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Entrepreneurship: Elon Musk as a Role Model
Introduction
Gaining entrepreneurial skills is an important component of a successful self-development practice aimed at training individual attainments in assessing current market conditions and introducing adequate methods of competition. During my study of current theoretical concepts in this industry, I have identified a number of meaningful frameworks that have shaped my vision of the ideal entrepreneur and provided a comprehensive picture of practical approaches.
I have managed to identify my strengths and weaknesses and understand which type of entrepreneurial activity suits me best. Initially, it was hard for me to navigate the rich terminology, but later, I expanded my knowledge and acquired valuable analytical skills. At this point, I have formed a vision of what entrepreneurship is and what features it has, and in the future, I intend to follow effective strategies to realize my potential to the full extent.
Reflective Summary
The field of entrepreneurship is an individual sphere with unique approaches and a wide range of concepts and practices that define and explain related trends. In particular, the formed entrepreneurial mindset, developed from the theory of entrepreneurship, is a collection of ideas and actions to mobilize in the right situations (De Winnaar & Scholtz 2019). The entrepreneurial decision-making process plays a particular role in this scheme. According to De Winnaar and Scholtz (2019), this process forms characteristic approaches to the analysis of different operating environments and is based on the implementation of a set of interventions at internal and external levels.
Thus, I can assume that entrepreneurship is a system based on responding to various fluctuations in a specific area. Effective adaptation to any business environment reflects the success of entrepreneurial practices. Failure to introduce productive approaches and action plans at different phases, conversely, highlights weaknesses and explains the need to adjust the current decision-making process.
The success of entrepreneurship, as a universal concept, is built on the capacities that stakeholders have. For instance, if I have sufficient knowledge and skills to reorganize the current workflow in favor of the potential growth of my business, I will implement the available capacities effectively. However, entrepreneurship implies not only using but also training (Rodríguez-López & Souto 2020). It is impossible to build a successful business without having experience, which is known to be gained through mistakes and gaps. Entrepreneurship, in this case, is a set of practical models and approaches that, being studied earlier, make it possible to allocate available resources as efficiently as possible and create a sustainable operating mechanism. Choosing appropriate practices is a trait of a successful entrepreneur, and I strive to develop the necessary skills and self-educate to replenish my professional background regularly.
I aspire to be an entrepreneur who successfully operates with both traditional theoretical concepts and modern approaches based on innovations and the latest advancements. For this purpose, I can use a wide range of digital platforms and applications that have gained popularity in the Internet age and become tools to speed up the decision-making process (Wu, Chen & Pan, 2019). In addition, I want to use not only professional but also interpersonal communication skills successfully.
Wu, Chen, and Pan (2019) mention a wide range of opportunities to interact with entrepreneurs globally to share experiences and learn from advanced practical solutions. I believe that for a successful entrepreneur, it is critical to possess developed communication skills to earn the trust of interested parties and use the maximum opportunities to promote a particular business. Therefore, I intend to work in these directions and expand my interaction attainments because, at the moment, I feel that this aspect is not my strength.
To reach what I aspire to, I need to pay attention to specific attributes and characteristics that a successful modern entrepreneur should possess. In academic literature, different properties and skills are listed. For instance, among crucial personality attributes, some researchers mention risk-taking propensity, innovativeness, the locus of control, need for achievement, general self-efficacy and tolerance of ambiguity to assess the levels of entrepreneurial characteristics (Anwar & Saleem 2019, p. 284). When analyzing these features, I would highlight innovativeness and the need for achievement as the integral components of success. The wider the range of methods and approaches the entrepreneur uses and the more diverse the algorithms for achieving goals, the higher the likelihood of accomplishing the set aims productively. Therefore, in addition to communication skills, I intend to emphasize innovativeness and the need for achievement.
