Elon Musk: Qualities, Challenges, and Performance in Entrepreneurship

This report provides a comprehensive analysis of Elon Musk's entrepreneurial endeavors, focusing on his key qualities, the challenges faced by SpaceX, and his performance, particularly with Tesla. The report begins by identifying and explaining three qualities that have contributed to Musk's success as an entrepreneur, including hard work and ethics, strong risk tolerance, and an entrepreneurial spirit. It then examines significant challenges faced by SpaceX, such as civil space safety, commercial market segmentation, capital investment, and military market access. Finally, the report investigates Musk's entrepreneurial performance with Tesla, highlighting its innovative approaches and impact on the automotive industry. The analysis includes references to relevant literature and provides a critical evaluation of Musk's achievements and the factors that have shaped his success.

INNOVATION AND
ENTREPRENURESHIP

I
Table of Contents
INTRODUCTION...........................................................................................................................3
Main body........................................................................................................................................3
Explaining the three qualities that have made Elon mask a great entrepreneur...........................3
Examining the challenges that are faced by the Elon musk spaceX venture...............................4
Analyzing entrepreneurial performance of Elon musk on Tesla.................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is an entrepreneurship tool that is used by them to exploit changes by using it as the
opportunity for the different business and services. The report will discuss about the personal
qualities of the Elon musk which have made them great entrepreneurs. Along with this it will
also give the information about the challenges that are faced by the Elon masks space venture.
Further it will also provide the information about the performance of Elon mask on their project.
Elon musk was named as the one of the richest person on the planet who has been working new
technology and innovation his ventures are PayPal, tesla and SpaceX.
Main body
Explaining the three qualities that have made Elon mask a great entrepreneur
Elon musk is the engineer and industrial designer who is the CEO of SpaceX, tesla and Open AL
(Successful Personality Traits to Learn from Elon Musk. 2021). He is the one of the richest
person of the world. He is the example for the person who believes that they can do something
alone without taking help from others in any context(Nessel, 2019). He has been also awarded as
the entrepreneur of the year who has change the society for better. The three qualities that have
made Elon musk a great entrepreneur are:
 Hard work and work ethics: Elon musk believes that to achieve something the first think
is to do hard work. It is the key by which the person can achieve what they want. Elon
musk was the hard working innovator who has been working 100 hour per week by
creating and productive sine so many years to achieve the milestone where he is right
know (De Bodt, and et.al., , 2020) . In his company he has been considered as the hardest
working employee who know how to make strategy by setting the perfect standards for
his colleagues by implementing them and following that they can achieve the objectives
of the company. He enjoys the moments that are related to learning and executing them
as the works of field lies inside the radius of elon musk interest. For example he always
suggests their employees and colleagues to work hard in that manner that they have been
known by the single person.
 Strong risk tolerance: to become the great entrepreneur Elon musk has taken so many
risks that can be in any form or in any possible manner in order to get return from it
(Nambisan, Wright, and Feldman, 2019). Elon have faced so may problems in his life
even has some odds against him by that he decided to leave the confortable life and
thought of taking the risk in an uncertain business venture. To take the risk in his life he
has left his PHD program that he was doing from the Stanford University to find the job
in the company that is named as Zip2 along with his brother in the tear 1995. After
joining the company elon musk was profited with $20 million at the time of when
company was sold to Compaq computers (Pourcel, 2018) He believes that to achieve
something in the life risk is most important to take by that only an individual will
accomplish the goals of his life. After this risk later on Elon have decided to take risk
again at this time he was investing millions of dollar to make the company named X.com

