Personal Qualities of Elon Musk and Entrepreneurial Challenges Faced by Him in SpaceX's Starship Launch Project

Innovation and
Entrepreneurship

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Personal Qualities of Elon Musk ................................................................................................1
Entrepreneurial Challenges faced by Elon Musk for “Starship launch” project of Space x........3
Entrepreneurial performance of Elon Musk in TESLA...............................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship can be said as the activity for setting up a business or multiple
businesses by taking financial risks for gaining profit. One of the role models of today's
generation as an entrepreneur is Elon Musk. This project will discuss the different personal
qualities of Elon Musk explaining how business opportunities where grabbed by Elon Musk
business life. Starship project of SpaceX organization founded by Elon Musk will be discussed
in this project stating the difficulties and challenges which are going to face by Elon Musk on his
mission of settling humans on Mars. With consideration to Elon Musk's life and achievement this
project will evaluate the entrepreneurial performances of Elon Musk in Tesla.
MAIN BODY
Personal Qualities of Elon Musk
Elon Musk has been considered as a legend in the eyes of today's generation. Elon Musk
who uplifted himself as a South African businessman, Engineer and investor. Elon Musk has
achieved many things in life. He is the founder and CEO of many organizations such as SpaceX,
Tesla Inc. and Neuralink. In 2018, he was declared the richest person of the world with a total
net worth of $20.8 billion (Fadilah, 2018).
His success is the reflection of his personal characteristics. The main reason he got such
opportunities was because of his personal attributes. Elon Musk has said many inspirational
things in his interviews. He once said,” When something is important enough, you do it even if
the odds are not in your favour”. Some of his personal qualities are as follows,
Hard Work :
There is no denying how hard-working an individual can be who is the richest person
living. He shows great determination by working almost 100 hours a week. This has been the
reason for his productivity for many years. Hard-work without goals or aims is not useful, Elon
musk has set standards in his companies by being the hardest working individual. This gives his
employees motivation to reach the desired goals. For someone who has been so hard-working for
so many years new opportunities are easy to be grabbed and used as steps for future
development. Elon Musk has been recruiting individuals which has shown hard work and
specialized traits for him job profiles (Thompson , 2020). Hard work is only useful when it is
done in the righ way with the right knowledge. Elon Musk has show great skill of excellence
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while choosing his path in which he works. Selection of a project is as important as the hard
work shown in it.
Self Believe and Founding team :
Elon Musk has show great self believe, he does not show any kind of hesitation for taking
big risk if he has general awareness of the result. Such an ability for believing in himself gives
him the required courage necessary for achieving success which are beyond imagination. It is
only possible for an individual to build successful team if the team builder has faith in their own
capabilities. Team members are highly influenced with such strong belief shown by their leader.
Opportunities present themselves without showing any hints or clues. For grabbing such
opportunities an individual should be prepared not just by himself but also should have an active
and hard-working team which can be productive when they are absolutely needed. Elon Musk
and his team has shown such qualities in the past few years showing results which are the
reflection of the self belief of Elon Musk and his mind-blowing quality of selecting the best
individuals for his team. Elon Musk has been seen selecting those individuals which are going
with practical knowledge rather than those with lot of degrees. According to him knowledge
come from experience not degree (Yampolskiy, 2019). This type of out of the world thinking has
got him where he is right now. When an entrepreneur believes in his team the performance of
that team automatically increases, Elon Musk is a great example for this situation his success
comes with belief and motivation which he tries to pass on to his employees.
Research and Development :
For achieving things so great in life Elon Musk needed to bring innovation in his
thoughts and level of understanding. Thinking life every other person would have led him to no
success He has used his knowledge to impact the practical life with constant study of innovative
ideas. His ways of reaching innovative idea has been resembling the tradition approach of
research and development. All these things put together has resulted amazing out of the world
inventions. Tesla Motors has become extra ordinary company of in vehicle market. This
company uses video testimonials guided by Elon Musk to reach new goals in the company. Tesla
have developed with new and more effective technologies. Tesla has proved to be the first
electric car available to the customers. Elon Musk in his starting years was seen experimenting a
lot with his friends. This trait of him has made him achieve things which is not easy for any
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