Qualities of an Entrepreneur in Grasping Business Opportunities

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Evaluating 3 main qualities that needs to be adopted by entrepreneur in grasping business
opportunities that is been presented for his entire life.................................................................1
TASK 2............................................................................................................................................2
Explaining 3 entrepreneurial challenges .....................................................................................2
TASK 3............................................................................................................................................3
Evaluating entrepreneurial performance and if any shortcomings made by him in relation to
his investment .............................................................................................................................3
REFERENCES................................................................................................................................5

INTRODUCTION
TASK 1
Evaluating 3 main qualities that needs to be adopted by entrepreneur in grasping business
opportunities that is been presented for his entire life.
Creativity- Elon Musk as an entrepreneur has been seen as highly creative because he has
constantly seek for revising a design by trimming a size, changing heat shield and in adjusting
shape of fins. This quality acts as the main factor for Elon Musk in grasping new business
opportunities that is been presented for throughout the life. He had come up many new ideas for
developing new model as per the changing world in respect of making the alteration in the model
of rocket and had also come up with the new models (Wang and Gloor, 2018). For example-
Tesla had not only produced electric cars but also generated a public awareness for their cars
through Tesla showrooms across the several countries and Space X do not only had a primary
objective of the rocket propulsions in development of their own rocket architecture.
Hard worker- He is been seen as the hard working person, working for majorly 100
hours per week and has always been productive for many years. Elon musk might considered as
hardest working employee of an organization in terms of setting standards for colleagues in
following and executing the task as per the set strategies and the standards. Since a field of the
work lies with the radius of his interest so he seems to be very much energetic and enjoys each
moment when it had come to the point of learning and an implementation (Rimmer, 2018). For
instance- He seek for his critics and had tried hard in conversing along with them. It is the habit
of the self-reflection at the regular and the considerable periods is considered as pivotal for an
entrepreneur or the firm for attaining a success in long period.
Risk taker- In founding start-up business great deal of an uncertainty and the risk is been
faced. From the study , it has been reflected that after the period of 10 years in respect of being in
the business, 96% of start-ups get failed (Moss and Amadio, 2019). As per the statistics , Musk
had faced same odds at the time when he makes decision in leaving a comfortable life fro
starting a risky and an uncertain business enterprise. For example- Elon Musk left with his PHD
program at the Stanford University in finding an entity named as Zip 2 along with his brother
during the year 1995. Later on, company was been sold to the Compaq computers, that profited
Musk bit over a $ 20 million. Following with this, Elon musk had taken a great risk by making
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