Essay On Entrepreneurial Traits

This report helps in understanding about the skills and knowledge of an entrepreneur which helps in gaining the success in business while using own skillset for the growth and development of its own business. This report is based upon famous entrepreneur Elon Musk who is an American entrepreneur which cofounded the electronic payment firm PayPal and created SpaceX which aims to develop the vehicles and launch craft to go into the space (Forbes, 2022). Furthermore, it reflects upon The Traits Of The Elon Musk And Its Role In The Growth And Development Of Entrepreneur While Focusing On Identifying The Competitive Advantage Of The Business which is developed by Elon Musk. 

Elon Musk, who born in June 28, 1971 is an American entrepreneur which founded the PayPal and SpaceX (Stem learning, 2022). Elon Musk is considered as one of the significant investors within the electric car manufacturer Tesla as well as the Chief Executive officer of the organization. As an individual, Elon Musk left Stanford University in California to pursue his dreams and use the Internet as tool to introduce change in the society while Elon founded the company such as Zip2 which provides access to the maps and business directories (Business Standard, 2022). Musk has always been interested in the concept of electric cars and Elon become one of the founders of Tesla and focused on introducing the electric cars which can make significant difference in the society by overcoming the environmental issues within the society. The knack of implementing change in the society and adopting the innovation within the business has helped Elon Musk in achieving the success. 

Elon Musk always focused on innovation and never feared from taking the risk and such characteristics of Elon Musk has helped him in gaining the success in such a short period of time (Stem learning, 2022). Such traits of the Elon Musk are mentioned below:

 

The aggressive optimism from the Elon Musk has helped in creating the difference while focusing on making the changes and achieving its goal. For instance, Elon Musk is working on sending 80,000 people to Mars by 2050 (Business Insider, 2020). Without such trait, it is not possible to achieve the goal and Elon Musk always believed in him which is the key to his success.

 

Elon Musk has focused on achieving its objectives by working hard and being focused on productive which does help him in achieving the desired outcomes. In case of Elon Musk, the Psychological Entrepreneurship theory is suitable as Musk focused towards achieving his objectives and such need for achievement does help in striving towards success. Musk impeccable work ethics also contributed in his success, Musk focuses on delivering the quality work and encourage everyone within his team to perform effectively and efficiently (Kerr et al., 2018).

 

 

Elon Musk has the willingness to learn which makes him effective and such traits of Elon Musk has helped in developing the knowledge which could be utilized by him in the growth of his business (Entrepreneur, 2021). The knowledge of Musk makes him effective and assists him in developing the strategies beneficial in boosting the productivity and profitability of organization.

Elon Musk is one of the entrepreneur which focuses on achieving its goals by investing into the opportunity which could boost the business in future while using its own knowledge to develop the strategy to implement innovation and boost the revenues for the organization. Elon Musk dropped its college to achieve its goal and Musk identified the opportunity of using the Internet as tool to boost its business and used such approach for the growth and development of business. Musk founded the company Zip2 which was later sold to Compaq and by the help of capital which was gained by the sales of Zip2 was utilized by him in launching internet financial services organization (CNBC, 2018). Later, Elon musk created the PayPal and it becomes the largest Internet payment processing firm. After such achievements, Elon Musk launched the SpaceX with the idea of exploring the space and providing such service to people at affordable costs. This shows that initiatives from the Elon Musk are based upon identifying the trends and launching the business which could provide revenues and also benefits the society (Harvard Business Review, 2020).

The competitive advantage of the business is associated with launching the product and services which could satisfy the need of consumer and does help in boosting the consumer engagement in comparison to the competitors. Elon Musk always focused on adopting the innovation and taking the risk to adopt the technology and introducing the concept which could help in growth and development of the organization. Elon Musk has the knack of identifying the trends of the market and using such trends for introducing the services which could help in boosting the productivity and profitability of the organization. Musk invested in the market by launching his first venture by the name Zip2 and after selling its company, Elon used capital to launch the PayPal which is internet payment processing firm and by the launch of PayPal, consumer could make the transaction by using the internet and due to its global brand value, it has managed to develop its place in the market and also helps in gaining the competitive advantage against its competitors. PayPal does provide the security and fraud prevention facilities that could help consumer in conducting their payments while allowing them to associate with its services (PayPal, 2020). Elon Musk has invested the significant amount in the Tesla which focuses on providing the electric vehicles and does help in reducing the negative impact on the environment (CNBC, 2020). Tesla has managed to gain the competitive advantage in the automobile market due to its unique concept of vehicles and providing such vehicles does help in reducing the pollution and maintenance cost. The environment suitability of the Tesla vehicles help them in gaining the competitive advantage and expanding its network in unexplored market is beneficial for the growth and development of the organization (Clean Technica, 2020). Tesla focuses on adopting the technological innovation which is significant for its growth and help in adjusting with the trends of the market.

