Innovation and Entrepreneurship

Innovation and Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Main personal quality.............................................................................................................1
TASK 2............................................................................................................................................2
Entrepreneurial challenges.....................................................................................................2
TASK 3............................................................................................................................................3
Entrepreneur performance and shortcoming..........................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneurship is defined as an act of creating a business venture with an aim to generate
maximum probability. It is an ability to develop, organise and run an enterprise while
undertaking risk and uncertainty as to make profit (Musk & Fitzgerald, (2000 ). While if it is
talked about an entrepreneur they are define as an individual who is having ability and desire to
start up a business venture along with entitled risk in order to make profitability at great extent.
Entrepreneurs undertake use innovative ideas and further bring new idea in marketplace while
replacing old one. There are mainly four types of entrepreneurship that are small business
entrepreneurship, scalable start-up entrepreneurship, large company entrepreneurship and social
entrepreneurship. Present report has been made on Elon Musk. He is a CEO, founder and chief
engineer/ designer of space X and CEO of Tesla report. Report will discuss an innovative
initiative by Elon Musk in order to reach Mars. In this mission he failed so many times but did
not give up after so many attend he finally achieve success.
TASK 1
Skills
Being a great entrepreneur Elon Musk is a role model. It has been evaluated that he initiated
from nothing and gain high success by himself only that made him a self taught entrepreneur he
always wanted to lower down production price of space rocket by undertaking utilisation of
different materials and procedures that are not only budget but also environment friendly.
However all of them get failed for different reason (Yoffie & Fisher, (2019). It has been
evaluated that most important quality of Elon Musk as an entrepreneur is that he is having
quality of perseverance, as per his opinion he says that if a person is having dream and he really
believe in his dream then no matter what their dream will come true. Elon Musk is having a
vision that state towards change the world and humanity. Mentioned below personal quality that
has been hold by Elon Musk is defined below:
1