Case Study on an International Entrepreneur

This case study discusses the motivation and theories behind the success of an international entrepreneur, Elon Musk, who founded and leads Tesla, SpaceX, and Neuralink. It explores the concept of international entrepreneurship and its strategies, including effectuation theories. The report also delves into technological entrepreneurship and its features, as well as the debate surrounding it. Course code and college/university not mentioned.

International
Entrepreneur

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
IE’s motivation to set up the ventures/businesses supported by theories...............................2
Apply trait theories to chosen IE to answer whether Entrepreneurs are born or made?........3
effectuation theories...............................................................................................................3
PART 2...........................................................................................................................................5
Features of technological entrepreneurship -........................................................................5
Debate on technological entrepreneurship -..........................................................................5
CONCLUSION................................................................................................................................6
References:.......................................................................................................................................6

INTRODUCTION
International business is an intersectional domain combining globalisation and
business areas of knowledge. The IE field emerged In the previous 1990 when altered and
new young venture could go into other market which is across border from inception at
their previous years (Kurilova, and et., al., 2019). In the evolving IE field various definition
have determined common factors suggestions that the it implies the dynamic process or
attitude of discovering evaluation and utilising of possibility across national border to
achieve value making to various stakeholders. First, Mcdougalla and Oviatt, explained IE as a
combination of creativity, proactive and risk seeking behaviour that across national borders
and is intended to make value in business organization. In this report considering Elon
musk co founded and leads Tesla, spaceX, neuralink these are founded by him. This
international business theme is technological based as Elon musk deals in auto-mobile
industry as well as it majorly contributes in developing the economic system of the
country. This person leads all goods design engineering and global manufacturing of the
company electric vehicles , battery goods and solar energy goods. Tesla is an American
vehicle company based in Austin, Texas and manufacturing electric cars. It was founded in
2003 by San carols. Its chief executive officer is Elon musk.
PART 1
Globalisation is a great opportunity or action moving between discovery an enactment
as a time of cognition of decision logics where it is considerable not only individual and
firms activities but also the collaboration with other ventures and market firms, business,
partners, users, competitors and institution. In present era the entrepreneur The Elon musk,
is inventing a electronic vehicles in order to save the fuel with great technology. It is great
opportunity to grow the business. It can fabricated by active search where individual and
firms invent and utilise trusted details and channels , previously education and network to
limit the length of the findings. These legislation implies a reciprocal and incremental
decision making process in which the chances is actualize and constructed through social
interaction with others and in which members and company are continually detailing to
grow up uncertainty and gains, losses. Elon musk enjoy autonomy by creating their own
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rules and advices. They don't want any control on their head they wants to own a company
and make them more competitive (Bilewicz, and Tsimayeu, 2021.).
IE’s motivation to set up the ventures/businesses supported by theories
Business is the conception of a new venture by an industrialist with a creativity idea,
organize resources and sets up store. Elon musk become a business man for different
aims that considers producing income, a vision of transformation people lives autonomy
and a sense of completion. The great industrialist major aim is to grow the concern and
increase the trade value in the sight of the market or new consumers. This is advantageous for
an Elon Musk to grow the business in systematic ways. There major aim is to earn a great
profit and long term sustainability. Few vocation produce the wealth that a successful
business can produce. The big capitalist in the global world such as Elon Musk, and many
other are entrepreneurs they manages the many ventures and work in global reach. This is
gives an options in jobs for the country and while working in other nation they majorly wants
the local and regional employees to work with them so that they can understand the region
easily and the language of the market. There are some basic reasons that make them feel
motivated to establish business In other country (Urbaniec, M., 2018.) .
1. sometimes family appreciation and help can be the reason for being business man as
the family members support the entrepreneurs like Elon Musk although they also assist
them to understand the market conditions .
2. Prior experience is also other factor that motivates person to start a business in
different country such as previously person is working in other country in an well
reputed industry after some time the Elon Musk feels to establish his own business
in market and by having a new innovative ideas by understanding the marketing
condition of the region.
