Innovation and Entrepreneurship: Personal Qualities of Elon Musk, Challenges of Space X, and Entrepreneurial Performance in Tesla

INNOVATION AND
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Critical evaluation of personal qualities that make Elon Musk a renowned entrepreneur to
attain appropriate business opportunities ...................................................................................1
TASK 2............................................................................................................................................2
Critical discussion on entrepreneurial challenges that Space X venture of Elon Musk will face
with launch of starship and his vision to create self-sustainable city on Mars...........................2
TASK 3............................................................................................................................................3
Critical evaluation of entrepreneurial performance and shortcomings of Elon Musk during his
investment in Tesla venture........................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES ...............................................................................................................................5

INTRODUCTION
An entrepreneur is defined as an individual which operates and organises one or more
than one business by taking financial risks so that high advantage and profits in business can be
gained. Entrepreneur is a person in charge and a leader which inspires or guide their team to
work in a productive manner. Innovation is referred as the introduction of a new product or
service by a company so that they can provide unique services to their customers (Etzkowitz and
Zhou, 2017). This assignment report is based on Elon Musk which is a US based technological
entrepreneur. Engineer and investor. This project is going to cover about those personal qualities
which help Musk in attaining business opportunities along with challenges which Space X
venture can face due to entrepreneurship. At last, shortcoming and entrepreneurial performance
of Elon Musk while investing in Tesla will be discussed to acknowledge his true working
potential.
TASK 1
Critical evaluation of personal qualities that make Elon Musk a renowned entrepreneur to attain
appropriate business opportunities
Elon Musk is a South African born entrepreneur and a business identity which is
considered as one of the richest person around globe. Musk has established X.com ( PayPal ) in
1999, Space X in the year of 2002 and TESLA Motors in 2003. All of these businesses are
highly successful and shows the true potential of Musk as an entrepreneur (Naranjo-Valencia
And et. al., 2018). There are different personal qualities in Elon Musk which differentiate him
from other individuals and benefits Musk in grabbing business opportunities in a proper manner.
These businesses opportunities are mentioned below:
 Willingness to learn: There are many individuals which feels that a person is needed to
learn until they establish their career but it is not the actual case. Learning new concepts
is a life long procedure. This learning quality is available in Elon Musk due to which he
always remain updated about changing technology and ways to further enhance business
industry. This helps Musk in getting all the business opportunities in the creation of e-
mail payment as PayPal, SolarCity, neurotechnology, Space X etc. If Musk will not have
willingness to learn, it will not be possible for him to carry-out modifications in existing
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