Innovation and Entrepreneurship: The Success Story of Elon Musk

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Personality qualities of Elon Musk and its importance that made him a great or successful
entrepreneur.................................................................................................................................3
TASK 2 ........................................................................................................................................5
Entrepreneurial challenges, impact and its overcomes in case of Elon Mask’s SpaceX venture.
.....................................................................................................................................................5
Task 3...............................................................................................................................................7
Performance of Elon Musk on its entrepreneurship project like Tesla, paypal, hyperloop........7
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is modern equipment that is used by the effective entrepreneur. Entrepreneur
introduce innovation to exploit business opportunities in several areas. Entrepreneur bri9ngs
innovation in its business process to compete with its competitors. It helps in maintaining strong
brand and enhance potential consumer. The creative and innovative idea aids in introducing best
featured product and services. The combination of innovation and entrepreneurship facilitate
creative value to the business solution. Innovation is the combination of cooperation, idea and
execution of value creation in the company. Entrepreneur can not be successful without any
invention of innovative idea. Entrepreneur deliver innovative solution to the several problems of
society and economy. In this report Elon Musk is the chosen entrepreneur. He is one of the
innovative entrepreneur who established different types of company. The report aims towards
key personal qualities that made him successful entrepreneur. This report discuss about
challenges and their response towards challenges during his venture. It also investigate
entrepreneur performance in its several projects such as Tesla, Paypal, Hyperloop.
TASK 1
Personality qualities of Elon Musk and its importance that made him a great or successful
entrepreneur.
Elon musk established several companies and innovative start-up such as Tesla, Space X,
Hyperloop etc. The entrepreneur is famous for introducing transformational innovative change
around the globe. The Elon Musk mutual shared creative values in the economy like spirit of
entrepreneur, ready for innovative change, positive attitude, appropriate vision and passionate
leadership (benov and et.al., 2019). The entrepreneur has capability to introduce innovative
solution for the development of company expansion. It believe that failure of innovative idea
provides several opportunities to learn. The journey of failure will brings path of success for the
entrepreneur. The main personal features and qualities who made him great are as follows:
 Innovation- The Elon Musk believes in introducing innovative business solution to the
economy around the world. In the journey of innovation, it introduce first electric car
with creative attribute (Brush and et.al., 2019). This car is build by one of its successful
company Tesla. After this innovation the journey of creativity begins. They also develop
self made commercial car, electric vehicle, equipments of charging stations. The first

spaceships rocket was introduced by his innovative project company SpaceX. Several
innovative project introduced by entrepreneur is Solar City. It personally believe in the
exploitation of innovative opportunities in its business expansion (Dai, Byun, and Ding,
2019). It also deliver attitude of aggressive nature that is essential in resolving business
hindrance. Innovation and creativity is inbuilt in personality trait of entrepreneur in its
various start ups.
 Vision and Synergy- The entrepreneur share clear set of vision and synergy in its several
start up projects and company. The entrepreneur deliver and share synergy vision in his
three company unit. It combines ground and air industry all together to built two diferent
companies in future with synergetic effect, like SpaceX and Tesla. Both entity exploit
advantage of technology. It facilitate cost reduction and take advantage of cars and
spaceship industry. It introduce aerial and terrestrial in the form of source energy. The
most adoptable and favourable source is solar energy. It combines all vision of ecosystem
such as rocket, solar and electric car. Elon Musk aims towards non dependence of his
inter related company (Foss and Grandori, 2020). With the help of this one company does
not influence the operations of other inter related company. All the combination of his
organisation deliver synergy and vision around the globe. Entrepreneur has capability to
handle clear set vision and synergy in its all business unit.
 Advantages of legislation- Elon Musk has capabilities to exploit advantage of
legislation. It combines of government regulations and laws that are imposed for the
country benefit. The effective entrepreneur always in the search of exploiting and take
advantage of loopholes. Sometimes loopholes inherent in the government legislation. The
entrepreneur grab advantage of tax regime in various projects which leads towards
decreasing in it cost. Elon Musk has an ability to enhance its market position of company.
It maintain healthy relation with government system and practice all the laws to create
brand image.
Because of these three personal qualities, Elon Musk become one of the leading
successful innovative entrepreneur. In his innovative journey, entrepreneur faces lots of failure
and challenges and over come by exercise his personal qualities. It follow theory of Schumpeter
for introducing innovation in its start ups. Most of the entrepreneur execute this theory for
innovative ideas. According to this theory entrepreneur brings innovation for the economic