Innovation and Entrepreneurship: Exploring the Success of Elon Musk and Tesla

This report explores the concepts of innovation and entrepreneurship, focusing on the success of Elon Musk and his company Tesla. It discusses the personal qualities that contributed to Musk's achievements and the challenges he faced. The report also delves into the strategies and innovations implemented by Musk in the development of Tesla.

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
PERSONAL QUALITIES...............................................................................................................3
CHALLENGES...............................................................................................................................4
ENTREPRENEURAL PERFORMANCE......................................................................................5
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation and Entrepreneurship are considered to be one of those aspects that will bring out the
business development ideas in no time. In this present era there seems to be a lot of innovations
that are adopted by companies around the globe. The world is full of opportunities and there are
young entrepreneurs every now and then coming up with their ideas and implementing them in
no time (Nambisan and et.al, 2019). Entrepreneurship is defined to be one of the complicated
aspects that is performed by individuals and sometimes there might be people supporting the idea
or at times will have to go on an individual implementation. The entire report deals with
entrepreneurship and the different innovations that arise as a consequence of the entrepreneurial
ideas. The report also brings forth one of the greatest entrepreneur your Elon Musk. Elon Musk
in his tenure of being the entrepreneur was not believed by many and yet he did not fail to lose
strategies of innovations and now turned out to be one of the billionaires of the entire world. The
innovation that are in regards to Elon Musk as well as the entrepreneurial ideas that are adopted
by him are put forth in this report.
PERSONAL QUALITIES
Say no attitude: Elon Musk enthrals upon saying no to dropouts. It is said that when an idea of
entrepreneur is going to flourish in the beginning there will be challenges that are associated and
also there will be critics that are to be dealt with (Cunningham and et.al, 2019). This is being
faced by Elon Musk at every interval of his development. But the challenges never stopped Elon
Musk to drop in between from the choices that he made. The entrepreneur Elon Musk is so
determined and so passionate towards his goals and strategies that even the critics that came
along his way were dealt in a proper manner and with positivity he continued the work he
started. Through this determination he has developed one of the online banking platforms which
is PayPal. The idea of PayPal was at first being criticized as one of the most underrated (Elert
and et.al, 2017). Elon Musk with the strategies paved way for its implementation and now it is
regarded as one of the most preferred online payment modes. The application conquered The E-
Commerce industry in such a way that every user came up with a positive response. Although
there were many critics in the beginning of development of this application yet the Paypal
application was sold making Elon Musk one of the billionaire.
Proved that serial entrepreneurship is not a bad idea: every entrepreneur upon developing the
idea of implementing things up on there will come across negotiations that will act as a barrier

for them to move ahead. There are certain days that are set in the world for entrepreneurs that it
is a challenging aspect. Elon Musk has proved that serial entrepreneurship is not a bad idea like
that is being considered in the world (Karlsson and et.al, 2019). Through his ideas Elon Musk
has brought aboard a great modification in the entire e-commerce. During the time of Elon Musk
development, the space industry is in our very slow run and therefore there is no improvement
upon it for a very long time. Elon Musk came up with his idea of setting the space X company.
This idea acquired certain reputation that the company is now involved in designing and
manufacturing the largest spaceships that is now in regards to the competition aspect of NASA
spaceships (Coulson-Thomas, 2017). NASA manufactures spaceships at a very high cost
compared to space X company. Therefore, Elon Musk focus upon this and differentiated the
company with NASA as manufacture only through the cost effective measures that are adopted
by him. Through all his innovations Elon Musk depicted the fact that there is no stop for serial
Entrepreneurship and therefore every entrepreneur will have to stay dedicated with the thoughts
and plans that are set for a new project for a company then it will surely reach the mark of being
the best unless and until the dedication is maintained (Schmitz and etal, 2017).
Weird habits: Elon Musk although regarded as one of the greatest entrepreneurs of today's
generation it is said that there are weird habits that are associated with him. The entrepreneur
believes that even the smallest point of time that is being wasted can be put into developing
something such that the results will be enormous. Elon Musk hardly takes time for his personal
activities like eating and having his space since he believes that no small wastage of time is
permitted in development. Upon developing the aspects even in the personal time there can be
results achieved sooner than other entrepreneurs usually do (Zhu and et.al, 2017). This is also
one of the references that he is providing for the latest entrepreneurs that are coming up with
their ideas and are backstabbed by the critics. It is recommended that there will be different
challenges that are associated with being entrepreneur and these are to overcome at regular
intervals of time such that dedicated measures and implementations will have to be followed on a
consistent basis.
CHALLENGES
Weak enterprise profitability: there is no proper media coverage for the company's space acts
as a part of its venturing into the market. Although there are different space authorities that are
operating in the world today at the space X company with its fabulous formulations did not find

