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

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).