as one of the world first online bank that will provide people an easy transaction that they
can do by sitting home.
 Entrepreneurship spirit: Elon musk who has the spirit of doing the entire think in an
innovative manner to give it quality of becoming the great entrepreneur (Schmitz, and
et.al., 2017). He has the spirit of completing all his work on time in an effective manner
which help them to achieve the pillar of great success towards embodies commitments.
The target of Allen mask was to achieve the vision that was set by him Within the
schedule made by Made by him but all the technology an innovation which is the major
quality he has shown to the company from his work He was calculated as risk taking
process and minimizing that risk by implementing and Innovating that helped him to
complete all his project on time by facing the various challenges That enhance the growth
of Elen mask Anne made him An successful entrepreneur and businessman which have
the topmost venture. My facing all this challenge he have learned that all the projects
should be performed in confident manner and it can also be solving with his skills and
knowledge of entrepreneur. For example at the time of his project of PayPal He was
awarded as the most failure set up of the year at his initial stage. Later on showing his
entrepreneur spirit made paper the big story and the success in the individuals life and it
is also known as success story all ventures in globe. Elen Musk was also known as
successful venture owner always believe in working an innovation and development of
new technology that can provide better an big facilities not only to individual life but also
to the(Timothy and et.al., 2017). Lastly he has said that to become a successful person
in her life each and every individual required I spirit of doing the small or big work in a
good manner by using all their skills the person have to achieve the goals of their life.
Examining the challenges that are faced by the Elon musk spaceX venture
To become success at the time of project that he was working there is big story behind it hat is
based on the challenges that are faced by him during venture. At the time of doing the project he
has faced various challenges that are occurred from different source that are private and public
sectors which have hit the program of Elon musk that is related to SpaceX (Rabanus-Wallace
and et.al., 2017). Different and major challenges that are faced by Elon musk are:
 Civil space safety and commercial market segmentation: before the SpaceX the market of
commercial space launch was not very big globally. There was the company named
Bryce Space and technology which is and analytic outfit that earns $ 6 billion yearly. At
that time there was the demand of for geo sitcom which was fulfilled and launched in the
year 2016 which is made after the research of 17 years that was from 2003 to 2015.
Arianespace is the biggest competitor of the spaceX in the market and this was
continuing till ten years (Strauss, and Smith, 2019). To survive in market and to
participate with other Competitor in this dominate the market, SpaceX offer cut off their
price rate for placing a Communication satellites in geosynchronous orbit to remain
above from its competitors in a explicit points on earth apparent travelling at a thousand
of miles per hours as they do equal rotation of the planet. Further culture related to the
safety for the astronauts and the human space flights are given more importance. Cultures
are made to influence the operational behavior of the risk and design of choice that are
considered towards the safety of the astronauts. Also in the world SpaceX is the
company that have the purpose of filling the fuel at the time of when astronauts are on the
board of the rocket. By the company was challenged by NASA on this strategy that was
to be performed by the SpaceX.

 Big capital investment: The big challenge that was faced by the Elon musk in its project
is the huge capital requirement that is needed to perform its functions and production. As
the company wants that their rockets should go to mars but it is an expensive factor that
required the equipment that are very costly and are not needed or have any existence in
the mars program (Gedye, 2018). But elon was fail in this program as he was not able to
convince the air force that is regarding the development of heavy starship that can take
thousands of astronauts at one time. Also elon musk was challenged in lack of findings
that are related to necessary finding through internal and external source. Later on the
company has made 7500 small satellite that is capable for providing the internet facility
in the world.it can result in great opportunity for the company but Because it involves
high investment cost to encourage the demand Of the projects. Many companies doNot
take interest in doing this project as this project requires high cost and it is not possible
for the Companies to invest lot of money. It results in success of the company only when
they give high return (Cunningham and et.al., 2019).
 Military market access: The major issue that is faced by the elon musk is related to
military market and it Is also the biggest challenge that is faced by the company India
Starship of space program? It is the only Company who has been not awarded as
development contract for new generation of launch vehicle. In This competition there
were four companies who have participated and spaceX was the alone company who was
not awarded with any kind of rewards. The biggest challenge that was faced by the Ellen
musk at the time of space program was to get certificate off military launch that is related
to falcon9 rocket. Is Ellen have worked hard towards achieving a mission vision to get
U.S. military market taxes by doing hard work and accomplishing it effectively by the
second phrase of SpaceX The US government was not agreed to give funds regarding the
new rocket engine during the Starship program it is the biggest rocket that was prepared
by the Ellen mask For it ultimate mission to Mars but the US military government that
they are looking for something new and innovative which is the new upgraded version of
Falcon 9 rocket which was previously known as biggest Falcon rocket an now it rename
as super heavy Starship (Johnson, 2020).
Analyzing entrepreneurial performance of Elon musk on Tesla
Allen must have different qualities as compared to other person that is at the time when he was
17years old he started working in technology field (Karlsson, Rickardsson,and Wincent, 2019).
Elon Musk is true inspirational an entrepreneur who has been working for developing new and
innovative technologies to give new feeling an experience of using different technology not only
to world but also individual life so that they get better facilities. He has various skills and
knowledge which have made him and successful entrepreneur and true sign of individual for his
performance. The different performance of Ellen mosque was in many ventures that include
SpaceX, PayPal and Tesla. But he have to finish various problems at the time of performing his
project on PayPal It was the online payment system which can be used by every countries to
transfer their money online. One of the biggest successes and the performance of Allen mask
were on Tesla. The Tesla is known as the electric automobile company. Which have launched S
model in 2009 which was named as roadster, model X and latest Tesla model. These are the
names of three cars who has been running wait lithium battery cell. This was the three models
which meat elon musk a great entrepreneur because it was the innovation which was not thought
about any person. This start was made by Elen musk to reduce the cost of electric cars by
maintaining her mainstream car in the market and it was also published as one of the most

