Innovation and Entrepreneurship: The Success of Elon Musk

This report explores the success of Elon Musk in innovation and entrepreneurship. It discusses his personal qualities, entrepreneurial challenges, and achievements in Tesla and SpaceX.

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Personal qualities.........................................................................................................................3
TASK 2............................................................................................................................................5
Entrepreneurial challenges...........................................................................................................5
TASK 3............................................................................................................................................6
Entrepreneurial performance and shortcoming...........................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation and Entrepreneurship are considered to be the best assets for every organisation in the
present world. Economy is said to be the major target for every company. It seems to be one of
those contributors to stimulate economy in all the possible ways. innovation is almost seen in all
the areas of increased growth (Nambisan and et.al, 2019). Therefore, it is tend to have been
regarded as one of the best possible stimulator of productivity rates. The entrepreneurship as
seen the greatest in the couple of years nearby. The report brings forth the ingredients that made
Innovation and Entrepreneurship to be the successful assets of an organisational environment.
The achievements of Elon Musk and his strategies were clearly been depicted in the report with
the aim of bringing forth the essence of innovation and entrepreneurship.
TASK 1
Personal qualities
The world is aware of one of the greatest entrepreneur and the CEO of private space transport
company spaceX Elon Musk. The things that are associated upon the decisions of Elon Musk in
his real life were really the greatest inspiration for those that are opting for building
entrepreneurs. To become an entrepreneur is not a usual thing and it seems to be unusual unless
and until it is being accomplished (Lounsbury and et.al, 2019). The major personality traits that
made Elon Musk one of the world famous entrepreneur are as follows:
Never say no attitude: every big accomplishment starts from inheriting the small steps. the
small step in this aspect is to develop a great attitude and a strong determination towards the
things that are to be accomplished. The fact that Elon Musk became one of the top most famous
entrepreneur of the world is because of his outrageous determination which kept him moving
ahead with all the strategies that he has adopted (Cunningham and et.al). There seems to be many
failures in the atoms that he made upon delivering his choices. There were times when the
company went bankrupt and still his attitude kept him pushing forward. There was an incident
that will clearly defect has say no attitude in this scenario where one of his Tesla Motors
received and utter failure and was not able to achieve the mark that was expected. Right before
its deadline there seems to be a drawback that arrived in his design and it was such that the
whole company was near to the bankruptcy. This did not stop him from his strategies and he

came back with the strongest fight of winning the investor and fought back on the same task that
made him to succeed with his clear idea.
Proved that serial entrepreneurship can bring success: Elon Musk greatest achievement is
that he never step behind in order to clear challenges. That seems to be a great approve from his
choices that without any bad ideas used to move ahead with his innovation policies that made
him one of the best entrepreneurs. His choices of belief is that it is not an unusual task to go at
entrepreneurship unless and until the success is believed. first company Paypal was set to be an
idea of being the best entrepreneurship. Through this company alone mask was able to identify
the worldwide E-Commerce and he became one of the E-Commerce changed in a short time.
Later on this company was acquired for not less than billion dollars living alone mask has one of
the largest shareholder. Before his arrival into the space industry there seem to be a lot that is
prevailing in the industry (Elert and et.al, 2017). It is not until when his company space X was
launched the entire space industry was turned to be one of the biggest boon in the
entrepreneurship the space X company was prone to build spaceships at a very minute cost and
that was compared to NASA space ship. With this prominent attitude he also made his debut into
the Solar City which was his final venture and left him with a greatest turnover. Through all
these projects Elon Musk depicted that there is no barrier for serial Entrepreneurship and it can
bring success in all the possible ways if and only if the strategies are obtained and employed
properly.
Work ethics: The work ethics are said to be one of the finest assets that will determine the pace
of the work. Whatever kind of innovation that the company is aiming to achieve or is in charge
of developing new ideas or strategies that seem to be completed ethics are to be followed. This is
the same in case of Elon Musk. Elon Musk follows insane work ethics. He is so much engrossed
in the work as well as innovations that even the little time that is to be stipulated for his daily
activities is not properly followed by him. this is with the aim that even the smallest time or the
smallest space that he has given to other works can be utilised for productivity. this is the reason
why we is being differentiated by other people where that a certain time in order to reach their
goal whereas the little time that is been taken by Elon Musk is because of the conservation of
time that he maintains. In order to maximize productivity, the little innovations will have greater
parts later. Determination lies in sacrifice and that is what Elon Musk usually believes (Karlsson
and et.al, 2019).

