Analysis of Elon Musk's Entrepreneurial Strategies and Ventures

This report provides a comprehensive analysis of Elon Musk's entrepreneurial journey, focusing on his key qualities, strategic direction, and passion for innovation. It examines the challenges he faced in his SpaceX venture, including financial instability and market access issues, and the strategi...Read More

and Entrepreneurship

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
Three main personal qualities that made Elon Musk a great entrepreneur in order to grasp the
business opportunities............................................................................................................................3
Theories that are being adapted by entrepreneur..................................................................................4
TASK 2..........................................................................................................................................................5
Analyse all the entrepreneurial challenges which were faced by Elon Musk in SpaceX business
venture....................................................................................................................................................5
TASK 3..........................................................................................................................................................6
Research to evaluate the Elon Musk's entrepreneurial performance on the projects............................6
CONCLUSION...............................................................................................................................................9
REFERENCES................................................................................................................................................9

INTRODUCTION
Entrepreneurship is the tool or the method which helps out to maintain the new business
and idea in order to earn revenue in the market. This is mainly the framing of new ideas and the
culture in their business so as to expand in all the areas in the market. All such business is being
created by the entrepreneur who se to innovate the techniques in their business and frames out all
the methods and the process that helps them to gain the target and also the reach through which
the business can be gained(Lei, Hock, and Karim, 2020) In order to start a new business the
entrepreneur need as new idea and the innovation in their product through which they attract the
customers and gain the maximum trust of all the people in the market. This report will further
cover all the entrepreneur sills of Elon Musk with all his venture of SpaceX with their challenges
and the evaluation that helped out in maintaining the electric car Tesla.
TASK 1
Three main personal qualities that made Elon Musk a great entrepreneur in order to grasp the
business opportunities.
Entrepreneurs are the person who use to hold the business and enter in the market with
some new idea and innovation in order to gain the customers and also the control of the
market. They have to attain and carry the new skills and the techniques that will help out
to reach the competitiveness n the market. Elon Musk a being the founder of the SpaceX
and has also made the Tesla inc. which is the most well known and important innovation
of Tesla, as being an entrepreneur he attain certain qualities which are as follows:
Entrepreneurial spirit- This is mainly the risk taking ability, as there has been outgrown that in
order to start any business it is important to maintain and hold the business with utter confidence
and their use to be a high risk taking abilities are being needed. Elon Musk has that spirit as he
thereby being always ready to take the risk with confident tries to maintain the growth and
innovation with his product(Del Bosco, Chierici, and Mazzucchelli, 2019).
 Strategic direction- Elon Musk tries to regulate all the strategy in their work so as
that will help them up and guide to maintain the work and the growth in the
market with utter confidence and also regains them to develop the team work and
the spirit that lies within. As for maintaining the growth in the market their should

have to be prepared with the strategies and also with all the outcomes and the
processes that helps to gain the benefit and the advancement in their new work
and the technological attributes.
 Passion for innovation- as to be the entrepreneur it I important for all the person
to get an innovation and being passionate about the innovation in their products
without even thinking about the knowledge or the areas that helps in maintaining
the work. As Elon Musk has the huge passion towards making the new products
and trying the new techniques and innovations in the product which even though
make him a good entrepreneur. He has although make the electric cars and with
that all he space ships and many more further innovation which makes him to be
the entrepreneur which have the zeal and passion to bring something new in the
market.
Theories that are being adapted by entrepreneur
Leadership theory- It complies with all the methods and the skills that are needed to be in the
person in order to lead the company or the organisation. As the entrepreneur thereby have to
attain the qualities of the leader, while the should always attain and ,maintain all the work and
the areas through which there tem members should get the proper guidance and also they should
gain the confidence and made motivated towards the work that is being made by the
person(Landström, and Harirchi, 2018).
(Kraus and et. al., 2018 Elon Musk as being the entrepreneur focus on the
transformational style of leadership where he frame and identify all the change in the
vision that is being required with the change in time.
Innovation theory- this they attains all the areas and the nature through which the
company tens to maintain all the benefits and the advancements which will further make
the to gain all the profits and also makes the benefits which lie out in all the areas. The
customers as in the market need innovation and al the organisation so as to grow and work
according to the competition in the market will have t maintain the innovation in their
products. Elon Musk has maintained that thing in their organisation a he tries o change all
the condition with changing trends through which this imply that all the SpaceX, Electric

