Table of Contents

Concept and characteristics of an Entrepreneur.....................................................................................2

Characteristics of entrepreneurs.........................................................................................................2
Background and History of Elon Musk.................................................................................................4
Chosen Entrepreneur is......................................................................................................................4
Early life............................................................................................................................................4
PayPal and SpaceX............................................................................................................................4
Tesla..................................................................................................................................................5
Origin of idea for Tesla.....................................................................................................................6
Legal form of the organization..............................................................................................................7
Types of resources that the Elun Musk used to start and grow Tesla.....................................................8
The opportunity and challenges faced by Tesla...................................................................................11
Concept and characteristics of an Entrepreneur

An entrepreneur finds a problem that needs addressing and finds ways to earn revenue
through solving that problem. Most Entrepreneurial activity involves launching, developing
and marketing new or current businesses, most often to achieve a goal or to sell off the
business as the end goal to turn a profit.

An entrepreneur who launches buys into a business and sells that business to start another is
termed as a serial entrepreneur, Though an “Entrepreneur” may often be thought of as a start-
up or a small business but know that many founders of big businesses started small and began
from the beginning with nothing or limited resources available.

Characteristics of entrepreneurs

1. Self-Motivation

The most important trait one can have as an entrepreneur would be self-motivation. To
succeed an individual needs to be able to push himself. Since no one is there higher up in the
chain of command other than you it is difficult to progress when there is no one to check on
your actions. Dedication and self-motivation are key to keep the individual on plan and to
make sure they keep working on it even if the individual doesn’t receive an immediate
reward.

2. Value Offered

An entrepreneur needs to be able to create something of value to the market and how to best
exploit given resources to match the market or to better it. It might be a product or a service,
the entrepreneur needs to be able to compete with current market and to that one needs to be
able to adapt based on what you offer. Working even through challenges and trials the
entrepreneur should know their own scale and their position in the overall scheme and value
of the product or service and be able to adapt to changes required to stay in a competitive
edge of value or uniqueness.
3. Risks

Success sometimes cannot be achieved without taking any risks and there are some
techniques that can be used to minimize those risks such as researching the marketing
strategy and feedback and testing product along with cheaper manufacturing or acquisition.
Risk is an important part of business if someone is not ready to have any measure of risk then
it is not a business, risk is a part on the path of success.

4. Networking

Knowing how to communicate with others and to make contacts is an important part as you
increase your sources of acquisition along with knowledge and potential partnerships.
Sometimes knowing the right person can be essential in finding your end goal. Networking is
essential to gain more knowledge on the world in general along with current business
techniques as many people are ready to offer mentorship and their advice to make your idea
or plan more effective.

5. Money Management and Knowledge

There Is often a misconception that entrepreneurs are people who always think of the whole
but not from the ground up, whereas the reality is that all successful entrepreneurs have a
solid understanding of how to manage their money and have sufficient knowledge on their
current endeavour or business goal. The chief executive officer might have people working
under in their hierarchy but they at least have the basic knowledge how it works so the
company expenses and profit can be managed and the company doesn’t bankrupt due to lack
of knowledge or money management skills.

6. Flexibility

Flexibility and adaptability are one of the core values an entrepreneur must achieve, as there
is always a challenge as the market is always shifting due to events happening in the world
one such example is the corona epidemic that has effected and shut down many businesses as
they were not adaptable to the situation whereas those who were flexible in their thinking
managed to survive or grow. Being a flexible thinker helps solve problems as it makes you
more creative as you are flexible in your approach and are ready for change.

7. Passion

Last yet one of most important factors in the life of the entrepreneur is their passion, as
passion and need dictate human action. Passion for a certain goal creates more motivation
and leads to a deeper understanding, when someone is failing it is their passion that
encourages them to motivate them to success. If you lose that passion perhaps moving on to a
different product or service might be the correct course of action as there is record of many
entrepreneurs who made a company and sold it later and create another new business such as
Elon Musk who created X.com which later became PayPal and Tesla which is the current
Electric car Company co-owned by him.

