Examining the GoPro Business: Dark Traits of Entrepreneurship and Recommendations

This academic paper examines the GoPro Business and their practices, discussing the major dark traits of entrepreneurship and providing recommendations for improvement.

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GOPRO BUSINESS
By [Student Name]
Course
Instructor
Institution
State
Date

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GoPro business
Table of Contents
GoPro business................................................................................................................................2
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................2
Major Dark Traits of Entrepreneurship...........................................................................................3
Financing......................................................................................................................................3
Decision Making..........................................................................................................................4
Misconceptions about Entrepreneurship......................................................................................4
Recommendations/Conclusion........................................................................................................7
Bibliography....................................................................................................................................9

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Executive Summary
The following is an academic paper aimed at examining the GoPro Business and their
practices. The paper begins with an introduction of the business, its operations and also the
overall structure of the same. It continues to discuss the three major dark traits that afflict the
business in their operations and finally summarizes the important elements of the paper along
with a discussion of the recommendations for the same. The organization of the paper follows
the report design and ensures to provide proper information about the study.

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Introduction
This extreme capacity as exhibited by Nick Woodman of developing, organizing and
managing the GoPro business venture in the wake of all the possible risks with the idea and
agenda of garnering in profits is indeed what is referred to as entrepreneurship (Brenkert 2017,
pg 150). The numerous problems associated with this field of business served the purpose of
derailing the realization of Nick’s aspirations and ambitions towards the establishment of the
images company. His aggressiveness and determination has however defied all the odds and has
been rated as one of the most successful entrepreneurs in the current world.
The pressure that is normally associated with abandoning one's career with regard to the
aspiring entrepreneur is one of the dark sides usually associated with this bit of business. This
was also a trying issue for Nick who was actually sampling out his business idea with the plan
and intention of crossing over to his area of professionalism if all did not succeed.
Entrepreneurship requires full concentration so as for the set goals and objectives to be fully
realized. This abandonment of one’s career might be quite discouraging in the case where the
outlined entrepreneurship program does not see the dawn of day. It might greatly affect the
involved aspiring entrepreneur who is left jobless in the case where the business idea does not
materialize (Burns 2016, pg 200).
Major Dark Traits of Entrepreneurship
Financing
Financing is the other dark sided bit of entrepreneurship. This is usually a major problem
when it comes newcomers as compared to the experienced and seasoned entrepreneurs.
Woodman is also a victim of this challenge as brought out clearly in the article. His situation was

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quite extreme as he had to even go the extra mile of consolidating funds from both of his parents
in the attempt of funding his young business to maturity and eventual stability. Extreme and
extensive networking is usually needed in this very significant step of entrepreneurship. Potential
investors are normally hesitant towards the allocation of their funds especially to businesses
beginning from scratch. This proves to be cumbersome to these young aspiring business persons
as every other business requires quite a substantial bit of money in the name of startup capital.
Some of these personalities give up along the way frustrated and even devastated. Others,
however, sail through this storm as affirmed and confirmed by Woodman with the eventuality of
success and prosperity (Kazanjian Drazin Glynn 2017, pg 180).
Decision Making
Decision making, on the other hand, is quite an issue for all new business establishments.
This can be explained by the fact that the majority of the beginners in the names of executives
and managers lack the required experience and expertise in their respective business
establishments. Nick fell prey to this dark side of entrepreneurship in his initial steps towards the
establishment of the world’s leading images company. His first business establishment flopped a
great deal leading to the loss of several million dollars that initially belonged to some of his
investors. This on a larger picture was facilitated by his being inexperienced and lacking the
required expertise that is mainly needed in decision making. Newly established business setups
face numerous challenges some of which are unforeseen and this in the wake of unexperienced
executives might prove to be quite an issue with the most extreme cases requiring consultations
from within well-established organizations. The first few months of any newly established
business results to the presentation of volatile and impactful scenarios that if not addressed
thoroughly might bring about its downfall. This, however, ebbs away as time goes by preparing

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the involved individuals towards handling projected as well as unprojected challenges in the
future.
Misconceptions about Entrepreneurship
There are numerous wrong utterances maimed and aimed at the entrepreneurial world.
These misconceptions normally revolve around individuals without any elaborate experience and
expertise as far as the establishment of businesses is concerned. Some are mainly developed
from hearsay while others are as presented by third parties scenarios that should serve the
purpose of their being discredited. This entrepreneurial guru in the name of Nick Woodman has,
again and again, proved all these numerous misconceptions very wrong. The issue of magic,
mystery or even the element of genes cannot be traced backed to Woodman. His historical
background is not in any way associated with prowess in the business world and therefore it
cannot be said that his success is partly linked to any successful family member. His father
actually is more of a salesperson other than a businessman which is not in any way linked to
photography (Drucker 2014, pg 15).
His initial steps towards stardom are evident for all to see and know that entrepreneurship
is more of a discipline that can actually be fathomed through exposure, experience, and learning.
The challenges he faced at the beginning presumably in the duration when the idea of the image
company was birthed has served the purpose of not only motivating him but also has resulted to
him understanding very well the schematics that usually work in the business world. His coming
across those challenges in the name of poor decision-making processes, financial constraints, and
many other impactful situations eliminates completely the idea of entrepreneurship being
associated with other misconceptions. It is obvious that he has really grown because of the
extreme heights he has managed to climb to. This learning revolves around the realization of the