means to get incorporated into meeting such that it has attained the less popularity that followed.
When market when any company enters in the following industry it is set to earn a revenue of
2.5 billion dollars but the spacer company was able to achieve 270 million dollars. This is
regarded as one of the most challenging aspect for the company in order to increase its revenue
by the policies that it has adhered to survive. The taxation policies upon this company is
regarded to be Bloomberg.
Civil space safety: it is important to ensure safety in the space industry since a small
deterioration in the formula will lead to greatest disaster. one of the officials quoted that Elon
Musk in one office interview smoked and therefore safety review was encroached upon Elon
Musk to get to know the facts of safety that he has employed. The US astronauts now are into
managing the Rockets from the retirement of Space Shuttle. Therefore in order to ensure this the
astronauts will have to be acquired upon things that are developed by Elon Musk (Chatterjee and
Ramu, 2018). This in return is regarded as one of the finest challenges for the entrepreneur to get
in the flow with regard to astronauts and his development. All the their seems to be different
precautions that are inherited by Elon Musk every now and then at the other it is imposed serious
threat to prove them at regular intervals of time.
Oversize Capital requirement: Elon Musk targets are such that they are very much oriented
with investment of capital. Going and exploring the planet Mars is such a hectic thing and it
requires enormous capital for the things that are adopted by Elon Musk. There are different other
innovations that took place during the space x revolution in the space industry. In order to prove
its worth the space X company will have to try it on funding which will be a challenging aspect
for heel on Musk.
ENTREPRENEURAL PERFORMANCE
Overview: the tesla company falls under one of the accomplishments of Elon Musk. The Tesla
company is the one that is involved in manufacturing car that run on electric battery. it is not just
the cars that the company aimed at manufacturing but also the solar panels that will be beneficial
for electric conservation (Mongelli and Rullani, 2017). There are different circumstances upon
which these factors are to be dealt with and the greatest target of Elon Musk his to dual with
changes in electricity. It seems that the resources are getting depleted on immense basis and a
certain ideas are to be plugged in in order to make sure that few resources will last for a certain
period of time. In this formula Elon Musk carry forwarded the innovation ideas of developing

electric car and solar panels that will directly work with the renewable energy. The cars that are
manufactured by the company Tesla are regarded as one of the most preferable product that the
world is at present dealing with. There is a subsidiary for the company Tesla which is Solar City
that develops photovoltaics systems.
Idea: when this particular idea of Elon Musk is put forth in the market it is regarded as one of the
scrap and failed projects by many people (Yan and et.al, 2018). This is a proof that whatever
kind of innovation that an entrepreneur comes with the market will definitely not accept the fact
at an instance. This was seen in alone must case where there are various critics that arrived as a
part of his presentation of ideas and thoughts regarding the tesla company. In spite of receiving
so many critics Elon Musk the CEO and founder of Tesla company never negotiated upon the
circumstances and continued his development on bringing this company into existence. The
Tesla company was named after one of the greatest inventors and electrical engineer Nichola
Tesla. The funding that is associated with the development and establishment of this company is
entirely in the hands of Elon Musk everything that is being gather up on the development parts is
put and made this project to be one of the most successful in all times (Patricio, 2017). The Tesla
motors is considered to be the sustainable sources for the company where the vehicles use it up
on their design. Upon its first expedition into the automobile industry the organisation fast and
lot of controversy set the car that is passport left Elon Musk making billions of profits. The best
formulas that were adopted in terms of the manufacturing of cars is regarded to be almost
sustainable and therefore there is no violation of rights according to societal norms. The
allegations that are related to this project were corrected at times and the company is launched.
Release: after setting up all the processes that the company was dealing with the development
aspects there was a smooth launch on July 1st 2003. Just as a company was launched in July
there seems to be tremendous sales for the cars that were manufactured by the company. The
formula that is being encroached upon by Elon Musk in this industry is the battery with which
computer software and proprietary motor usually works (Etzkowitz and Zhou, 2017). The
investment and the entire capital for this development was put by Elon Musk and now he is
experiencing double the profits. Initially there were no body that is constituted in the company to
deal with the activities that are related to manufacturing and distribution network. Later when the
company got into its form then it slowly started developing the board of directors and also the

