Innovation and Entrepreneurship: Critical Analysis of Elon Musk's Qualities and Challenges

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This report analyzes the personal qualities that made Elon Musk a great entrepreneur and the challenges faced by him in his projects. It also investigates Elon Musk's entrepreneurial performance on Tesla.

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Innovation and
Entrepreneurship

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Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
Critical analysis of main personal qualities that made Elon Musk a great Entrepreneur............1
TASK 2............................................................................................................................................3
Critical analysis of challenges, their impacts on entrepreneur's project.....................................3
TASK 3............................................................................................................................................5
Research and investigate Elon Musk's entrepreneurial performance on Tesla...........................5
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
Innovation is defined as a process and company which is required to generate more ideas
in any terms. It is generally referred as a practical implementation of ideas which results in
introduction of new products and services(Lounsbury et. al. 2019). Whereas entrepreneurship is
defined as a ability as well as readiness to develop, organise and carry a business company along
with various uncertainties in order to generate profits and revenues. This report is based on
innovation and entrepreneurship on case study of Elon Musk, CEO of Tesla, which is an
American electric vehicle and clean energy company that deals in electric cars, battery energy
storage from houses. This report includes critical analysis of personal qualities of Elon Musk,
critical analysis of challenges and its impact on entrepreneur's project, research and investigation
of Elon Musk's entrepreneurial performance on project along with its conclusion.
MAIN BODY
TASK 1
Critical analysis of main personal qualities that made Elon Musk a great Entrepreneur.
As per the viewpoint of Mario Castaneda, 2020, Elon Musk is a successful entrepreneur
and there are various qualities that made Elon Musk a successful entrepreneur. In order to carry
business practices successfully it is important for entrepreneur to have specific qualities so that
success could be achieved by maximising profits and generating revenues for company as
well(Nambisan, Wright and Feldman, 2019). As personal traits and qualities plays an important
role in building and achieving success of company in order to have successful accomplishment
of planned objectives and establishing brand image in minds of customers as well as in markets.
Some of main personal qualities which made Elon Musk a successful and great entrepreneur are
as follows: Innovation: As entrepreneur's companies are considered as one of most innovative across
global world. Tesla cars is said to be first successful electric vehicle that present
innovation in auto mobile sector. As Elon Musk carries innovation skills which drives
Tesla to an another level. Entrepreneur is focused towards to innovation skills and carries
its business practices with efficiency and effectiveness. As according to case study, Elon
Musk has created an innovation strategy for having launching space X vision which is
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said to be important as well as innovation idea that deals in electric cars and then
company is focused in using innovative idea of having journey to Mars. Strategic vision and synergy: Elon Musk is focused towards its strategic vision and
synergy. As by creating Tesla and Space X, entrepreneur has covered all its bases of
vision and synergy(Farinha, ., Ferreira and Nunes, 2018). As technologies that were used
by company that were merge. As a result it helps in dealing and leveraging various
technologies that drives its cost down and design enhanced cars and spaceships. As
entrepreneur is focused in having strategic vision and synergy in order to make its
company successful. In terms of case study, entrepreneur is focused in creating and
designing new strategic vision and synergy towards space X programs. It carries strategic
vision of launching humanity's first journey to Mars. It requires synergy as well as a
strategic vision top launch these programs. As entrepreneur carries a quality of risk taking
by through which space X program will be launched. Focus on signals not on noise: Entrepreneur has never invested in advertising Tesla
motors as investing is preferred in having research and development and production
design of Tesla(Medeiros and et. al. 2020). Entrepreneur is believes in making efforts
which are not resulting in having fined products and services that are to be stopped
immediately. In terms of case study entrepreneur is focused on launching space x
programme that basically deals in focusing on signal and not on noise. This helps
entrepreneur to carry its business practices with research and development practices that
helps in carrying business practices smoothly. Focus on self analysis: Entrepreneur generally believes in having self analysis and
critical thinking about oneself. As it is crucial to critically think and examine about self.