3. In some cases individual completed studies from abroad by getting Influence the
individual wants to start a business in global region by fulfilling the rules and
responsivity of the area . Elon Musk requires a huge amount to invest or it takes a time
to be a brand. It is compulsory to understand the needs and wants of the market and
users so that they can have a good business.
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4. These markets have may also have high expectations than the regional companies.
The market of foreign can be utilised due there is a similarity in taste, habits and
consumptions factors ( Cha, Ruan, and Frese, 2020.).
5. Depending on community and trends, Elon Musk can be either organised or verified
business who make enormous income for themselves and their communities are not
automatically recognized as citizens . Much depends in how they made their money
and what they operate do with it.
6. As business come up with the lot of issues an challenges in the market place the
creative mind and innovative strategy motivates them to start the company in
international market (Hauser, Eggers, and Güldenberg, 2020).
Apply trait theories to chosen IE to answer whether Entrepreneurs are born or made?
It refers to Elon musk who set up his own business with a new idea or concept. he is an
individual who makes thing brand-new and presume the danger and person connected with that
innovation. Business person are not totally born nor made. Enterpriser are not like athletes, they
don’t necessary natural implicit in body and muscles. An Elon Musk possess certain
particular qualities that make him distinct from others. These are prevision, manage
ability, enterprise, desire for high attainment, patience,hard working, innovative power,
leadership ability, ability and many others (Baier-Fuentes, and et., al., 2019). it is distinct that
most of the businessperson choice are innate and cannot be achieved. But now, “enterpriser are
born, not made” is aged concept. Because, it is no affirm able to form any business person
through activity, preparation or supply ethical and fiscal resource to them.
effectuation theories
It describes an approach to create and performing and actions an Elon Musk proceed
where the person identifies the afterwards best step by assessing the resources available in
order to attain the objectives during constants managing these objectives with the
resources (Mamabolo, and Myres, 2022). Effectuation is differ from the causal reason,
where there is a analysed objectives and the procedure to attain it is already planned as per
that are unfamiliar classified by the uncertainty. Here are some theory given by the author
sarasvathy which is elaborated in below :-
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1. Bird in hand :- in this approach the business has to create their own solutions with
an availability of resources with in an organisation. entrepreneurs like Elon Musk
approach chance on the basis of who they are, what they know, and whom they know.
They work from competence, expertise, and their web to visualize expectation, in
comparison of target chance as per the market size or foreseen turning.
2. Affordable loss principle :- It states the situation where the industrialist must invest
that much capital which they can loses easily without getting afraid of loss. A common
representation is that enterpriser are risk takers, but industrialist just as Elon Musk
doesn't see themselves that manner. They taught they pull off or limit hazard. One way
adept Elon Musk do this by investment, at each step of the businessperson travelling,
only the time, strength, and informant they can provide to lose.
3. Lemonade principle :- in this principle describes that error and surprises are
ineluctable and can be utilised to look for new chances. Firm director are often
haunted with “what if” script, trying to create organization and define results for every
contingency. Elon musk, alternatively clutch the fact that they have no thought what
will going to be occur next, and their very enterprise models could have to alteration and
adapt as they learn from the market.
4. patchwork quilt principle :- this is the model in which the business collaborate
with new partners that leads in investing new capital as well as new navigations.
the director of the company aspect a lot of negligence, particularly when conveyance
really daring acting to market. As well as they attempt to change the no to yes, Elon
Musk seek out throng who purchase into their modality and collection them into a choose
by own network of neutral who co-create an chance. This might even relate relationship
with manage that could, from a accepted position, be seen as pursuit.
5. Pilot in the plane :- Good enterprise like considered industrialist Elon Musk, doesn't
perceive the marketplace as an fatal variation in which they should adapt the movement
just correct or be dotted on formation. Kind of , they accept that the approaching is make
by group, and they have a cardinal belief in their quality to power that approaching
(Alam, and Dornberger, 2019).
From the above discussion it is stated that the Elon Musk, the top known industrialist
must execute the authors theory in his company in order to make an effective decisions. They
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must majorly consider a principle of “ Affordable loss principle and lemonade principle ''
these two are an impressive principles that are helpful in making decision that is good for the
business as well as it forecast the up coming risk that can effect the business negatively.
