Innovation and Entrepreneurship: Critical Analysis of Elon Musk's Qualities, Challenges Faced by Space X, and Tesla Venture

This report evaluates the innovation and entrepreneurship of Elon Musk, focusing on his personal qualities, challenges faced by Space X, and the entrepreneurial venture of Tesla. It critically analyzes Musk's consent power, strategic direction, and creative concerns. It also examines the challenges faced by Space X in the technical market, access to the military market, and the commercial market stagnation. Additionally, it investigates Musk's entrepreneurial venture in Tesla, including the company's products and partnerships.

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Critically analysing three essential personal qualities of Elon Musk:.........................................3
TASK 2............................................................................................................................................5
Critically analysing challenges of entrepreneurial which will be faced by Space X venture of
Elon Musk:...................................................................................................................................5
TASK 3............................................................................................................................................6
Research as well as investigation of entrepreneurial venture of Elon Musk on the project of
Tesla:............................................................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation refers to a specific tool for entrepreneurs, the ways in which entrepreneurs use
change as a different business opportunity or a different service. It can be presented as a
discipline, it can be read, it can be trained. Entrepreneurs is required to deliberately search to find
sources of innovation, innovations and their indicators of new success. This report is based on
evaluation of innovation and entrepreneurship. Entrepreneurs which is selected for this report is
Elon Musk. Person is born in 28 June 1971 and is the founder as well as CEO of SpaceX.
It covers critical analysis of three essential personal qualities which makes Elon Musk.
Further, critical analysis is conducted for three challenges that are faced by Space X venture of
Elon Musk. Lastly, research as well as investigation is conducted for entrepreneurial
performance of Elon Musk in relevance to Tesla.
TASK 1
Critically analysing three essential personal qualities of Elon Musk:
 Consent Power: Employees, colleagues, customers as well as investors should feel
empowered to be closer to the leader. Elon Musk has a wonderful spirit and a positive
attitude for a healthier upcoming years. There is an encouraging and no doubt allowed to
continue with the most difficult situations in his business. Authorization is a process to
identify and access their management systems and user permission to allow access.
"Authorization doesn't imply a direct acceptance of all procedures and various kinds of
authority but instead of design position that influence purpose of creating change for that
entrepreneur" (Apostolakis and Margaritou, 2018). The authorized entrepreneur puts the
business project into a resource relationship system with resource managers. This
compares with the recognition of the opportunities and creative themes that permeate
business research. Within an example of musk was joining network in 2001. It was an
outsider in space industry. Musk's 2001 move from Silicon Valley to Los Angeles gave
him the opportunity to enter the space industry. Musk joined social networks: contributed
to the Mars Society and Mars research, joined the Mars Society's board of directors,
announced the founding of the Life to Mars Foundation, and discussed investing $ 20M
to $ 30M Mars project and builds connections with willing engineers (Apostolopoulos
and et.al., 2018).

 Strategic Direction: Elon Musk creates and transforms an idea into a business reality.
They can build group loyalty to shared a common goals. Establish business state by
forming cooperatives and most benefited people - single, groups, the Board, and a list of
advisors / partners and to ensure that success are developed for all. Elon musk took a
technological formulation for teams and those who are understanding their behaviour of
talent and guides to take corrective action are required. Elon Musk's commitment as well
as persistence in building the launch car SpaceX, after failing to acquire the Russian
arrow in the year 2002, further Elon Musk says: "we can construct this rocket ourselves "
(Burnett and Danson, 2017). Elon Musk announced that SpaceX is focused on doing
things differently, and stressed that significant cost reductions are necessary and possible.
Some of other example was the proclamation that Space X would remain secretly held to
accomplish their goals and objectives that human type. Musk can wrote this letter for
Space X about timings of the disclosure, and made consistent statements about being
confidential: 'at the right time,' let me free you from any such view.”
 Creative Concerns: Pioneers are adopt fresh method and various new applications. It
determine the importance of business expectations and adopts changes in competing
environment and improvement of new technologies in various prospect of enterprises.
They can build a culture of creativity (Coulibaly, Erbao and Mekongcho, 2018). It
encourages another person to keep pace changes rather than dwelling on idea of drinking
day . This creative "thinking framework" requires a lot of intellectual energy, musk says
in 2012 there is a series of technology and video series also. Nevertheless, it is allowed to
come up with new ideas instead of to make a small modify to an existing ideas. Elon
musk also involve their first strategies in Ted conference in 2013 in which is renowned
that it is similar method that is used in physics. "Physics thinks about how you can
discover new and contradictory things." Using this creative approach contributed to the
formation of his companies (Devece, Peris-Ortiz and Rueda-Armengot, 2016).

