ENT6800 - Innovation & Entrepreneurship: Elon Musk Analysis

This case study delves into the entrepreneurial endeavors of Elon Musk, examining his personal qualities, strategic direction, and passion for innovation, which have significantly contributed to his success. The study analyzes the challenges faced by SpaceX, including technological advancements, knowledge gaps, and financial constraints, and how Musk overcame these obstacles. Furthermore, the research investigates Musk's entrepreneurial performance, highlighting his achievements in e-commerce, automobiles, clean energy, sustainable transportation, and space exploration, particularly through Tesla and SpaceX. The analysis explores his innovative strategies in Tesla, such as fast-charging batteries, grid power storage, and solar energy integration, alongside his leadership qualities and strategies for business growth. The case study concludes with an assessment of Musk's impact and his journey to becoming one of the world's richest individuals through his innovative approaches and the strategic application of his ideas in the business world.

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Critically analyse any three main personal qualities that made Elon Musk a great entrepreneur
.....................................................................................................................................................3
TASK 2............................................................................................................................................4
Critically analyse three entrepreneurial challenges that Elon Mask’s SpaceX venture will face
.....................................................................................................................................................4
TASK 3............................................................................................................................................6
Research and investigate Elon Musk’s entrepreneurial performance ........................................6
CONCLUSION ...............................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Invention is an essential tool of entrepreneurship by which it might take opportunity of
various sort of changes in respective field of services in business. It deliver set of creation,
learned and activity. By utilising successful invention plan it will easy to determine the source of
innovation, commercialisation and modification. It is not only famed as inventing new things but
also distinguishing and grab benefit of opportunities of changes in market place. Invention is
important in entrepreneurship to develop specific creation and strong consumer base to build
brand goodwill that is required by entrepreneur. The thought of ideas of invention that will
create more competitive start-up. It is the current or continuous activity of transforming
progressive thought of ideas into marketable form(Acs, and et.al., 2017). The entrepreneur
consider in this report is Elon Musk. This report involves the individualized attributes of Elon
Musk and their values in invention and entrepreneurship. It provides challenges, outcome and
resolve of demands in their entrepreneurship plan. It also provide valuation of the execution of
task in their entrepreneurship projects.
TASK 1
Critically analyse any three main personal qualities that made Elon Musk a great entrepreneur
As there are various sort of attributes and characteristic that makes Elon Musk a
contender for the most innovative intellectual entrepreneur. The management of business set
their standard of objectives and targets to follow the operational and functional structure. Musk
once again took a great risk by investing millions of dollars to found a company it determine the
risk factor in business venture. It involves the feature of self taught nature in field of
programming and several other advanced level of subjects. The best part of advice on acquiring
and execution is to perpetually deliberate about how things could be perform in a better manner.
Musk generates efforts and different plan of action to improve consumer response towards
perfectionism.
 Entrepreneurial Spirit: The entrepreneurial spirituality concern the various features in
Elon Musk like loyal commitments, vision, deliberate risk taking and capability for
personalised growth and development(Bekmansurov, and et.al., 2019). It present the
version to prove the determination in hardship and to overcome the obstacles and issues
in the management. The sort of segments that cover the experiences of individuals for

