This report provides a comprehensive analysis of Elon Musk's entrepreneurial journey, focusing on his key qualities, the challenges faced by his SpaceX program, and his entrepreneurial performance with PayPal. The report begins by identifying and analyzing three of Elon Musk's core entrepreneurial qualities, such as his continuous focus on innovation, entrepreneurial spirit, and personal integrity, supported by examples from his ventures. The second part of the report examines three major challenges that Elon Musk faced during the SpaceX Starship program including military market access, weak enterprise profitability, commercial market stagnation, and civilian safety, with detailed explanations of their impacts. Finally, the report investigates Elon Musk's entrepreneurial performance in the PayPal venture, highlighting the challenges and strategies that led to its success, including his ability to leverage technology and adapt to market demands. The report utilizes several academic sources to support the analysis.