Innovation and Entrepreneurship: Elon Musk's Journey

This article explores the entrepreneurial journey of Elon Musk, focusing on his personal qualities as an entrepreneur and the theories he has adapted. It also analyzes the challenges faced by Musk in his SpaceX business venture and evaluates his entrepreneurial performance on various projects. The article highlights Musk's innovative approaches in SpaceX and Tesla and discusses the impact of his strategies on the growth and profitability of the companies.

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Three main personal qualities that made Elon Musk a great entrepreneur in order to grasp the
business opportunities.................................................................................................................3
Theories that are being adapted by entrepreneur........................................................................4
TASK 2............................................................................................................................................5
Analyse all the entrepreneurial challenges which were faced by Elon Musk in SpaceX
business venture..........................................................................................................................5
TASK 3............................................................................................................................................6
Research to evaluate the Elon Musk's entrepreneurial performance on the projects..................6
CONCLUSION ...............................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is the method or the process which helps out to regain the new idea and the
requirements in all the companies and the framework which helps in the advancements. This is
mainly being applied in all the process through which a;l the new assertion and the companies
can there by be launched and framed in varies methods. This use to help in attaining the profit
for the organisation(Long and et. al., 2019). Entrepreneurship is the method which helps out to
start there own business with varies new range and cultures that implies the methods in order to
run the business and get the profit. The entrepreneur use to create a unique and business idea so
as to frame the business in a proper manner and to make it work like varies areas and accord so
that it can attract the customer and help out to reach there goals. This report will cover the
entrepreneur skills of Elon Musk with its venture for SpaceX and also about the challenges and
the evaluation that has been framed in order to make the electric car Tesla.
TASK 1
Three main personal qualities that made Elon Musk a great entrepreneur in order to grasp the
business opportunities.
Entrepreneur are the person who use to give out the different idea for the business and
with that idea they use to frame out some special skills and advancement in there business which
helps them to maintain the growth in the business and to earn the profit. The new ideas and the
areas through which here work is being setted out are created n it. This complies with all the
business environment which helps them to frame out all the necessary areas. Elon Musk is a
founder of SpaceX with that he also do the product architect of Tesla inc. the most important
personal qualities of Elon Musk are as follows: Passion of innovation- It complies of all the new innovation that are being made by the
person in order to increase the sale and the revenue of the business this merely implies
that all the companies and the working areas there by complies of the nature and the rules
through which innovation can be made (Zhengyin, 2017). In order to maintain a new
company and the innovation all the new skills and the development can be framed. Elon
Musk is a good entrepreneur as he use to innovate various products and tries to develop

all the new ideas and the rules that has certain impacts which helps in the improvement
and growth. He has innovated varies things like the electric cars the space technology. It
helped him out to overcome all the challenges in order to run the successful business. Entrepreneurial spirit- It complies of all the risk taking ability and also the forces that
are being made by the person in order to maintain the specific gains and the qualities that
helps them out to be a successful entrepreneur(Ebrahimi and Mirbargkar, 2017). The
innovation in the products and the various risk taking abilities implies out to maintain the
goals and to achieve the varies advancement. Elon musk is always use to carry that
entrepreneur spirit as he use to attain the risk in order to make the new products and with
that tries to frame out all the growth and the regions which embarks them to maintain the
contemporary ways.
 Strategic Directions- it implies all the strategy that are being taken in order to frame a
innovation for the success of the company. Elon Musk implements the scientific methods
which help them out to develop the team work and skills for making there work to on go
throughout the process.
Theories that are being adapted by entrepreneur
Innovation theory- This theory complies of all the important ideas that rea being kept in
the record through which the methods and the collaboration can be framed. In this the main focus
of the organisation is to create a new innovation in there business so as to attain the profit and the
growth in all the varies sectors. Elon Musk in order to increase the profitability in the market and
in his business use his utmost as he use to implement the innovation that helps in recreation like
the electric cars, SpaceX, Electric jet are some of his successful projects for the innovation.
This theory serves varies importance in the market like the creating of employment and
with the innovation and advancement this creates a major impact on the customers as they tend t
be more focused towards there work and areas and this enhance the growth of the company and
maximize the profitability and productivity in the market.
Leadership theory- This is being used to develop various skills and also with that the
series of abilities in the team members this implies to increase the performance of the work in the
company and through this the entrepreneur use to guide, supervise and manage there team
members. It covers to influence all the team members with there varies reason and areas, and
motivate there employee towards there working(Casanova, Cornelius and Dutta, 2017). Elon

Musk is a Entrepreneur and he focus on the motivation, innovation and creating the new ideas
and for that he use the transformational leadership style where he identifies the change and
create the vision so that it can guide the employees towards it.
The main importance behind all this skills are they use to imply the nature and the accord
through which the skills and the knowledge off all the individual there by being taken as an
important factor and it helps out to build the strong relation with the company and there team
members.
TASK 2
Analyse all the entrepreneurial challenges which were faced by Elon Musk in SpaceX business
venture.
Elon Musk has made the SpaceX Starship system which helps out to lift the heavy lift
vehicle that use to be manufactured by SpaceX. It comprise of various reusable system attach
outlines all the nature and the reason through which the cargo can there by cover fro the moon to
earth. The main function of the SpaceX Starship is payload which helps the passengers to move
in all the areas in earth and various planetary destinations. There were various challenges faced
by Elon Musk while making that SpaceX they are as mentioned below:
Military market access- As for all such programmes there use to be a national security
program that tends to be conducted for awarding all the launched vehicle. But in that time
SpaceX couldn't even get the award that made the Elon Musk in utter shock as he has done all
the innovation and framed the new techniques that helped out to maintain the work. And the
award was given to the rival. Though he again made various effort and then he has to change all
the strategy and implications hat were being made by him earlier(Lei, Hock and Karim, 2020).
Weak enterprise- The profitability of the business was been affected as Elon Musk has
there by try to work on all the expenses which were initially being gained by the customers. The
company has faced the loss in the business. As Elon Musk attain the strategy to launch his
SpaceX in the low price then that of there rivals and which affected there loss in the economic
zone. The company has suffered the major loss and with that they there by also attained the
various areas and the nature through which there work and the production was also affected. It
impacted the entrepreneur profitability.