showing the ability and skills of an independent thinker and have risk factor in uncertain
manner. The section proves that the Elon Musk is an superior example to follow the
entrepreneurial spirituality that enhance the ability to overcome disappointments in the
management of business. Musk also have many points that shows his failure of career,
ranging from automaticity failures in the Tesla brand to jet engine flaming of SpaceX
company that is almost become insolvent now(Galvão, and et.al., 2017). The manner of
motivation that Elon musk provides that never let to stop performing work and never give
up. Musk motivate the global issues in creating a positive and comprehensive
surrounding as per the Tesla company.
 Passion for Innovation: It defines the passion for invention of leaders that approach the
new techniques and methods. The business recognising the imperative terms of
anticipating the changes that occurs in competitive surrounding as by continuous
improvement in all prospect of the business of management. Musk has created a culture
of invention that stimulate other individuals also to support the values up with the pace of
change instead of staying with late schedule of ideas. As many individual also consider
the term to solve the issues and problem that arises in the organisation. Musk sees
opportunities to led the ideas and culture of the success in management as effectively.
 Strategic Direction : It creates the vision and mission to become more innovative as
entrepreneur in the management of business. The entrepreneur builds and rebuilds the
team loyalty towards common objective of an organisation. Musk demonstrate
entrepreneurial maturity by creating strategical alliances and environment for talented
individuals, teams, the board and a range of advisers to enhance the task done and get
success as effectively(Gloet, and Samson, 2020). Elon musk takes a scientific approaches
for creating the understanding and manner of behaviour and talent that will lead the plan
of actions.
TASK 2
Critically analyse three entrepreneurial challenges that Elon Mask’s SpaceX venture will face
Entrepreneur has various sort of factor of qualities like risk factors, determination of their
abilities etc. They have go through with lots of situations at every stage to accomplish the
success. Challenges are the part of success that an entrepreneurship have to manage. Musk

failed many times in their project but still he managed to learned from his failure and subdues
from its challenges. They take challenges as an example for manage their difficult journey and
always prove their segments to mention the solutions in the business. The spaceX is a company
that are facing difficulties to prove that their project was executable to jet rocket drone ship at
space. Musk faced a lot of difficulties during spaceX project(Kuratko,2017). As there are many
difficulties that Elon Musk faced while operating spaceX project that are as follows:
 Technology up gradation: The spaceX or space project need high techniques of
advancement for up-gradation. But they fail to provide broad techniques at low cost. Low
techniques will minimise the efficiency and effectivity of task that will leads towards
failure of task. This factor reduce productivity and profitability of the management and
task. As they do not get sufficient sources of funding to maintain the segments of SpaceX
and it will lead to the failure to manage techniques advancement in the management.
SpaceX is noted its manner as recyclable jets but they utilise it as under appreciated
techniques that will leads to degradation of their task.
 Lack of proper knowledge: The vision of Elon Musk is very broad and consecutive but
they have not a suitable knowledge for execution of the project. For execution of any task
the proper knowledge or guidance is needed. Elon Musk has not sufficient knowledge
regarding jet engine and space industry. He go wrong to determine the elements that will
involve for launching jet engine in space. The company neglect formation of safety
method and air unit scope that is needed in their task. They do not have an adequate
practice knowledge of this sector of industry. As before investing in this idea they fail to
check executable analyse of its idea.
 Lack of financial support: For actuation of jet engine or satellites in space, Elon Musk
needed large sum of support or finance funding for successful execution of task. As it is
launch by private company that are using their own points of finance. It found trouble
during operations and execution of task(Lindner, 2018). They do not apply suitable
support of government and only utilise their own source and hence, this will leads in no
relaxation of tax benefit from government. Total dependency of own assets will outcome
in failure of this task.
Elon Musk overcome from these difficulties by adopting following ways:

 By increasing suitable knowledge to deliver their project as in an efficient way. By
regular sorting and proper study of project that will provide right manner as per the
vision of entrepreneur. As before executing their operations to check viable analysis of
innovative project idea. It will decrease the manner and chance of project failure while
launching jet engine or satellites. Broad visual sense is good but suitable knowledge or
guidance is important for functions and execution.
 To subdue his financial support source that they can also use as by government funding
with own funding of finance(Ma, and et.al., 2019). It brings various advantages in the
business like relaxation in tax. So they need to work on increasing source of funding.
 They need to concentrates on their techniques as on up gradation and advancement in
their business activity. They are famous for recyclable rockets that are outdated. It
decrease efficiency and productivity of task. It is one of the major difficulty that need to
be overcome by company for their growth.
 By taking of risk is not adequate for enterpriser but also they should have proper
analysis of practicable though of idea of task. The task can be get accomplish as
successfully by such ways. It will help enterpriser to create their adequate plan of the
task. It leads correct position of the innovative project.
TASK 3
Research and investigate Elon Musk’s entrepreneurial performance
Elon Musk's has achieved success in various fields like e-commerce, auto mobiles, clean
energy , sustainable transportation and space world. Entrepreneurial performance of the Musk's
is characterised by determination, curiosity to innovate the development of the world by its
services. Elon Musk's is the entrepreneur of Tesla and Space X through Tesla he launched the
electric auto mobile company which provide the electric car products to the customers which will
run through the use of solar energy this was the out of box approach which was adopted by the
Elon Musk which provides the high speed transport system to the economy. It helped in
changing the lifestyle of the people(Medeiros, and et.al., 2020). Tesla is the best electric car
manufacturer in the world due to its fast charging batteries which provides the safe drive to the
customers Due to the increase in the demand of the Tesla Elon Musk has now innovated its
services by providing grid power storage and home power storage like Power pack and power

wall. This strategies of innovation has provided the competitive advantage to the business
because other business are still following their old strategies due to which Tesla is announced as
the 2 largest electric car in UK. Model 3 of Tesla has scored 8.8 out of 10 scoring which is very
impressive. Elon musk is the innovative person who is considered are the most valuable car
maker in the world. Elon musk also deals in other businesses like Space X this company deals in
spacecraft and advanced rockets(Nambisan, 2017). In the year 2020 Tesla demand in the
economy was unstoppable it was around 500,000 units across the world. It was due the idea used
by the entrepreneur in the business.
Innovation done by Elon Mask In Tesla
 Tesla was considered are the fast charging sustainable batteries in the world which
provide the best driving experience to the customers.
 Innovation in Tesla has reached the arenas of grid power storage and home power
storage.
 Tesla has moved into the solar power space due to which it now involves solar roof tiles
and solar panels.
 Tesla has also invested its huge cost in the development of super charging stations so that
customers can experience the best services of Tesla.
Elon musk has provided free access to its employees for the exchange of ideas so that growth of
the business can take exchange of ideas between the management and the employees helps in
increasing the goodwill of the business by enhancing its services. He also motivates its
employees towards the achieve of the goals so that employees can enhance their performance
and provide best services to the customers. He has the leadership qualities which helped tesla to
grow in the market. Elon Musk has planned the strategies according to the growth of the business
which helped in increasing the revenue of the business in the market. Elon musk has became the
richest person in the world due to his strategies and idea which he applied in business so that
goals of the organisation can be achieved successfully(Singh, and Gaur, 2018). Tesla which was
started as a small business in 2004 has now become the best electric auto-mobile company in the
world. With the innovative services which it provides to the customers due to the rise in the
petrol prices people are looking for the alternative which can satisfy there needs without
affecting their financial stability this idea of manufacturing electric car has provided the best