Entrepreneur generally believes in thinking critically and self analysing(Cunningham and
et. al. 2019). It is important and essential that individual generally carries a careful
analysis of elements which are supposed to be accurate and to be build up for having
successful. In terms of case study, entrepreneur is focused towards having self analysis so
that strengths and weaknesses could be found. It is important to analyse self strengths and
weaknesses in order to carry space X program effectively and efficiently. There should
proper analysis of strengths and weaknesses in order to carry business practices smoothly
and effectively.
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Focus on hiring fresh talent and trust them: Entrepreneur is basically creates and built
its team generally with fresh talent(Pisoni, 2019)(Lopes and Farinha, 2018)(Yan and et.
al., 2018)(Ortiz-de-Urbina-Criado and et. al. 2018)(Kyvik, 2018)(Pyka, Kudic, and
Müller,2019)(Swayne and et. al. 2019)(Swayne and et. al. 2019)(Campbell, 2019)
(Gupta, Mithani, and Guha, 2019)(Xu, and Li, 2018). Company basically focus on
building and hiring young minds so that there should be a proper building of new ideas
could take place. Entrepreneur basically believes in producing better and good results
which could produce high amount of energy and effectiveness. In terms of case study,
entrepreneur believes in hiring new and skilled talents so that new ideas and skills could
be generated in carrying space X programme with full of effectiveness. By using young
and fresh minds in business it helps business to perform their duties and roles in an
effective manner so that efficiency could be attained.
TASK 2
Critical analysis of challenges, their impacts on entrepreneur's project.
As per the viewpoint of Larry Alton, 2021, entrepreneurship generally comes up with
various challenges. As experienced entrepreneurs have to face challenges and obstacles to deal in
businesses(Xu, and Li, 2018). In order to establish brand in markets there are various
challenges which entrepreneur faces in their projects. In terms of Elon Musk's space X project ,
entrepreneurial challenges that are faced by company are as follows: Financing: As experienced entrepreneurs don't have find funding easily for their new
business. They might have a pool of capital from various businesses which they privately
sold or from steady stream of revenues they could use to fund a new business's cash
flow(Pisoni, 2019). There is a problem arises of about finances to carry and run business.
In terms of case study Elon Musk is facing a challenge of financing as to carry its
business practices. Funds as well as financing plays an important role in building and
meet up expenses to run business effectively and efficiently in order to accomplish their
targets. And in order to resolve this challenge there should be proper and useful sources
of finances should be find out prior so that funding could be achieved easily to run
business.
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Team building and hiring employees: There is problem and challenge which arise out in
hiring employees and in building teams. There is a problem arises which states about
hiring new and talented employees by mode of taking interviews and induction. And as a
result it rises and carries a challenge of team building in businesses(Lopes and Farinha,
2018). As picking and searching of right team it is said to be stressful as to have idea of
how team works together even if candidates and chosen to be right and correct. In terms
of case study entrepreneur sometimes faces challenge of hiring new and skilled
employees and building team work which will be beneficial for company to run its
business practices effectively. And to resolve this challenge entrepreneur could hire
skilled and efficient employees by mode of internal as well as external sources and team
building could be achieved by making interaction among employees so that they will be
able interact and communicate with employees in a better way. Decision making: As new entrepreneurs takes long time in making decisions as they are
often equate in small decisions. Entrepreneurs faces challenge of decision making in
terms of carrying operations and activities. There are various decision making issues
which arises in workplace(Yan and et. al., 2018). In terms of case study, entrepreneur
faces a huge and wide challenge of decision making in its operations. As company is
facing problem of decision making in their workplace. And as to resolve this challenge
Elon Musk could use various decision making techniques by taking initiatives towards
employees for betterment of company's betterment. Time management: There is a issues arises about time management skills. As for
carrying business practices effectively it is important for entrepreneur to use and
implement effective time management skills so that operations will be carried in an
effective way(Ortiz-de-Urbina-Criado and et. al. 2018). There is a major issue of time
management skills by entrepreneurs. In terms of case study entrepreneur is facing lack of
time management skills in carrying space X programme. And resolve this issue Elon
Musk should implement effective time management skills so that operations could be run
properly and effectively which could result in having profits and revenues.
