Entrepreneurship Prospect

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Entrepreneurship Prospect
Student’s Name
Institutional Affiliation
Date

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Executive Summary
This paper examines the entrepreneurial factors that generate success through the use of
GoPro Inc. case. To start with, the paper identifies the factors that affect the dark side of
entrepreneurship. Issues like the sense of distrust, attitude alignment, and change of strategy
present as the most profound. The following part makes a stand on the fact that entrepreneurship
has an inborn trait, using the profound theory of personality trait theory. Using the case of Nick
Woodman’s journey to success, the personality trait theory presents clearly. Thereafter, the
competitive advantage of the company is then examined and the threats that it faces clearly
demonstrated. The development of a strong brand and the ability to capture new markets is what
distinguishes the company. Finally, the strategies for mitigating the looming threats are
presented.
Introduction
Entrepreneurship is basically the process of bearing, developing and managing a business
idea for purposes of achieving development success and profits. GoPro, Inc. serves as an
example of an idea that was built from scratch by an entrepreneur called Nick Woodman.
Woodman developed an idea that was unique enough to be readily accepted in the market. His
idea resonated around developing unique and memorable experiences for its consumers. Entering
the already saturated camera, market, GoPro used the secret of identifying its niche in consumer
audience.
Part A
Question 1
Sense of Distrust

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Most entrepreneurs have a sense of distrust not only to the people around them but to the
future of its business. Woodman demonstrates a huge sense of distrust as demonstrated when he
said started off alone. Having failed in the initial stages of his career when he started working on
the project of Funbug alone. The whole project went down with $3.9 million investor’s money. It
is natural that after someone fails in one project, he/she would do it a different way next time
(Burton, Sørensen and Dobrev 2016). That was not the case of Woodman because, after some
time, he embarked on another project, GoPro. As he worked on the project, he locked himself up
in his beachside bedroom. He separated himself from the normal life and that included family
and friends for the purposes of working on the project alone. That is a good indication of the
huge level of mistrust that Woodman demonstrated. Woodman also made claims that if the
project failed, he would join the workforce. That is a huge indication of distrust for the future.
Entrepreneurship does not provide an assured future because everything is based on the trial.
That invites a sense of distrust for entrepreneurs.
Attitude alignment
The alignment of attitude is also a factor that influences the dark side of entrepreneurship.
The two extreme sides of attitude alignment are the pessimistic and optimistic attitudes. The
pessimistic attitude is always the dominant attitude given the uncertainty nature of
entrepreneurship. For Woodman to resort to thinking about giving up and joining the workforce,
he must have been informed by a pessimistic attitude. For him, he had failed before and the
attitude of a pessimist had developed a great deal. For many entrepreneurs, they seem to put
themselves on the safer side by being pessimistic (Belz and Binder 2017). They create
psychological safety by waiting for the worse and if everything turns out well, they are lucky.
That is what informed Woodman to say that he would join the workforce if everything comes to