TASK 2
Critically analysing challenges of entrepreneurial which will be faced by Space X venture of
Elon Musk:
Musk was one of the best successful owner with a new worth is $20.5 billion and many
firms which are named as Space X have failed most of the times during their career option but
out of these failures on day they made him successful one day. Take an example of a journeying
to success that we look in this how many difficulties they faced and how they continues to pay
that did not let any failure / problem overwhelm him.
There is a technical market structure, in this international market for introduction of
technical space is not a hundred. Bryce Space & Technology, is an state of art application,
estimates it is worth $ 6 billion a year. Space X will now influence the market that they offering
reduced cost that place communication equipment in fixed path – there is a path that allows
them to stay higher up a certain point that in surface of earth where they can travel thousands of
miles and they mimic planetary orbits. Although Space X demanded about that half of market are
demanded for launching of Geo Stacom has been installed. After that, an average of 17 per year
between 2003 and 2015, demand reached faint in 2016. The average part of previous few years
is an 8th year implementation. Arianespace, a major competitor to the launch of SpaceX in the
technical market, says that it needs 10 a year to stay afloat (Dias, Rodrigues and Ferreira, 2019).
Low condition is wide regarded as a “normal new one,” which is why providers start paying
liberate. But many number of start-up are provide, especially government-supported providers, is
growing. Something to give.
Access to the discipline marketplace. The U.S. Air Force, in charge of domestic
instruments space programme, newly market development are generate for a new generation of
various vehicles. There are four challenger but Space X are only firm that did not win this award.
It must have been painful situation that many years they have struggled and not to get certificate
or any award for launching of military Space X workhorse Falcon 9 rocket. (Dodgson and Gann,
2020). It seems to be that Air force cannot impressed with this plans. Space X can still complete
the second phrase of programme but it may be look like that government are included with funds
for construction of new launching Space X rocket engine.
The car is formerly famed as Big Falcon Rocket, is important to Space X plans for future
and its a fact that revealed in its new name, "Super Heavy Starship." It could be highest rocket

should be ever be built , ready to fund man-made missions on Mars, but the Air Force obviously
wanted something more than like incline Falcon. They ask with Space X last week how they can
plan to operate nationwide - part of the security of the launch business. Furthermore challenges
are describe about
Commercial Market stagnation - the global market for commercial spaces launches is not
big. There is Bryce Space and technology an analytical outfit, figure which it comes around $6
million annually. Space X has come to dominate that market through offering resources in low
rates to placing communication. The orbit that enables them to remain above specific point on
earth's surface even through travelling miles per hour.
Public space security - NASA Commander James Bridenstine going to ballistic when he
heard that Elon musk had smoked marijuana in podcast and review ordered a safety of two firms
that have an astronaut contracted to global space station for next year. (another Boeing).
Bridenstine had understanding to be fearful, as American astronauts have been riding to Russian
rocket was retired in 2011 (Gopinath and Mitra, 2017). Therefore Space X claims about that
market was last year demanded about geo satcom launches. It has stagnated after averaging as
per 17 years between 2003 to 2015. the average for last three years of biggest launches per year.
But the number of launch provider particularly state backed facilities, is growing.
Military market Access - The United States Air force, which depicts national security
Space program which ha snot received any type of rewards. As Elon Musk has been struggled
from years to get military launch certification of spaceX workhorse Falcon 9 rocket. SpaceX is
presently complete project in its second phase of program where the government majorly seeking
for funding development towards faces challenges launching new vehicles. The security
assessment of enterprises to control internal operations and it involve everything that could be
effect on security review. According to NASA associate decision maker, the space safety
security review founded in 2017 and annual report of NASA decision maker provider to
understand their culture of human aviation." it is very hard to understand all things that can be
reconsidered before a review, but many cultural factors should be influence their design and
operational performance of employees in enterprises, risk acceptance and another issues
affecting traveller safety.
They promote at the space station will be official primarily on how the space change
returns to the US-made launch of cars and satellite.. For instance, Space X is the only thing that

firm launches their product for the propose of while astronauts are present. It have been
interpreted that there is a cultural tendency accept to higher risks to be considered intellectual
(Ling, Zengrui and Metawa, 2019).
Altogether, disregard all non achievement and destructive rockets Elon musk motivate and
perseverance, taking risk that's the reason why they accomplish their goals with higher
motivation and being a successful entrepreneur and role possibility.
TASK 3
Research as well as investigation of entrepreneurial venture of Elon Musk on the project of
Tesla:
Tesla is a American vehicle firm based in Palo, California. Their current products are
electric cars, many battery, solar panels, roof tiles and so on. Elon musk is the first investor who
invest in finance in 2004 become board of directors and actor in this profession. Thanks to 7.5
million dollars expended on the project. They believe Tesla company and want to change in
various products public perception of electric vehicles (Macke and et.al., 2018). The main goal is
to start with premium price products and high end car that attracts work and attracts wealthy
capitalist, as simulate the life cycles of technology and product and start installing automotive in
the market with costly. As a company, its commodity, and customer attitude ripe, it had to enter
large, highly competitive markets at low prices (Patricio, 2017).
Musk was very generous, always leading to a capital that was invested and capable
attracting individual in the tech people like Sergey Brin and Larry Page, but first one is model
who have not yet been in production. (Nair, 2020). In 2008 there is financial crises, Elon Musk
thought that they become a senior manager, confront collapse by shooting 25% of Tesla workers.
Tesla roadster came out in 2006 as an example of in 2008 production began and Musk made
decisions about the design of the product in detail steady. All roadster electric sports car are
increase in $187 million but it was sold as much as they want but they sold in 147 out of 187
million. Market consciousness are extended and many of the people are understand that electric
cars are too low as compare to other cars, it can also adhere to their natural instincts and
emotional well-being provide a real cars but later on in 2009, next model of Tesla was launched
the name of Model S, that brings a large wave of Tesla model so that Daimler AG has decide to
do something.