Elon Musk is one of the influential leaders and entrepreneur across the globe which has managed to develop his image and Musk has managed to setup the businesses which work towards community development. Elon Musk as an entrepreneur should focus on expanding its product in the unexplored market by the help of mergers, which allows him to learn about new prospect and implementing the innovation significant for its growth and development. The entrepreneur should focus on identifying the trends which is beneficial in the future and could help in contributing towards the welfare of the market.

 

This report concludes about the traits of entrepreneur which is beneficial in introducing innovative products while boosting the productivity and profitability of its business. It concludes about the traits of the Elon Musk which has helped him in developing the products which are beneficial for the society and for consumer. 

 

Business Insider, 2020. Elon Musk says he plans to send 1 million people to Mars by 2050 by launching 3 Starship rockets every day and creating 'a lot of jobs' on the red planet. [Online] Available at: https://www.businessinsider.in/business/news/elon-musk-says-he-plans-to-send-1-million-people-to-mars-by-2050-by-launching-3-starship-rockets-every-day-and-creating-a-lot-of-jobs-on-the-red-planet/articleshow/73343995.cms [Accessed 08 August 2022].

 

 

Business Standard, 2022. WHO IS ELON MUSK. [Online] Available at: https://www.business-standard.com/about/who-is-elon-musk [Accessed 08 August 2022].

 

 

Clean Technica, 2020. Tesla’s 5 Biggest Competitive Advantages. [Online] Available at: https://cleantechnica.com/2020/07/16/teslas-5-biggest-competitive-advantages/ [Accessed 08 August 2022].

 

 

CNBC, 2018. Elon Musk slept on his office couch and ‘showered at the YMCA’ while starting his first company. [Online] Available at: https://www.cnbc.com/2018/06/19/how-elon-musk-founded-zip2-with-his-brother-kimbal.html [Accessed 08 August 2022].

 

 

CNBC, 2020. How Tesla and SpaceX CEO Elon Musk spends his billions. [Online] Available at: https://www.cnbc.com/2020/08/18/how-tesla-and-spacex-ceo-elon-musk-spends-his-billions.html [Accessed 08 August 2022].

 

 

Entrepreneur, 2021. 3 Leadership Lessons to Learn From Elon Musk. [Online] Available at: https://www.entrepreneur.com/article/374462 [Accessed 08 August 2022].

 

 

Forbes, 2022. Elon Musk. [Online] Available at: https://www.forbes.com/profile/elon-musk/?sh=1567721a7999 [Accessed 08 August 2022].

 

 

Harvard Business Review, 2020. Lessons from Tesla’s Approach to Innovation. [Online] Available at: https://hbr.org/2020/02/lessons-from-teslas-approach-to-innovation [Accessed 08 August 2022].

 

 

Kerr, S.P., Kerr, W.R. & Xu, T., 2018. Personality traits of entrepreneurs: A review of recent literature. oundations and Trends® in Entrepreneurship, 14(3), pp.279-356.

 

 

PayPal, 2020. 6 steps to help prevent fraudulent payments. [Online] Available at: https://www.paypal.com/in/brc/article/online-fraud-prevention-best-practices [Accessed 08 August 2022].

 

 

Stem learning, 2022. Elon Musk – American Entrepreneur | Inventions And Innovations. [Online] Available at: https://stemlearning.in/elon-musk-american-entrepreneur-inventions-and-innovations/ [Accessed 08 August 2022].

 

 

Stem learning, 2022. Elon Musk – American Entrepreneur | Inventions And Innovations. [Online] Available at: https://stemlearning.in/elon-musk-american-entrepreneur-inventions-and-innovations/ [Accessed 08 August 2022].