Elon Musk an entrepreneur of the 21th century - Essay Example

Joseph Schumpeter associated entrepreneurship with the creation of five ‘new combinations’. These new combination were new product introduction, introduction of a new production method, to capture new supply source and to organize the industry in a novel manner. The four factors of production are labour, land, capital and organisation. The other factors are coordinated by the factor organisation. Entrepreneurship is the driving force behind the organisation. Entrepreneurs should have thorough knowledge of the industry and should be natural leaders.

They should have foresight and risk taking ability (Robertson, n.d.). The entrepreneur of the 21st century will achieve success through his reach of the global markets. The entrepreneur of this century does not only bring about innovation in the market but also explores new methods of surviving in the dynamic market. An entrepreneur often has to face several obstacles in his approach towards innovation. The investors in his business may not be able to understand his vision. They may not be in favour of the innovation and may not be willing to take the risk.

The 21st century is facing rapid changes in technology and entrepreneurs are taking the benefit of these changes to increase productivity. They are using their resources in innovative ways to increase their profitability. The entrepreneurs of today are all set to compete on a global scale through their mergers and acquisitions. The entrepreneurs of this century are poised to take the global challenges in their stride (Robertson, n.d.). All people do not become entrepreneurs. The main characteristic 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 identify the opportunities in the market. They should be ‘gap fillers’ which means that they should be able to identify which products the