Entrepreneurial Analysis: Elon Musk's Qualities and Challenges

This report provides a comprehensive analysis of Elon Musk's entrepreneurial journey, examining his key personal qualities, including hard work, self-improvisation, and teamwork, which have been instrumental in his success. It identifies and discusses significant challenges faced by Musk, such as those related to commercial and military markets, weak enterprise profitability, and high capital requirements. The report also evaluates Musk's entrepreneurial performance, focusing on his ventures with SpaceX and Tesla, highlighting how he leverages his experience across both companies to drive innovation and achieve economic growth. It further explores the synergies between SpaceX and Tesla, particularly in the context of renewable energy and technological advancements, offering a detailed perspective on Musk's impact on the business landscape.

Innovation and
Entrepreneurship

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1: Three main personal qualities of Elon Musk .................................................................3
Task 2: Three entrepreneurship challenges that are facing by Elon Mask's................................5
Task 3: Entrepreneurial performance..........................................................................................7
CONCLUSION................................................................................................................................8
REFERENCE.................................................................................................................................10

INTRODUCTION
Entrepreneur is an individual who tends to develop a business by taking huge amount of capital
risks and is also liable for taking the level of advantages which it has achieved through the
business activities. Elon Musk is the entrepreneur who has developed an organization known as
space exploration or Space X, which tend to launch satellites within the space with the effective
utilization of its reusable rockets. Evaluation of personal qualities of the entrepreneur is done in
this report which is tend to be implemented within the business activities is done in the report.
Analysis of several entrepreneur challenges which have to be faced by the entrepreneur is also
done in the report. With that evaluation of entrepreneur's shortcoming in terms of evaluating its
performance with other investments.
MAIN BODY
Task 1: Three main personal qualities of Elon Musk
For being a successful entrepreneur Elon Musk has to develop several skills so that it can
improvise its goal achieving capability through which it can achieve high level of work
productivity and also with that it tend to ensure that it is able to achieve desired target. Following
are several skills which are being develop by Elon Musk for grasping business opportunities.
1. Hard Working- In order to grasp several accruing business opportunities Elon Musk have
to increase its working hours so that it can establish its communication with the desired
target through which it can ensure that a fruitful result is being achieved through the
desired business strategy (Saint-Martin, 2019). Also with that it has Ensure that the
business opportunities are being analysed through different perspectives because through
this it can make sure that the profit margin associated with the different opportunities is
also increased.
The hard working capability of Elon Musk is also very important because it has to make sure that
the company is able to achieve its vision and mission which is of colonising Mars and due to
which it has make concentrated efforts towards achievement of a desired target despite of
associated failure. Musk has developed this hard working skill by converting its personal
interests into its routine working such that if its being only those activities which tend to provide
it pleasure and happiness then all the other diversified activities will have no significant impact
upon its future actions.

This improvisation of personal field of interest into self daily work routine has influenced Elon
Musk to develop its future work related planning accordingly through which it can ensure that all
the activities are being developed (Markham, 2019). As per the scheduled plan and is able to
develop consecutive chain reaction of the integrated elements for improvising the level of work
quality.
2. Self improvisation- This is one of the prime factor which tend to segregate Elon Musk
with other entrepreneur because Musk often tend to ensure that it is able to use failure as
an effective teacher for developing its future work strategies. Therefore it often tend to
analyse its personal working capabilities and analyse the sections which are making
negative impact upon its working capabilities. Then tend to identify the creative ways
through which it can overcome the weak sections and achieve a greater good. This ca be
seen in the initial time segment of Space X when the company has to face two
consecutive failure and also showcases the ways through which Elon has managed to
overcome these failures (Anslow, 2016).
Self improvisation is very important for entrepreneurs because they have to improvise their
working capabilities according to the changing market conditions. Through which it can ensure
that company is able to achieve an efficient competitive edge which will make a significant
impact upon company's sustanibility within the market place (Kirby, 2019). Therefore Elon
Musk also tend to analyse the changing market trends and tend to differentiate the level of gap
between so that it can develop future working conditions accordingly through which
entrepreneur like Elon Musk can make sure that company is able to maintain the loyalty of its
customers by providing them new and rare products.
3. Team work- Entrepreneur like Elon Musk tend to develop organizational working
strategies such that it is able to achieve high level of work productivity and through
which it can achieve increased probability of goal achievement. Due to this it has to make
appropriate recruitments accordingly such that the organization is able to achieve high
level of productivity by which it can ensure that high level of organizational services are
being provided to the customers. Thus for achieving this entrepreneur has to develop
organizational working culture in such a way that employees are empowered to
collaborate their efforts for achieving a desired target and for which organizational team
are being made.