TASK 2
Entrepreneurial challenges
Starting a new innovative venture is not an easy task as entrepreneurs have to face several
problems. They need to make an effective plan, considering all areas that may affect their
planning and can create barriers in the path of success. In regard to Elon Mask, entrepreneur who
wants to launch star ship and Space X, it can be said that it is such as difficult and risky venture.
SpaceX is no doubt an effective pioneer but pioneers do not always come to a good end.
Military market access or lack of financial availability: For new generation of launch vehicles
some companies were awarded such as: U.S air force and there were total main competitors
including SpaceX. SpaceX was the only one who did not get any award. Lack of finance can be
the main major problem for this company and Elon musk, because after getting failed, it requires
too much of investment and also after becoming success, for second phase also, there is
requirement of money (McCurdy, 2019). AS some launches got failed so, no one can take risk
and also government cannot provide fund for launching this. So, financial availability can be the
major problem for launching of SpaceX venture. One of the main example that suffered the most
as pioneer is Nikola Tesla as he is futurist for whom Elon Musk’s other great enterprise is
named. It is the great example that shows that how geniuses can even lose their way in the jungle
like landscape of infant industries.
Profitability: Weak profitability because of failure and other problems can create several other
problems. It is a costly start-up venture so, it is important to make sure that whether it will be
profitable or not. Otherwise, Elon Musk may face mental trauma. Due to heavy tax, depreciation
and amortization it may have to face problems regarding profitability and success. One of the
other reasons behind it is poor strategy of SpaceX as it wants to dominate the launch market by
offering at lower prices than competitors. So, it can affect its profitability and revenue.
Unavailability of solar panels: No doubt Elon Musk is successful entrepreneurs but he faced
several problems while launching Tesla and others companies. It is also found that Starship is
designed in a manner that can be reused and this system is composed of a booster stage and its
second stage is known as starship (Reid, 2018). It can be said that for launching SpaceX starship
successfully, there will be requirement of around more than square meter of panels and for this
there will be requirement of lot of solar panels. It can increase overall cost of this launching and

unavailability of solar panels to this extent can affect this lunching. Some changes in climate
such as regular dust storms, temperature changes and optimal pointing can be greater challenges.
All these can affect capacity of Starship to the great extent.
TASK 3
Entrepreneurial performance and shortcoming
Tesla company
Overview: The tesla company is regarded to be one of the entrepreneurial accomplishment of
Elon Musk. The company aimed at manufacturing cars that run on electric battery. The company
not just aimed at producing cars but also the solar panels that will reduce the risk of electricity.
That seems to be different entities that are tied up with few well as well as electricity (Farinha
and et.al, 2018). The resources are getting depleted and plugging into new and entrepreneur ideas
will lead to saving of resources that will better be useful for future generations. In this aspect
Elon Musk designed as most fabulous innovation which is the electric cars and the solar panels
that can go with the amount of solar energy. In this present world the company Tesla is ranked to
be one of the most sold products company because of its marvelous manufactures. The Tesla's
subsidiary is solar city which aims at developing solar photovoltaics systems.
Idea: companies idea was at first regarded to be one of those failed projects that was criticized
by all over the country. Yet the founder and the CEO Elon Musk did not take a step back upon
all the critics and therefore developed the model to be one of the tribute to inventor and electrical
engineering Nikola Tesla. There seems to be a lot of funding that is contributed for this company
to be established by Elon Musk. The Tesla motor is said to be one of the most sustainable
resources company and therefore they can be a lot more new vehicles that can be design upon
their first expedition into the market. Upon this aim at sustained in the automobile industry being
one of the most sustainable ideas of the globe (Coulson-Thomas, 2017). The company went
through various controversies that worked arising in the minds of those who are already ruling
the market. Of all these allegations since Elon Musk idea of this company is one of the best
formulas of saving energy is never in terms of violating the rights of the society. Therefore this
and resolved the allegations and no time and company made its way into the market.
Released: after all the allegation that raised against the company Tesla Motors there seems to be
smooth launch that occurred in 2003 July 1st. Soon after its incorporation into the automobile
industry it was said to be one of the ruling factor and the Technologies that were used in this

