Pros And Cons Of Elon Musk: The Free Enterprise System

A free enterprise system provides individuals the opportunity to make their own decisions without restrictions from the government, A prime example of an entrepreneur who makes nothing but his own decisions is Donald J. Trump. Donald Trump was born into a wealthy family, his father Fred was also a business man and entrepreneur. It was his fathers real estate company that allowed Donald to start his franchises. When Fred Trump Died, he died with a net wealth of between 250 and 450 million dollars in real estate, he inherited between 40 and 200 million.

In today's society the automotive industry plays a huge part in our economy both from a consumer aspect and from a seller. Elon Musk is the CEO of Tesla and has created an empire of innovation and a new way we see cars today. The free enterprise market has helped Elon Musk take his company and make it explode and grow on an enormous scale. The free enterprise system has benefited Elon Musk in some of the greatest ways.

America's free enterprise system allowed Jeffery Bezos, founder and CEO of Amazon.com, to create the largest online retailer and provide the ability for consumers, worldwide, to buy what they need or want with a click of a button. Along the way, he has taken the risk out of buying online from unreputable sources, created higher chances for lower prices, and taken the hassle out of shopping by giving us all a one-stop shop - where almost anything can be found. Without the free enterprise system, Jeff Bezos would not have had the liberty to pursue his ambitious endeavors that he is successful for today.

Many people have become successful as entrepreneurs, also become well-known and influential people. People have been able to become successful through the free enterprise system which allows someone to make their own economic decisions without government decisions and allows the supply and demand of consumers to decide whether that person will fail or succeed. A well-known man named Tyler Perry was able to use this free enterprise system and become a very successful person in the entertainment industry, as an African American male.

An Entrepreneur is a person who forms and operates a business. Entrepreneurs form and start companies by themselves, or with partners. Most of the time companies which are started by entrepreneurs are relatively small in size, but some grow into huge corporations, such as Microsoft which is owned by Bill Gates. Entrepreneurs have four different options when starting a business, which include a sole proprietorship, Partnership, limited liability company, and also a corporation. Each form has its advantages and also disadvantages depending on what the type of business is, and also what service it provides.

Succeeding In a Free Enterprise System The first thing an entrepreneur needs to do is think of an idea. They have to be on top of their game to be able to hold so many ideas in one sitting. After all the ideas are thought up and finished, it's time to act on them. Many entrepreneurs may use what they call, a free enterprise system to start or finish up their businesses.

I have always been fascinated by the concept of the “American Dream”. Even if, nowadays, this concept is more and more criticize because some people believe that the structure of American society doesn’t follow anymore the idealistic goal of the “American Dream”, providing example such as inequality in class or race which suggest that the “American Dream” is not attainable for all. But to me the term “American Dream” stays unchanged: all people can succeed through hard work, and all people have the potential to live happy and successful lives. And in my mind, the entrepreneurship is one of the most famous way to achieve this “American Dream”. Steven BUYERS who is the founder and owner of EnergyLogic –a fast-growing company in Northern

     The belief and implementation of free markets and pro-business policies have allowed the American nation to become the strongest country in the world. The entrepreneur is a special type of business person that is hurt by the livable wage. Our nation’s economy is diverse and adaptable because entrepreneurs are always willing to take risks to make money and stay competitive. Entrepreneurs act as the catalysts for the American economy. They take the capital risks to create new products,

An Entrepreneur is someone who makes decisions on what products will be produced and who will produce those products and how that certain person will produce the required products. An Entrepreneur is also defined as someone who is capable for initialising a business full of intentions and imaginations to make profit and is always aware of the risks of losing his or her resource products that he or she produced. An Entrepreneur’s aspects should be for someone working capable, risk taking and having all entrepreneurial resources required for a business.

Each and every person has the potential and free choice to pursue a career as an entrepreneur.

Innovation and success go hand in hand, and no one knows this relationship better than Elon Musk. Over the years Musk's skills, in both the business and technological worlds, aid him to be one of the world's most successful people. The plethora of his achievements could not have been accomplished with sheer talent alone. Attaining the levels of success that he has, undoubtedly takes external forces playing key roles. Malcolm Gladwell, the author of Outliers, says that, “Success is not a random act. It arises out of a predictable and powerful set of circumstances and opportunities” (Gladwell 57). His research analyzes people and determines what external factors make them so prosperous. I agree with Gladwell's theory that no one who achieves great things gets there on their own merit, rather with sometimes unrecognized help.

In 1776, Adam Smith argued in The Wealth of Nations that the free-enterprise economic system, all over the world encourages entrepreneurship because it permits individual 's freedom to create and produce.

Entrepreneurship is one of the hardest investments to make because it requires more than just money. Consequently, it is also an ownership investment with extremely large potential returns. By creating a product or service and selling it to people who want it, entrepreneurs can make huge personal fortunes. Bill Gates, founder of Microsoft and one of the world's richest men, is a prime example.

Beside Schumpeterian entrepreneurship theory, William Baumol (1990) also gave us a viewpoint that entrepreneur’s job is to making innovation, which would means the technological progress and growth. And entrepreneur would heavily influence the dissemination of a new technology. The economy will more productive if the new technology is used worldwide. He insisted that entrepreneurial talent and motivational mechanisms are important in successful economy, and entrepreneur can be trained. Moreover, in his point, entrepreneurs and the market mechanism with its pricing process helps each other to run in the economy.

Entrepreneurship is a term often used to describe a person who owns and operates their own business, but the 2009 World Economic Forum report describes it, “The pursuit of opportunity beyond the resources you currently control” Stevenson (1983, 1985); Stevenson and Jarillo (1991) and the 2008 European Commission published a framework definition derived from representatives from ETF, GIZ, ILO, UNESCO and UNEVOC that states, “Entrepreneurship refers to an individual’s ability to turn ideas into action…”. But no matter how you define it, the most important skills, traits, and characteristics needed to be successful are vastly analogous. Along with this week’s reading, I conducted internet searches for the top characteristics, traits, and skills for entrepreneurship and my findings were surprisingly similar. The most common result that I found was determination (willpower, self-discipline, drive, motivation). In this submission, I will identify a successful entrepreneur and describe the their type of innovation or business, what characteristics or traits they have, how they got started, and what they did in order to become and remain successful.