Personal Qualities of Elon Musk as an Entrepreneur

This report discusses the main personal qualities of Elon Musk as an entrepreneur and how they contribute to his success in business. It also explores three entrepreneurial challenges faced by Elon Musk's SpaceX in recent times.

Innovation and Entrepreneurship
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Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................6
TASK 3............................................................................................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Entrepreneurship is based on the process or method of developing a new business venture
and growing in global marketplace. Another way, innovation is consider as pre-requisite for
gaining a more competitive advantage and also building a strong as well as sustainable business.
This report is based on the Elon Musk as greater Entrepreneur and founder of Rocket Company
SpaceX, identify the personal qualities in order to examine that how will grasp the business
opportunities in life time. Furthermore, report will describe three Entrepreneurship challenges
face by Elon Mask SpaceX in recent time of Starship launch.
TASK 1
Discuss about main personal qualities of Elon Musk’s
Elon Musk is the best known as CEO of Tesla Motors. He is one of the greater
entrepreneurs to have made of fortune in field of information technology. A great entrepreneur in
order to grasp the business opportunities presented throughout his lifetime. Elon Musk’s has
been revolutionized space travel, electric cars and online payments. The primary aim of
entrepreneur is to develop as supersonic electric airplanes as essential part of his quest to
colonize mars (Ferraris, Santoro & Pellicelli, 2020). Being a great entrepreneur, Elon Musk is
one of the brilliant Billionaire which is known as founding the spacecraft company SpaceX. He
is being as chief executive officer of Tesla, which manufactures different kind of electric cars. A
personality type of Elon Musk as INTP or “The Architect”, according to the myers-brigg type
indicator. It is one of the most widely used tool or platform for mapping the significant
personality of entrepreneurs.
While Elon Musk’s has become consider as successful entrepreneur possesses a unique set of
traits that make her or him successful (Saint-Martin, 2019). The founder has a few traits which
become different from other ordinary CEO, which allows them to build as most respected as well
as innovative organization.
Here are identified the different main personality attributes and characteristics that make
him as contender for the most innovative intellectual entrepreneur.
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Strong Risk Tolerance- Elon Musk’s is becoming as founder of start-up which involves
a great deal of uncertainty, risk and threat. It has been analysed that ability of Elon to handle or
control entire business with efficient manner. Elon Musk must have faced the similar kind of
odds which against him. Afterwards, as great entrepreneur has decided to leave and try to
establish a comfortable life to start a risky and uncertain enterprise venture. Personality of Musk
is that deals with tough situation in business while implementing innovative idea. Therefore, it
can easily expand their business in global marketplace.
Sometimes, Elon Musk’s should be consider as risk Tolerance in which measure of how
much of loss an investor willing to endure within specific portfolio. Sometimes, Elon can use
their personality of risk tolerance which means that handle the aggressive behaviour of investors
and possibility of generate better result or outcome (Fraiberg, 2021). A strong risk tolerance is
becoming consider as important personality of Elon, which influencing to establish a business
but it also eliminating all kind of risk, threats within organisation in marketplace.
Elon Musk’s must have understand that best piece of advice on learning and
implementation, which are constantly think about the business growth and development. The
ability of Elon in regards of strong risk tolerance which means that acquire a lot of efforts in their
business establishment. This can possible when entrepreneur uses their own skills and
knowledge to eliminate or remove various kind of risk or threats.
Faith in self and founding team- Elon Musk’s undoubtedly possesses a profound belief,
assumption on his own capabilities (Savoulian, 2019). He was always potential seeking factors
of its founding team. Musk has never hesitate to gamble on the large scale, become easier to
identify the right perception. Elon musk has become a successful leader and genuinely aware
about the expected end result or outcome.
