This article's objective is to demonstrate an overview of the abilities needed to operate a successful business. The example used is Go Pro, a company started by Mr Nick Woodman, a surfer whose love for surfing and recording those unforgettable moments led to creating an action camera. The paper delves into further depth on the marketing approach that aided in the company's rapid expansion.

It provides an insight into the innovative techniques used by the business to build a solid consumer base. It also explains the company's strengths and weaknesses and sheds light on the opportunities and risks they face; the recommendations offered are geared toward the company's future development and preparing it to deal with coming challenges.

Additionally, it reveals the company's strengths and weaknesses and sheds light on the possibilities and risks they face. The recommendations made are geared toward the company's continued development and effective management of emerging challenges.

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Introduction

Although entrepreneurship sounds simple on the surface, putting it into practice requires a lot more. When someone takes the risk of failing in business by pursuing his idea of starting a business, he must have qualities such as confidence, vision, and perseverance to keep him going in pursuit of the passion that drove him to undertake the project in the first place.

As stated by (Tagraf and Akin, 2009), The founder of Go Pro, Nick Woodman, has all the characteristics of a successful entrepreneur in the conventional sense. As a consequence of Nick's enthusiasm for surfing in Australia and Indonesia, he saw a need in the market for a product that would allow him to record the moment and set out to create it.

Entrepreneurial personality qualities like persistence, refusal to accept setbacks, and a refusal to give up are reflected in Mr Woodman's character. Nick also had the vision to supply people with cameras to save the memories of their most exciting experiences.

Part A

Entrepreneurial Traits and Characteristics

Many characteristics are linked to becoming an entrepreneur; however, there are only a few of them.

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When used as the basis of their company, a person's passion becomes a specific prescription for success. This can be shown in the instance of Nick Woodman, who had a love for surfing and converted it into a lucrative enterprise.

The main character of this story, Nick, has a strong sense of self-confidence, which is evident when he accepts a challenge to run a mile in six minutes and completes it with 40 seconds to spare. This makes him a likely candidate for success as an entrepreneur because it gives the impression that the idea being pursued is correct and will be successful.

When it comes to perseverance, the Go-pro entrepreneur had enough of it. He reached out to individuals all around the nation to market his product. According to the research done by Kusmintarti and his colleagues in 2014 and as seen in this case, Woodman vision is to deliver durable cameras to individuals who are involved in a variety of activities; nonetheless, the objective was to give people memories of the times spent performing the action that is their love.

The first-mover advantage is that one open field to run in, and customers always remember "first in its field" or "at the most second. " This can be shown in the case of Go-pro, which had the first-mover edge and a significant numerical advantage against Sony, which were the first to enter the fray.

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Can Learn the Discipline of Entrepreneurship as this is a Skill

Drucker argues that there is no magic or mystery to being an entrepreneur; it has nothing to do with one's genes and is simply a matter of discipline that can be learned. Drucker also believes that the best way to define an entrepreneur is as someone who "shifts economic resources away from low productivity and into higher productivity and greater yield."

It's possible, in my view, that some of what you say is correct. For example, solid judgment, which comes with experience, prioritizing objectives, identifying critical challenges, and influential people management is all things that a person may learn when becoming an entrepreneur (Kusmintarti, Thoyib, Ashar, & Maskie, 2014). Having excellent knowledge, expertise, etc., will bring all of this about. The inventor of GoPro, Nick Woodman, possessed the intrinsic qualities necessary to be a great business person.

His drive to pursue what he enjoys is evident in his trip to Indonesia to go surfing, which eventually helped him create an idea for GoPro. Another example of his self-belief is his conviction that he can deliver on his commitments. His inventive thinking also contributed to the development of the first Go-pro camera. These entrepreneurial talents can't be taught or gained via training or experience; instead, they emerge from inside the individual.

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Part B

The Marketing Methods Used for the Competitive Edge

Go pro emerged as the market pioneer since it was the first firm to provide a device like this, which can be used for extreme action photography, action cameras, photos. A significant benefit of being the first to market was that it could sell to everybody. Fitriati and Hermati (2010) The first-mover advantage usually favours the pioneers, and GoPro is one of those pioneers in its market category.

It has the edge over other businesses since it is the market leader in its sector; it's well expressed in Al Ries & Jack Trout that 'Structuring' Being first or second in your category is good advice. If you're in third place, you should start your class. It is imperative that you establish a long-term impression on and you need to be the first one there. This is critical because customers tend to remember the first person who did anything. Only a tiny percentage of people will remember the second or third person who did something. ( Ries and Trout,2000).

Customers will always associate action cameras in general with Go Pro because of this brand's position in the market.

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According to Go pro's segmentation, its target market includes those who are interested in sports and adventure activities as well as those in the entertainment business. This makes deciding on a marketing plan for the firm much easier for Go pro. As a result, buyers will associate the Go pro brand with items linked to adventure sports. Still, customers do not associate rivals like Sony simply with their product line of action cameras.

Additionally, the firm used video marketing and began uploading footage of its stuntman on YouTube. However, the company's choice to enable customers to add videos of their own struck a chord. It served as an excellent approach for engaging customers and fostering loyalty among them.

Possible Consequences and their Suggested Solutions

The company faces competition from several rivals, including well-known brands like Sony and those in the same action photography segment as iON. In addition to these competitors, however, the constantly shifting dynamics of the camera market pose a significant threat, as the demand for specialized cameras decreases as the mobile phone market expands.

Even though the smartphone is an excellent complement to the GoPro because a smartphone app can control the camera, making it easier to post videos online. Still, all these technological advances can have both positive and negative effects, as other players may exploit the rapidly evolving technology. To prevent this, it is recommended that GoPro continues to develop its camera system.

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Improve their consumer base by focusing on segmentation. If adventurous people only use the camera, the corporation should consider roping in new demographic and behavioural sectors. This will keep the items relevant to a variety of customers, which will increase market share. (Nacar, 2015).

 It is recommended that GO pro should become globally aggressive before the competition launches their goods in new areas; the company's emphasis will be on emerging regions where the populace is becoming more aware of and inclined toward adventure sports. (Goyat, 2011).

Companies benefiting from successful social media campaigns have built strong brand loyalty through excellent customer engagement. However, in addition to increasing their retail store footprints, they should also raise their online market presence. In addition, they should work to develop new business strategies with companies associated with fields industries.

GoPro's 2016 Annual Report

Another danger to the company's success is its reliance on a limited number of merchants and distributors. Half of the company's top line comes from sales made to the company's top 10 customers, indicating a significant concentration risk. In the 2016 "GoPro - Annual Report, " A difficult situation for Go Pro will arise should any of the company's large customers have sales issues because of the company's over-dependence on such a small number of customers.

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The only way out of this risk is to diversify. It is critical to reducing the company's dependence on a specific group of customers, which can be accomplished by increasing the retail space and, most importantly, selling online.

Conclusion

This case study demonstrates conclusively that entrepreneurship is the element of life in which one must exhibit attributes such as confidence, tenacity, invention, and a "never back down" mentality.

In Mr Nick Woodman, the creator of GoPro, these characteristics are present. They have helped him develop a company that provides action cameras to those who want to record the moments packed with adventure on tape. In addition, the organization is the market leader in its sector, selling more units than competitors like Sony. With the use of social media, it has developed a devoted following of clients.

However, some difficulties must be addressed, such as the reliance on a small number of consumers and the company's restricted demographic and geographic reach. A company's ability to compete in a market niche is becoming more critical as competition heats up. As a result, companies must stay on the cutting edge of technological advancements or risk being irrelevant in the rapidly changing global environment.

 

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