Background and History of Elon Musk

Chosen Entrepreneur is Elon Musk, born on June 28th,1971 in Pretoria, South Africa. He is an
American entrepreneur who cofounded notable electronic-payment firm PayPal which used
to be X.com and created SpaceX, which makes spacecrafts and vehicles. He was one of the
key investors and Is also the chief executive officer Of Electric car manufacturer Tesla.

Early life

Musk displayed entrepreneurial traits and a talent for computers at an early age, at only 12
years of he created a video game and managed to sell it to a magazine about computers. Musk
departed South Africa in 1988 by obtaining a Canadian passport, he sought to escape military
service and chose to ought for greater possibilities and so to do that he went to the United
States to take advantage of greater economic opportunities.

PayPal and SpaceX

Musk moved to the university of Pennsylvania in 1992, where he completed his bachelor’s
degrees in economics and physics in 1995. After which he created a company that provided
the online newspapers with business directories and maps. Computer manufacturer called
Compaq bought Zip2 in 1999 for 307 million after which Elon Musk created an online
financial services company called X.com, which later became known as PayPal, its speciality
is the ability to transfer money online, eBay bought PayPal 2002 for $1.5 billion.

Musk saw that for life to survive we would have to inhabit other planets however rockets
were too expensive, so he made his own by making SpaceX (Space Exploration
Technologies. SpaceX also made the Dragon spacecraft, it can carry up to 7 astronauts to the
International Space Station. Musk then made a reusable rocket that could lift off and return
back. Musk was the CEO and chief designer in building the dragon, grasshopper, and falcon
rockets.

Tesla

Musk always had an interest in electric cars and so he pursued his passion for it and in 2004
he became a major funder of Tesla Motors which was converted tesla later in time, it was
founded by two people, Marc Tarpenning and Martin Eberhard. The roadster was released in
2006, it could travel 394km (245 miles) on one-time full charge. Elon had achieved part of
his passion and he made the cars fast, they could travel from 0 miles per hour to 60 miles per
hour in less than four seconds, this in turn increased the public offering by $226 million in
2010 and in later years it kept making newer and better electric cars and now it has even
created its first electric truck.
Elon Musk, 2010.Bryan Mitchell—Getty Images/Thinkstock

Origin of idea for Tesla

The last successful American car start-up was founded 111 years ago. It's called Ford.

Barely a decade old, Tesla is already gigantic and adored. Its market capitalization hovers

around $28 billion. Morgan Stanley calls it "the world's most important car company," and a
2014 nationwide survey found that Tesla's Model S was the "Most Loved Vehicle in
America."

So how has Tesla flourished where others have flopped?

Today, everybody thinks Tesla was created by its charismatic CEO, Elon Musk, a PayPal
cofounder who is the face of the company.

The truth is way crazier than that.

Tesla was the brainchild of a tiny band of obsessive Silicon Valley engineers who would go
on to collaborate with — and collide with — the young billionaire.

This is the tale of that collision.

In reporting the story, Business Insider conducted several in-depth interviews with most of
the key players and pored over little-noticed documents made public in a lawsuit. We also
met with a curious lack of cooperation from the usually press-friendly Tesla Motors.

Legal form of the organization

Tesla Motors is a public limited organization. An organization opens up to public since they
can utilize held profit, credit cash from banks or use funding. Every one of these conceivable
outcomes has its own points of interest and impediments. Playing out an initial public
offering (IPO) requires a great deal of readiness from a firm and once it chooses to open up to
the world it normally takes 3 to a year until it is extremely public so all in all it is a very
tedious procedure.

Going public will have significant ramifications for a firm, instances of these outcomes are
that the proprietorship structure and money related structure will change definitely. A firm
can gather capital by utilizing the security showcase once it is recorded. They are not just
ready to do this when it goes public yet in addition a short time later by giving new stocks.

Anyway so as to snatch the piece of the overall industry, Tesla expected to improve its
creation, cutting the value, in this manner, the organization built up the Model S, a four-
entryway vehicle with space for seven travellers and in excess of 64 cubic feet of capacity,
despite everything protecting a sportive shape. Be that as it may, Tesla required additional
time and cash-flow to back this inventive venture and toward that path the Board chose to go
public, appearing on the stock trade on the 29th June 2010.