Model Entrepreneur
From a wide range of outstanding entrepreneurs, I would like to draw particular attention to Elon Musk, the owner of the SpaceX corporation and a business genius. During his long career, this man has proven that a bold vision and a reluctance to put up with traditional approaches can pay off and bring significant dividends (Yauney 2018). By focusing on innovation, Elon Musk has not only made a multi-billion-dollar fortune. His greatest achievement is the transformation of the business sector because he has proved that the boldest ideas can become a reality if the efforts and resources are put in to make them happen.
Elon Musk has not always been a world-famous entrepreneur, which makes his personality even more outstanding. At the beginning of his career, he earned little and was content with temporary employment (Yauney 2018). Nevertheless, having experienced setbacks and failures, Musk did not give up and continued moving towards his dreams. By today, he has built one of the most successful corporations, and his practical experience has become a valuable resource for him. Many criticize Musk by claiming that his CEO skills are largely complemented by a team of highly qualified employees working on his business (Yauney 2018).
However, even with this fact in mind, one cannot belittle the merits of this entrepreneur, who took the liberty of moving towards his goals, which ultimately made him one of the worlds top business leaders. Therefore, I evaluate the example of Elon Musk as a person who, using the ideas of innovativeness and need for achievement, has achieved his high status deservedly.
In general, the discussion in the course has changed my perspective of what entrepreneurship is and who an entrepreneur is. After studying various theoretical aspects and compared them with my experience, I have realized that an entrepreneur is a person who constantly develops and never stops at what has been achieved. Entrepreneurship, in turn, has opened up to me as a flexible and dynamic field in which progress is a natural component of success, and any stagnation is tantamount to failure. Constant movement is the basis of a successful business, and I have realized that any result, even negative, is a consequence of work. Therefore, I have become more focused on future goals and identified the area in which I would like to enhance my knowledge.
Entrepreneurial Profile
While discussing my personal entrepreneurial profile, I have highlighted several key topics that may reflect my inclinations and interests. I have classified strengths, weaknesses, interests, and development opportunities into these categories demonstrated in Table 1. According to Esqueda, Csoban, and Prat (2018), many entrepreneurs have similar features, but only individual qualities inherent in them distinguish them from one another and reflect success or, conversely, failure. A comprehensive assessment of these components can help build my future career and identify the best paths for professional development. Moreover, given the aforementioned attributes and characteristics, I can create a step-by-step plan.
Table 1. Entrepreneurial Profile.
Conclusion
To summarize all of the above, I can say that the course has helped me shape my understanding of what entrepreneurship is, as well as the key theoretical and behavioral concepts that a successful entrepreneur should adhere to and gain. I see the combination of practical experience with accumulated knowledge as a background for productive professional development. Although I have not yet compiled my individual strategies and have some weaknesses, I am willing to follow my interests and use my strengths to the full extent. Emphasizing Elon Musk as my model entrepreneur, I intend to focus on innovativeness and the need for achievement as the critical elements of success.
Reference List
Anwar, I & Saleem, I 2019, Exploring entrepreneurial characteristics among university students: an evidence from India, Asia Pacific Journal of Innovation and Entrepreneurship, vol. 13, no. 3, pp. 282-295.
De Winnaar, K & Scholtz, F 2019, Entrepreneurial decision-making: new conceptual perspectives, Management Decision, vol. 58. no. 7, pp. 1283-1300.
Esqueda, S, Csoban, E & Prat, JF 2018, A profile of the popular entrepreneur: a value-based approach, Academia Revista Latinoamericana de Administracion, vol. 3, no. 2, pp. 267-281.
Rodríguez-López, Á & Souto, JE 2020, Empowering entrepreneurial capacity: training, innovation and business ethics, Eurasian Business Review, vol. 10, no. 1, pp. 23-43.
Wu, YJ, Chen, SC & Pan, CI 2019, Entrepreneurship in the internet age: internet, entrepreneurs, and capital resources, International Journal on Semantic Web and Information Systems (IJSWIS), vol. 15, no. 4, pp. 21-30.
Yauney, RH 2018, Leadership development: a study of Elon Musk, Marriott Student Review, vol. 2, no. 2, pp. 1-4.
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