This report is prepared to focus on the details associated with the concept of entrepreneurship concerning the Billionaire behind GoPro. The reason behind choosing this company is because the company is one of the world’s hottest camera companies. Thus the report will formulate various aspects related to entrepreneurship. In addition, there will be a description of various strategic marketing processes carried out by the entrepreneur to bring success to the business in the GoPro case study. Therefore the report prepared regarding the concept of entrepreneurship will justify all the relevant facts concerning the GoPro case study.
With the rise of globalization, there has been a gradual increase in the growth of the economy. This economic growth is not only laid by the big worldwide organization but there has been interference within by many small organizations. These small organizations are started by many entrepreneurs. Thus entrepreneurship can be an efficient engine that will add to the growth of the national as well as the global economy. While considering The Australian market provides sustainability to various small businesses. In addition to that, there has been the addition of total industry value to work thoroughly with entrepreneurship (Andreopoulou, et al., 2014).
As per Barrett & Weinstei, viewing the entrepreneurship list there have been almost 2 million businesses starting every year in Australia. In that context running a small business is always a hard dedication and hard work. It is because small businesses are quite challenging, especially for new entrepreneurs. Thus entrepreneurship is a concept that varies from person to person. So being an entrepreneur is to have a clear idea regarding the business venture so that the business can turn out to be profitable (Barrett & Weinstein, 2015).
So with the concept of entrepreneurship, the entrepreneur should be clear regarding the importance of the matter and should know what is important from the beginning so that he or she can reach the customers to deliver effective business affordably. Thus the concept of entrepreneurship is the fact that engrosses a broad aspect regarding the creation of business in the competitive market (Dalecki & Dalecki, 2016).
Question 1: As mentioned in the case study being an entrepreneur needs a big amount of courage Along with that the person should be capable that he or she should handle the consequences associated with the program. In this case study, As per Gilmore, et al, Nick Goodman was quite confident regarding the success of his planned business about the cinema-grade mini camera. But if in any instance he could have been questioned regarding his ability to bring the product into the market at that time there would be the reflection of the dark side of entrepreneurship (Gilmore, et al., 2013).
When the topic comes to entrepreneurship most of the ideologies indicate the profits while ignoring the negative art. Thus the part of entrepreneurship also contains the dark side which usually people do not reveal.
While being, an entrepreneur the initial days are quite exhilarating because of the feeling of being the boss (Kasemsap, 2016). Thus with the presence of positive as well as exciting elements and to make the process worthwhile, it is necessary to go through the details of the dark side. So as per the case study of Nick Goodman, the dark side that is observed is:
Question 2: The statement provided by Peter Drucker regarding the concept of entrepreneurship and marketing is quite satisfactory and the case study of GoPro also supports that statement from every aspect. As Drucker mentioned entrepreneurship is not magic or not mysterious rather it is a discipline that needs to be learned with time. The same is mentioned with the business started by Nick Goodman. He had learned the lesson from his father while growing up in the Silicon Valley. Nick Goodman learned everything with much pleasure and satisfaction (Lam & Harker, 2015).
Since childhood, he has been interested in sports and has more proximity to the sunshine and saline water. Thu though his parents were not supportive still he continued his passion for surfing and again went ahead after the failure of the online gaming service. This time he started with the service with the help of a broken surfboard leash and rubber bands. It helped him to bind the system onto his wrist and perform the capturing of a perfect wave hit. Thus this activity Goodman carried through a surf odyssey through Australia and Indonesia (Phua, 2013).
Thereafter Goodman continuously started trolling the internet so that he could go to the trade shows bring modifications to the camera and have a license of his own. In a later condition, Goodman added the features of 3D modeling to his roommate as well as the former surfing buddy. By that process when Nick Goodman started his sale it ended up with the gross amount of $35000 of sales in the first full year. At that time Woodman became the all-in-one of the company. He was the product engineer, salesman, R &D head as well and packaging model. Thus the journey of Nick Goodman justified the saying by Peter Drucker that entrepreneurship is a discipline (Shows, Albinsson & Stoddard, 2016).
Question 1: For the betterment of the business the business must run through a strategic process along with the strategic objectives as well as mission. So basically the functional chiefs carry out the proper processing with the implementation of proper strategies which will shift the attention of the managers.