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set goals and objectives of the involved business entity. The challenges usually associated with
the establishment of these set objectives serve the purpose of enlightening the involved members
on the right and most appropriate strategies to employ towards stabilizing the organization at
hand.
Nicks first attempt in business was not that appealing and motivating as explained by the
negative outcomes. This challenge made him take time towards the establishment of his second
business venture. This allocated time was spent by Woodman in studying his target market so as
to avoid failing as he had earlier done. It is also in this moment of time that he purposed to
establish improvements on his products in the name of cameras so as to effectively offer the
appropriate form of competition to his esteemed competitors. The eventuality of these elaborate
studies as conducted by Nick serves the purpose of affirming and confirming that indeed
entrepreneurship is a discipline that can be studied with the best students performing very well
and emerging victorious. His eventual success is traced back to the acquisition of the relevant
business knowledge that is required in the wake and attempt of making it in the business world.
This knowledge was found in the numerous challenges he came across. The derived patience he
assumed and embraced made him take time in studying the business before making an elaborate
and deliberate move that resulted to the registration of numerous sales ranking his company
among the best in the global business world.
Entrepreneurship, as explained and expounded in the above life experiences of Nick
Woodman, is with no doubt a discipline. As it is normally the case with all the other disciplines
in the world, extreme and extensive learning ought to take place so as to guarantee a better
performance. The challenges that are usually closely linked to any business establishment should
serve the purpose of enlightening the involved individuals so as for them not to repeat the very

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same mistake twice. The basic and guiding principle should be growth and development
eliminating punishments as it is usually the case in most organizations. Elaborate consultation
with the experienced and seasoned institutions should be highly involved in the learning process.
The acquired knowledge from such sources and resources should serve to fully equip the
involved individuals with the right information to be employed in the smooth sailing of their
respective areas of jurisdiction. This will bring about watchful steps being taken by the involved
parties with the intent and purpose of effective performance of duty.
Recommendations/Conclusion
The GoPro Company has indeed made tremendous and notable steps towards their being
ranked among the best performing organizations in the global world. This, however, has not been
easy as challenges have been a forthcoming day in day out threatening the prowess and the
success of the company. The better part of these problems have been addressed but as it is
usually the norm in any business field, challenges will always be there the only determining
factor is how the problems will be addressed. As of now, competition seems to be the main
challenge with the most notable competitor being recognized as the Sony Company. There are
elaborate plans within the company of developing digital cameras producing stable images with
a high definition. These developments are not established in the GoPro Company and this might
affect the performance of the organization in the nearby future if nothing substantial is done so as
to improve their cameras (Kirzner 2015, pg 50).
This challenge can be handled well with the application of the entrepreneurship
innovation theory. The creativity and innovation of the company must go a notch higher so as to
present the elaborate and well-founded competition with other companies Sony being one of
them. GoPro should ignore all the risks associated with these developments by embracing well-

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organized abilities with the sole purpose of manifesting the current set goal. The driving factor
should be innovation and not imitation. This calls upon the organization to elaborately seek and
study the targeted market with the purpose of identifying the prevailing needs that they can
facilitate their adjustments for the well-being and satisfaction of the customer. These newer
innovations will bring about the need to assume newer techniques and strategies in penetrating
alien markets. The success of this penetration will result in increased sales of the company. New
sources of raw materials will also be a point to put into thorough and elaborate consideration so
as to work towards the development of the high-quality products (Kuratko 2016, pg 200).
High achievements should also be considered great by the company. Its being ranked the
might facilitate safe and elaborate entry into a comfort zone. This brings about the theory of
achievement motivation that usually serves the purpose of driving the involved parties to other
heights with the sole aim of satisfying the clientele demands and needs. GoPro needs to embrace
a new route that has to do with the idea of doing things in a new and more efficient way. This
will result in the production of newer products that will further necessitate increased sales
enhancing the growth and development of the organization. Creating a conducive environment
so as to establish a high achievement orientation for the entire workforce within the GoPro
Company will serve greatly result to general improved performance and productivity (Meyer
Neck Meeks 2017, pg 20).
Having achieved an immeasurable prowess and success can bring about the element of
people working without the influence of money or any other external incentive within the GoPro
organization considering profit to be a measure of success and elaborate competency. This ought
to be used as an opportunity by the management in engaging the workforce more especially in
the wake of newer inventions so as to be above the norm as far as competition and relevance of

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the company are concerned (Parker 2018, pg 20). Exposing the entire workforce to training
programs should also be very effective and efficient within the organization. This will work
towards enhancing and improving their skills with regard to their areas of expertise and
specialty. Improved performance and effective productivity will be the end result facilitating the
continued growth and development of the GoPro organization. Other minor issues relating to the
associations between the executives and their subjects should also be checked into at length.
These junior staff should also be consulted in the case of newer developments and innovations
resulting in their feeling appreciated and respected. This will greatly enhance and increase their
zeal and fervency in their areas resulting in effective and efficient performance for the general
welfare of the entire GoPro organization (Storey 2016, pg 20).
Bibliography
Brenkert, G.G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship (pp.
85-128). Routledge.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.

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Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Kazanjian, R.K., Drazin, R. and Glynn, M.A., 2017. Implementing strategies for corporate
entrepreneurship: A knowledge‐based perspective. Strategic entrepreneurship: Creating a
new mindset, pp.173-199.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press..
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.