Tesla's Entrepreneurship: Elon Musk's Impact on Innovation and Economy

This report examines Tesla's entrepreneurship, focusing on Elon Musk's leadership and the company's innovative approach to electric vehicles. It highlights Musk's role in identifying market opportunities, fostering team building, and driving business growth. The analysis covers Tesla's contributions to the economy and society, along with its strategies for overcoming challenges, particularly during the COVID-19 pandemic. The report also discusses the importance of innovation in Tesla's success, including the development of products like Powerwall and solar roof tiles. The study concludes by emphasizing the significance of entrepreneurial leadership in guiding Tesla towards achieving its organizational goals and maintaining a competitive edge in the automotive industry.

Entrepreneurship Assessment

Executive summary
the presented report is based on the entrepreneur and entrepreneurship of the famous leading
company named as Tesla founded by Ellon mask. The presented report highlighted the
opportunity which the entrepreneur determined for obtaining success in domestic as well as
international marketplace. In order to accomplish personal as well as organizational goal the
Ellon Mask bring innovation and creative idea of producing electric car or vehicles that boom the
market in effective as well as efficient manner. Along with that the report reflect that the
organization deal with the various challenges during the covid 19 but the organization is able to
deal with the challenges and generate profit with the assistance of competitive advantages.

Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
About the Entrepreneur of Tesla..................................................................................................4
Evaluating way entrepreneur build team.....................................................................................7
Explaining the role of entrepreneur as leader.............................................................................7
Presenting how entrepreneur grow business.............................................................................8
About Contribution to the Economy and Society........................................................................8
Evaluate the survival issues (due to the global pandemic) .......................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
APPENDIX-1................................................................................................................................13

INTRODUCTION
Entrepreneurship can be defined as the ability of an individual to develop , organise and
run its business effectively and also manage all the risk and uncertainties in order to make
profits of the company. It can be said that an successful entrepreneur is someone who has the
ability and desire to establish and succeed its business and generate profit by overcoming all the
risk and uncertainties associated with the business(Olanrewaju, and et.al., 2020). They are
known as the source of creation of new ideas and innovators that brings new ideas in the market
and apply in its business in order to make profit.
The importance of entrepreneurship is that it helps in creation of employment and
provides best level jobs that helps in more experience and training to the unskilled workers. IT is
also considered as the hub of innovation as it helps in bringing new and attractive products in the
market with the help of technology and best resource utilisation. It the employment base is large
and diversified it provides wider job roles resulting in creation of employment and development
of the society. The essay covers the overview of the chosen company i.e. Tesla and cover the
personality trait theory of the chosen entrepreneurs and innovative services that have presented
in the market(Ahmed, and et.al., 2020). The study also reflects on the development of the
organisation and their role and leader and also there contribution to economy and problems
faced by the company during pandemic.
MAIN BODY
About the Entrepreneur of Tesla
Tesla was founded by Martin Eberhard and Marc Tarpenning and is the tribute to the
inventor and electrical engineer Nikola Tesla and 2008 Elan Musk became the co- founder and
CEO of Tesla and leads all the designs , engineering and global manufacturing of the company
and its products such as electric vehicles, battery products and solar energy products(Jenčová,
Vasanicova, and Litavcová, 2019). The CEO has also achieved the global frame as chief
executive of the electric auto maker Tesla Inc(Corte, 2020). He also the co- founder of PayPal
and also negotiated deal to take Twitter Inc. private.
Personality traits reflects on the characteristics, thoughts, feelings and thoughts of the
entrepreneur. Personality traits implies the consistency and stability that an entrepreneur shows
and behave in different situations(Ahmed, Khattak, and Anwar, 2022). There are many factors
that contribute in the success of becoming and entrepreneur in order to run there business

