Innovation and Entrepreneurship: Elon Musk's Qualities and Challenges

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Main personality qualities and their importance who made Elon Musk a great entrepreneur....3
Task 2...............................................................................................................................................5
Three entrepreneurial challenges that Elon Mask’s SpaceX venture face and their impact on
projects along with its overcomes...............................................................................................5
Task 3...............................................................................................................................................7
Elon Musk’s entrepreneurial performance on Tesla, paypal, hyperloop....................................7
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is efficient and effective instrument of entrepreneurship through which can
take opportunity of several changes in different services or business. This deliver set of
discipline, learned and practice. To implement successful innovation plan they always identified
source of innovation, change and symptoms. Innovation is not only known as inventing new
things but also identifying and grab benefit of changes or opportunities. Innovation is essential
in entrepreneurship. To develop unique product and strong costumer base to create brand image
innovation is required by entrepreneur. Ideas of innovation Will make develop more competitive
start-up. It is the ongoing or continuous process of transforming innovative idea into marketable
form. The chosen entrepreneur in this report is Elon Musk. This report include personal qualities
of Elon Musk and their importance in innovation and entrepreneurship. It provides challenges,
impact and overcome of challenges in their entrepreneurship project. It also provide evaluation
of its performance in their entrepreneurship projects.
TASK 1
Main personality qualities and their importance who made Elon Musk a great
entrepreneur.
Elon musk is the founder of many successful start-up like Tesla, Pay pal, Space X etc.
This entrepreneur brings new evolution in innovation and entrepreneurship across the world. The
entrepreneur shared values such as entrepreneur spirit, passionate for innovation, positive
sentiment, clear vision, personal unity (Akpan, 2020). It has an ability to transform change with
innovation in favour of company benefit. Here are three main personality qualities and its
importance who made him a great entrepreneur (Innovation and entrepreneurship, 2019). It never
discourage with its failure and always try to learn from its failure or challenges throughout the
journey.
 Innovation- The companies of Elon Musk are delivering innovation across the world. It
create first electric car in Tesla company with innovative features. After that Tesla
company never avoid the concept of innovation in their product or services such as
electric vehicle, charging stations, first self cars in commercial etc (Bekmansurovand
et.al., 2019). SpaceX is launched by him which is first rocket and spaceships introduced

with innovative features. One another successful project of him is Solar City. It always
utilise the concept of innovation in its all start-up projects. This entrepreneur involve
aggressive attitude that is required by an entrepreneur while facing several obstacle (Birx,
2018). Thus innovation is integral part of his personality trait that is involved in each of
the projects.
 Synergy and vision- It has strategic vision and synergy in their projects. As he already
mention his visual perception of three companies act as a whole complete unit. It
continue his ground, air industry together in the future through developing Tesla and
SpaceX. These companies take benefit of technology all together . This provide the
leverage to reduce cost and develop optimum utilisation of spaceships and cars. The
most common element for aerial and terrestrial is energy (Bissola, Imperatori and Biffi,
2017). After oil reserve the most preferable energy source is Solar. It clearly make vision
electric vehicles, rockets and solar energy as the elements of whole ecosystem. There is
one benefit that each element is not dependant. So in the failure of one element it will not
affect or influence other element. Entrepreneur will convert his all companies all together
as synergy to become largest across the world and continuous provide all business firm in
collective way. It has quality to vision clearly and synchronised different unit into one
unit.
 Taking benefits of legal and government laws- The entrepreneur has quality to take
benefit of laws and regulation which are imposed by government in favour of company.
The successful businessman or entrepreneur grab opportunity of loopholes in the interest
of company. In this case they take benefit of grants or tax in several counties to decrease
cost of operations in business (Bruton,, Zahra and Cai, 2018). Most of the companies get
advantage of this. The entrepreneur has qualities and personality to improve company
position or brand name.
Elon Musk is most great and successful entrepreneur that may be fail in short span but
will definitely lead in the industry because of its three main personality qualities. The
entrepreneur adopt Schumpeter’s Theory of Innovation (de Lurdes Calisto and Sarkar, 2017).
This theory is well known for its innovation. This theory state that innovation of entrepreneur
provide drastic development in the economy of country. As per this theory the main activity of
entrepreneur is not only create ordinary managerial quality but also create something new.