GoPro: A Classic Entrepreneurial Tale

Q1) which of the characteristics of a successful entrepreneur, discussed in the chapter, do you see in
Nick Woodman? Do what degree do you think these characteristics have contributed to GoPro’s
success?

Ans: Entrepreneurship is the capacity to develop or manage the business venture along with any kinds
of risk in order to make profits. According to this case, it had all the following characteristic that are
primary to become a successful entrepreneur that includes,

1. Passion
2. Product/customer focus
3. Tenacity despite failure
4. Execution intelligence

Nick woodman had all of these elements due to which it was a success for Gopro. At first he recognized
the need of developing innovative camera strap that could be helpful for types of different sports. The
idea was in his mind and he executed it as well as he was passionate about his work since he went to the
radar to a cottage in the redwood forest, California, to test different types fabrics and marketing
strategies in order to make his product the best. Even his parents were not being supportive but still his
passion of the business eventually led to the success of GoPro. The main purpose was to provide with
durable and a comfortable strap with a camera so that the consumer needs are fulfilled. He knew that
there was need of a product like this in the life of sports enthusiast as he saw that mostly consumers
were demanding so he designed a product. This durable strap was finally the success of GoPro. This
shows his product and consumer focus. In the past, when he opened his website empowerali.com and
Funbug that was a game and a marketing platform, both of them failed but he managed to be strong
and therefore become more passionate about GoPro which shows his characteristic of tenacity despite
failure that he did not give up even if he failed twice and managed to overcome those. Lastly, his
characteristic of Execution intelligence could be seen when Nick woodman had a firm belief that he
would turn his idea into execution and he used his mother’s machine to make a strap that was required
and he executed the idea that was right there by this first stage. At last, he had what he desired, a
camera casing and a durable and comfortable strap that was essential. In the end, it can be concluded
that GoPro without was successful because Nick Woodmen did not give up and kept on working hard as
was passionate about his business and becoming an entrepreneur that made him so popular and
ultimately successful.

Q2) How does GoPro’s basic business idea “add value” in the lives of its customers?

Ans: Add value is an important factor which is helpful for a business that what does the consumers
demands and the product is useful or the consumers are satisfied with the product also that how the
product will benefit them.

In this case, GoPro’s cameras were designed in a unique way which helps extreme sports athletes to
capture their stunts and experience on their own while engaging in sports like surfing, skiing and
mountain biking without any photographer. This functional aspect allowed consumers to not only
review their performance to make improvements in the future the consumers who wanted a product
like this their need was satisfied and it was a worthy product for them. GoPro cameras allowed
individuals to show off their unique skills, making it in their self-interests to share their videos and
pictures and also go through special moments when they accomplished something special such as
climbing a mountains, diving in the water or catching a big wave. Furthermore, GoPro’s association with
being a hero encourages customers to get behind their brand, so they too can become heroes of their
own lives.

Q3) how do Nick Woodman’s entrepreneurial actions debunk the myth that most entrepreneurs are
motivated by money?

Ans: Money is hardly the reason if you have passion for anything you can do it. As in this case study,
Nick woodman was not motivated by money because in the past, two of his businesses EmpowerAli.com
and Funbug failed even then he did not started doing a job after money but he went for a vacation and
came up with an idea that he executed, it was his passion that helped him to be successful despite all
the failures. If he was after money he would have started a job that would have gained him some
amount of money but Nick Woodman started with his idea it was clearly for his passion to provide
cameras with the gold standard for self-documenting extreme sports experiences, it was his love for
filming that turned his business idea into an actual product. If it was an expectation of only making
money, he would have been distracted in between his success and shift his business into something that
gained him enough profits but he wasn’t distracted and His consistent hard work and keeping up with
the characteristics made him turn his idea into GoPro a successful company. Nick kept on working hard
with passion and focused on consumers, product quality and design to achieve his target as getting the
strap made wasn’t that easy but at the end the hard work paid off and it was successful.