Innovation and Entrepreneurship: Elon Musk's Qualities and Challenges

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
Critically evaluate the any three personal qualities that made Elon Musk a great entrepreneur
in order to grasp the business opportunities throughout his lifetime. Provide real examples
from further research..............................................................................................................1
Task2................................................................................................................................................3
Critically discuss three entrepreneurial challenges that Elon Musk's Space X venture will face
with the recent 'Starship' launch and vision in establishing the first self-sustainable city on the
planet Mars. Justify discussion with real examples from industry.........................................3
Task 3...............................................................................................................................................4
Carry out additional research to critically evaluate Elon Musk entrepreneurial performance
and any shortcoming during his investment in one of the below venture : ...........................4
CONCLUSION................................................................................................................................7
References:.......................................................................................................................................8

INTRODUCTION
Innovation and entrepreneurship are the two most commonly words used in
contemporary business environment. These terms are sometimes interchangeable on the basis of
their definition, however, they both differ from each other in various aspects. Innovation can be
defined as coming up with a new and unique idea, that can be related with product, services,
methods or even new sources of supply and organisation. On the other hand, Entrepreneurship is
concerned with implementation of valuable innovative ideas into a reality. These are the social
invention or carrying out the business activities in a creative way which have not been done even
before to meet the unaddressed needs of the market. Elon musk is a recognised entrepreneur,
industrial designer and an engineer, born on June, 1971. He is the founder, CEO, CTO and chief
designer of Space X. The report covers different entrepreneurial qualities of Elon musk along
with the future challenges that would come in his journey to success.
Task 1
Critically evaluate the any three personal qualities that made Elon Musk a great entrepreneur in
order to grasp the business opportunities throughout his lifetime. Provide real examples
from further research
Personality traits are defined as the behaviour of an individual towards other, their
attitude in work and personal life, characteristics thoughts and way of thinking (Lounsbury and
et. al., 2019). The personal traits reflects on a success and failure of an individuals or an
organisation. Having extraordinary personality traits like the Elon Musk have takes entrepreneurs
to the new heights of success and growth. Elon Musk is a founder, Chief executive officer and
chief architect of Space-X, and also a co-founder and product designer of Tesla. Elon musk
possess a unique set of qualities and skills that have drive him to be one of the wealthiest person
in world. The major personal traits of Elon Musk is mentioned beneath.
 Innovation, hard work and integrity : Elon musk's ventures are considered as most
innovative and unique in the across the globe. Innovation is derived from creativity and
continuous research and experiments which have enabled Elon musk in introducing
world's most iconic ventures for example Tesla, Elon musk joined Tesla board of
directors as its chairman in the year 2004, with his continuous hard work and integrity
Tesla built and introduced an electric sports car named Tesla Roadster in the year 2008.
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Subsequently, Tesla made further expansion and since then Tesla is growing in terms of
its market share and large customer base. Elon Musk is a hard-working innovator who
devote around 100 hours to work and is known for its productivity (Bhagavatula,
Mudambi and Murmann, 2019). With his hard-working and work ethics, Elon musk have
set the benchmark for other entrepreneurs, making this particular personal trait as a base
for his successful career journey.
 Strong vision and risk tolerance : High level of risk and uncertainty is inherent into the
innovations, entrepreneurship or any business activity. Success of a entrepreneur is
completely based on strong vision and risk bearing capabilities. In the year 2001 Musk
conceived an idea to build a miniature green house on Mars that would help to grow
crops and reawaken the public interest in space. After his three failures, Elon Musk
succeeded in launching a Space X in 2008, it was his perseverance that lead him to the
successful launching. Another challenge Musk faced when he launched X.com, an online
email and financial service company. As Musk was novice and inexperience so he
decided to merge with Confinity to prevent its business operations.
 Preference to stand out from crowd : Elon musk have been putting efforts continuously
to bring up innovation by means of new product launching and making necessary
amendments to their existing product range in order to address the needs and wants of
customer in a unique and creative way leaving a mark and setting a benchmark in a
competitive environment (Cunningham and et. al., 2019). Musk used to share his
knowledge and skills at the base level to make necessary change according to the changes
in a market environment and ensure the execution of the same on the practical level. His
quality to be stand our in a crowd is supported bye a detailed research and development
programmes which in turn increases the performance and profitability of Elon Musk's
exceptional innovations. Tesla reaches at its pinnacle when Elon Musk joined the
company in the year 2004. Another innovation that proves Elon musk's preference to
stand out in a crowd is the Neuralink, which was founded in 2016 with an objective to
integrate the human brain with artificial intelligence. Therefore, the above mentioned
innovations and inventions by Elon musk is proved to be continuous evaluation of one's
strengths and weakness and success of these innovation are the consequences of working
on strength and weakness on a regular basis.
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