One fundamental motivation behind why Tesla engines became public was access to capital.
By going public Tesla had the option to increase capital without specific dangers or
limitations of different alternatives to fund-raise. Tesla has different choices to acquire capital
other than going public, in model getting cash from a bank. Nonetheless, having an excess of
obligation is not generally best for a firm, one of the negative outcomes is that it should pay a
ton of intrigue. Another alternative to get cash is from an investor, however financial
speculators regularly have certain requests before they put their cash in an organization.
These requests could in model be that the financial speculator needs to have a vote in the
dynamic of an organization. By going public a firm will have the option to fund their
speculations without having the burdens that are associated with different methods for
financing.

Then again, when Tesla went public, they opened another method for remunerating their
representative's stocks and stock choices workers dependent on their exhibition. By joining
pay and stocks as remuneration for representatives they are persuaded to build the estimation
of the organization since this will expand the estimation of their stocks also. Another
alternative is by paying its representatives with stocks earlier the IPO. These stocks are
probably going to increment in esteem after the IPO which implies that these stocks can be
utilized to keep significant workers.

A public organization can likewise draw in better faculty. Going public does not just make it
workable for a firm to compensate their present faculty yet additionally to draw in better
staff. This is predominantly the situation when we take a gander at the officials and officials.
Working for a recorded firm does regularly offer more notoriety than working for some other
business. Better work force will be pulled in by a recorded firm and these faculty could push
the firm upwards later on.

Types of resources that the Elun Musk used to start and grow Tesla

The U.S. electric vehicle incorporates the built-up automakers, for example, Ford (F) and
Chevrolet (GM). However, one organization stands apart from the vehicle creator blend, and
that is Tesla Motors (TSLA). Tesla entered the media spotlight in 2013 alongside its CEO
Elon Musk when it released its leader vehicle the Model S.

Tesla's discharge has been a hit with vehicle purchasers, yet in addition slung the
organization into the spotlight as one of only a handful scarcely any effective autonomous
automakers alongside being a pioneer with regards to the electric vehicle advertise.

The Model S, a smooth extravagance car that begins at $69,000, has gotten top appraisals
from the exchange business and the press. Vehicle and Driver has given the vehicle five stars,
and when the Model S initially turned out in 2013 Tesla stood out as truly newsworthy when
exchange press gave it shrubs. The electric module vehicle got a close to consummate score
of 99 out of 100 from Consumer Reports, which additionally named it as "the best vehicle at
any point tried." (For additional, see: The Economics of Owning A Tesla Car.)

By September 2014 the vehicle hit record-breaking deals records in the U.S. with 2,500 sold,
and in Q1 2015 deals arrived at another high at 10,030. It is currently viewed as a staple
inside the electric vehicle stratosphere. The organization's market capitalization, as of May
24, 2015 was $31.3 billion.

As opposed to prevalent thinking, Tesla isn't a short-term achievement, and it is not, at this
point a beginning up to such an extent as it is a pioneer in the electric vehicle showcase. The
organization was established in 2003 by two Silicon Valley engineers Martin Eberhard and
Marc Tar penning, who, as per the organization site, "needed to demonstrate that electric
vehicles could be better than gas fuelled vehicles."

The seeds of the organization return to 1990 when Tar penning met Eberhard, at that point a
designer at Wyse Technology, and they turned out to be old buddies. The two shared much
for all intents and purpose including an enthusiasm for beginning organizations, and they
before long propelled organizations including Nonmedia, which discharged the Rocket
eBook in 1998. An enthusiasm for automobiles began not long after Eberhard experienced a
separation and chose to purchase a games vehicle. He put resources into an organization and
boutique electric automobile creator called AC Propulsion, and thought about whether this
was a market he could get into.

