Innovation and Entrepreneurship: Analyzing Elon Musk's Qualities and Challenges

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Critically analyse any three main personal qualities that made Elon Musk a great entrepreneur
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TASK 2............................................................................................................................................4
Critically analyse three entrepreneurial challenges that Elon Mask’s SpaceX venture will face
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TASK 3............................................................................................................................................6
Research and investigate Elon Musk’s entrepreneurial performance ........................................6
CONCLUSION ...............................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Invention is an essential tool of entrepreneurship by which it might take opportunity of
various sort of changes in respective field of services in business. It deliver set of creation,
learned and activity. By utilising successful invention plan it will easy to determine the source of
innovation, commercialisation and modification. It is not only famed as inventing new things but
also distinguishing and grab benefit of opportunities of changes in market place. Invention is
important in entrepreneurship to develop specific creation and strong consumer base to build
brand goodwill that is required by entrepreneur. The thought of ideas of invention that will
create more competitive start-up. It is the current or continuous activity of transforming
progressive thought of ideas into marketable form(Acs, and et.al., 2017). The entrepreneur
consider in this report is Elon Musk. This report involves the individualized attributes of Elon
Musk and their values in invention and entrepreneurship. It provides challenges, outcome and
resolve of demands in their entrepreneurship plan. It also provide valuation of the execution of
task in their entrepreneurship projects.
TASK 1
Critically analyse any three main personal qualities that made Elon Musk a great entrepreneur
As there are various sort of attributes and characteristic that makes Elon Musk a
contender for the most innovative intellectual entrepreneur. The management of business set
their standard of objectives and targets to follow the operational and functional structure. Musk
once again took a great risk by investing millions of dollars to found a company it determine the
risk factor in business venture. It involves the feature of self taught nature in field of
programming and several other advanced level of subjects. The best part of advice on acquiring
and execution is to perpetually deliberate about how things could be perform in a better manner.
Musk generates efforts and different plan of action to improve consumer response towards
perfectionism.
 Entrepreneurial Spirit: The entrepreneurial spirituality concern the various features in
Elon Musk like loyal commitments, vision, deliberate risk taking and capability for
personalised growth and development(Bekmansurov, and et.al., 2019). It present the
version to prove the determination in hardship and to overcome the obstacles and issues
in the management. The sort of segments that cover the experiences of individuals for

showing the ability and skills of an independent thinker and have risk factor in uncertain
manner. The section proves that the Elon Musk is an superior example to follow the
entrepreneurial spirituality that enhance the ability to overcome disappointments in the
management of business. Musk also have many points that shows his failure of career,
ranging from automaticity failures in the Tesla brand to jet engine flaming of SpaceX
company that is almost become insolvent now(Galvão, and et.al., 2017). The manner of
motivation that Elon musk provides that never let to stop performing work and never give
up. Musk motivate the global issues in creating a positive and comprehensive
surrounding as per the Tesla company.
 Passion for Innovation: It defines the passion for invention of leaders that approach the
new techniques and methods. The business recognising the imperative terms of
anticipating the changes that occurs in competitive surrounding as by continuous
improvement in all prospect of the business of management. Musk has created a culture
of invention that stimulate other individuals also to support the values up with the pace of
change instead of staying with late schedule of ideas. As many individual also consider
the term to solve the issues and problem that arises in the organisation. Musk sees
opportunities to led the ideas and culture of the success in management as effectively.
 Strategic Direction : It creates the vision and mission to become more innovative as
entrepreneur in the management of business. The entrepreneur builds and rebuilds the
team loyalty towards common objective of an organisation. Musk demonstrate
entrepreneurial maturity by creating strategical alliances and environment for talented
individuals, teams, the board and a range of advisers to enhance the task done and get
success as effectively(Gloet, and Samson, 2020). Elon musk takes a scientific approaches
for creating the understanding and manner of behaviour and talent that will lead the plan
of actions.
TASK 2
Critically analyse three entrepreneurial challenges that Elon Mask’s SpaceX venture will face
Entrepreneur has various sort of factor of qualities like risk factors, determination of their
abilities etc. They have go through with lots of situations at every stage to accomplish the
success. Challenges are the part of success that an entrepreneurship have to manage. Musk