Entrepreneurship and Innovation: Personal Qualities, Challenges, and Performance

INNOVATION
AND
ENTREPRENEURSHIP

TABLE OF CONTENTS
TABLE OF CONTENTS................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
TASK-1............................................................................................................................................1
Major personal qualities..............................................................................................................1
TASK- 2...........................................................................................................................................3
Entrepreneurial challenges faced in the Space X venture...........................................................3
TASK- 3...........................................................................................................................................5
Entrepreneurial performance and the shortcomings in Tesla......................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship can be defined as the set of skills or abilities that are developed to set
up, run and administer a business along with the risks pertaining to that and earn profitability in
the long run. The project shall be highlighting the major personal qualities that are possessed by
Elon Musk which has helped him in becoming a successful entrepreneur in the business world. It
shall also be reflecting the crucial entrepreneurial challenges that are faced in the execution of
the recent project of Space X where he wants to establish the first sustainable city. Lastly the
report shall be providing an in-depth analysis of the Tesla investment and the related
entrepreneurial performance and the shortcomings that were faced by the business.
MAIN BODY
TASK-1
Major personal qualities
 Clear sense of direction-
Clear sense of direction is one of the major entrepreneurial quality that is possessed in Elon
Musk which has guided him enough to become successful business person (Akhmetshin, and
et.al., 2019). The goals and objectives that are to be attained through the start-ups or ventures are
clearly established and organized so that the operations are carried on in the right direction and in
a smooth and efficient manner. The well-defined activities that are developed by him helps in
becoming optimistic towards the business and the various challenges and obstacles that are faced
while executing the plans.
If the entrepreneur has clearly developed the vision and mission of the business, in that
case they have sheer opportunities to convert them into reality and build profitability and future
growth prospects for the business. Also, when an entrepreneur is clear about what is to be done
in the business then it shall also be facilitating the process of strategic decision-making for the
businesses which shall be contributing in developing the competitive advantage.
The recent venture of Space X for the launch of Starship can be related to the quality of
having a clear sense of direction. The new launch is based on a clear vision of humanity's first
ride to Mars or developing a self-sustainable city on the planet of Mars. This clarity further shall
be boosting the operational efficiency in the business and meeting the organizational objectives.
• Passion for innovation-
1