Qualities of Elon Musk as an Entrepreneur

This report discusses the personal qualities of Elon Musk that make him a great entrepreneur. It also explores the challenges faced by Musk with the recent Starship launch and his vision of establishing a self-sustainable city on Mars. Additionally, it evaluates Musk's entrepreneurial performance and any shortcomings during his investment in Tesla.

Innovation and
Entrepreneurship

Table of Contents
Introduction..................................................................................................... 3
Main body........................................................................................................ 3
Task 1: What are the main personal qualities of Elon musk which makes
him a great entrepreneur? Give a real example of this.................................3
Task 2: What are the challenges faced by the Elon Musk with the recent
Starship launch and his vision of establishing the first self sustainable city
on the planet Mars. Justify this with a real example.....................................5
Task 3: Evaluate the Elon Musk entrepreneurial performance and any
shortcoming which was faced by Elon Musk during his investment in
Tesla............................................................................................................. 6
Conclusion....................................................................................................... 8
References ...................................................................................................... 9

Introduction
Innovation is an idea which is transfer to a real life. With context to the business, there
products process and other concepts of business that have been innovated into the marketplace
with the aim to enjoy the profits which can result in the growth of the organization. It helps in the
continue growing and renovate the existing product in the market which helps in enhancing their
efficiency of their business and helps in the growth of the organization. Entrepreneur is the one
who has a willing and able to transform an invention into an innovation. This can be done in the
case of business when the business man wants to innovate their products and services for the
growth of their organization or and to attain their set goals (Birx, 2018). This report is based on
the case study of Elon Musk who is the entrepreneur and innovated the SpaceX rockets. This
report is being discussed about the personal qualities of Elon Musk. Further, the challenges are
discussed which was faced by the Entrepreneur during their ventures and lastly, what are the
performance and the shortcoming faced by him during the venture of Tesla.
Main body
Task 1: What are the main personal qualities of Elon musk which makes him a
great entrepreneur? Give a real example of this.
Elon Musk is an engineer and a business magnate and industrial designer. He was raised
in Pretoria South Africa. He is the founder of SpaceX which is an aerospace manufacture and air
transport service company (Macke and et. al., 2018). He is the CEO and a lead designer of the
innovation. There are several qualities which are posed by Elon Musk and some of those are
discussed below:
 Entrepreneurial Spirit: It refers to the embodies vision, commitments, capacity to take
risk and personal growth of the individual. It tries to demonstrate the perseverance in the
face of adversity and to overcome with the obstacles during their process of working to
attain their goals. Elon musk is the entrepreneurial sprit as he has the ability to overcome
with their disappointments. He has faced many failures during the life of his career and
still has overcome upon those failures and has attained their set targets of the life. Like he

has faced failure in his Tesla brand to rocket crashing. His SpaceX has almost gone to a
Bankrupt.
 Passion for Innovation: It means when the entrepreneurs has adopted the different
techniques in order to approach to their goals. When they have developed the culture of
innovation and motivate others also to innovate the new things instead of sitting on the
day late ideas they develop a passion in themselves so that they can innovate something
new (Lin and Wei, 2017). Elon Musk is the entrepreneur which has this quality of
motivating others also in order to innovate something new so that they can attain their set
goals in an effective manner. He believes that every problem with an innovative
solutions. His theory says that the problems are not issues they are the opportunities and
this is what leads to him towards his success.
 Strategic Direction: it means when the entrepreneurs creates an idea into an reality
through their business. It can be achieved by the team when they treated it and achieve it
as the common goal of all. In this the Elon Musk has this quality as he use to take
scientific approaches to build their teams in order to attain the common goals of the
organization. It can be done by understanding their behaviors and the skills which was
posed by them so that they can use it to attain their goals. To attain the common targets of
the company the manger are being there who use to look after the work of the employees
and helps them in solving their personal and professional issues so that they can easily
attain their targets of the company (Urbano and et. al., 2019). They also help them in
developing the strategies which are very helpful in order to attain their goals of the
enterprise.
The above discussed are some of the qualities of Elon Musk which makes him the
desirable entrepreneurs for other. There are some more qualities which are posed by him such as
an quality of positive energy which means that he use to motivate the other employees,
colleagues, customers and other people so that they feel energized being around him. This helps
in changing the environment of the organization to be positive. This helps in inspiring their
workforce so that they can give their best to the organization.

Task 2: What are the challenges faced by the Elon Musk with the recent Starship
launch and his vision of establishing the first self sustainable city on the
planet Mars. Justify this with a real example.
Elon Musk has started a company to transform the commercial space market named it as
SpaceX. It has proved that there are several techniques which can be used by their enterprise to
provide far less cost for this innovation. He believes that there is no other revival company who
can compete them at their cost. But there are many challenges which were faced by the
organization some of them are as follows:
 Commercial Market Segmentation: their company has bought the cut rate price to offer
the other company for placing communication satellites in geosynchronous orbit. This
orbit helps them to be above from the earth’s surface even though they are running at
thousands of mile per hours (McPhee and Saurabh, 2018). This can be possible as they
are matching the rotation of the planets.
 Military Market access: The US Air force is manages the national security of the space
programs. There are four competitors of SpaceX. All of them got the military launch
certificate expect SpaceX and this makes Elon Musk more disappointing about this. This
is done just because the Air force is not satisfied with their plans (Nielsen, 2018). The
government is not funding for the innovations of new engines for Space X but now the
company has innovated their product with the name of Super Heavy Starships. It is the
biggest rocket which is build by the company and named as Mission to Mars but it was
also rejected by the Military Authority.
 Civil Space Safety: the safety is the essential obligations of the nation towards their
individuals who are living their. But on the overseas platform it is managed by NASA
Association which use to order to review to the company to carry out astronauts to the
international space station. They use to examine everything so that they can analysis that
what are the things and how much they have an impact on the nations security.
 Weak Enterprise Profitability: the most effective challenge for the company is that their
life is very difficult to survive for the long run as they are not generating a profit which

