Innovation and Entrepreneurship

This report explores the concepts of innovation and entrepreneurship, focusing on Elon Musk's initiatives. It discusses the challenges faced by entrepreneurs, the importance of perseverance, and the impact of green entrepreneurship. The report also highlights the skills and qualities of successful entrepreneurs. References and resources for further study are provided.

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:
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Perseverance: Elon Musk is having quality of perseverance in his nature, as he believes to
do something irrespective of many difficulties in order to achieve success. With his not giving up
efforts he keeps on innovating with new and unique ideas (Vance & Sanders, 2015). In order to
accomplish success in his project of Mars there were many obstacles and later achieve success.
In addition to this it has been evaluated that Elon he works for so many hours in order to fulfil set
goals and objectives and also motivate other employees for the same which is his Leadership
skills By putting hard work in his ambitions and dreams Elon Musk marked his presence in
world top 30 richest men. Along with this it has been evaluated that with new ideas and answers
and Elon Musk always tend towards improving living standards of individual in environment
quality. Perseverance stimulates Elon towards initiating his start-up space X by taking use of
innovative ideas that acts as his skill of Ability to plan Elon Musk set an objective to reach Mars
in cost-effective and half the price. However in this mission failed number of times as he was not
having enough fund, but despite of this he continuous his idea but and develop online bank
x.com. Elon Musk undertakes risk in order to fulfil his ambition in a well effective manner.
TASK 2
Entrepreneurial challenges
In order to build a successful entrepreneurial venture there are number of challenges that
are being facing by entrepreneur. In context with present scenario it has been evaluated that
SpaceX has designed rocket, Starship in accordance with the guidance of lead designer Elon
Musk. With reusable transportation system this rocket is super heavy and is mainly designed for
both mars and Earth's orbit and cargo to the moon. In this there were number of challenges that
have been faced for launch of Starship which is further defined below:
Facing criticism
Because of company portfolio SpaceX could not undertake the activities related to market
itself which is one of the most critical obstacles that hamper success of this mission. It is
essential to conduct marketing in order to have more number of investors and further gain their
trust as to ensure maximum success and probability (Blankesteijn, van der Sijde & Sam, (2019).
It is essential to have large number of investors and ensure their trust in order to further increase
success of Starship.
II. Entrepreneurial marketing
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Due to number of failures the company facing lot of Criticism from every individual
that further affect launching of Starship which is a heaviest rocket. It has been identified that
due to criticism that has been facing by SpaceX they are not getting many investors (Wang
& Chugh, (2014). Thus, it has been evaluated that it is one of the most affecting
entrepreneurial challenges that create number of obstacles in front of company to ensure
great success.
IV. Green entrepreneurial marketing
In the year 2003 Tesla was founded and become first electrical car suppliers that have
significant aim to reduce global warming in order to protect environment. In this Elon Musk
encourage Tesla to undertake the use of his new ideas in order to formulate electronic cars in an
environmental friendly manner and offer something unique in automobile industry. Further it has
been evaluated that company support green entrepreneurship in which they not only provide their
products in cheaper rate comparatively to other Tesla car but also improve environment
behaviour. It has been identified that shortcoming of the new product of Tesla is that they are
having limited display market and complaints related to car and company already started
appearing. Elon Musk encourages employees in Tesla to work in a qualitative manner while
undertaking organisational standard in consideration (Davenport, (2018 ). However due to the
services that have been providing by company customers feels frustrated. Along with this vehicle
production rate is also slow that create dis-satisfaction among consumers.
It has been evaluated that with having strong brand identity Tesla undertake use of
innovative ideas, uniqueness in order to manufacture their cars. In this as to increase satisfaction
level among consumers and offer them highly qualitative services it is essential for company to
understand that this is not a work of single man but it requires entire team to stay aligned towards
organisational goals (Karimi & Nabavi Chashmi, (2019). In this it is important for leaders and
managers to regularly engage in the service of innovating ideas and uniqueness as to offer great
services to consumers. This can not only lead entity to ensure maximum growth but also allow
them to stimulate their organisational process in an effective manner.
CONCLUSION
As per the above mentioned report entrepreneurship is defined entrepreneurship is defined
as process in which entrepreneur undertake risk as to develop innovative business venture as to
serve customers and respective industrial sector in an effective manner. Elon Musk encourages
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lot of individuals not in company but also in external environment. With having great qualities
and characteristics he encourage Tesla to have proper awareness related to their weakness and
overcome negative aspects from consumer side in order to ensure maximum profitability. As
company is already having strong brand name but due to their limited market it restrict their
growth. For this by taking advantage of strategy and innovation Tesla lead towards ensuring
more success in upcoming future.
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REFERENCES
Books and Journals
Musk, E., & Fitzgerald, I. M. J. (2000). U.S. Patent No. 6,148,260. Washington, DC: U.S. Patent
and Trademark Office.
Vance, A. and Sanders, F., 2015. Elon Musk. HarperCollins.
Musk, E., Wai, K. S., & Chan, L. (2000). U.S. Patent No. 6,108,650. Washington, DC: U.S.
Patent and Trademark Office.
Davenport, C. (2018). The space barons: Elon Musk, Jeff Bezos, and the quest to colonize the
cosmos. PublicAffairs.
Clifford, C. (2016). Elon Musk: Robots will take your jobs, government will have to pay your
wage. CNBC. com, 4.
Stone, D., Lindenmoyer, A., French, G., Musk, E., Gump, D., Kathuria, C., ... & Pickens, T.
(2008). NASA's approach to commercial cargo and crew transportation. Acta
Astronautica, 63(1-4), 192-197.
Wang, C. L., & Chugh, H. (2014). Entrepreneurial learning: past research and future
challenges. International Journal of Management Reviews, 16(1), 24-61.
Klofsten, M., Fayolle, A., Guerrero, M., Mian, S., Urbano, D., & Wright, M. (2019). The
entrepreneurial university as driver for economic growth and social change-Key strategic
challenges. Technological Forecasting and Social Change, 141, 149-158.
Blankesteijn, M., van der Sijde, P., & Sam, C. (2019). Entrepreneurial universities and
knowledge circulation: Challenges to university-industry interaction. In Smart
specialization strategies and the role of entrepreneurial universities (pp. 81-98). IGI
Global.
Blankesteijn, M., van der Sijde, P., & Sam, C. (2019). Entrepreneurial universities and
knowledge circulation: Challenges to university-industry interaction. In Smart
specialization strategies and the role of entrepreneurial universities (pp. 81-98). IGI
Global.
Yu, X., Li, Y., Chen, D. Q., Meng, X., & Tao, X. (2019). Entrepreneurial bricolage and online
store performance in emerging economies. Electronic Markets, 29(2), 167-185.
Haldar, S. (2019). Green entrepreneurship in the renewable energy sector–a case study of
Gujarat. Journal of Science and Technology Policy Management.
Karimi, R. F., & Nabavi Chashmi, S. A. (2019). Designing green entrepreneurship model in
sustainable development consistent with the performance of Tehran Industrial
Towns. Journal of Business-to-Business Marketing, 26(1), 95-102.
Colombelli, A., & Quatraro, F. (2019). Green start-ups and local knowledge spillovers from
clean and dirty technologies. Small Business Economics, 52(4), 773-792.
Haldar, S. (2019). Green entrepreneurship in theory and practice: insights from
India. International Journal of Green Economics, 13(2), 99-119.
Dixit, S., & Moid, S. (2019). Green Entrepreneurship and Women: Sustainable Growth in
Emerging Economies.
Yoffie, D. B., & Fisher, D. (2019). Elon Musk's Big Bets Update, 2019.
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