Innovation and Entrepreneurship

This document discusses the role of innovation in entrepreneurship and analyzes the qualities that made Elon Musk a great entrepreneur. It also critically examines the challenges faced by Elon Musk's SpaceX venture and investigates his entrepreneurial performance in Tesla.

INNOVATION AND
ENTREPRENEURSHIP

Contents
INTODUCTION.........................................................................................................................................3
MAIN BODY.................................................................................................................................................3
Task 1 Critically analyse any three main personal qualities that made Elon musk great entrepreneur..3
Task2 Critically analyse three entrepreneurial challenges that Elon musk spacex venture will face.......6
Task3 Research and investigate Elon musk entrepreneurial performance on any of these projects of
Elon musk, taken is Tesla.........................................................................................................................9
CONCLUSION.............................................................................................................................................10
REFERENCES..............................................................................................................................................10

INTODUCTION
Innovation is defined as a particular tool of entrepreneurs, this statement explains by which
these tools are utilized therefore it change an opportunity for the numerous different services
and different business. This process commonly have various number of capabilities such as
they are capable of being practiced, learned and discipline. Innovation play an essential role in
the entrepreneurship for the purpose of making magnificent product and building a strong
network of customers as well as for creating strong brand thus in this way there is need of
innovate. The term innovation means creation or creativity of something which comes with
new and unique solution and ideas, innovation generally applies creativity but on the other
hand entrepreneurship they applies the innovation in order to bring new ideas to life. In this
report spacex company will be taken ( Tollestrup, and et. al., 2020).
MAIN BODY
Task 1 Critically analyse any three main personal qualities that made Elon
musk great entrepreneur.
Elon musk is a technology entrepreneur who has been evaluated net worth of 27 billion
dollars ,and known as world’s richest. Elon musk is one of the most successful on the planet.
Elon musk is a founder of the aerospace company spacex and along with this co-founder of
Tesla motors. Elon musk had a aim to land the humans on other planets such as mars and
additionally to enhance a new tube –transport system which will be known as Hyperloop. There
are various qualities in Elon musk had they have been mentioned below;
Passion for innovation
 Developing new technology or approach
 Creating innovation in the culture and additionally inspire others that they should accept
quickness changes rather than staying with late ideas
 Always being ready to accept changes which might occurs in the competitive
environment because of the continuation enhancement in every aspects of the business.
There are number of peoples who thinks that Elon musk is a most known entrepreneur in the
recent years. Because Elon musk believe that there is always innovation is available to
resolve each and every problem which have been arised. According to elson musk all the
problems are like an opportunity which probably led him to the success ( Bartolacci,
Caputo,Soverchia,and et. al., 2020).
Entrepreneurial spirit

 Realizing vision and commitments as well as estimating the the ability for the
personal growth and for risk taking.
 Finding solution for the the problems during the hardship and overcoming from all
the impediments , this is the effective spirit of entrepreneur Elon musk..
 Most importantly Elon musk learnt much from his disappointing experiences.
 Depending on the trusted peoples then further they leads to the risks.
Elson musk is an excellent example who shows the entrepreneurial spirit , these are
capabilities Elon musk had to overcome disappointment. Elson musk had many failures
during the phase of career, faced lots of failure when the Tesla brand rocket was crashed
and the spacex this was also ruined. The most astonishing thing about the elon musk is
that he never stop himself from progressing and fighting.
Positive energy
The positive vibes or energy is very essential for the entrepreneurial because the positive
energy, appreciation brings an amazing enthusiasm in the entrepreneurs, so that they
could focus towards their objectives and goals. Whether customers, employees or
investors and colleagues they all should feel energized when they are around a leader.
Elson musk is charismatic personality who is filled with positive energy and positive
outlook. Having the positive energy this was inspirational for the Elon musk and his
positive attitude helps him to overcome challenging circumstances in the terms of
business.
Strategic direction
 Creating visions then turning them into the business realities.
 Building the commitments of team in order to accomplish common goals.
 Denoting the entrepreneurial maturity by making strategic union which have
been surrounded by the intellectual peoples or talented peoples such as teams ,
board and individuals further they combines in order to secure the success for
all( Li, M., and et. al., 2020).
Elson musk always obeyed the scientific approaches for the purpose of building teams, this
process is commonly based on the understanding of the individuals, talent and behavior and
Elon musk used to convert these understanding into action.
Personal influence and integrity
 They are guided by the strong sense in terms of personal values which are usually earned
by the respect from the family, competitors and advisers as well as wider community.