PART 2
The report is based on technological theme Elon musk which is big industrialist which deals
in automated transport. Technology entrepreneurship is a style of business leadership based on
the process of distinguishing high-prospective, application-intense business chance, collecting
beginning just as skills and cash, and negotiation rapid growth using principled, real-time
decision-making skills.An enchanting business opportunity consists of a great value statement,
specialize executable commodity, strong rational property, a property competitive benefit, a large
expected market, and a established business model. It can be based on either a turning insight in
technology or an organic process progression; and it can quarry an existent market or create an
whole new venture.
Features of technological entrepreneurship -
Here are some points that are included in the features of the technological entrepreneurship :-
Entrepreneurial Passion -
A small passion can go a long way, and can be a distinguish component between success and non
accomplishment for any tech enterprises. An Elon musk who is aflame about there innovation
can more easily actuate their team, as well as users.
A Strong Team -
Elon musk want to place in the next great thing troubled creativity that can make $100-million-
size institution. Even so, capitalist often invest in thoughts alone. They seems for a power and
managed administration unit that is outfitted to tackle the ups and downs of pouring a
establishment . hence, it is captious that a tech enterprise bring together the best squad
accomplish-able.
Debate on technological entrepreneurship -
In the term of this concept it ha both pros cons that are link with the venture and its
effective in the business. It its beneficial for the business as it increase the effectiveness of the
industry in the marketplace as well as in global country. As the companies of elon musk are
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treated as a brand in the worldwide. Whereas some times it gives negative effect on the
business too as it decreases the creativity of the products as the whole work is done by the
automated instruments and many other tools that decrease the innovation.
CONCLUSION
It is concluded from above report that the entrepreneur is the opportunity that makes
person more powerful and strong in the market. It is started as a small business after sometimes
it becomes a good brand in the market all the action are being done with the aim of making
the business in global reach. The above discussed details are the concept of the international
entrepreneur and its strategy . Further it is discussed that the theory that is given by the author
or professional in order to make the business more effective.
References:
Books and Journals
Alam, M.N. and Dornberger, U., 2019. Does institutional inefficiency encourage entrepreneurs
to adopt effectuation logic in strategic business decision?. World Review of
Entrepreneurship, Management and Sustainable Development, 15(6), pp.734-750.
Baier-Fuentes, H., and et., al., 2019. International entrepreneurship: a bibliometric overview.
International Entrepreneurship and Management Journal, 15(2), pp.385-429.
Cha, V., Ruan, Y. and Frese, M., 2020. Re-visiting effectuation: the relationships with causation,
entrepreneurial experience, and innovativeness. In The Entrepreneurial Behaviour:
Unveiling the cognitive and emotional aspect of entrepreneurship. Emerald Publishing
Limited.
Grégoire, D.A. and Cherchem, N., 2020. A structured literature review and suggestions for
future effectuation research. Small Business Economics, 54(3), pp.621-639.
Hauser, A., Eggers, F. and Güldenberg, S., 2020. Strategic decision-making in SMEs:
effectuation, causation, and the absence of strategy. Small Business Economics, 54(3),
pp.775-790.
Kurilova, A., and et., al., 2019. The impact of strategic outsourcing on the interaction market in
entrepreneurship education. Journal of Entrepreneurship Education, 22(4), pp.1-11.
Mamabolo, A. and Myres, K., 2022. Faith and Effectuation in a Developing Country’s
Entrepreneurship. In WORLD SCIENTIFIC ENCYCLOPEDIA OF BUSINESS
SUSTAINABILITY, ETHICS AND ENTREPRENEURSHIP (pp. 127-145).
Quezada-Sarmiento, P.A., and et., al., 2018, April. Promoting innovation and entrepreneurship
skills in professionals in software engineering training: An approach to the academy and
bodies of knowledge context. In 2018 IEEE Global Engineering Education Conference
(EDUCON) (pp. 796-799). IEEE.
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Urbaniec, M., 2018. Sustainability-oriented competencies in entrepreneurship education: Insights
from an empirical study on Polish students. International Entrepreneurship Review,
4(3), p.399.
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