cars and also the Electric jets all are considered to be the important tool in the innovation
and to gain the interest of the customers.
Thus there has been analysed that in order to ain the market goods and to raise the growth
of the products their seems to be given the proper training to all the employees about the
strategies which are implemented in the company and with that all the changes and the
innovations will have been generated so as t give the fullest of all the strategically
approach(Anderson, Wennberg and McMullen, 2019)
TASK 2
Analyse all the entrepreneurial challenges which were faced by Elon Musk in SpaceX business
venture.
Elon Musk has innovated the SpaceX Starship which gains to lift al the heavy
vehicles and also made of various reusable and the reactionary reason that helps in,
maintaining the cargo which is being majorly important for the earth. It comes out the most
important function that it can carry and pass the entire passenger and can take the weight
with all the earth and the planetary destinations. Thee re so many challenges which Elon
Musk has faced while inventing SpaceX they are s follows:
Weak enterprise- Elon Musk has used all he shares and the profitability of the gained earning in
the business was been affected, the expenses which he has made by sell was all used in it. The
organization seems to face loss in the new business. Elon Musk used the strategy to make launch
the innovated SpaceX at a normal price so that the rivalry company will not gain the profit. This
mainly affected the company as they faced the loss and all the revenue generation was seems to
be inadequate (Hisrich, Peters and Shepherd 2017).
 Military market access- Programs which use t conduct any innovation for
the national security se to get appreciated by the giving awards to all
innovations launched. But as observed SpaceX has not receive any award
and appreciation and which led Elon Musk in complete shock as there was
innovation in hi launch with that all the new techniques were used to make

the work proper. Instead of that the award went to the rival. This made him
to change all strategy and the techniques of his plan to emerge out with new
idea.
 Over capital requirements- SpaceX faced the extreme financial instability
which was due to his plan that was being made of making it big and heavy used major
capital of the company. They wanted to gain the fund from the Air force but further there
were no help and it made them in complete debts budgets and in capital went in most of the
alleged manner
Ways used to overcome the challenge
As when being seen that their occur the major loss in the SpaceX launch the strategy that were
made by them were changed and has attained all the areas through which they can gain in the
market. Elon musk has raised the fund from various companies and the equity from market and
with that he motivated all his employees to innovate any other product in the extreme classic
manner. It also made him to overlook his best innovation which is Tesla as that helped him out to
gain more funds. He emerged out by overcoming all the issues and made new tactics for the
challenges that are raised in it(Bekmansurov and et. al.,2019)
TASK 3
Research to evaluate the Elon Musk's entrepreneurial performance on the projects.
The Entrepreneurial performance is the most important individual performance which helps in
gaining and making the various innovative idea and the framework of the product through all
their strategies and the areas that has raised and occur to give out the extreme benefits. There has
been made that all the equipments and the cultural and variable nature can make the performance
and the growth variably stronger. Elon Musk has used various efforts in order to maintain the
growth and the performance of the company and led to give utter benefits through his all the
innovations. Likewise, Tesla, Paypal, SpaceX and Hyperloop are the innovations which helped
and made gain of profit for the organisation (Drobyazko and et. al., 2019).

Elon Musk innovated Tesla Inc which was made in 2003. Tesla use to be a automotive with an
American base that illuminates and gives products with all services like electric vehicle, energy
storage so as in it there is also the energy production framed in California. This provides the
vehicle a strong image in the market through there solar functionality and the rising demand of it.
Tesla emerged as largest expanding company worldwide and has made the image as the
prominent electric vehicle in all markets. The production output owns by Tesla is about 510000
unit in 2020. They have 3022 Mwh battery and 206 MW of solar annually used in 2020. The
equity which is raised by Tesla Inc is $721 million and that with approximately $22 billion
around the year 2020. The most important business goals used by the Tesla are to lead on
sustainable energy and make the product grow better(Hilorme and et. al.,., 2019)
The innovative approach comes out with all the methods and the conduct through which the
company and emerge it with some new idea and that helps in pertaining the required skills and
the, methods to perform the proper areas and the skills that help in the growth. The entrepreneur
uses to make the advancement in their work and gives or the product with better technology and
functions. Elon Musk has made Tesla with a unique feature and as also updated all the battery
and the performance of the product in a better way. There are certain innovative approaches
which are followed by the company in order to make the product more advance.
 Process Improvement- As in order to gain the company revenue and also to attract the
customer by the product there it is important to improve all the process which is being
earlier used and the person there will have to be innovative by their techniques and the
methods of working. It covers that all the productivity can there be increased with the
changing demands of the customers. As Tesla has the Model 3 quality which has made
the sale to increase the growth in the market by maintaining its performance. Update in business model- As all the companies while making any products implies to
use the business model that will help them out to regain and maintain all the utter quality
and help the to work n the strategy. As within the advancement in the time there has been
seen that the company can there by change all the areas and the business made so as to
gain the maximum value of the products.

