Personal Qualities and Challenges of Elon Musk in Innovation and Entrepreneurship

Innovation and
Entrepreneurship

Table of Content
Table of Content 2
INTRODUCTION 3
Task 1 3
Critically analyse any three main personal qualities that made Elon Musk a great entrepreneur.
3
TASK 2 5
Critically analyse three entrepreneurial challenges that Elon Mask’s SpaceX venture faced 5
TASK 3 6
Research and investigate Elon Musk’s entrepreneurial performance on any one of these
projects of Elon Musk in Tesla 6
CONCLUSION 8
References 9
Books and Journal: 9

INTRODUCTION
Innovation is a process which helps to introduce and develop new product or service or any type
of development in production in order to improve efficiency of product to take competitive
advantage. In order to achieve success in any business it is essential to bring innovation in the
organisation on timely manner so that the customer did not get bored from the product of
organisation (Acs, Szerb and Autio, 2017) Elon Reeve Musk is an entrepreneur, designer as well
as an engineer who works as an CEO and Chief designer at space x. Elon Reeve Musk is known
for its innovative ideas which he brings in the company. This report contains Personal qualities
of Elon Reeve Musk that helps him to become a great entrepreneur. There are several
entrepreneurial challenges that are faced by Elon Reeve Musk during his work. It also contains
his performance one of his project
Task 1
Critically analyse any three main personal qualities that made Elon Musk a great entrepreneur.
Elon Reeve Musk was born on 28 June 1971. In 1995 he attend Stanford University but
later decided to pursue a career in business and became founder of a Software Company with his
brother Kimbal, and Greg Kouri by arranging funds from Angel investors. Before the company
Elon Reeve Musk was not able to afford an apartment and even slept on couch which was at
office and take shower there only. Later, Compaq acquired the company of Musk in 1999 for
Dollar 307 million. Elon Reeve Musk has various entrepreneurial capabilities or qualities due to
which he was able to become such a great entrepreneur. Some of the entrepreneurial capability
and qualities of Elon Reeve Musk are given below:
Risk taking abilities: To start any business it is essential to have an ability to take risk.
Every business involves a great risk on every step of business. It is said that great risk gives great
returns. A business involves a great investment of an individual which needs to be increased and
a wrong decision can lead to loss to the organisation. Elon Reeve Musk has a great risk taking
abilities. He was just of 24 years when started his first company Zip2 which became very
successful. It was his quality to take risk in business that he take money from angel investors and
start a new business. After that also he takes so much risk and launches so many innovative
products in the market. It was his risk taking ability that Elon Reeve Musk became such a great
entrepreneur. In order to manage risk in the organisation Elon Reeve Musk follows the whole