Thus the basic process that helps in attaining the competitive advantage for an entrepreneurial organization like GoPro can be gained by providing better services to the customers (Tzoulis, et al., 2014). In addition, they will also provide more value to the customers as compared to the competitors. Thus Nick Goodman is planning for the success of its business on a long-term basis and this can be attained by a few of these processes.
Aligning the Products as per the needs of the Customers:
The start as well as the success of any business depends upon the fact that the business owner should understand the demands as well as the needs of the customers. For that reason, the marketing plan or strategy of any company works with the process to narrow the target customer who will buy the product (Zhu, 2014).
As in this case of cameras, Nick Goodman knows the demand of the customers starting from children to young people they all want the cinema-grade, panoramic “point of view” footage by the use of the GoPro cameras. This camera will also help to transform the mortals into human highlight reels without blowing any huge role in the budget.
These cameras are again demanded by Hollywood directors like Michael Bay or the US military forces for their training. It will click the live pictures during scuba-diving which kids like the most. They even do not want to film their wave rides rather they want those cameras to be tied to their wrists or helmets.
Expanding the Distribution Channels:
Expanding the distribution channels for the marketing of products helps the company in getting their target customers eventually enhancing the market value of the company. Nick Goodman, therefore, located the target customers by going through the demands of the customers. In that context, he carried out the survey only in Indonesia and Australia, and depending on those target customers Goodman started selling his cameras (Phua, 2013).
Goodman started his marketing strategy through the incorporation of business in social media. As Goodman is the all-in-one person who carries out all the responsibilities of all employees the friendliness of social media helped him to make GoPro from a niche to a blockbuster.
Emphasizing the Customer Service:
By knowing the customer needs and demands Nick Goodman formulated the products and depending upon that he also found the target markets. Depending upon that it is seen that Nick Goodman has taken care of the satisfaction of the customers as compared to his profits or advantages (Gilmore, et al., 2013).
The customers mentioned in their review that the customer service of GoPro is quite awesome. Keeping the customer satisfied makes the company enhance its opportunities which will help in gaining the competitive advantage of the company.
Contemporary Developments in Business and Management (SIM337)
Exploring New Markets:
It is another important criterion that will help the company in enhancing its competitive advantage. Gaining the knowledge of the target customers will help the company to enhance its opportunity which will further help the organization to gain a foothold before competitors. But Nick Goodman now works with its processing through the Australian and Indonesian markets. Thus Goodman went through the process of effective promotion to make its cameras known worldwide. It no doubt will produce the most profitable opportunities out of all the opportunities.
Question 2: The case study has shown the fact that Nick Goodman started its business in the year 2004 and at that time he presented the first debut camera. With time Goodman started remodeling the camera models with various kinds of innovations. In that context, by the year 2012, the business sold almost 2.3 million cameras enhancing the GDP by up to $521 million.
At that time GoPro was almost the highest-grossing digital brand that has taken the place of many branded companies in the market. it, therefore, enhanced the competition with the help of which GoPro became a blockbuster from a niche. But as it is a joint venture which is the major threat to the business. Though Nick Goodman is the important person whose idea has been implemented still there are many co-founders attached to the business (Dalecki & Dalecki, 2016).
Thus their contribution also matters a lot for the success of the business. It is because, at the time during 2007, the company had somehow decreased its figures. At that, Woodman faced a crisis of confidence. The reason behind founders of GoPro found it difficult to take the business further and depending on that they decided turnover which led to the emergence of the financial crisis in 2008.
It resulted in the decrease in the valuation of the product which hurt the pride of Woodman as he has a passion for it and also has a fear of failure. So this condition can be tackled quite well by talking calmly with the investors as well as the stakeholders (Dalecki & Dalecki, 2016).
Entrepreneurs like Nick Woodman should make a wise plan to deal with the issues. These can also be tackled with promotional strategies which will enhance the market value of the product again bringing it back to the mainstream as in the case of GoPro (Andreopoulou, et al., 2014).
This report provides highlights regarding the key insights of entrepreneurship as well as marketing through the description of the case study. As this case study indicates a successful entrepreneur must be aware of the positive and negative sides of entrepreneurship so that he can tackle any kind of situation. Thus the report provides a conclusion that entrepreneurship is a discipline that should be studied with much patience to bring profit out of it.
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