Qualities, Challenges, and Performance of Elon Musk in Innovation and Entrepreneurship

INNOVATION AND
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1 Qualities of Elon Musk....................................................................................................3
Task 2 Challenges face by Elon Musk during their Starship program........................................5
Task 3. Entrepreneurial performance of Elon Musk on PayPal...................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship and innovation are an important aspect of life and for business who
convert opportunities into profits and serve market with new product or service with unique
ideas.
It is an art which comes from creativity and innovation and convert that opportunity into a
product
or service. Innovation is the process of getting things in new and unique manner that enable to
do
things that is not before. Entrepreneurship and innovation make a great leader in industry
(Pradhan, and et.al., 2020). One of the great leaders who is a great Entrepreneur and wok for
innovation in
world is Elon Musk. He is one of the richest people on earth and working on new technology
and
innovation. His most success venture of Tesla, SpaceX and PayPal which are leading companies
in their respective industries. In this report Elon Musk qualities, challenges and performance of
the pone of the venture will be mention and evaluate.
MAIN BODY
Task 1 Qualities of Elon Musk
Elon Musk have various entrepreneurship qualities that makes him success and makes
him great
leaders. He is working on technology that is used in their ventures that makes innovative
products in market and having unique identity of their products. For example: Tesla which is
basically used with lithium batteries cars which saves environment from damage by other cars
used with gasoline releasing CO2 and carbon emission. It also cost less when it compares to
gasoline cars which gives high maintains and running cost (Doerr, 2021). This feature is
invested
by Elon Musk with his entrepreneurship skills and innovation process that is used by him.
However, Elon Musk qualities are furthermore which are as follows:
 Continuous working on innovation: Elon Musk is very passionate about the innovation
and creativity in working. He contentious spirit of innovation makes him a great

entrepreneur and a successful businessman. It shows that Elon Musk is working in
innovation to provide with better faculties through their products and one of the major goals
of Elon Musk through there innovation is landing on Mars and another universe planet too.
His qualities inspire other to work on innovation in globe that makes new products and
service. Elon Musk also motivate people who are working on innovation and want to
change things in world (Escamilla-Fajardo and et.al., 2020). This venture like SpaceX and
Tesla is totally on innovation and technology he used in their projects in highly technical
and advanced that involve huge capital. However, this shows this ability to take risk on
innovations and technology that changes. He gains competitive advantage through
analysing the future technology and changes that is being developed in near future. Tesla is
highly created cars where Tesla Model S is one of the success range of cars. It is due to the
innovation that is used in car and makes it most safe and luxury cars. Having high
equipment in this model like artificial intelligence program that shows various faculties,
auto pilot tool and connected with Wi-Fi and technology.
 Entrepreneurship spirit: The spirit of getting things done through innovative manner is
the quality of great entrepreneur having in Elon Musk (Hampel, Perkmann, and Phillips,
2020). Embodies commitments towards their daily work that is completed with effective
manner makes a great success, achieving vision within set time limit with technology and
innovation is also one of the major qualities that is being shown by him from his work.
Elon Musk is very calculated at a time of risk-taking process and minimize the risk through
various tech ices which is used by him to make the project complete that enhance the
growth of Elon Musk and makes him a successful businessman having top most ventures.
Facing challenges during their projects are faced confidently and solve with entrepreneur
skills and knowledge. For example: PayPal was failed project in their initial stage on
establishing and awarded as a most failure start-up of the year. Elon Musk strategies made
PayPal one of the success story of ventures in globe and shows the entrepreneurship spirit
to work on projects he is started in. the skills of entrepreneur and working innovation
makes Elon musk a successful venture owner and working on developing new technology
and innovation to provide with better faculties to world (Muwara and Uddin, 2020).