Innovation and Entrepreneurship: The Success Story of Elon Musk

INNOVATION &
ENTREPRENEURSHIP.

TABLE OF CONTENTS
INTRODUCTION................................................................................................................................3
MAIN BODY......................................................................................................................................3
Task 1 Three Major Qualities of Elon Musk.....................................................................................3
Task 2 Three entrepreneurial challenges........................................................................................5
Task 3 Elon Musk Entrepreneurial performance.............................................................................6
CONCLUSION....................................................................................................................................8
REFERENCES.....................................................................................................................................1

INTRODUCTION
Innovation and entrepreneurship are two trending words for the business. It shows the
creativity to develop new idea or solution towards world. Innovation makes the process easy
which are unable to do previously. On the other hand, entrepreneurship help to bring the
innovation in real world. They develop business and propel the forward in market. Innovation
and entrepreneurship having the main real example of Elon Musk which is one of the
successful entrepreneurs and top richest person on earth. The founder of SpaceX, Tesla and
electricity venture is being founded by him. This report mentions the major three qualities that
makes Elon Musk a true entrepreneur, three challenges that are faced by SpaceX and
evaluating on major three companies invested by Elon Musk.
MAIN BODY.
Task 1 Three Major Qualities of Elon Musk.
For successful entrepreneur there are various quality needed that makes a true
successful entrepreneur and brings change in world. The major qualities that makes a true
entrepreneur and innovation is through his high vision, passion towards innovation and
technology, focus on the ultimate goal that he want to achieve (Thomas, and Maine, 2019). A
true entrepreneur always motivated towards it work and so Elon Musk who inspire many other
entrepreneurs who are working on innovation and developing new technology. Working on
new ideas of doing business, to develop new products and services are main focus he had made
in very stage of working. Elon Musk had many qualities that makes him successful entrepreneur
and few of the qualities are:
Entrepreneurship Spirit: The entrepreneur spirit is important for an entrepreneur to
become success. High spirit brings towards something to innovate something to develop a new
entity towards the world. Spirit brings Embodies commitment toward the work, focused
towards vision and calculating of risk in market with in-depth analysis. Exhibit determination to
face challenges and to overcome the obstacles. Elon Musk had learned much more from
disappointment and failure of projects majorly in SpaceX. Independent thinker and risk taker
during uncertainties is also brings important quality towards the innovation he wants to bring
forward for world. He had many failures toward the failure in his career from mechanical

failure in Tesla electric cars to rockets in SpaceX (Bilbeisi, and Kesse, 2017). These qualities
bring the success towards innovation and thinking different brings new ideas for the business
like Elon Musk invested in many other business that are working on innovation and ideas to
solve the problems in world that is being not used previously. For example: SpaceX is working
on a Prototype of SpaceX Starship Rocket for landing on Mars with people. He is working on
moving of another planet, and they invite customers to be a part for the same. PayPal was
voted as worst business concept of the year but through strategies Elon musk and
entrepreneurship spirit that he followed (Trujillo, 2017).
Passion for Innovation: Elon Musk is a true passionate towards innovation that shows
true entrepreneur as he is originator to new technology or approaches that is being developed
and adopt by him to make more innovative progress in his business. It offers more innovative
products or achievement in business that is analysed before anyone else thinks. Acknowledge
business imperative of anticipating and grip with changes occurring in market through constant
improvement in business aspects. Elon Musk also create a culture of innovation in many of new
entrepreneurs and inspire other to keep up with progress to changes in innovations for the
business and for world. Highly passionate towards the innovation is one of major reason that
Elon Musk had being a successful to bring innovation in business. For example: Tesla cars have
world's latest technology which is being makes one of the safest and one of the fastest cars in
world. Elon Musk is the reason Behind Autopilot feature in cars that is being developed by him
in Tesla with innovation and new technology used, however still working on developing
technology and innovations towards same (van Balen, 2019). But sometimes, it also involves
huge cost where Elon Musk is working for. The failure of project also create huge loss and
suffers from those losses. Elon Musk venture Tesla was failing hard before it become profitable
that affect the business and losses that are unable to cover but Elon Musk passion make
venture success at very peak point.
Strategic Decision: The true entrepreneur makes the vision into business and Elon Musk
had created his vision into a successful venture. His main vision is to know about the space and
landing on Mars with people. Further, he somewhat gets success in this vision and still working
on same to get Ultimate success. Build and rebuild the of commitment from team on project to