particular formula is said to be the battery with which the computer software and proprietary
motor works. the major investment upon this company as a capital investment is said to be put by
the CEO of the company Elon Musk. After the days of its establishment there seems to be people
that are taking part in this innovation idea and slowly that started to be employees that
contributed towards the company. After nearly and year that seems to be a board of directors as
well as a chair man who is following the regular duties as well as the employee management.
Global expansion: a company once established and making good profit will surely target the
global expansion. Global expansion is nothing but expanding the company in terms of other
countries and introducing its product all over the globe. With all the substantial measures that
were incorporated by the company Elon Musk focus upon expanding the company globally
outside the United States in Shanghai, China. Upon entering into this country the first automobile
factory that captured this case law is Giga Shanghai. In not less than 6 months it completely
owned the reputation of being the best company. The company also focused on delivering its
products to other countries based on the order. Since this is only available in only few countries
where it is operating as well as being expanded therefore it has opened its doors for the
deliveries. days after its arrival into the market and ruling the entire automobile industry it started
competing with other automobile industry like that of BMW, Daimler and Volkswagen. upon
competing, it secured a position to surpass their challenges. According to the 2020 statistics it is
said that half a million cars were built by Tesla.
Business strategy: Electric vehicles are said to be very expensive. The company Tesla's major
strategy is to aim at the sensitivity of customers purchase. the management aimed at producing
high priced vehicles with low volume. This the unique vehicle production such as the sports cars
were manufactured and sold as a first priority (Ding, 2017). Upon gradually getting into the
mindset of people who later they started decreasing the cost of batteries. Model S and Model X
for the first models of the company Tesla which are said to be the luxurious creations. there is
not a particular strategy that is designed against promotion of its products. Therefore, the
position that the company has achieved has made it not to pay for direct advertisement. There
seem to be different showrooms that are situated in and around the country and people from all
over will usually visit and will directly purchase.
CONCLUSION

The entire report drop to the conclusion upon highlighting the aspects of innovation and
Entrepreneurship. The report explains that innovation is a part of every company's growth and
will also determine the growth. Entrepreneurship is said to be one of those common factors in
this present era is what is being depicted in the report. The report explains the contributions as
well as the strategies that are adopted by Elon Musk. The different contradictions as well as the
formulas that were employed by the CEO Elon Musk are put forth in this report. The personality
personification will explain what measures are to be taken in order to sustain by being an
entrepreneur. The report also explains that Elon Musk is a never ending and never backdrop
attitude person that made his creations and therefore that lead to his greatest achievements
globally. The different factor of his personality management that led him to be one of the top
entrepreneur is put forth in the report. Through these factors one can easily understand what
measures are to be adopted in order to sustain for over a long run in the field of entrepreneurship.
The different challenges that he faced while doing his projects are also being put forth in the
report which will help to analyse the factors that usually exist as a challenging part of every
entrepreneur. his greatest entrepreneur your achievement Tesla company is being explained with
all its formation details as well as the formulas that it has adopted earlier and how it is being run
in this present world. The global expansion strategy also explained along with the business
strategy. This will bring forth what measures are being adopted by Elon Musk in order to sustain
in this race of automobiles. There is a competition strategy that is included which will help the
latest entrepreneur to adopt means and measures in order to get through the flow.

REFERENCES
Books and journals
McCurdy, H.E., 2019. SpaceX: Leveraging Government Support to Raise Private Capital. In
Financing the New Space Industry (pp. 45-55). Palgrave Pivot, Cham.
Reid, J.E.A., 2018. Emancipated Entrepreneuring in the Nascent Commercial Spaceflight
Industry: Authoring Ecosystems by Branson, Diamandis, and Musk (Doctoral dissertation,
Carleton University).
Nambisan and et.al, 2019. The digital transformation of innovation and entrepreneurship:
Progress, challenges and key themes. Research Policy. 48(8). p.103773.
Lounsbury and et.al, 2019. Culture, innovation and entrepreneurship. Innovation. 21(1). pp.1-12.
Cunningham and et.al. The impact of university focused technology transfer policies on regional
innovation and entrepreneurship. The Journal of Technology Transfer. 44(5). pp.1451-
1475.
Elert and et.al, 2017. Institutional reform for innovation and entrepreneurship: An agenda for
Europe. Springer Nature.
Karlsson and et.al, 2019. Diversity, innovation and entrepreneurship: where are we and where
should we go in future studies?. Small Business Economics, pp.1-14.
Farinha and et.al, 2018. Linking innovation and entrepreneurship to economic growth.
Competitiveness Review: An International Business Journal.
Coulson-Thomas, 2017. Stimulating creativity, enabling innovation and supporting
entrepreneurship. Management Services, 2017(Summer), pp.26-29.
Ding, 2017. The constraints of innovation and entrepreneurship education for university students.
Journal of Interdisciplinary Mathematics. 20(6-7). pp.1431-1434.
Online
Elon Musk: [Online]. Available through: < Elon Musk - Tesla, Age & Family - Biography >
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