In 2001 Eberhard and Tarpenning met Musk when they heard him talk at a Mars Society talk
at Stanford University and presented themselves. Musk accompanied a fruitful history of
firing up organizations. He alongside Peter Thiele and Max Leaching were prime supporters
of PayPal. Subsequent to making a fortune from his offers in PayPal after the organization
was offered to eBay in 2002, he propelled another organization Space X, which structures,
produces and dispatches propelled rockets and shuttle (For additional, see: The Making of
Tesla: Invention, Betrayal, And the Birth of The Roadster.)

A couple of years after the fact their ways would cross again when Eberhard and Tarpenning
requested to meet Musk to share their concept of the electric vehicle with him. The three met
to examine the thought with Musk ready.
Tesla was formally consolidated in 2003 with the objective of creating an electric vehicle that
was incredible and excellent with zero emanations. Other fellow benefactors were JB
Straubel who is as yet the CTO at Tesla and Ian Wright who left Tesla in 2004 and
established another organization Wright speed.

In 2004 the organization's fellow benefactors experienced introductory rounds of contributing

with funding firms. Musk, a prime supporter of PayPal, came into the image a year later
when he drove the underlying round of subsidizing for the organization, and joined as the
leader of the top managerial staff.

One of the organization's trademarks in progress is concentrating on each item in turn. And
keeping in mind that Tesla keeps on concentrating on making the Model S, it is turning out
new models to grow its client base. New models in the pipeline incorporate the Model X
SUV, which began creation in mid-2015.

So as to move with the evolving times, Tesla has attempted to dispatch new item that expect
to focus on a more extensive scope of purchasers. In the pipeline is likewise the Model E a
less expensive adaptation of the Model S, which will come in at under $40,000.

So as to remain serious in the specialty advertise, Tesla Motors has extended its assembling
impression in The Netherlands and Lathrop, California. To minimize expenses on lithium
particle battery packs, Tesla and key vital accomplices including Panasonic began building a
Gigafactory in Nevada that will encourage the creation of a mass-advertise reasonable
vehicle, Model 3, as per the organization's site.

The electric vehicle showcase is developing with extravagance car creators, for example,
Mercedes Benz and BMW bouncing into the space as well. Experts conjecture that the
complete worldwide deals of electric vehicles was 320,000 units in 2014, which is poised to
effectively surpass 500,000 of every 2015. All things considered, Tesla's drawn out progress
is impossible to say. Tesla is meaning to selling 500,000 vehicles by 2020 however in
December 2014, Morgan Stanley's auto expert Adam Jonas anticipated that the organization
would miss the mark by 40%. Jonas has allegedly said that the objective is unreasonable and
unachievable.
Similarly, as with anything throughout everyday life and business there are no assurances.
Actually, a long time since joining Tesla Motors has transformed from start-up to a set up
industry player. What doesn't change is its unprecedented story and its place as a pioneer in a
wilderness of electronic vehicles.

The opportunity and challenges faced by Tesla

On his capacity to peruse and adapt rapidly (Success magazine composes he aced advanced
science by "understanding books and posing inquiries"), he encircles himself with shrewd,
capable individuals, who have the skill if he is absent.

SpaceX He has since quite a while ago trusted in ability over numbers, he said in 2007:
"Numbers will never make up for ability in finding the correct solution (two individuals who
don't realize something are no superior to one), will in general lull progress, and will make
the errand staggeringly costly."

Tesla CFO Deepak Ahuja originated from Ford, carrying with him information for huge
scope car activities.

VP of Sales and Ownership George Blankenship was a key specialist behind the achievement
of Apple's stores. Presently, his errand is to do likewise with Tesla stores (and be Musk's
correct hand man at press occasions).

Gwynne Shotwell, a veteran of innovative work community Aerospace Corporation, was

tapped to be leader of SpaceX.
All the more as of late, Musk said he has begun to accept character just as ability into
account. At South by Southwest a week ago, he said his greatest mix-up was "weighing a lot
on somebody's ability and not somebody's character. I think it makes a difference whether
somebody has a decent heart."

A History of Failures

Tesla and SpaceX are contending in very costly businesses overwhelmed by tremendous
organizations and government substances, and their streets to progress have not been simple.

As indicated by Success magazine, "the initial three rockets worked by SpaceX created bite
the dust recordings."

In any case, neither one of the companies quit.

