Elon Musk an entrepreneur of the 21th century Essay

Elon Musk an entrepreneur of the 21th century - Essay ExampleJoseph Schumpeter associated entrepreneurship with the design of five new combinations. These new combination were new product introduction, introduction of a new yield method, to capture new supply source and to organize the industry in a novel manner. The cardinal factors of production are labour, land, capital and organisation. The other factors are coordinated by the factor organisation. Entrepreneurship is the driving forte behind the organisation. Entrepreneurs should have thorough knowledge of the industry and should be natural leaders. They should have foresight and luck taking ability (Robertson, n.d.).The entrepreneur of the 21st century will achieve success through his afford of the global food markets. The entrepreneur of this century does non only bring about innovation in the market but also explores new methods of surviving in the dynamic market. An entrepreneur often has to face some(prenominal) obsta cles in his approach towards innovation. The investors in his business whitethorn not be able to understand his vision. They may not be in favour of the innovation and may not be willing to lead the risk. The 21st century is facing rapid changes in technology and entrepreneurs are taking the benefit of these changes to growing productivity. They are using their resources in innovative ways to increase their profitability. The entrepreneurs of today are all tick off to compete on a global scale through their mergers and acquisitions. The entrepreneurs of this century are poised to charge the global challenges in their stride (Robertson, n.d.).All people do not become entrepreneurs. The main property that makes a person a successful entrepreneur is innovative mindset and leadership skills. He should not be risk averse. He should be able to organise and coordinate. He should be alert to name the opportunities in the market. They should be gap fillers which means that they should be able to identify which products the