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

Innovation and
Entrepreneurship

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Critically analyse any three main personal qualities that made Elon Musk a great entrepreneur
.....................................................................................................................................................3
TASK 2............................................................................................................................................4
Critically analyse three entrepreneurial challenges that Elon Mask’s SpaceX venture will face4
TASK 3............................................................................................................................................6
Research and investigate Elon Musk’s entrepreneurial performance..........................................6
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Invention is an essential device of entrepreneurship through which it should take chance of
several changes in various field of facilities in management. It distribute set of formation of the
actions as per the business. By operating positive creation strategy that will easy to regulate the
source of invention, commercialisation and variation. It is not only projecting as to expressing
new things that also distinguishing and take hold of advantages of opportunities of changes in
market place. Invention is important in entrepreneurship to develop particular conception and
strong customer’s base to create brand reputation that is essential by capitalist (Maritz, 2017).
The thought of concepts of innovation that will generate more competitive start up industry. It is
the present or continuous flow of activity of converting advanced thought of ideas into profitable
form. The entrepreneur consider in this report is Elon Musk. The report includes the personalised
characteristics of Elon Musk and their standards in development and entrepreneurship. It
provides challenges, result to resolve the demands in their entrepreneurship strategy. It also
provide valuation of the implementation of the task in their entrepreneurship schemes.
TASK 1
Critically analyse any three main personal qualities that made Elon Musk a great entrepreneur
As there are several attributes and distinct manner that makes Elon Musk a challenger for the
most advanced knowledgeable industrialist. The organisation of business established their own
terms of goals and targets to follow the operative and practical structure. Musk has taken the
great risk by investing billions of dollars to form a company that determine the risk factor in
business venture. It includes the feature of self-taught nature in the field of programming and
various other progressive levels of issues (Surie, 2017). The best part of instruction on obtaining
and implementation is too continuously measure about the things could be perform in the better
manner. Musk produces hard work and various plan of action to advance the consumer response
towards perfectionism.
 Entrepreneurial Spirit: The business spirituality consider the various sort of structures in
Elon Musk such as loyal pledges, ideas, considered the risk taking and ability for
modified growth and expansion. It present the form to demonstrate the determination in
hard work and to overcome the difficulties and disputes in the organisation. The kind of
sections that involves the experiences of people for showing the capability and abilities of

a self-governing intellectual and have risk factor in undefined standards. The section that
proves that the Elon Musk is a bigger example to monitor the innovative spirituality that
ensure the ability to stun the disappointments in the organisation of business. Musk also
have various points that shows his failure of business, oscillating from automaticity
failures in the Tesla brand to jet engine glowing of SpaceX company that is nearly
become bankrupt now (Ebrahimi, and Mirbargkar, 2017). The mode of encouragement
that Elon musk delivers that never let to break the performing work and never give up.
Musk inspire the global problems in creating the positive and complete adjacent as per
the Tesla organisation.
 Passion for Innovation: It termed the passion for creation of executives that approach the
new practises and approaches. The organisation distinguishing the authoritative terms of
expecting the fluctuations that occurs in modest environment as by continuous
development in all vision of the business of management. Musk has created the culture of
creation that inspire the other individuals as also to encourage the values by the pace of
alteration as in the manner of residing with late plan of opinions. As many individual also
measured to the period of term to get solve the issues and problem that arises in the
organisation. Musk understands such opportunities to lead the thoughts and beliefs of the
realisation of success in management as efficiently.
 Strategic Direction : It makes the vision and mission to develop more original ideas as
capitalist in the management of organisation. The entrepreneur figures and reconstructs
the team reliability as per towards the mutual impartial of the management. Musk
establish the business development by forming strategically associations and surrounding
for talented personalities, teams, the board and a variety of consultants to ensure the task
that are completed and get success as effectively (Herrera, Guerrero, and Urbano, 2018).
Elon musk takes a technical method for making the considerate manner of performance
and talent that will lead the plan of actions.
TASK 2
Critically analyse three entrepreneurial challenges that Elon Mask’s SpaceX venture will face
Entrepreneur has several factor of potentials like risk factors, identification of their skills and
abilities etc. They have go through by lots of conditions at each points to accommodate the