successfully and operate its business. IT includes timing of their business launch , how
competitive they are in the market and their reliability in the supply chain of their business. The
main personality traits of the entrepreneur are:
Adaptability: Business environment changes rapidly and entrepreneurship is an iterative
process and that have to face various challenges and opportunities at every stage while running
their business. It is not possible to to be prepared for such changes but has been evaluated that
successful leaders successfully adapt the changes that takes place(Kerr, Kerr, and Dalton,
2019). The trait of successful entrepreneur is that they evaluate the situation present and plan
strategies in order to keep their business moving forward.
Team building: It has been evaluated that a successful entrepreneur is aware about their
strengths and weakness. They also have relevant skill and knowledge and devote their time in
building effective teams as per the capabilities of the members. They encourage the employee to
build effective teams and plan various strategies in order to boost the performance of the
employees.
Curiosity:It has been evaluated from the analysis that successful entrepreneurs have the distinct
personality trait and this ability of the entrepreneur to be curious which allows to seek new
opportunities and allows the businessperson to identify the risk and face the challenges and
overcome in order to successfully run its business.
Entrepreneur opportunities can be defined as the situations and circumstances where the
products and services of the company can be sold at a price greater than their cost of production.
In this situation , entrepreneur take such risk in order to make profits. This is that point in which
recognizable customers demands meet the feasibility of satisfying the the products and services
of the company. Elon Musk was always alert to various changes that occurred in the energy
sector and introduced an electric car that offer luxury and can also travel for long miles
without charging(Çanakoğlu, and et.al., 2018). The CEO of the company's investment is
opportunity driven and the market forces has also supported in shaping the opportunities. Elon
Musk recognised that good idea is not similar to the good business opportunity and the existing
market conditions determine the ideas that can be invested in the business.
The CEO focused on creating and adding value to the customers by creating and
developing new and attractive products. Musk also recognise the importance of finance for
leading the business plans and by considering this he invested and get the finance in order to

support and modify the failure business opportunities(Cohen, Hsu, and Shinnar, 2021). After
identifying the opportunities in the area of sustainable energy and it is stated that quality of
workforce is driver for opportunity and by considering the company recruited experienced
engineers in order to focus towards exploring opportunities and concentrate towards achieving
the goals of the company and its growth.
Tesla is one of the most valuable auto manufacturer company .The company has also
files 361 patents in the electric vehicles, its design , solar roof , battery packs etc. Various
innovation made by Tesla apart from manufacture are Powerwall that is an integrated battery
system that stores the solar energy for backup protection and reduces reliance on the grid. The
most attractive feature of the product is that it automatically gets recharged with sunlight and
also helps in detecting the power outages(Kim, 2020). On of the most advanced feature is that
with the help of the application of Tesla, the customer can monitor the system and optimise the
energy according to their preferences.
The other product is the solar proof tiles which is one of the innovative products by the
company. These tiles are more effective than the normal roof tiles and can be applicable to all
weather protection. The purpose behind creating this product that it helps the customers to
control their electricity bills. The other product is the solar panels that can be affixed on existing
roofs that converts sunlight into energy. It also includes the Powerwall and solar inverter
integration feature. Electric vehicle charging stations is also one of the innovations of the
company as the demand for electric vehicle was increasing setting up of charging stations was
equally important and currently the company has the largest global fast charging network among
other companies globally.
Innovation is considered as the essential component of any company so it is necessary for
the entrepreneur to understand the importance of innovation and take advantage of the factors
which can result into generating positive outcomes for the company. It is an act of creating and
delivering something new in the market which can be in the form of marketing strategy or can be
a new product(Matthews, and et.al., 2020). In the automotive industry , the competition is
increasing very rapidly as many companies are focused towards introducing new products or
making modifications in the existing products which helps the business to grow and also add
value. Innovation is necessary for Tesla ad it helps in adapting and also focus on overcoming the
changes as it helps in growth of the company and for the growth of the business as well. In the

competitive market , innovation plays a very major role not only in organisational growth and
also in the development of economy.
Evaluating way entrepreneur build team
It is important for entrepreneur to build team for accomplishing desire goals of the organization.
Although there are various ways through which teams can be build such as invest time in
building. Team building is not giving salary to people for the work but it requires lot more in
terms of the kind of respect and recognition for their contribution in success of company.
Although the role of entrepreneur is to motivate employees through using methods like
momentary or non- momentarily it helps in most effective manner. One of the most crucial
aspect of team building is to focus on communication like opening channels, honesty and
transparency need to be maintained so that proper flow of information can be maintained as well
as it helps in building trust among them. Thus, if team is recognized and communication with
them is proper then it will contribute in greater productivity (Doern, Williams and Vorley, 2019).
Moreover, for creating the solid team it need to be keep small so that work can be effectively
done and the task is completed on time. Small team is easy to manage and they will spend time
together with each other it contributes in creating healthy work environment. Furthermore,
entrepreneur can give flexibility in the team like freedom for the experiment and opportunity for
trying new ideas before manufacturing final product. Although leader can make use of their
network for finding appropriate and suitable candidate for the company as well as entrepreneur
should conduct get together for their employees as it will help in learning more about them.
Explaining the role of entrepreneur as leader
The role of entrepreneur is almost similar like leader as both have duty to guide their employees
so that it can reach their personal and organizational goals in limited set of time. Moreover,
entrepreneurial leadership is the process through which leader is able to influence employees so
that objective of company can be achieved (Wadhwani and et.al., 2020). Although for being
effective leader an entrepreneur must developed some of the qualities like building trust in
various ways and it can be accomplishing by working hard as well as solving employee’s
problems among others. However, if motivating employees to work hard it helps in developing
trust and confidence in employees. That lead in developing high employee’s satisfaction and
increase in company growth. Along with this, effective communication is very much important
for leadership such as if employees are not aware about the vision and mission of the company it