Over capital requirements- SpaceX as in order to launch there new heavy starship has
faced the financial instability. At that time they try to innovate all te areas and the Air force will
there by frame out all the necessary methods and help them to make the fund internally and
externally. By this made them to initiate with more funds and that further affect there savings
and the loss. The overall performance of the company and there business is being affected and
they were not being able to maintained the desired goals(Del Bosco, Chierici and Mazzucchelli,
2019).
Ways used to overcome the challenges
In order to use all the issues and overcome various challenges that were being faced by
the company there has been framed a pattern by the Elon Musk as he has used numerous of
different strategy that helped him out to maintain the growth and to make certain new products.
He thereby innovated various new products which helped him out to attain the growth and also
keep the attention of the customers through by this there has been made that Elon Musk has
raised funds through various medium and invested them in other areas too. There are so many
organisation which are owned by Elon Musk, Tesla is one them it helped him out to raise the
funds and the growth in all the sectors. He even motivated various employees and the engineers
in order to perform the innovation that area being made by him in all the new roles and the
challenges which are acquired by them. All the new innovations were being introduced by them
so as to maintain there image among the rivals and get the growth in the company.
TASK 3
Research to evaluate the Elon Musk's entrepreneurial performance on the projects.
Entrepreneurial performance implies to be the individual performance or skills and
knowledge that helps them to gain the success in varies business. Elon Musk covers out varies
skills for all there achievement in various fields like the software and also the electric cars in
order to make the growth in the business and also the opportunities. Elon Musk has there own
Tesla, Paypal, Hyperloop and SpaceX which helps them out to gain the profit in all the
organisation(Landström and Harirchi, 2018).
As Elon Musk has there own Tesla Inc that has been framed in 2003. Tesla is the
automotive of American base which offers varies products and services like the electric vehicle,

energy storage and all the energy production that is being situate in California. It mainly give the
vehicles that are been expedite by the solar power and also with various electric vehicle.
Tesla is one of the largest growing company in the world and use to create the electric vehicle I
thee market. It use to give the production output of about 510000 unit in 2020. as there has been
3022 Mwh battery and 206 MW solar is being used in year 2020. the main assets and with that
all the equity of the Tesla Inc is $721 million with approx $22 billion in year 202. the main
business strategy of Tesla is to make there rivals licensed about there technologies and try to
focus on all the sustainable energy (Herrera, Guerrero and Urbano, 2018).
Innovative approaches implies all the methods and the conducts that are being used by
the entrepreneur pr the organisation so as to make the advancement in the business and to
increase the growth of the business there has been implies that all such activities and the areas
through which this can be framed and the advancement is made implies to innovative approach
Musk has made Tesla with the innovative techniques of battery and also updated its system
panel by the changing demand of the customer and also the various decisions and the changing
regions of the company. There are various innovative approaches used by the company they are
as follows:
Product Design Improvement- when the product is being launched in the innovative
design this thereby helps put to maintain all the approaches and the areas through the company.
Tesla has changed there design of the cars as in order by attaining the advancement and the
demand of the customers and this helped out to maintain the big brand image and reputation of
the product and also influence the customers to buy that product. The product design also help to
maintain and increase the profitability of the company.
Process Improvement- this cover the increase in the growth and the services og all the
product and he services which are being given by the company. There has been given that in
order to increase the productivity and performance it is important to maintain the process with
advancement. Tesla implies the Model 3 quality that maximize all the sales and the revenues in
the market and also helps to maintain the organisational goals.
Updated business model- all the plans that ae being made by the enterprise in order to
gain the growth of the company is being made through the business model. All the strategy and
the services which are being covered as all the organisation frames out the models and the
changed plan in order to attribute the advancement and with that a complete knowledge in all the

areas. So the business model should have to be updated on regular basis. Tesla use to have a
direct sales and services in the business models and they tend to hire the talented employees, and
maintain the retain investments and with that Tesla also focus on accelerating the sustainable
energy, and thus they use various models which helps them out to increase there production by
implicating various business plans for the company(Eckhardt, Ciuchta and Carpenter, 2018).
New technologies- the foremost and the most important part of all the growth and
production is there by innovation. As all the new technologies and innovation plays a key role in
maintaining the growth of the company. In order to survive in the market it is important for all
the company to make and implement the areas and the methods through which they can
introduce the new technology in there products. Tesla maintains the innovative techniques as by
attaining the new technological areas in there batteries which helps to decrease the price of the
cars. And also provides the tables design so the more energy can there by be provided by the
company rather than the previous battery used(Farinha and et. al., 2020).
Model S vehicle is the current market techniques which is being given by Tesla. As this
will help out to increase the the sales and the revenues and also maintains the strategy. Elon
Musk announced the business plan in which they will provide the 20 million cars in next 2030.
CONCLUSION
From this above report it is concluded that, Innovation is the key factor of all the business
as this helps out to gain more customers. there are various qualities of Elon Musk as to be the
great entrepreneur that are like passion of innovation, strategic directions and all the business
opportunities Elon Musk has also faced varies problems in the launch of SpaceX starship like
oversized capital, military market etc. so as to increase the business and to improve the quality
there has been used various strategy like making the different business plan, implementing new
strategy and innovation.

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