Innovation and Entrepreneurship: Personal Qualities of Elon Musk, Challenges Faced, and Tesla's Performance

INNOVATION AND
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
1. Three main personal qualities of Elon Musk..........................................................................3
Task 2...............................................................................................................................................5
2. Three entrepreneurial challenges............................................................................................5
Task 3...............................................................................................................................................6
3. Elon Musk entrepreneurial performance and any shortcoming..............................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
BOOKS AND JOURNAL..........................................................................................................7

INTRODUCTION
Innovation means creative thoughts, new ideas and now imagination in a device or
methods. Innovation can lead to meet any targets in the existing market, new requirement and
unarticulated needs. Innovation is used so that the companies can change there products very
acceptable by the customers and those products can get a high level of customers so that the
company can make a profit out of this idea. Entrepreneurship is when there is launching,
designing and running new business which is first started on a smaller scale. The people who
start such businesses are known as entrepreneurs. There are always high risks in start any
business but there must be sure about the decisions and the steps the company will have to take.
The report will cover the SpaceX which in an initiative by Elon Musk for reaching the
Mars. Elon Musk did not give out his attempt to reach the Mars even after be failed so many
times. The experiment continued and after so many attempts Elon finally found success.
Task 1
1. Three main personal qualities of Elon Musk.
Elon Musk is the CEO of Tesla company and his belief is that when things are important
one will do it anyways, no matter how much the world is against it to happen. Elon is the role
model for many other entrepreneurs because he started with nothing and made everything around
him all by himself. Elon Musk wanted to reduce the price put for the production of rocket and he
made so many rockets for half the amount that the actual rockets cost but they failed for some
reason (Schmitz, A and et.al., 2017). The best point about Elon Musk which makes him what he
is today, is that he does not give up and continues to try to put his best in the next attempt. The
three major qualities of Elon Musk which makes him unique are as follows-
Willingness To Learn Always-
Elon Musk has a bachelor degree in economics and physics. Being only this much
qualified he taught himself more about other subjects which makes him what he is today. There
are so many programmings and taught himself advance subjects. There is no age limit of
learning. With experience comes learning and Elon Musk has learnt a lot from launching so
many rockets which did not become a success but he learnt from them and now is still willing so
keep trying. With knowledge comes new ideas and answers to the problems that the company
must be facing. Elon wants to reduce global warming from the world and improve the living of