will not be able to focus on their efforts while accomplishing company goals. However, if
transparency and honesty is maintaining with customer and employees it will lead in building
healthy relation with them. In addition to this, if organization clear goals and vision have been
communicated to them it will lead in success of firm and skills of subordinates is also improved.
In addition to this, it is also important for the leader to seek self-improvement to become good
leader such as it should be always learning and evolving (Ratten and Usmanij, 2021). Although it
should never stop to try improve themselves and develop strategies for the company growth.
Along with this, it can join workshops and take online lecture so that it can enhance their
personality. Leader should also have knowledge about technical skill so that it can guide their
employees and it have a clear understanding of how product can be used. In addition to this, it
has been actively engage in decision making so that it can have direct the organization for
dealing with the risk. However, it is important for leader for managing the employees for
taking the decision as well as for engaging team for encouraging innovation and creativity
among their employees by allowing them to make decision.
Presenting how entrepreneur grow business
The main aim of launching the business is to establish brand image by building awareness in the
market and through growing. Moreover, for enhancing business company can hire right people
so that it can contribute in success of firm. Along with this, if employees are hardworking it will
have dedicated in aching overall growth as well as build collaborative work culture.
Furthermore, company can focus on establishing revenue source by giving their customer
quality service. Although for building or expanding the company it can take loan from bank,
family and others.
About Contribution to the Economy and Society
The contribution to the economy
TESLA is one of the leading company which highly contributes in the economy as the large
numbers of people acquire product and services of the organization. The organization is
continuously acquiring success in the domestic as well as international marketplace. The
company is satisfying many customers and generating higher profit and revenue form the
marketplace. The market value of the tesla company is higher as the Ellon Mask is the richest
person and the organization deliver more than 100000 in a week which is extremely higher. The
organization provide job opportunity to the various people in effective as well as efficient

manner for performing the function and operation of the organization (Gali, 2020). The
organization was working with approx 900 employees in the previous year but as the sales of the
company or the growth of the company is increasing the organization is hiring the new talented
candidate. For the welfare of the organisation the human resources department of the company
hire more 1600 new skilled and knowledgable workers that boost the growth of the company.
According to the research the company willing to provide more job opportunity to the people as
the company have the vacancy of 4500 for performing the job roles and responsibility of the
company. As the company is obtaining more success in the marketplace it is increasing the
contribution in the economy. And in the current period of time the organisation is providing
51000 jobs to the people and contributing more than $ 6 billion in the economy of nation. The
organization Tesla pay approx $2.1 billion to the workers who are working with the organization
in the California. Due to that the organization is providing livelihood to the thousands of peopke
in effective as well as efficient manner (Braunfels, 2021).
In context to acquire success in the marketplace organisation contentiously increasing the
efficiently in the company by bringing creativity and innovation in the production and services
of the organisation. Due to that the company increase the capability of manufacturing the electric
cars in different marketplace. The organization is generating higher revenue from the automotive
sales of the company. In context to that the organization bifurcate the business in two segments
which includes automotive vehicle and energy generation or storage. Apart from that due to
innovation demand for the electric vehicle increase as it is cheaper and facilitation vehicles as
compare to the competitor brands. With the innovation in the vehicle the organization satisfy
90,650 customers in an appropriate manner which encourage the workers to spend the
individuals capital in purchasing the commodity associated with the cars that also increase the
economical value of country in adequate manner. With assistances of the continuous growth the
organization is entering the marketplace and defeating the competitors by offering competitive
advantages in the marketplace. In current period due to the brand value to the organisation is
obtaining great profit from the market. In context to obtain success in the marketplace the
organization covered one of the largest market of the globe that is china (Morus, 2019). Tesla is
highly influences or encouraged by the latest technology. As compared to the previous year the
organization increase the sales by the 50%in the year of 2022. The biggest advantages of the