Delegation of operations: As there is need and requirement of delegation of authority
and operations but some times there is a rise of confusion which results in having messed
up works and tasks. As company generally faces lack of efficiency and delegation of
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operations. In terms of case study, entrepreneur is facing lack of delegation of authority
and operations in space X programme and as a result in increasing confusion among
employees and managers(Kyvik, 2018). And to resolve this challenge company could
find good and skilled employees with outsourced contract help for a start. There should
be a proper delegation of work and operation so that a clarity should be maintained in
order to accomplish success of planned goals and objectives. This will lead in achieving
success in business world and enhancement in their profits.
TASK 3
Research and investigate Elon Musk's entrepreneurial performance on Tesla.
It has been analysed from research and investigation of Elon Musk 's Tesla project that
market is fully owned for electric vehicles as from having market analysis there is a need of
electric vehicles in corporate markets and it is growing(Gupta, Mithani, and Guha, 2019). It
has been examined that there are various reasons consisting new regulations on safety and
vehicle emissions, technological advances and it is shifting customer expectations(Pyka, Kudic,
and Müller,2019). There is a main stream acceptance of and excitement of for electric cars
which could be attributed to Tesla Motors. As entrepreneur Elon Musk has launched company
with a mission of accelerating advent of sustainable transport by bringing compelling wide
market electric cars as early as possible.
It has been analysed that Tesla's size and influence and its performance management
system is systematic and proper. Company has recognized importance of engaged employees and
their impact on customer engagement. In its response company has created Tesla 360 summary.
This operation was important to carry staff survey which is used by Maslow 's hierarchy of
vision and needs to direct performance management. As Tesla appears to be embraced an
entirely different approach and method. There is changing priorities in various changing process.
Tesla has taken an unique approach to establish its brand identity in corporate
markets(Swayne and et. al. 2019). As instead of building a relatively affordable car that it could
widely produce and market. As they carry an opposite approach which focuses on creating a
compelling car which would create a demand for electric vehicles. Tesla has delivered a high
performance to market by providing luxury sport car which is Tesla roadster. Company sold
approximately 2,500 roadsters before ending production. As when Tesla has established its brand
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and has manufactured its concepts car to marketplace, it reinforced its business model. As Tesla's
business model is generally based on three pronged approach which is related to selling,
servicing as well as charging its electric vehicles.
Company has entered in markets with sporty Roasdster and when it was introduced in
market company began delivering its first SUV. It has been examined that Tesla has combined
many of its sales centers through service centers which includes charging stations. Company
believes that opening and starting up a service centre in a new area which corresponds through
increased customer demand. Customer could charge their vehicles at service centers or service
plus locations. Along with that Tesla's latest and new model is a supercharged and excessive high
version of Roadster which company claims as being a fastest car across global world. There is a
deliveries of new roadster. With all that company is also introduced a line of home batteries
which is called power wall that serves energy storage systems and which could be used in in
houses as well as businesses(Swayne and et. al. 2019). There motive is to connect through mode
of solar energy system which could also be used as a backup power as when power in interrupted
and lost or peak demand is high. Company is also selling solar panels and full solar roofing
which is a roof made up of solar panels which still looks like a roof. There are financial analyst
and investors that sees Tesla as a technology company rather than a car company. Tesla and its
companies from technology sector that has similar growth rates. With a view Elon Musk is
focused at delivering various facilities in its cars with a mode of luxury vehicles. Company is
being focused at delivering quality services and with effective features that directly attracts
customers in a wide range. Company is basically focused on building and carrying up various
services.