Tesla as using the direct marketing services and with that has attained all the changes in the
business models and maintain the retain investment in their products and in the company. Tesla
also accelerates more emphasis on the sustainable energy and the products that is being covered
in it. The business plan of the company use to get emerges with all the change and the
advancement.
 New technologies- the most important element of all the product is innovation in the
rising changing schemes and market conditions. When there has been analysed the tht all
the new technologies with various innovation has the most important role in developing
the growth and revenue of compan(Brush and et. al .,2019). As for he survival all the
companies use to make their products and the design unique from all the other in the
market as there has been seen that all such methods and the ways through which the
company can raise out as the standard growth in the market is way more important. Tesla
use innovative techniques and ideas which helps in attaining the raising capital in all
market are so by formulating the batteries by decreasing the price of their cars. And along
with it the tables design can be made that helps in maintaining more energy which
provides company more growth then the previous batter in it.
Model S vehicle of Tesla has the emerging power and with the rise in same the
main target of Elon Musk is to give all the 20 million expansion in their business by the time
of 2030.
 Product design improvement- as when any product is being launched in the company
there in order to make it different the company will also have to focus n the design
that will attract the customers. As when seen that all the design and the areas o the
company Tesla is unique in their design and Elon Musk has maintained the change in
their design by the changing demands o the customers this helps to in maintaining the
gain and big brand image of the company. All such methods helped out t increase the
gross and the important productivity of the product in the market.
Thus, all this plays a vital role in attaining the larger benefit and maintaining the
innovation in the company by their varied ranges and attainment in the advancement.

CONCLUSION
From this above report it is concluded that entrepreneurship is the initiating and starting
of new business in order to attract more customer and attract them towards the working of the
company. The person who makes that innovation and advancement is entrepreneur. Elon Musk
as made various innovation in their SpaceX, Tesla, Paypal and for that their used so many
strategies in order to attain the success. Furthermore, there has been used various updated
business model t enhance the performance and gain the work to attain the success of the
company and the innovation that is being made.
REFERENCES
Lei, J., Hock, O.Y. and Karim, A.M., 2020. The Influence Of Entrepreneurship Education On
Innovation Capability Among Chinese Undergraduate Students In COVID-19 Pandemic
Era: A Framework Of Analysis. Solid State Technology. 63(6). pp.2279-2297.
Del Bosco, B., Chierici, R. and Mazzucchelli, A., 2019. Fostering entrepreneurship: an
innovative business model to link innovation and new venture creation. Review of
Managerial Science. 13(3). pp.561-574.
Landström, H. and Harirchi, G., 2018. The social structure of entrepreneurship as a scientific
field. Research Policy. 47(3). pp.650-662.
Anderson, B.S., Wennberg, K. and McMullen, J.S., 2019. Enhancing quantitative theory-testing
entrepreneurship research. Journal of Business Venturing, 34(5), p.105928.
Hisrich, R.D., Peters, M.P. and Shepherd, D.A., 2017. Entrepreneurship. McGraw-Hill
Education.
Drobyazko and et. al., 2019. Innovative entrepreneurship models in the management system of
enterprise competitiveness. Journal of Entrepreneurship Education, 22(4), pp.1-6.
Bekmansurov and et. al.,2019. State support for persons with disabilities in the field of
entrepreneurship. Journal of Entrepreneurship Education, 22, pp.1-9.
Hilorme and et. al.,., 2019. Model of energy saving forecasting in entrepreneurship. Journal of
Entrepreneurship Education, 22, pp.1-8.
Brush and et. al .,2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics, 53(2), pp.393-408.
Kraus and et. al., 2018. Digital entrepreneurship: a research agenda on new business models for
the twenty-first century. International Journal of Entrepreneurial Behavior & Research.