recruitment process is being on board. This clearly shows that a prior vision will make things
possible and will bring ideas into existence.
Global expansion: every company's major target will be global expansion. Upon making profits
in the parent country where the company is operating and dealing with profits then the next goal
for it is to expand the product globally. Global expansion refers to the process of expanding the
entire companies policies and management to another country or region. This will bring award a
great command over the other countries where the company is going to expand. Elon Musk
major focus is to expand this Tesla company in Shanghai, China. While entering into another
company as a part of global expansion it is necessary to go for local partner that will help them
fit results easily (Popp, 2020). With this idea Elon Musk was able to draw the attention of one of
the automobile factory Giga Shanghai. Just as the company is expanded into another country, it
hardly took months span in order to on its reputation. This is because the company focused on
delivery of products upon order basis. People that are residing outside the country where the
Tesla company is operating will be provided with the cars that are manufactured by the company
on order basis. This is almost followed where the doors for delivery are opened and few
countries have been able to purchase them. In no time the company Tesla stood as a greatest
competitor for the biggest brands like BMW, Daimler and Volkswagen.
Business strategy: Tesla company is the hardest idea that is implemented in this era. In a time
where the renewable resources are getting depleted Elon Musk idea of developing strategy will
enhance the business. Elon Musk focused upon the sensitivity of their customers on purchasing
the product. The management of the company Tesla is involved in manufacturing high priced
vehicles in a low volume. The company manufactures cars that are sports cars which are said to
be unique vehicle production (Castaldi and et.al, 2020). Initially the prices are set to certain
extent that will determine the mindset of people and later the company and management decided
to go with decreasing cost of its batteries. The models that were launched by Tesla company are
Model S and model X which are said to be most luxury creation. The company did not mainly
focus upon its promotion since it believed that the reputation itself will take products into
customers. Being one of the most reputed company Tesla did not aim for direct advertisement
and never invested for it. There are certain showrooms where Tesla is operating and people from
all over the world can examine its creations and get their choice.

CONCLUSION
The entire report concludes upon the aspects of explanation regarding innovation and
entrepreneurship. Through this report one can easily understand the innovation policies as well
as the entrepreneurial ideas and its importance. The report deals with identifying the choices that
are made by the entrepreneur Elon Musk. Elon Musk in his tenure came across challenges that
paved way for success that he is experiencing today. This is what is being depicted in the report
and his choices that made him one of the best entrepreneurs of the world. His greatest
achievement Tesla company is being directed in the report through which one can easily
understand the strategies and policies that are adopted by Elon Musk in order to develop the
company. The behavioural patterns of Elon Musk depicted through which one can understand
and can take reference to develop thoughts and ideologies. The report stresses upon the fact that
innovation will have to be carry forwarded with patients and therefore it yields results.

REFERENCES
Books and journals
Nambisan and et.al, 2019. The digital transformation of innovation and entrepreneurship:
Progress, challenges and key themes. Research Policy. 48(8). p.103773.
Cunningham and et.al, 2019. 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.
Coulson-Thomas, 2017. Stimulating creativity, enabling innovation and supporting
entrepreneurship. Management Services. 2017(Summer). pp.26-29.
Schmitz and et.al, 2017. Innovation and entrepreneurship in the academic setting: a systematic
literature review. International Entrepreneurship and Management Journal. 13(2). pp.369-
395.
Zhu and et.al, 2017. Review on innovation and entrepreneurship education in Chinese
universities during 2010-2015. Eurasia Journal of Mathematics, Science and Technology
Education. 13(8). pp.5939-5948..
Chatterjee and Ramu, 2018. Gender and its rising role in modern Indian innovation and
entrepreneurship. IIMB Management Review. 30(1). pp.62-72.
Mongelli and Rullani, 2017. Inequality and marginalisation: social innovation, social
entrepreneurship and business model innovation: The common thread of the DRUID
Summer Conference 2015. Industry and Innovation. 24(5). pp.446-467.
Yan and et.al, 2018. Fostering sustainable entrepreneurs: Evidence from China college
students’“Internet Plus” innovation and entrepreneurship competition (CSIPC).
Sustainability. 10(9). p.3335.
Patricio, 2017. A gamified approach for engaging teams in corporate innovation and
entrepreneurship. World Journal of Science, Technology and Sustainable Development.
Etzkowitz and Zhou, 2017. The triple helix: University–industry–government innovation and
entrepreneurship. Routledge.
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Popp, 2020. Innovation and Entrepreneurship in the Energy Sector (No. w27145). National
Bureau of Economic Research.
Castaldi and et.al, 2020. why and when do firms trademark? Bridging perspectives from
industrial organisation, innovation and entrepreneurship.
Online
Elon Musk Entrepreneur: [Online]. Available through: < Elon Musk - Tesla, Age & Family -
Biography >
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