Elon Musk tend to establish high efforts for developing effective organizational team for the
achievement of specific organizational targets through which factors which are affecting work
productivity can be overcome. Therefore Elon Musk tend to provide efficient training to its
employees so that they can make appropriate changes in their working process which will
provide efficient working capabilities of Space X.
Task 2: Three entrepreneurship challenges that are facing by Elon Mask's
This can be may that Elon Mask's has not taken with Space X public because the value of
their estimate is too high. That might be the reason doesn't want any outsiders mucking overall in
his plan for making them successful. As they are being developed by permanent colony in Mars
and inspiring vision, but their public or private developed being permanent colony there along
with this they are also facing some issues, and they need to come out with these challenge. Here
are some challenges that are facing for becoming them successful:
Commercial market:-
The global market is being more developed and space launches is not such big. Space X
has become more dominate that market are offering prices and placing their communication
satellites. But they have launch providers, state backed is growing more and something is more
need to give. Due to having lower demand it could be seemed to be new normal which is more
supplying are beginning and being more developed with various market. At time of launch their
facing more challenges, but they have large number of competitors in market.
Military market:-
The U.S. Air Force is most the largest managing security space and recently they are
more developed with having rewards for new generation launching many vehicles. There are
mainly four competitors but Space X still not get any awards for their developed. This can be
little disappointments for Musk, who have mainly struggled with their more investments and get
military certification for Space X work house. But Space X 8is still second phase of the program
and it also looks like government in their countries will be not funding for development in
launching any new vehicles or rocket engine in Space X. that is previously known with the name
of Big Falcon Rocket and company making new future plans for getting fasted new name such as
Super Heavy Starship. It means the name might be more suitable for their launching vehicles and
suitable in supporting manner mission to Mars (Bozesan, 2020). But Air Force in their countries

are looking for new launching for having more national security. It also seems that plans for
other efforts and that could be the big challenges for their Elon Mask's in which they could not
easily work with some other companies. Through which they can military market access
managers national security space program and developed more to be launching new vehicles.
Weak enterprise profitability:-
While by keeping their more market place, for which they need to make more profits and
debt placements in market are weaker. Due to having more competition in market as companies
investor will try to invest more in some other companies as well and that might because loss in
many other companies (Gans And et.al., 2020). In previous time including pre payments by
customer in its earning calculation while by such as including some research expenditures. It
means that company need to work on their observing customer, and they should also have to
sustain a loss.
High capital requirements- Elon Musk tend to implement several technological advancements
at its work area so that it can achieve desired target in the shortest span of time with high level of
accuracy. Due to which it has to integrate several technological advancements at the work area of
space x through which it can closely analyse the overall rocket mechanism and ensure that
consecutive failures are not happening within the space craft (Akhtar and Ort, 2018). Thus for
achieving this it has to take analyse the external market place and identify the appropriate
technological advancement so that it can be integrated within the space shuttle. Also it has to
develop its own technological advancements as per its requirements which increase the level of
capital investment to be done within the recent starships. These expenditures are saviour because
before sending the satellites in the space, space X has to ensure the safety of ride and because of
which has to several test rides which are not profitable because no appropriate space crew is
available within the space shuttle. Due to this cost of testing the ride is increasing and no
appropriate desired target is being achieved and if a failure arises then it will increase the
expenditure further more (Gonzalez and Winkler, 2019). However despite of these expenditure
disadvantages these tests are necessary so that space X can ensure its future customers that they
are having a safe and secures level of engagement with the organization which will increase their
loyalty towards the company.

Task 3: Entrepreneurial performance
Elon Musk tend to be having its effective level of engagement with several other organizations
apart from Space X and because of which it has managed to ensure that it being able to achieve
an desired target and efficient economic growth (Strachan, 2018). Following are the
entrepreneurial performance of Elon Musk with its shortcoming during its investment with the
Tesla.
Entrepreneurial performance with Tesla- Apart from space x Elon Musk also tend to be the
highest stakeholder to electric car manufacturing organization Tesla through which it has
managed to achieve high level of efficient economic growth. Elon Musk tend to collaborate its
learning and experience in both the companies collaboratively through which it has managed to
provide an efficient competitive edge to the organizations and also has provided high customer
base (Davoudi, 2017). Musk's decision of investing in electric automobile manufacturer Tesla
has been an fruitful deal for him because company tend to provide highly modernised and cost
efficient electric cars. Which also are having additional facilities like self driving, highly safe
from accidents, reduced expenditures to be made of fuel charges and several other features are
also being provided to the customers because of which their level of engagement with the
organization is also increased.
Elon Musk's investment with the electric car manufacturing organization Tesla is not only
limited to developing electric cars but also tend to provide additional services like solar panels
and other additional electrical facilities through which it tend to attract a wide section of
customers which are will be utilize renewable energy sources. Through this customers are able to
empowered to reduce their expenditures for having control over their electric supplies. The main
reason behind Musk's idea of increasing the users of renewable energy sources is that through
this it can reduce the consumption of natural resources for the development of electricity and
because of which it tend to provide services like solar rooftops to its customers (Bachmann and
Welte, 2020).
Elon musk also tend to integrate the level of services which are being provided by Space X and
Tesla. This happens Tesla tend to provide additional services like self driving cars and for which
it utilize the informations which are available near the car and images which are being available
from the space about the current traffic conditions and therefore use it for providing instructions
for developing drive path. Through this integrated approach between different companies Elon