 They had a great influence in the terms of contributing something to the community
which could enhance the different ways and new ways as well as impact creating impact
on the social.
 Leads by example
Elson musk had aim to to save the humanity.
Elon musk inspired his team. There was a advised given by the elon musk that never follow the
trends and whatever the challenges comes in the terms of business , individuals must have
capabilities to overcome obstacles.
Tackling obstacles head on
Elon musk he completely believe in each and every business ventures and in addition he is a
visionary too. Because elon musk having strong vision makes him strong in many ways due to
this reason he is not afraid of any hindrances but as comparing him others might find
impossibility in this. This statement means that musk is well known for overcoming obstacles or
tackling obstacles head on. There are many projects in which elon musk involvement were seen
which includes telecommunication, automotive to energy, if any obstacles comes in certain
activities thus Elon musk always tried finding solution for every problem.
Failure as a lesson
A good qualities of a leader is that whenever things goes wrong they does not leave their teams
they always picks themselves up and their team too during hardship time. Elon musk measures
problems in a different angle according to him all the problems are opportunities in order to
success. He believe that if things are failing it means an individual is not an innovating. Elon
musk explains that how in the hardship time he used to adapt his strategies when he tried to land
a rocket on a drone ship which include an example of spacex , he spents many years to land it
but he was failing again and again so this statement means that he learnt fro his failure and
disappointment experiences and along with the had a mission sending group of peoples to the
mars in that mission also he failed, that’s why elon musk says every innovation have solution for
each and every problems.
Constantly strive for better
Elon musk has been demonstrated that keep on dedicating in order get ultimate improvement.
Musk says that feedback is a way to become a good leader. Most of the peoples used to invite
him for the purpose of giving feedback , therefore he used to encourage and motivate his team.
Elon musk is well known for truthful feedback and improving organization, individual, team
performance.
Prioritise learning

In early age Elon musk used to read books therefore his success attributed in different and
several ways of his dedication and enthusiasm of learning and along with this musk also used to
play engineer quiz fo huours just to soak the knowledge. A effective leader always develop a
culture for the purpose of continuation growth and learning. They always motivate and
encourage peoples to look forward to improve the ways. Elon musk followed the leadership style
which was associated with continuation updating knowledge and constantly learning , being a
innovating finding solution for every problems and facing challenges and trying to overcome all
the obstacles instead of being impossible, and break all the barriers which occurs in the phase of
development, and in addition find new ways as well as develop new ways in order resolve
problems. Elon musk always tried to bring best or finest outcome for the team and group of
individuals all these things to accomplish the succccess. Musk states that even he has faced
criticism for being workaholic and micromanager, unfortunately these both were unhealthy traits
of leadership. The best leader they always empower their peoples or giving positive energy so
that they could do better in their part and this statement drives for the success.
Be collaborative
Works collaboratively team is very essential in order to achieve success or goals. Elon musk
states that team work is quite essential for the business succeed. When peoples work together
that brings the effective and best outcome and goals becomes easier to achieve. This could lead
to the success of business( Galindo-Martín,Méndez-Picazo, Castaño-Martínez, and et. al.,2019)..
Task2 Critically analyse three entrepreneurial challenges that Elon musk
spacex venture will face.
There are many different types of entrepreneurial changes that can be faced by Elon Musk space as
venture in the present scenario of Star ship launch some of those challenges in context of this
entrepreneurial venture are mentioned below:
 No proper management of personal and professional life: Elon Musk has been facing
challenges that are related to present space x. Elon Musk has been facing issues related to
complicated personal life that has affected the space X issue. There have been adverse
situations in the personal life that has lead to issues where he has not been able to properly deal
with the challenges. Mask has been always facing issues related to personal life problems and
there were professional issues related to no profitable tech companies that were leading to low
impact problems. There were also issues related to launchers requiring Russian launch vehicles.
 No proper controlling aspects: Elon Musk has been facing issues related with no proper control
there has been failure with space x. there have been spending of 16 months trying in the year
2015 by Alan was and that lead to difficulty in demonstration of precision level of control. There
have been also issues that were prevailing till April 28 in the year 2016. But after this the spaces

was able to achieve the first three consecutive successful landing on the drone ship. This issue
has affected the overall situation of space X success in the previous years. Elon Musk as an
entrepreneur was not able to set a proper controlling measures across the organisation
functioning. Commercial market stagnation has been related to no proper space and technology
outfit that can help in dealing with the communication satellite issues for Musk.
 Accessibility: Elon Musk has also been facing challenges of military market access where he was
not able to manage the national security space programs. There have been issues off high
competition because please x did not get the award that lead to better this appointment for
Musk. He has always been struggling to get military launches certification for space x
workhouse. But when he was not able to get the second phase program and there were issues
that lead to high amount of the de motivation for Elon Musk. Elon Musk has been facing issues
related to no proper market launches even if there was competitive advantage related to prices.
There were issues faces by Musk related to oversize capital requirements because of the costly
equipments. Musk has also to deal with the authoring issues that is taking ownership of define
arrangements relationships and rules of engagement. At some stages of this project was as a
authoring entrepreneur was not able to position effectively in the entrepreneur real project and
that lead to difficulty in opportunity recognition and creation of themes.
Above discuss are the three major challenges that have been faced by Elon Musk as a budding
entrepreneur since the launch of Musks space venture that with the recent starship launch.
Measures to overcome challenges:
From the above discussed challenges anonymous has taken several measures to deal with the
challenges as mentioned below:
Elon Musk loan from the challenges and then instead of being more discourage he focused on several
important things to further improve the areas where he was not able to work according to requirement
(Hwang, and et. al., 2020).
 Development of vision: Elon musk as always kept a vision and mission in the mind that space X
failure cannot stop him from increasing the future. He has also always felt that he is willing to
achieve the mission of sending people to Mars by the coming year 2024. He used to say that if
people are willing to choose a place to die then Mars is not a bad choice.
 Motivation levels: Elon Musk has always been having preferences for preservations risk taking
and mitigating the level of the motivation factors. He always felt to be a role model for various