makes them difficult in their long run survivals. This is not so shocking for the company
as they are providing their services at the lowest price as compared to the competitors
companies. This is what makes difficult for the company to generate huge amount of
profits. Elon Musk uses cut rate prices which means the company is working with the thin
margin of profits. It is for the firm if they failed in generating huge amount of revenues
in the peak time the n it will be difficult for the company to launch new and innovated
products to defeat their other revival companies from the competitive markets.
 Organized capital requirement: no business can be done without the proper funds. Going
to mars is also very expensive (Nunes and Eisner, 2018). The company requires huge
amount of funds so that they can allocate it and use it in the proper manner which helps
them in attaining their goals. The company is expecting that the Air force will provide
some help in terms of monetary or other so that they can laugh their SpaceX in more
effective manner. The main aim of the organization is to provide necessary funding from
both internal and external sources.
The above mentioned are the challenges which was faced by the Elon Musk on launching
the starship. They must focus and testify the starship to make sure that it will leave the axis of the
earth and return safely. When it comes back safely then only the aim can be achieved. If the ship
failed in coming back on the earth then there is no sense of sending it on the Mars. It attain their
main aim the Elon himself has designed the the phase (Perevozova and et. al., 2019). To
overcome with this the company has to manage their affairs properly so that they can attain their
objectives in an effective manners. They have faced different challenges during the road to
success.
Task 3: Evaluate the Elon Musk entrepreneurial performance and any
shortcoming which was faced by Elon Musk during his investment in Tesla.
Tesla is an company of America which use to produce elecvtric vehicles and solar
product. The headquarter is situated in Palo Alto California. The company use to offer battery
products and services related to the vehicles. The company also deals with solar roof tiles and
panels and other related products and services (Omer Attali and Yemini, 2017). The enterprise

use to deal with automotive and performing very well in the market which helps them in
expanding their business at the global level.
Elon musk is the co-founder of Tesla Motors. It is the company which was founded in 2003
which use to produce affordable, mass market electric cars and also battery products and solar
roofs. He use to develop such products their designing and function of such products of the
company (Thukral, 2021). It is the company which is available at the global level.
Elon has contributed US $ 6.5 million of the initial around of investment in February,
2004. he became the chairman of the board of director of the company. Musk use to maintain the
Tesla for the long term strategic goals which use to create affordable mass market electric
vehicles. The main aim of Tesla is to develop the premium sports cars aimed by the early
adopters and mainstream vehicles including sedans and affordable compacts. Musk his himself
invested more than US $7.5 million and also bought the private investors so that they can easily
raise the capital for the company in order to attain their goals for which it is being founded. Musk
use to motivate other investors to invest in their company so that they can raise the capital
amount it is useful in financing the debts of the company (Wang, Yang and Li,2018). They have
arranged US $100 million as the investment from the private financing companies.
Elon Musk is treated more than the technology superstar in the market. He might be not a
super hero in actual but he is the real hero in reality because he plays his best role to attain his
objectives of life. He has developed a successful car company which use to produce electric cars.
The company use to have more than 30% of the market share. There are several challenges
which was faced by the Elon Musk in Tesla where he has faced the issue in Steep learning curve
which means the company is still learning about how they can become the world class car market
in the global. The enterprise use to develop pretty and attractive cars for their customers in order
to satisfy them at their willingness. They use to provide such platforms to the customers which
was demanded by them from many years. Tesla has faced many issues in terms of production
from many years. It get more difficulties in the terms of financial. The company has faced
financial crises in 2014 where the company has developed Model S in Florida in May while
adopting the the technology of Autopilot self driving technologies in the car.

In the pandemic condition of COVID 19 The company has faced many issues (Yawei and
Shiming, 2019). It has to be shutdown their factories where the future planning of the company is
to start two more factories in the Germany but they has to postpone their plan due to this
situation of rapid growth of the virus. But Elon Musk plays an active role in the production of
Roadster product design but for this they have to develop deep efforts in their day to day
operations. In 2008, the finical crises also have an negative impact on the company which makes
it difficult to survive in the long run. The report of 2019, says that Elon Musk is the CEO of the
longest tenure of the Automotive manufacturer all o0ver the world. The company use to develop
Lithium batteries and factories to sub assemble the electric vehicles like Giga factory 3 in china
and Giga factory 1 in Nevada. Due to the great leadership performance of Elon Musk in the
organization which helps them to attain their objective of the company. The enterprise uses to
develop many innovative products with the hard work which helps them in boosting their
organization in order to attain the growth (Zacca and Dayan, 2017). Except this the Elon Musk
also handles the other businesses also which is operated by him along with Tesla this makes him
different from other because they use to develop their great skills which makes him the great
entrepreneur.
Conclusion
The above report can be concluded that, Elon Musk is the great entrepreneur who use to
perform their work in an effective manner which makes him different from other entrepreneurs.
He uses different techniques to become the best entrepreneur like he has developed many
companies and tied up with other companies in order to manage their affairs in an effective
manner. He has various entrepreneurial qualities which helps him to become the successful
entrepreneur some of the qualities like innovation mindset, Entrepreneurial Spirit, ability to
manage the risk factors and many others. He has faced many challenges on the road to success
but he has managed it in an very effective manner which helps them to stand alone its company
at the global level. Elon Musk has played an vital role in the Tesla and its success on the global
level.

References
Books and Journals
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