Innovation and Entrepreneurship: Exploring Elon Musk's Qualities and Challenges

INNOVATION AND
ENTREPRENURESHIP

I
Table of Contents
INTRODUCTION...........................................................................................................................3
Main body........................................................................................................................................3
Explaining the three qualities that have made Elon mask a great entrepreneur...........................3
Examining the challenges that are faced by the Elon musk spaceX venture...............................4
Analyzing entrepreneurial performance of Elon musk on Tesla.................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is an entrepreneurship tool that is used by them to exploit changes by using it as the
opportunity for the different business and services. The report will discuss about the personal
qualities of the Elon musk which have made them great entrepreneurs. Along with this it will
also give the information about the challenges that are faced by the Elon masks space venture.
Further it will also provide the information about the performance of Elon mask on their project.
Elon musk was named as the one of the richest person on the planet who has been working new
technology and innovation his ventures are PayPal, tesla and SpaceX.
Main body
Explaining the three qualities that have made Elon mask a great entrepreneur
Elon musk is the engineer and industrial designer who is the CEO of SpaceX, tesla and Open AL
(Successful Personality Traits to Learn from Elon Musk. 2021). He is the one of the richest
person of the world. He is the example for the person who believes that they can do something
alone without taking help from others in any context(Nessel, 2019). He has been also awarded as
the entrepreneur of the year who has change the society for better. The three qualities that have
made Elon musk a great entrepreneur are:
 Hard work and work ethics: Elon musk believes that to achieve something the first think
is to do hard work. It is the key by which the person can achieve what they want. Elon
musk was the hard working innovator who has been working 100 hour per week by
creating and productive sine so many years to achieve the milestone where he is right
know (De Bodt, and et.al., , 2020) . In his company he has been considered as the hardest
working employee who know how to make strategy by setting the perfect standards for
his colleagues by implementing them and following that they can achieve the objectives
of the company. He enjoys the moments that are related to learning and executing them
as the works of field lies inside the radius of elon musk interest. For example he always
suggests their employees and colleagues to work hard in that manner that they have been
known by the single person.
 Strong risk tolerance: to become the great entrepreneur Elon musk has taken so many
risks that can be in any form or in any possible manner in order to get return from it
(Nambisan, Wright, and Feldman, 2019). Elon have faced so may problems in his life
even has some odds against him by that he decided to leave the confortable life and
thought of taking the risk in an uncertain business venture. To take the risk in his life he
has left his PHD program that he was doing from the Stanford University to find the job
in the company that is named as Zip2 along with his brother in the tear 1995. After
joining the company elon musk was profited with $20 million at the time of when
company was sold to Compaq computers (Pourcel, 2018) He believes that to achieve
something in the life risk is most important to take by that only an individual will
accomplish the goals of his life. After this risk later on Elon have decided to take risk
again at this time he was investing millions of dollar to make the company named X.com