Faith in self founding team which means that Musk must establish a strong coordination
with team members, identify their own perception, opinion in regards of enterprise. this can
possible when acquiring a lot of information or data. So as it may support to reach on the right
conclusion. In most of cases, Elon Musk’s have believed on the self-assumption in order to
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determine right or wrong things for business. A trust, faith on the team members, which is
always supporting the business to achieve desirable goal or objective. Elon Musk has been
putting extra efforts, inspiring or motivating to do something innovative in business growth or
development. Afterwards, this is the way to establish and found as SpaceX in global markets.
Elon musk has a personality to maintain clarity of doubt in business growth and
development. Under his own supervision, Entrepreneur is encouraging the individual people in
order to create or develop a positive as well as comprehensive environment across different
organisations (Galindo-Martín, Castaño-Martínez & Méndez-Picazo, 2020). Musk elect to bring
up innovation at different level, which means that understanding the opinion or view point. He
tends to impart its theoretical knowledge at initial level, applying some changes and executing
similar kind of practical level.
For example- Elon Musk’s has been tried to seek out his own criticise and tries to
converse with them. This kind of personality exists within successful entrepreneur who has been
established a business for long term. Being a successful entrepreneur such as Elon Musk, who
are becoming as great leader in SpaceX, always implementing innovation in business.
Always be learning and positive attitude- it is one of the most common personality of
Elon musk’s. He was easily improve more understanding towards fact or figure. Musk is self-
taught in programming and other kind of advanced level subjects. A great entrepreneur can
easily understand the variety of books, which is helping to gain more knowledge and persistent
to diverse their innovative concepts in global world. Musk has been focused on recognise the
present symbol or status in the marketplace (Gopinath and Titus, 2018). Therefore, it is helping
to re-position of business accordingly. Sometimes, a great leader has been acquired a lot of
feedback through survey and also induces some extra efforts, divergent strategies to improve
consumer satisfaction level.
The positive attitude of Elon Musk’s is not only inspiring or motivating the individual
people in the workplace. Learning ability is consider as personal trait of Elon Musk where they
always trying to learn something new innovation. Therefore, he was easier to figure out the
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suitable approach in the business growth and development. Learning and positive attitude of
Musk is use different approaches, improve own understanding towards organisational
development.
TASK 2
Critically discuss three entrepreneurial challenges that Elon Mask’s SpaceX
The Entrepreneurial challenges are related to the drawback in the organizational business
processes, which means that not only affecting on the entire business capabilities or abilities. It is
always shown as limitation of resources, equipment’s, strategic approach which are already used
by Elon Mark’s in SpaceX. But at certain point, Elon Musk has face the challenges or issues
during business expansion.
At the age of 16, Elon Musk’s has been exploration of technologies such as SpaceX, was
founded. This company has been completely transformed the commercial space market and also
proven that launch services. Afterwards, it has been demonstrated that rocket stages successfully
re-used effectively and efficiently (Gouvea, Kapelianis & Vora, 2020). At certain level, it
accomplished feats with no commercial enterprise have been contemplated in past years. Elon
Mask’ has been face certain kind of challenges that SpaceX venture with recent ‘Starship’
launch. Primary Vision of Musk is to establish as first self-sustainable city on the Mars planet.
SpaceX has been spent 16 months, which means that trying to prove and it was
completely possible to land of its specific rockets. Initially, it was consider as first attempt which
took place on 10 January 2015. This was become consider as decent successful where SpaceX
has demonstrated the different level of control but it needs to get a proper rocket within landing
on the particular areas. Moreover, despite to the failure of all kind of rockets which is always
inspiring or motivating the Elon Musk’s to handle the various kind of risks, threat. This is
primary reason when Elon is always focused on the particular business goals with full of
motivation. It is being to manage or control any kind of risk or threat in the organisation.
Weak Business Profitability- In order to media coverage of somewhat murky debt
placement by SpaceX last months. It has been revealed that company generate about $2.5 billion
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revenue annual basis. When Elon musk’s has been started to launch Starship but they have face
the lower business profitability. It is not so surprising, because SpaceX strategy has been
dominate the “Starship” launch in marketplace by offering within low prices than other
competitors. The challenges face by Musk when cut the price or cost means thin margin. Even
after factoring the concept of vertical integration business strategy (Kirby, 2019). After
launching a starship, company have not generate an enough respectable margin at the time of
peak year of launch activity.