aspiring entrepreneurs in the present situation. His earlier images of being successful
entrepreneurs has motivated in dealing with his career failures.
 Learnings from past: Elon Musk as always laid emphasis on learning from the past mistakes and
then making attempts to improve them in future. Dealing with the challenges, because he
always felt that not giving up is one of the most important choices that can be adopted by
entrepreneur.
Task3 Research and investigate Elon musk entrepreneurial performance
on any of these projects of Elon musk, taken is Tesla.
Elon musk is co-founder of Tesla , spacex and the boring company. Being a CEO and co-
founder of Tesla therefore elon musk was leading all the engineering , product designing and
along with this manufacturing of electric vehicles, solar energy products and battery products
globally. In the 2003, Tesla had a important mission to accelerate the transition to the sustainable
energy. There was first product which was debuted in 2008 it was the Roadster sports car, and
furthermore this process was followed by the Model S sedan and this was probably introduced in
2012 and along with this the Model X SUV was nearly launched in 2015. The Model S attained
the reports of consumers that the beast car was anmed as a ultimate car by the motor trend.Whilst
on the other hand The Model X earned the 5-star ratings in all the testa of category or sub-
category on the national leve traffic safety. Tesla usually produces three energy storage products
which include commercial scale battery, home battery, and along with this megapack this is
mainly designed for the purpose of scale installation. In the year of 2016 Tesla became
intergrated sustainable company with the accession of solar city and provider of solar system was
leading to united states and further in 2017 one product was launched that was solar roof this
was energy product and it was really beautiful as well as affordable generation product. The lead
producer at spacex, Elon musk seen his biggest development of of spacecraft and rockets this
was his mission associated with the earth orbit and in addition to the other planets. Elon musk
he also developed ultra high bandwidth this was the brain machine and which generally
interfaces to connect with the human brain. Elon musk he also launched the boring company and
it was for the electric transport system for the long distance travel( Paik, and et. al.,2019).

CONCLUSION
As per discussed above that innovation is very essential in terms of entrepreneurship, because
innovation is known as creation thus it comes with new iseas and new solution but futherfore
entrepreneurship brings new ideas to the life so in this way innovation and entrepreneurship is
very important.

REFERENCES
Books and journals
Hwang, and et. al., 2020. A mediating role of innovation capability between entrepreneurial competencies and competitive
advantage. Technology Analysis & Strategic Management, 32(1), pp.1-14.
Tollestrup, and et. al., 2020. WOFIE: Workshop For Innovation and Entrepreneurship. In How to Become an Entrepreneur in a
Week. Edward Elgar Publishing.
Galindo-Martín,Méndez-Picazo, Castaño-Martínez, and et. al.,2019. The role of innovation and institutions in entrepreneurship and
economic growth in two groups of countries. International Journal of Entrepreneurial Behavior & Research.
Ling, and et. al., 2020. A research on the effect of equity and debt financing on technological innovation performance. Science
Research Management, 41(8), p.95.
Vézina, and et. al.,, 2019. Exploring the social innovation process in a large market based social enterprise. Management Decision.
Paik, and et. al.,2019. Entrepreneurship, innovation, and political competition: How the public sector helps the sharing economy
create value. Strategic Management Journal, 40(4), pp.503-532.
Bartolacci, Caputo,Soverchia,and et. al., 2020. Sustainability and financial performance of small and medium sized enterprises: A
bibliometric and systematic literature review. Business Strategy and the Environment, 29(3), pp.1297-1309.
Li, M., and et. al., 2020. The triple helix system and regional entrepreneurship in China. Entrepreneurship & Regional
Development, 32(7-8), pp.508-530.
Wu, and te. al., 2019. Entrepreneurship in the internet age: internet, entrepreneurs, and capital resources. International Journal on
Semantic Web and Information Systems (IJSWIS), 15(4), pp.21-30.
Ekinci, and et. al., 2019. The effect of credit risk on financial performance of deposit banks in Turkey. Procedia Computer
Science, 158, pp.979-987.
ELON MUSK: NO I DON’T GIVE UP; I’D HAVE TO BE DEAD OR COMPLETELY
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