Tesla's entrepreneur is basically focused in using and providing a large vision to
customer. So that customer satisfaction could be achieved with competitive advantage that helps
in dealing with competition and generating revenues along with profitability(Campbell, 2019).
Is has been examined that entrepreneur is carrying strategic vision and synergy in its working so
that brand image could be maintained.
CONCLUSION
From above report it has been concluded that innovation as well as entrepreneurship both
terms are considered to be essential and important element that is to performed in order to carry
business practices effectively and smoothly. This report carries a brief explanation of personal
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qualities that is required to become a successful entrepreneur. There is a brief explanation about
critical analysis of challenges and its impact on entrepreneur's project. There is a brief
explanation of research and investigation on entrepreneurial project that help them to carry their
business practices effectively with a motive of increasing profits and generating profits.
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REFERENCES
Books and Journals
Campbell, B., 2019. Practice Theory in Action: Empirical Studies of Interaction in Innovation
and Entrepreneurship. Routledge.
Cunningham and et. al. 2019. The impact of university focused technology transfer policies on
regional innovation and entrepreneurship.The Journal of Technology Transfer. 44 (5).
pp.1451-1475.
Farinha, L., Ferreira, J.J. and Nunes, S., 2018. Linking innovation and entrepreneurship to
economic growth. Competitiveness Review: An International Business Journal.
Gupta, V.K., Mithani, M. and Guha, M., 2019. Creativity, innovation and entrepreneurship (CIE)
in South Asia. South Asian Journal of Business Studies.
Kyvik, O., 2018. The global mindset: A must for international innovation and
entrepreneurship. International Entrepreneurship and Management Journal, 14 (2).
pp.309-327.
Lopes, J.N.M. and Farinha, L., 2018. Measuring the performance of innovation and
entrepreneurship networks. Journal of the Knowledge Economy, 9 (2). pp.402-423.
Lounsbury et. al. 2019. Culture, innovation and entrepreneurship. Innovation,21(1), pp.1-12.
Medeiros and et. al. 2020. Innovation and entrepreneurship as drivers of economic development.
Competitiveness Review: An International Business Journal.
Nambisan, S., Wright, M. and Feldman, M., 2019. The digital transformation of innovation and
entrepreneurship: Progress, challenges and key themes. Research Policy. 48 (8).
p.103773.
Ortiz-de-Urbina-Criado and et. al. 2018. A research agenda on open innovation and
entrepreneurship: a co-word analysis. Administrative Sciences. 8 (3). p.34.
Pisoni, G., 2019. Strategies for pan-european implementation of blended learning for innovation
and entrepreneurship (i&e) education. Education Sciences. 9 (2). p.124.
Pyka, A., Kudic, M. and Müller, M., 2019. Systemic interventions in regional innovation
systems: Entrepreneurship, knowledge accumulation and regional innovation. Regional
Studies. 53 (9). pp.1321-1332.
Swayne and et. al. 2019. Uncoupling innovation and entrepreneurship to improve undergraduate
education. Journal of Small Business and Enterprise Development.
Swayne and et. al. 2019. Uncoupling innovation and entrepreneurship to improve undergraduate
education. Journal of Small Business and Enterprise Development.
Xu, J. and Li, Y., 2018. Grey Incidence Analysis Model of Classification Variables and Its
Application on Innovation & Entrepreneurship Education in Jiangsu Journal of Grey
System. 30 (1).
Yan and et. al., 2018. Fostering sustainable entrepreneurs: Evidence from China college
students’“Internet Plus” innovation and entrepreneurship competition
(CSIPC). Sustainability. 10 (9). p.3335.
Online
Castaneda, 2020, The Three Entrepreneurial Traits That Help Elon Musk Succeed [Online]
Available Through:<https://www.linkedin.com/pulse/three-entrepreneurial-traits-help-elon-
musk-succeed-mario-castaneda>
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Alton, 2021, The 8 Biggest Challenges for New Entrepreneurs [Online] Available
Through:<https://www.entrepreneur.com/article/254721>
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