On the other hand, musk has been established a connection with other members, offered
this take on failure. SpaceX is all about making money, it is all about going to Mars, but this
brings me as final and increase existential challenges.
Oversized Capital Needs- whenever going to Mars, which become very expensive. It
should require for all kind of costly equipment’s that does not currently exist. Therefore, Elon
Mask’s has face the challenging issue when start with big successor to launch “Starship”.
Generally, SpaceX was becoming consider as hoping for Musk to help foot, developing its super
heavy Starship. But it would be generated a less interactive result or outcome (Nieto & Mateo,
2020). Moreover, Company will try to generate necessary funding as internal basis, seeks outside
financing. A major risks, threats are becoming very hard to quantify, but huge that SpaceX with
far generate all essential resources, which are not pursue such as project. Sometimes, Elon Musk
has been face unbearable financial burden which might have increased a lot of pressure on the
business.
Apart from the Elon Musk is always try to disciplined, driven and dedicated towards vision
of business future and growth in marketplace.
Civil Space safety – It has been examined that Elon Musk has smoked marihuana on a
podcast and ordered all essential safety review of different organisation. But at certain level, The
Administrator of NASA, James Bridenstine has become nervous, due to the US based astronauts
on Russian rockets since Space Shuttle was retired. As per consider the safety review, it has been
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identified the significant challenges regarding safety, which are directly emphasis with safety
culture at the time of space flight launch.
Additionally, it is hard to known about the safety review, which might have consider or
begun but it may influence the design, receptivity to risk and other kind of operational behaviour.
For instance, SpaceX has been launched the Starship, which might be increased the safety
regarding risk or threat.
TASK 3
Discuss about the Elon Musk entrepreneurial performance, investment in the electric cars, solar
panels and energy solutions for homes and companies
Elon Musk was CEO of tesla, which has been recently said that Company’s solar, energy
storage business will grow as faster than its electric vehicle. Therefore, he was launched as
business of Electric vehicle, tesla making as progress on Model three production efficiency. It
should be consider as most recent earning, call them as focus on improve or usage of solar
energy in business. Tesla should have focused on converting into energy business while
including align of intermitted solar power, storage of battery. At certain point, tesla and musk
have both faced a lot of criticism and share hold lawsuit. It happens due to the solar business,
controversial acquisition of solarcity. Main issue for tesla in regards of solar panel plant in
Buffalo, New York.
A model 3 ramp-up that resulted in generate quarterly based profit, which was represents as
sign that tesla’s adopt innovation and establish a strong position in marketplace. It is good time
for tesla to turn into attention towards energy storage business (Popp, Pless-Haščič and
Johnstone, 2020). It encompassing the solar or energy storage which have supported the business
in long term growth success. Elon Musk has been trying to broadcast the message since, tesla as
report with greater profit in business development. The role of Musk in tesla is always consider
the storage energy, could grow to roughly the same size as Tesla Automotive business. Solar
business would grow on the basis of particular percentage, the fastest of any enterprise with
storage second.
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Elon Musk has been implementation of innovative strategy in tesla, which truly unique is
not just that produce or launch an electric vehicle. But at certain level, it is also supported to
launch a new hardware, software architecture. For Example- tesla has been used the most
effective software than any other average vehicle. Sometimes, it is also integrated with single
central software architecture. Typically, it has been consider limited approach in software where
operate different operations. it is quite challenging for tesla to update or optimise vehicle
performance. Now move to hardware architecture, it is flat pack of barriers that would be used in
electric vehicles (Si, Zahra and Jeng, 2020). It is helping to reduce transmission of toxic gases
etc. it provide the better advantage or benefits over competing the electric vehicle while building
a traditional vehicle architecture such as lower the centre of gravity, efficient battery
management. It means that tesla tends to beat out their alternative competitors, who will try to
leverage part of old internal combustion vehicle.