innovative car a new approach for the world (Trujillo, 2017). Tesla has achieved his targets and
profit under the leadership of elon musk. The main objective of this project is to create 0 carbon
emission for the electric cars which will be better than gas automobiles and it was all to increase
the sustainable transport of the world. The aim of Elen musk was not to work on automatic
maker but to create and focused on innovation of energy that are used and automobiles and other
source. The cars of Tesla are very high models which provide and give lots of luxury experience
his customers and product named Tesla S model which is the successful model in the market
with the top rating which have competed all this competitor not in their field but also in every
field of expect. After that the future plans of tesla was not to distribute their cars true franchise
your dealers but they have to sell it directly to their customer so that they can create a
relationship of international network and having their own showrooms in the urban countries so
that every individual can save their money and also know about what their company do. in 2008
when the test Tesla was facing financial crisis for his model S at that time Ellen mosque was
bankrupted and have to face the loss of dollar 35 million in his company. After facing this entire
crisis the company have also tried to make cheaper cars so let they can be afforded by every
individual which was under dollar 40,000. Later the company who make gasoline production
cars like BMW Ann Moser dies have all two started using the innovative ideas of elonmusk in
their production of electric cars. The main motive of company is to minimize the carbon
emission by shifting the technology to customer expectation advancement (Golovnia, 2019).
After that the major problem that was faced by the company is the adoption of electric cars in the
market Anne that is to use them. The cars which were made by Tesla are very high in
performance which includes 0-60mph In less than 3.9 seconds end required zero maintenance up
to 1 lac miles (Zhu, Zhang and Ogbodo, 2017). Further that Tesla has also developed the car
that is technician Model S which is having fully wireless upload data to fix some problems from
the office but this resulted in great problem for the company and sometimes they were unable to
find the problem. After that Tesla has expanded there company in the countries like Asia and
euro to increase their demand of product and the other market and have also started investing in
infrastructure in the countries like India where the use of and production of lithium batteries that
was plan by Ellen must to produce. But on the other hand countries have to face various rules
and regulations by investing in infrastructure of other countries. The company can be fit in the
market but some negative aspect is that it could not be used by all the people due to lack of
technology an interest structure that is necessary for Tesla working (Elert Henrekson, and
Stenkula, 2017). The technology which was adopted by the Tesla is very high in cost and high
end technology and it is also used by autopilot as a feature which help them in advance driver
assistance system which make aware of traffic curious control, lean centering, automatic Lane
changes, self-parking and the ability to park the car with the parking spot. Is there why are
videos competitors of Tesla they have been criticized the people to speak there the feature of
Tesla is not working properly by this the company has faced various challenges in their autopilot
features which have resulted in damage in their cars. But later on Tesla have worked hard to
make it more accurate an uncertainty so that this feature is avoided by the people. Also the Tesla
company have also introduced supercharges section for the two Wheelers who charge them in 30
minutes by seeing this new technology the demand for this increased high but on the other side
Tesla was unable to fulfill the demand because there was thousands of customer who was
waiting for their product and it was not possible for the company to make this product at a short
period of time (Perkins and Murmann, 2018)

CONCLUSION
By summing up the above report it has been concluded that Elen musk is an inspirational and
successful story for every individual who want to achieve something in his life. By the evolution
of above report the major qualities that Alan Musk has doing his work in a passionate manner
and by giving unique experience to world by his in Norway too and new technology. Also the
report have discussed about the challenges that are faced by the Ellen mosque at the time of his
project which was named as SpaceX to decrease the demand of satellite in the globe and
markets. Lastly the report will conclude by showing the performance of Elen mask for his project
Tesla which has been converted now as great success across the world.

REFERENCES
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