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

Innovation and
Entrepreneurship

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

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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