Introduction
The engineering industry is diverse in that it attracts a wide array of businesses which result in the growth and development of society as a whole. There are a number of business owners in the IT and engineering industry who have changed the dynamics of business concepts and functions due to their establishment of successful businesses over the years. However, most of the inventors and innovators known in the business emerged in the early 60s, 70s, 80s, and 90s. Such businesses are credited for developing the market to adapt to modern business concepts that apply to different industries and market demographics. The paper looks at Elon Musk and his contribution to the industry through his interpretation of current business concepts and their role in improving the way in which modern business is performed (Koepsell, 2011).
Elon Musk can be categorized as a modern innovator owing to his interpretation of research and development in his past projects. The projects in this case concentrated on establishing on engineering and IT concepts with the aim of enhancing the convenience of various demographics. Musk is best known for his foundation of PayPal, Space X, and Telsa Motors; all of which have served as a stepping stone for his career. In order to understand Musk’s approach to business, one must understand his take on research and development with regard to his focus industry (Kurtz & Boone, 2011).
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According to Musk, a successful company should not focus on the concepts of the business in question. They should instead focus on the changing business environment. In business, it is essential to recognize the significance of convenience, reliability, and efficiency with regard to technology development and enhancement. As such, all businesses should enhance the quality of life of its target market. For example, PayPal was formed on the basis of improving the transfer of money from one country to another in order to reduce level of inconvenience brought about by the banking system. The concept is enhanced by the use of IT and Engineering concepts and theories which have been used from the time of their inception. Despite this, the reason for the success of the company is credited to research and development of how the banking system works in the modern era and the essentiality of creating procedures of increasing convenience (Kurtz & Boone, 2011).
Currently, Musk has teamed up with 12 engineers to kick start the implementation of Hyperloop which is expected to increase the speed of transport by 800kms at which passengers are delivered to their point of destination. In this case, the concept is supported by the use of modern technology enhancements such as the incorporation of an electromagnetically engineered vacuum tube which has a series of vacuum tubes suspended inside it (Koepsell, 2011).
The mentioned concepts can be used in the construction industry by developing ideas and theories which appeal to the convenience of different aspects of construction. For instance, construction can be geared towards improving buildings, roads, and water projects. In this situation, one can incorporate newly discussed engineering concepts by performing a series of research and development projects with reference to the latest trends and practices. In turn, this would introduce stronger buildings, more established roads, and stronger water construction projects (Kurtz & Boone, 2011).
To summarize, Musk has taken advantage of his intuition and strategic business concepts to meet his goals and objectives. Like most business owners, Mask has managed to open up businesses in past and current market environments. One of the reasons for his success is his concentration of research and development on the various ideas he undertakes.
- Koepsell, D. (2011). Who Owns You: The Corporate Gold Rush to Patent Your Genes. Hoboken: John Wiley & Sons.
- Kurtz, D. L., & Boone, L. E. (2011). Contemporary business. Hoboken, NJ: Wiley.