In 2008, battling Tesla almost fallen during the monetary emergency. At the point when Tesla
required money to finance the Model S, Musk decided to bankrupt himself — surrendering
the cash he earned from his prosperity with PayPal — as opposed to allow it to kick the
bucket. He sunk his last $35 million into the organization, the New York Times announced.

In a February 23, 2010 court recording, Musk conceded he was down and out: "Around four
months back, I came up short on money." The documenting, some portion of his separation
case from his now ex, Justine Musk, said he had been living off of individual advances from
companions since October 2009.

It was an amazingly unpleasant time, Musk's sibling Kimball told Esquire:

This wasn't Elon confronting misfortune. This was, 'My goodness.' Personal chapter 11 was a
day by day discussion. Tesla was on the appendage to convey vehicles that individuals
previously paid for. Insolvency would have been simpler than what he. He tossed all that he
had into keeping Tesla alive.

In 2009, the organization handled a $465 million government advance, which it used to get
the vehicle into creation. With its effective IPO in June 2010, Tesla turned into the primary
automaker to open up to the world since 1956.
Musk has never had an issue making interest for the Model S, and now Tesla has at long last
hit its objective of delivering 400 vehicles every week, the number it needs to continue hitting
to create pay.

Also, SpaceX this month finished another effective excursion to the International Space
Station.

The ongoing theme in Musk's administration that has carried the two organizations to these
conditional degrees of accomplishment is his readiness to face challenges, his relentlessness,
and the intense certainty that gets others ready for his apparently insane thoughts.

Success at A Cost?

In any case, there are drawbacks to the last two characteristics. Musk is confrontational, and
responds cruelly to outside analysis. Basically, it's elusive an occasion where he has openly
conceded being off-base, since he is so persuaded he comprehends what's correct.

In 2008, the famous network show "Top Gear" said the Roadster it tried came up short on
power before accomplishing the guaranteed run (and included the stars pushing it).

The up and coming Tesla Model X.

Alex Davies/Business Insider Musk demanded it was deluding and reacted with a claim. The
fight in court delayed for a long time, lastly finished for the current month, with a misfortune
for Tesla.

At the point when John Broder at the New York Times composed an audit a month ago
blaming the Model S for a similar inadequacy, Musk called the survey "counterfeit" on
Twitter, and bludgeoned Broder in a blog entry, stating "some accept the realities shouldn't
hinder a lecherous story."

At last, the Times conceded the survey indicated issues with accuracy and judgment, however
Public Editor Margaret Sullivan additionally blamed Musk for utilizing the vehicle's carefully
recorded driving logs "in the most harming (and here and there very deceptive) ways
imaginable."

Musk's fights of abuse may mobilize his supporters; however, they procure him little love or
regard in any case. Subside Handel, CEO of expert preparing organization Dale Carnegie,
disclosed to Business Insider his mentality can be a mood killer:

It would have been increasingly gainful for Musk to just refer to the vehicle's exhibition log
and allude to the article as "confounding" or "off base." Labelling a writer's report along these
lines probably won't cut off well since it can harm associations, cause threatening vibe and
stain notorieties. Also, from a down to earth perspective, that is not a viable method to "make
companions and impact individuals."

However significantly in the wake of asking on Twitter to "call a truce" with the Times late
in February, Musk continued teasing the audit when gotten some information about it at the
Geneva Auto Show, where he was discussing Tesla's forthcoming presentation in Europe,
and flaunting the Model S and the up and coming Model X.

At the end of the day, Musk's character may do him as much good as mischief, Peter Handel
says:

Despite the fact that it may cause a stir, Musk's forceful authority approach isn't really an
awful thing. In his industry, he is on the forefront of car development and innovation, and he
feels this is the right method to deal with how to lead business.

The main thing is the items he fabricates: No financial specialist will mind if Musk acts like a
yank, if Tesla conveys its vehicles on schedule and SpaceX continues running fruitful
excursions.

On the off chance that the two organizations remain on target, it will be a demonstration of
Musk's capacity to change over apparently idealistic dreams (with the assistance of a fortune
made in the start-up business) into models for another world.