company is that the organization is providing the product and services at the cheap prices which
is attracting the large numbers of customers toward the production of the company.
Evaluate the survival issues (due to the global pandemic)
In covid 19 pandemic situations which affect the people badly all over the world. It also affect
the economical values of various countries as the people are not allow moving outside due to the
rules and regulation implemented by the higher authority. During the pandemic situation the
apart from tesla many other companies also face various challenges as the government did not
allow to operate the business offline in order to control the spread of coronavirus (Belo, 2021).
Due to the impact of the covid 19 many companies shut down the business permanently as the
market shares decrease also it bring downfall in the demand. After the impact of covid 19 the
perception of buying the product is also changed as after the situation of pandemic the
customers are willing to buy only necessary goods and services rather than the commodities
which are not essential for them.
In context to that the tesla company also face many challenges during the pandemic. For
instance the people avoid the utilization of the cars which reduce the demand of the cars in the
various market and further result in decreasing in the profitability and productivity of the
company. Along with that in the situation of the covid 19 it was hard for the organization to
exchange or export and import the product and services outside the nation (Dorotić, and et.al
2019.). Due to that the company is not able to provide the production or the supply on vehicle
on the time in the bulk. Along with that due to the social distancing code of conduct the
manufacturing of the car is stopped. Due to that the organization is not able to acquire the raw
material or the necessary resources in adequate manner. Furthermore it reduce the household
income of the individual person that also change the behaviour of the individual person for
buying the product of the company.
For the resolution the company bring the plans of action that is to collect the orders of vehicle
directly from the customers with the assistance of the technology and provide home delivery to
the potential customers which satisfy the needs and wants of the consumer ((Brasse, 2019.).
During the pandemic the decision making process of buying the vehicle will be on last propriety.
In that situation the people become more conscious about their health and safety which increase
the shortage of labour or workers in the industry. Along with that the company faced disruption
in the supply chain during the pandemic situation. During that time the authority declared the

portfolio of zero emission vehicle sell that pressurize the organization to reinstall the production
of the vehicles. In the situation of the covid 19 the people are not allow to visit the stores or to
the dealer for purchasing of the production that put restriction on the people for buying the
productivity.
In order to deal with all the challenges the organisation focused on the demand or taste and
preferences of the consumers. Furthermore the organization bring the continuous innovation
and creativity in the product and services of the organization (Long, and et.al 2019. ). Apart
from that the organization develop the business relationship with the customer in an appropriate
manner. Beside this the organization provide safety concern to the employees of the organisation
in order to address their healthy and safety issue. For the good health and safety of the
employees the organization provide mask, sanitize, PPE kit without charging any short of
money. It improve the image of brand in domestic as well as international marketplace. For
considering and maintain social distancing for the welfare of the consumer the organization
provide home delivery or services at door step facilities to the consumer due to which the
organization is able to satisfy the consumer and increase the efficiency of the company.
CONCLUSION
From the above essay it can be concluded that entrepreneurship is considered as
important aspect as it accelerate the economic growth as entrepreneurs acts as a wheel for the
growth of the economy. It also helps in creating new employment opportunities and also
generation of new and creative ideas which helps and individual its business effectively and
overcome all the challenges efficiently. The essay summarizes the meaning of entrepreneurship
and introduction about the chosen company i.e. Tesla, personality traits of the entrepreneur.
From the analysation it is recommendation that the organisation should focus on the market trend
and taste and preferences of the consumer which is shifting or changing the buying perception of
the individual person. Apart from that the organization should improve leadership skills and
enhance the skills with the proper knowledge from the marketplace. Furthermore, it also discuss
the entrepreneurial opportunities identified by the CEO of Tesla for the growth of the company.
Apart from this, contribution of the company to the economy and society is also summarized in
the essay which includes the job creation , new production innovation and wealth creation and
also various issues that arise due to the global pandemic and its impact of economy and society.

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APPENDIX-1
Overview of the company
Tesla is an American automotive and clean energy based company that is located in
Austin . Texas. The company mainly manufactures electric vehicles and trucks , battery energy

storage and solar panels and also provide wide variety of the products and services. Tesla is one
of the most valuable companies with the market capitalisation of more than US $900 billion.
Most of its sales in form electric vehicle in demand by the customers.