Musk tend to ensure that customers are able to identify the quality of services which they are
achieving and because of which are influenced to increase their engagement with the
organizational activities which will result in increased loyalty.
Shortcoming- Although Elon Musk's investment in Tesla has provided high level of returns for
its engagement in improvising technological advancements but apart from that it also require
high involvement of Elon in several activities. Due to which it has to reduce its level of
engagement with the Space X which was being its prime developed organization and has
provided an efficient economic growth. With the reduced level of time with Tesla Elon also faces
shortcoming issues in its managerial activities by which it is not being able to closely monitor the
factors which are increasing organizational expenditures and because of which company's
expenditures are increasing. With the reduced time consumption in the level of improvisations
Elon Musk also tend to face limited level of engagement in developing new technologies so that
level of organizational services which are being provided to the customers can be increased
(Enterprise, 2020).
Elon Musk's Tesla may tend to provide additional services like solar plates and energy solutions
to customers apart from highly efficient self driving cars. But tend to face limitations in its
working capabilities because in order to establish renewable energy sources, customers have to
make a large amount of capital investment for achieving the level of organizational services. Due
to which their engagement towards organizational services also tend to be decreasing and
organization has to face limitations in its sales which affects its efficient economic growth.
Elon Musk tend to integrate the type of services which are being provided by its very own
different organizations. This is effective but also tend to develop inter organizational
communication and also increases the threat of avoidance of legal legislations. This happens
because Elon Musk is the entrepreneur of both the companies and because of which both the
organizations may tend to implement creative ways or may avoid legal actions and because of
which have to face penalties.
CONCLUSION
From the evaluation in this report it can be concluded that entrepreneurs like Elon Musk have to
take huge amount of risks so that it can increase the probability of implementing its creative and
world changing ideas on the ground level so that it can achieve high level of work productivity
and achieved its desired targets. With that it can also be identified that entrepreneur often to

utilize their life long work experiences in their present day working through which it can ensure
that same mistakes are being repeated again and chances of sudden accruing failures is also
reduced. Apart from that it can also be evaluated that with the changing levels of engagement
with other activities entrepreneur also have to keep on improvising their work patterns through
which it can establish uniformity between different work areas.

REFERENCE
Books & Journals
Saint-Martin, A., 2019. Elon Musk: the High-Stakes Gambler of Technological Capitalism.
Kirby, C.R., 2019. Expertise, Ethos, and Ethics: The Prophetic Rhetoric of Nick Bostrom and
Elon Musk in the Artificial Intelligence Debate (Doctoral dissertation, Wake Forest
University).
Markham, J.W., 2019. Securities & Exchange Commission vs. Elon Musk & the First
Amendment. Case W. Res. L. Rev. 70. p.339.
Gonzalez, K. and Winkler, C., 2019. The entrepreneurial breaking point: undergoing moments of
crisis. Management Decision.
Strachan, G., 2018. Can education for sustainable development change entrepreneurship
education to deliver a sustainable future?. Discourse and Communication for
Sustainable Education. 9(1). pp.36-49.
Akhtar, R. and Ort, U., 2018. Building entrepreneurial teams: Talent, social capital, and
culture. People & Strategy. 41(2). pp.36-40.
Bachmann, A.K. and Welte, M., 2020. Improving entrepreneurial self-efficacy and the attitude
towards starting a business venture. Review of Managerial Science. pp.1-21.
Enterprise, S., 2020. Entrepreneurial Orientation. Social Entrepreneurship and Enterprises in
Economic and Social Development.
Davoudi, A., 2017. The Relationship between Childhood Characteristics and the Involvement in
Entrepreneurial Activities and New Ventures (Master's thesis, University of Twente).
McNeill, D., 2017. Start-ups and the entrepreneurial city. City. 21(2). pp.232-239.
Bozesan, M., 2020. Integral Investing. Springer International Publishing.
Gans, J.S. And et.al., 2020. Choosing Technology: An Entrepreneurial Strategy Approach.
Strategy Science.
Online
Anslow, L., Space X: a history of fiery failure,2016 [online]. Available through:
<https://timeline.com/spacex-musk-rocket-failures-c22975218fbe>