transportation services to the customers which will maintain their lifestyle without harming their
financial stability. As the invention is done is Tesla are as follows :
Tesla: As in general situations many sections are get affected in the manner of
maintaining their goodwill. On the other side, Elon Musk organisation's Tesla has been very well
during every situation. The net worth of the company rise up high. Due to his good performance
they earned most of stock values and ensure their ownership in entity. In the end of 2019, Elon
Musk nearly held Tesla about 30% as because of recompense their execution layout. The
organisation have earned stock options aggregation(Urbaniec, 2018). Is is one their plan of
action to ensure possession. Tesla successfully manage their average value of market share.
Management is near to grab a policy of profitability in respect to company. But the entrepreneur
fails to manage the structure of compensation plan. It is also one of the essential reason why
Tesla would not realise his individualized values until the management faced minimisation in
their performance. At that time when company found trouble in accomplishing their goals and
targets. The entrepreneur completely depend on risk performance. Elon Musk attached his
compensation plan with long period of time that is directly related to the attainment of Tesla.
They adopted less crush approaching in the procedure of management procedure for leading in
this sector. It business in most superior cars to target premium sector. As in the oversight of the
enterpriser they modify the absolute automotive sector. It is their master plan to shift towards
organic compound to solar electric. They set hard manufacturing objectives in the sector for
better progressive results. Its performance is up to their mark and by this they successfully
earned profit. As per valuation organisation accomplish major orientation in the techniques of
powered battery. Under Elon's supervision the technology is invented get most of the specific
creations or services and create own brand image. By because of its advanced attribute the
company faced lot of challenges while business procedures and subdue those difficulties. They
continuously accomplishing greater term of values in the industry(Youssef, , Boubaker, and
Omri, 2018). They serve various advantages to the economy like unique designing shape, no
demand of franchise, save fuel cost, condition checks in vehicle, improvised applications,
progression of package. It also faces some disadvantage such as high maintaining cost,
ineffective service outlet, degradable electric battery. Elon Musk's Tesla is directing increasing
the brand as across the world. The performance of company is achieving greater heights during
the time of pandemic. They deliver unique and innovative products that range of vehicle.

CONCLUSION
From the above report it has been concluded that, entrepreneurs and their invention are
jointly an effectual thought that will lead towards economical and sustainable development. It
act on both sides of single phase as to be the part of innovation. It involved various sort of
enterpriser action. With creative and progressive activity that the enterpriser will make the values
to the society by delivering new and innovative thought of ideas. Invention and entrepreneurship
is interconnected with each other to provide various solution of business issues. The entrepreneur
enhance the term of value in progression for creativity of idea. The thought of innovation and
enterpriser will help social and economic development. A successful entrepreneur brings
innovative, creative consumer value as effectively.

REFERENCES
Books and Journals
Acs, Z., and et.al., 2017. The global entrepreneurship index. In Global Entrepreneurship and
Development Index 2016 (pp. 19-38). Springer, Cham.
Bekmansurov, R.H., and et.al., 2019. State support for persons with disabilities in the field of
entrepreneurship. Journal of Entrepreneurship Education, 22, pp.1-9.
Galvão, A., and et.al., 2017. A quadruple helix model of entrepreneurship, innovation and
stages of economic development. Review of International Business and Strategy.
Gloet, M. and Samson, D., 2020. Creating value through knowledge management and systematic
innovation capability. In Knowledge Management, Innovation, and Entrepreneurship in
a Changing World (pp. 1-30). IGI Global.
Kuratko, D.F., 2017. Corporate Entrepreneurship & Innovation: Today's Leadership
Challenge. The Wiley Handbook of Entrepreneurship, pp.293-311.
Lindner, J., 2018. Entrepreneurship education for a sustainable future. Discourse and
Communication for Sustainable Education. 9(1). pp.115-127.
Ma, W., and et.al., 2019. Education 4.0: Innovation and Entrepreneurship (Catalyst case-Study).
Medeiros, V., and et.al., 2020. Innovation and entrepreneurship as drivers of economic
development. Competitiveness Review: An International Business Journal.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship theory and practice. 41(6). pp.1029-1055.
Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging
economies. Management Decision.
Urbaniec, M., 2018. Sustainable entrepreneurship: Innovation-related activities in European
enterprises. Polish Journal of Environmental Studies. 27(4). pp.1773-1779.
Youssef, A.B., Boubaker, S. and Omri, A., 2018. Entrepreneurship and sustainability: The need
for innovative and institutional solutions. Technological Forecasting and Social
Change, 129, pp.232-241.\
(Acs, and et.al., 2017)(Bekmansurov, and et.al., 2019)(Galvão, and et.al., 2017)(Gloet, and
Samson, 2020)(Kuratko,2017Lindner, 2018)(Ma, and et.al., 2019)(Medeiros, and et.al.,
2020)(Nambisan, 2017)(Singh, and Gaur, 2018)(Urbaniec, 2018)(Youssef, ,
Boubaker, and Omri, 2018)