Source: (tesla’s recent success. 2019)
Tesla’s eco-system strategy is all about consider the level of individual components for
product development. In case of electric cars, even though batteries which are made of different
materials, because of their own power capacity which can limit the entire performance of
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different applications. Especially when they are bottleneck to the performance of entire system.
Elon Musk should have investing intervention in which control the bottleneck. Thus, generating
a more profit for future of industry.
On the other hand, Tesla energy supplies power to businesses, homes and companies,
utilised by selling solar panel. Generally, it should consider as solar roofing, battery storage
which is known as Powerwall, PowerPack (Si, Zahra and Jeng, 2020). These type of facility or
service is mainly provided by potential consumers. That’s why, Elon Musk’s has been
implementing the innovation in the business tesla according to the need or requirement for
enterprise. this is always supporting the entire business to improve the business performance
while gaining more opportunities in marketplace.
Roger’s innovation diffusion theory- it is one of the most appropriate theory which is mainly
used by Elon in their business to increase overall performance. By using this theory, it is
understand the concept of innovation, adoption and integrated with a idea into their life. There
are lot of information or data collected, enhance the business capabilities. Roger’s theory is
broad in scope which lend itself to being flexible. That’s why, Elon as CEO of tesco has been
focused on the investment in the electric cars, solar panels and energy solutions for homes and
companies
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CONCLUSION
From above discussion, it has been summarised about the concept of Entrepreneurship
which means that helping a new business venture and growing in global marketplace. Innovation
is consider as pre-requisite for gaining a more competitive advantage and also building a strong
as well as sustainable business. Discussion on the Elon Musk as greater Entrepreneur and
founder of Rocket company SpaceX, identify the personal qualities in order to examine that they
can easily grasp the business opportunities in life time. Furthermore, it can be determined the
most three Entrepreneurship challenges face by Elon Mask SpaceX in recent time of Starship
launch.
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REFERENCES
Book and Journals
Ferraris, A., Santoro, G. & Pellicelli, A.C. (2020). “Openness” of public governments in smart
cities: removing the barriers for innovation and entrepreneurship. International
Entrepreneurship and Management Journal. pp.1-22.
Fraiberg, S. (2021). Introduction to Special Issue on Innovation and Entrepreneurship
Communication in the Context of Globalization.
Galindo-Martín, M. A., Castaño-Martínez, M. S., & Méndez-Picazo, M. T. (2020). The
Relationship between Green Innovation, Social Entrepreneurship, and Sustainable
Development. Sustainability. 12(11). 4467.
Gopinath, M. and Titus, R., 2018. The Godfather’s Michael Corleone: Growth of a Leader and
Leadership Qualities.
Gouvea, R., Kapelianis, D. & Vora, G. (2020). The creative economy, innovation and
entrepreneurship: an empirical examination. Creative Industries Journal, 1-40.
Kirby, C.R., 2019. Expertise, Ethos, and Ethics: The Prophetic Rhetoric of Nick Bostrom and
Elon Musk in the Artificial Intelligence Debate (Doctoral dissertation, Wake Forest
University).
Nieto, M., & Mateo, J. P. (2020). Dynamic efficiency in a planned economy: Innovation and
entrepreneurship without markets. Science & Society. 84(1). 42-66.
Popp, D., Pless, J., Haščič, I. & Johnstone, N. (2020). Innovation and Entrepreneurship in the
Energy Sector (No. w27145). National Bureau of Economic Research.
Saint-Martin, A., 2019. Elon Musk: the High-Stakes Gambler of Technological Capitalism.
Savoulian, R., 2019. The cult of the billionaire entrepreneur. Green Left Weekly, (1230), p.11.
Si, S., Zahra, S.A. & Jeng, D.J.F., (2020). Disruptive innovation and entrepreneurship in
emerging economics. Journal of Engineering and Technology Management. 58.
p.101601.
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Online
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