In June 2009, Tesla could have repented. First allowed low acceptance a loan of $ 465 million by
US government produce a clean as a part of incentives and improve battery life systems. But at
the end of this month Tesla launched their first initial public offer to collect 226 million of the
firm's revenue. After that, there is ford motor company was launched in 1956 and Tesla present
first American car to be manufacturer in public. There was a time for Palo Alto firm to move into
the next business model site. It was time for Model S as well average value. The delivery of the
vehicles finally began in 2012. The Model S has been a big success for Tesla, so that market
competitors feel to pressure to enter the market with different fuel in marketplace. They were
surprised how to start a little California, driven by customers who don't even know about the
business of cars. To allow for faster charging car model S, Tesla has launched to build and
maintain a fastest network channels which should be distributed everywhere to allow buyers for
a easy and efficient way to charge in event for long trip. (Ratten, 2016).
The company was going well and Tesla had many partnerships with another car
manufacturers (Mercedes, Smart, Toyota) also decided to give everyone a patent. There are
many reasons why customers are attract given for this situation which include force and
encouraging gifted people staff, as well as accelerating the development of the massive electric
car market ongoing transport. That same year, Musk reduced his salary to $ 1. Also, like Steve
Jobs and many others, remaining compensation was in respect to stock and it is based on
performance bonus.
In 2015, it was turn into model X should be included in production part. Medium volume
is still a moderately priced car, but targeted at the SUV market. They was well received after his
early days, Tesla want that firm has almost 100% integration to manage all necessary
components of vehicles. This is why they decided to establish in Nevada, GigaFactory, a large
business site with a focus on battery production. This plant, at a price of approximately $ 5
billion, can be rented 6,500 people and reduced Tesla electric battery cost by 30%. Nevada
authorities help to make this incentive approx which is $1.3 billion tax benefits. (Raya and
González-Sánchez, 2020).
In March 2016, Tesla unveiled its current model, the Model 3, a low-priced-cost car
that Musk desired to be called a Model E, but they was challenged by fact of Ford car was
already there you are the owner of that legal right. Elon musk want that first three models to spell
S-E-X but it was settled down with S3X. Moreover, the 3 digits will be like three horizontal bars,

to make it inseparable from E in case of Tesla logo. (Wu, Zhuo and Wu, 2017).. Aside from the
incredible procedures for naming Musk, the the system of model 3 have been largest week for
launching new product that have ever existed. Thousands of people are reportedly standing in
line to keep their place. During the opening ceremony of Model 3, it was revealed that they have
over 115000 people had to be kept in this event. After one week they have launched, Tesla
Motors rumoured more than 325,000 bookings and more than three times the 107,000 car of
model S was sold in 2015. The income of the firm has new records. Elon musk have announce
that their plans and other projects in automotive collection; progresses steadily independent
driving experience and enhancing his interactions with others companies. So far Musk have
possess 22% of Tesla and it is a project that works for him many (Welter, Baker and Wirsching,
2019).
CONCLUSION
From the above report it can be concluded that Innovation as well as entrepreneurship are
key ingredients in building a successful trading business. The way two concepts work for the
purpose of fuel is something our intelligence never stops testing. Further, this term entrepreneur
is a someone who can creates and set up business taking a risk in terms of profit. The process of
starting a business is known as a business. It is an innovator of firm, sources of new ideas,
various product or services and maintain procedures.

REFERENCES
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entrepreneurship, and development. Technological Forecasting and Social
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crisis: Success factors and paths to failure. Journal of Business Research. 69(11).
pp.5366-5370.
Dias, C. S., Rodrigues, R. G. and Ferreira, J. J., 2019. What's new in the research on agricultural
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and entrepreneurship. Journal of Intelligent & Fuzzy Systems. 37(1). pp.35-43.
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Regard to Entrepreneurship and Innovation from Public Service Obligations on
Scheduled Air Transport. In Analyzing the Relationship Between Innovation, Value
Creation, and Entrepreneurship (pp. 289-306). IGI Global.
Welter, F., Baker, T. and Wirsching, K., 2019. Three waves and counting: the rising tide of
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Wu, J., Zhuo, S. and Wu, Z., 2017. National innovation system, social entrepreneurship, and
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pp.238-250.

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