Innovation and Entrepreneurship

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.