entrepreneur, banker and economist along
with a civil society leader who was rewarded with the Nobel Peace Prize for being founder of
Grameen Bank along with pioneering the microfinance and microcredit concepts. Such loans are
offered to the entrepreneurs that are very poor to qualify for attaining traditional bank loans
(Albany.edu. 2019). Muhammad Yunus has enjoyed a long along with successful standing being
a social entrepreneur as he was able to revitalise the future of several economically marginalised
householders within the nation. He employed his skills of creativity in experimenting with the
lending process that turned out to be a great success.
Elon Musk is a South African born American entrepreneur and businessman that was the
founder of X.com in the year 1999 and then Tesla Motors in 2003. Musk positioned its name as a
multimillionaire and he sold his start-up company to a division of Compaq Computers. Elon

3ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
Musk positioned himself as a successful entrepreneur after he became the co-founder and CEO
of Tesla Motors that was dedicated in offering affordable mass-market electric vehicles
(Tesi.luiss.it. 2019). He attained entrepreneur success through managing product development
along with engineering ad design of company’s products.
Comparing and Contrasting Entrepreneurs Based on Specific Criteria
Muhammad Yunus the Social Entrepreneur
 Education background- Born in the year 1940 in Chittagong City, Professor
Muhammad Yunus studied at Dhaka University in Bangladesh where he received a
scholarship to study economics in Vanderbilt University.
 Early ambitions- Muhammad Yunus had ambitions of undergoing several experiments
initially with him through being the guarantor of bank loans through which he
successfully established that even the poorest people can be good re-payers (Leković and
Marić 2017).
 Early successes/failures- Muhammad Yunus attained early success in the year 1083
through successfully establishing grameen bank in Bangladesh. Through such
establishment he attained the objective of eradicating poverty by means of offering loans
on terms that were suitable to people and also educated them regarding sound financial
principles so that they could help themselves.
 Traits & Characteristics- Five major traits that are observed to be present in
Muhammad Yunus in guiding his entrepreneur success includes his need for
achievement, creativity, risk taking abilities that are explained in trait theory of

4ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
entrepreneurship. Through innovative characteristics the entrepreneur developed social
business on microcredit and finance (Brannback and Carsrud 2015).
 Problem solving and decision-making skills- Trait theory of entrepreneurship revealed
that problem solving and decision making skill of an entrepreneur facilitates in attaining
increased success of the businesses. Muhammad Yunus has such skills through which it
impoverished with small collateral-free loans to improve the living conditions of the poor
residents of Bangladesh.
 Views on Entrepreneurial processes- The entrepreneur processes followed by
Muhammad Yunus was to create a social organisation without any profit mission
(Mitchell, Mitchell and Mitchell 2017). He addressed social need through offering
interest-free loans to small businesses that paid off their debts on a regular basis. He
believed that this entrepreneur process must focus on a problem and developing
successful model for social business.
 Where did they got their start up money to start their business- Muhammad Yunus
was inspired to attain a small loan of US $ 27 from a group of 42 families as a start-up
money in developing his business (Tesi.luiss.it. 2019).
 Business planning skills- Muhammad Yunus has employed his business skills of having
high consistency and resilience that has positioned him as a social enterprise leader.
Strategically business planning ability supported him in creating financially viable
enterprises and a private business paradigm.
 Ability to envision the future- This ability is deemed to be highly persistent in
Muhammad Yunus employing which he was able to observe opportunity in villages

5ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
dealing with poverty. Through focusing on making bigger change he employed his
economic knowledge and lease with banks in lending money to poor (Morris et al. 2018).
 Entrepreneurial leadership and motivation skills- Muhammad Yunus has exceptional
leadership and motivation skills that has successfully transformed his drive and vision of
addressing poverty in Bangladesh. Muhammad Yunus follows transformational
leadership style and follows vision, drive, charisma, commitment and faith on the
Grameen bank families. He also motivated his employees in implementing innovative
approaches in the company (Nagayya and Rao 2017).
 Personality- Muhammad Yunus has exceptional personality trait of being a legendary
entrepreneur that is evident from his process-oriented personality trait. He has traits of
being adaptable and creative focussed on which he realises that he can implement
effective ideas.
 Idea generation- Idea generation ability of Muhammad Yunus is observed to be
exceptional that is evident from his approach to observe poverty-stricken villages in
Bangladesh as an effective opportunity to developing a revolutionary social enterprise.
 Contribution to economies- Muhammad Yunus had attained great success in positively
contributing to development of Bangladesh economy through improving conditions of
poverty through supporting growth and change to address needs of poor (Pappas et al.
2018).
 How do their brains work ( left and right )- The left and right brain of Muhammad
Yunus works through polarising functions within his personality. The left side of his
brain controls logic and analysis whereas the right side controls creativity and intuition.

6ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
Elon Musk famous Inventor Entrepreneur
 Education background- Elon Musk has completed his under-graduation from Queens
University in Kingston and then transferred to University of Pennsylvania for perusing a
dual degree.
 Early ambitions- Early business ambitions of Elon Musk included developing big
innovation ideas through developing Tesla cars. Through having early ambitions of
becoming an innovator focussing on making its electric cars desirable ad through
improving lives of people through brain computer interfaces (Rawhouser, Cummings and
Newbert 2019).
 Early successes/failures- Elon Musk that is currently the founder of Space X attained
great success before and he has attained millions of dollars with entirely different
busineses.
 Traits & Characteristics- Entrepreneur traits and characteristics prevent in Elon Musk
that supported his business success includes his skill of imagination and persistence. His
trait of having high risk tolerance focused on which he invested millions of dollars in
X.com and made the business a success (Sloane 2016).
 Problem solving and decision-making skills- Elon Musk has exceptional problem
solving along with decision making skills in attaining business success through making
exceptional innovations. Employing analytical thinking skills Elon Musk turned out to be
an interpersonal problem-solving entrepreneur and developing a high-performing team.
 Views on Entrepreneurial processes- The entrepreneur process of Elon Musk is
focussed on finding solutions to the business problems and he did it follow the

7ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
entrepreneual process to be financially successful but to radically change the world for
making it a better place.
 Where did they have their start up money to start their business- In establishing new
companies like Compaq and Zip2, Elon Musk attained start up expense through cash and
by means of stock options (Tesi.luiss.it. 2019).
 Business planning skills- Elon Musk has indicated his exceptional business planning
skills through making series of innovations over years successfully. Certain instances of
his successful innovations are electric cars, spaceX and PayPal. He plans his business
activities being a hard-working innovator and setting standards for employees.
 Ability to envision the future- Personality trait of Elon Musk indicates that he is an
unemotional person that makes him develop skills of looking beyond aspects that are
visible along with finding solutions in improving such surroundings (Tesi.luiss.it. 2019).
 Entrepreneurial leadership and motivation skills- Elon Musk is a transformational
leader through which it demonstrate innovation vision, dedication along with
perseverance through which he strives to attain his vision. Motivation skills of Elon Musk
include persuading his employee to succeed through developing skills of self-driven
creativity.
 Personality- Through observing the trait theory of Entrepreneurship it has been gathered
that Elon Musk has personality traits of being hard working, high risk tolerance and also
has a tendency of vertical integration which has supported business success of his
company. INTJ (Introversion, Intuition, Thinking, and Judgment) personality type is
attained by Elon Musk that makes him capable to improve his business surroundings
(Tesi.luiss.it. 2019).

8ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
 Idea generation- Elon Musk have exceptional skills of generating innovative ideas in
transforming his business and such instances of his innovative ideas includes electric cars
and hyper loop facilitating high sped transformation.
 Contribution to economies- Innovations by Elon Musk had a great impact on the
economy through his technological achievements. It has also reduced economic burden
through creating several job opportunities along with creating several other economic
opportunities in the nation (Tesi.luiss.it. 2019).
 How do their brains work ( left and right )- Elon Must is gathered to be a left brain
thinker that has made him highly logical, analytical and objective while creating new
product offerings.
Conclusion
The objective of the report was to analyze the through employing relevant
entrepreneurship theories that can facilitate in explaining the actions of the entrepreneurs in
attaining organizational success. The report revealed that Muhammad Yunus has enjoyed a long
along with successful standing being a social entrepreneur as he was able to revitalise the future
of several economically marginalised householders within the nation. On the other hand,
mmotivation skills of Elon Musk include persuading his employee to succeed through
developing skills of self-driven creativity.

9ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
References
Albany.edu., 2019. [online] Available at:
https://www.albany.edu/faculty/miesing/teaching/socent/1%20Introduction%20to%20Social
%20Entrepreneurship.pdf [Accessed 13 Sep. 2019].
Bacq, S., Hartog, C. and Hoogendoorn, B., 2016. Beyond the moral portrayal of social
entrepreneurs: An empirical approach to who they are and what drives them. Journal of Business
Ethics, 133(4), pp.703-718.
Brannback, M. and Carsrud, A., 2015. Fundamentals for becoming a successful entrepreneur:
From business idea to launch and management. FT Press.
Leković, B. and Marić, S., 2017. The technological availability: Incentive for opportunity
entrepreneurship. Strategic Management, 22(3), pp.11-18.
Mitchell, R.K., Mitchell, B.T. and Mitchell, J.R., 2017. Entrepreneurial scripts and
entrepreneurial expertise: The information processing perspective. In Revisiting the
Entrepreneurial Mind (pp. 131-173). Springer, Cham.
Mitchell, R.K., Mitchell, B.T. and Mitchell, J.R., 2017. Entrepreneurial scripts and
entrepreneurial expertise: The information processing perspective. In Revisiting the
Entrepreneurial Mind (pp. 131-173). Springer, Cham.
Morris, M.H., Neumeyer, X., Jang, Y. and Kuratko, D.F., 2018. Distinguishing Types of
Entrepreneurial Ventures: An Identity‐Based Perspective. Journal of Small Business
Management, 56(3), pp.453-474.

10ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
Nagayya, D. and Rao, B.A., 2017. Entrepreneurship Development: A New Strategy. IUP Journal
of Entrepreneurship Development, 14(1), p.7.
Pappas, I.O., Mora, S., Jaccheri, L. and Mikalef, P., 2018, April. Empowering social innovators
through collaborative and experiential learning. In 2018 IEEE Global Engineering Education
Conference (EDUCON) (pp. 1080-1088). IEEE.
Rawhouser, H., Cummings, M. and Newbert, S.L., 2019. Social impact measurement: Current
approaches and future directions for social entrepreneurship research. Entrepreneurship Theory
and Practice, 43(1), pp.82-115.
Sloane, P., 2016. Think Like An Innovator: 76 inspiring business lessons from the world's
greatest thinkers and innovators. Pearson UK.
Tesi.luiss.it., 2019. [online] Available at:
https://tesi.luiss.it/18528/1/180631_MAIR_MATHIAS.pdf [Accessed 13 Sep. 2019].

11ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
Appendices
Criteria for Comparison Similarities Differences
Education background Received a scholarship to
study economics
Elon Musk has completed his
under-graduation from Queens
University in Kingston and
then transferred to University
of Pennsylvania for perusing a
dual degree. Whereas,
Muhammad Yunus studied at
Dhaka University in
Bangladesh
Early ambitions Had ambitions of undergoing
several experiments with
innovative business ideas
Early business ambitions of
Elon Musk included
developing big innovation
ideas Whereas, Muhammad
Yunus focussed on making
changes in lives of poor
people.
Early successes/failures Attained business success
through exceptional
innovative traits
Elon Musk attained millions
of dollars with entirely
different busineses. Whereas,
Muhammad Yunus
successfully established

12ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
grameen bank in Bangladesh
to support social cause
Traits & Characteristics Achievement, creativity, risk
taking abilities that are
explained in trait theory of
entrepreneurship
Elon Musk supported his
business success through his
skill of imagination and
persistence. Whereas,
Muhammad Yunus has high
degree of persistence and need
for achievement.
Problem solving and decision-
making skills
Problem solving and decision
makes skills through which
they impoverished businesses.
Employing analytical thinking
skills Elon Musk turned out to
be an interpersonal problem-
solving entrepreneur and
developing a high-performing
team. Whereas, Muhammad
Yunus employed problem
solving skill through taking
small collateral-free loans to
improve the living conditions
of the poor residents of
Bangladesh
Views on Entrepreneurial create businesses without any Elon Musk focused on finding

13ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
processes profit mission solutions to the business
problems and followed the
enteprenual process to
radically change the world for
making it a better place.
Muhammad Yunus focussed
on creating a social
organisation without any
profit mission
Where did they got their start
up money to start their
business
Attained funds through cash Elon Musk attained funds
through cash and by means of
stock options. Muhammad
Yunus attained funds from
small loan from families
Business planning skills high consistency and
resilience
Elon Musk planned business
through making series of
innovations over years
successfully. Muhammad
Yunus focused on a single
business of developing
grammeen bank to provide
poor with microfinance.
Ability to envision the future highly persistent employing Elon Musk is an unemotional

14ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
which they were able to
observe success opportunity
person that makes him
develop skills of looking
beyond aspects that are visible
along with finding solutions in
improving such surroundings.
Whereas, Muhammad Yunus
was highly intuitive in
analysing future business
success opportunities
Entrepreneurial leadership and
motivation skills
follows transformational
leadership style and follows
vision, drive, charisma,
commitment and faith
Leadership of Elon Musk
focussed on persuading his
employees to succeed through
developing skills of self-
driven creativity unlike
Muhammad Yunus.
Personality Traits of being adaptable and
creative focussed on which he
realises that he can implement
effective ideas
INTJ (Introversion, Intuition,
Thinking,
Judgment) personality type is
attained by Elon Musk
whereas, Muhammad Yunus
has traits of being adaptable
and creative
Idea generation Exceptional skills of Muhammad Yunus had being

15ENTREPRENEURSHIP COMPARISON AMONG SELECTED ENTREPRENEURS
generating innovative ideas in
transforming business
social entrepreneur focused on
developing a revolutionary
social enterprise. Whereas,
Elon Musk made innovations
in different business fields
being an inventor
Contribution to economies Reduced economic burden
through creating several job
opportunities
Muhammad Yunus focused on
improving conditions of
poverty through supporting
growth and change to address
needs of poor. Elon Musk
focussed on changing world
through new innovations.
How do their brains work
( left and right )
The left side of his brain
controls logic and analysis
whereas the right side controls
creativity and intuition
Elon Musk is a left brain
thinker that has made him
highly logical, analytical and
objective opposed to
Muhammad Yunus whose
right side controls creativity
and intuition