3.1 Introduction to entrepreneurship
An entrepreneur has been defined as “individual who exploits market opportunity through technical and/or organizational innovation” (Schumpeter, 1965) and Entrepreneurship is “the process by which individuals pursue opportunities without regard to the resources they currently control” (Howard Stevenson,1983). Entrepreneurs perform the main functions of driving innovation, risk taking and management of resources. Entrepreneurs can be broadly categorized using the following types; innovative, imitative, drone, Fabian and social entrepreneurs. (Chand, 2017)
Elon musk is a combination of an innovative and social entrepreneur where his creations are being fueled with new creations that would impact the society …show more content…
They are as follows: 4.1 Challenging Orthodoxies One of the fundamentals of innovation is to challenge beliefs. Elon Musk, the man behind Tesla’s meteoric rise, who has arguably established his career on the principle of Challenging Orthodoxies, would nonetheless be part of the vaunted pantheon of innovators. Musk was valiant enough to question what we had all accepted as ideal and it's this investor spirit that makes him actually stand out.
He saw a niche in the marketplace for a “technology company creating electrical cars” and ever since founding Tesla in 2003, in San Carlos, California he has proven that the dominant conventions dictated by the automotive establishment could be both challenged and successfully overturned. (Gibson, 2016) Musk was brave enough to believe that there was a viable and sustainable alternative to the standard petrol-powered vehicle, and he refused to listen to the majority of investors and Original Equipment Manufacturers (OEMs) who did not think such a revolution was attainable. (Gibson, …show more content…
(Gibson, 2016) He has combined, stretched and leveraged the core competencies and strategic assets to inter-link and share their technology platforms with each other. For example, if you closely examine the body and chassis of the Tesla’s Model S, you’d discover that it's largely manufactured from aluminum. Not only did Tesla realize that aluminum was a fraction of the weight of steel, it was also a lot stronger. How did Tesla know this? By cross-fertilizing its assets from two different industries, Tesla’s engineers visited Musk’s SpaceX venture and were then able to adapt the aluminum body from its Space X falcon rocket for its cars. (Gibson, 2016) Musk is additionally an advocate of prioritizing knowledge over experience. He understands the un-met and unarticulated desires of his customers and is aware of precisely what it will take to delight them. (Gibson,
An entrepreneur has been defined as “individual who exploits market opportunity through technical and/or organizational innovation” (Schumpeter, 1965) and Entrepreneurship is “the process by which individuals pursue opportunities without regard to the resources they currently control” (Howard Stevenson,1983). Entrepreneurs perform the main functions of driving innovation, risk taking and management of resources. Entrepreneurs can be broadly categorized using the following types; innovative, imitative, drone, Fabian and social entrepreneurs. (Chand, 2017)
Elon musk is a combination of an innovative and social entrepreneur where his creations are being fueled with new creations that would impact the society …show more content…
They are as follows: 4.1 Challenging Orthodoxies One of the fundamentals of innovation is to challenge beliefs. Elon Musk, the man behind Tesla’s meteoric rise, who has arguably established his career on the principle of Challenging Orthodoxies, would nonetheless be part of the vaunted pantheon of innovators. Musk was valiant enough to question what we had all accepted as ideal and it's this investor spirit that makes him actually stand out.
He saw a niche in the marketplace for a “technology company creating electrical cars” and ever since founding Tesla in 2003, in San Carlos, California he has proven that the dominant conventions dictated by the automotive establishment could be both challenged and successfully overturned. (Gibson, 2016) Musk was brave enough to believe that there was a viable and sustainable alternative to the standard petrol-powered vehicle, and he refused to listen to the majority of investors and Original Equipment Manufacturers (OEMs) who did not think such a revolution was attainable. (Gibson, …show more content…
(Gibson, 2016) He has combined, stretched and leveraged the core competencies and strategic assets to inter-link and share their technology platforms with each other. For example, if you closely examine the body and chassis of the Tesla’s Model S, you’d discover that it's largely manufactured from aluminum. Not only did Tesla realize that aluminum was a fraction of the weight of steel, it was also a lot stronger. How did Tesla know this? By cross-fertilizing its assets from two different industries, Tesla’s engineers visited Musk’s SpaceX venture and were then able to adapt the aluminum body from its Space X falcon rocket for its cars. (Gibson, 2016) Musk is additionally an advocate of prioritizing knowledge over experience. He understands the un-met and unarticulated desires of his customers and is aware of precisely what it will take to delight them. (Gibson,