Group 1 Entrepreneurship

1. Gusti Ray Kamandanu 1711011012

2. Fatimah Azzahra 1711011099

3. Shinta Ayu Rohana 1711031030

Introductory
GoPro, Inc. (marketed as GoPro and sometimes stylised as GoPRO) is
an American technology company founded in 2002 by Nick Woodman. It manufactures
eponymous action cameras and develops its own mobile apps and video-editing software.
Founded as Woodman Labs, Inc, the company eventually focused on the connected sports
genre, developing its line of action cameras and, later, video editing software. Although they are
now used for variety of purposes, they were originally designed for exteme sports enthusiast,
such as surfers, snow skiers and bicycling; who wanted to shoot videos of their activities.
Despite their size, they are packed with amazing capabilities. On a first year they released their
product, GoPro grossed $350,000. They slowly bulit momentum with some innovation to the
product. But now, they have to face their competitors like Sony, Coleman, Swan and their new
competitors like Xiaomi. Also, for the others like Apple and Google, they made some wearable
video and photo capabilities called Smartphone.

Case Study
Case study are based on the question from page 34

1-32 Which of the characteristics of a successful entrepreneur, discussed in the chapter, do you
see in Nick Woodman? To what degree do you think these characteristics have
contributed to GoPro’s success?

1-33 How does GoPro’s basic business idea “add value” the lives of its customers?

1-34 How do Nick Woodman’s entrepreneurial actions debunk the myth that most
entrepreneurs are motivated by the money?

1-35 What are the most significant challenges GoPro faces in the future? Do you think GoPro
will able to meet the challenges or do you think the company’s future is in doubt?
From this case, we must know the characteristics of the entrepreneur. First, Passion for the
business. This passion typically stems from the entreprenenur’s belief that the business will
positively influence people’s lives. His “passion for the business” can be seen in the extraordinary
lengths he went to in developing GoPro’s products. An example is his willingness to move into a
cottage in the redwood forest near Pesadero, California, early in the life of the company, to work
nonstop testing fabrics, designing marketing materials, and writing patent applications. Second,
Product/Customer focus. As the entrepreneurs, it is a must for us to know the two snyergy
elements in your business, products and customer. He learned that from his traveling that whe he
wanted to capture every moment while he surfing, it did not work very well. So, he got some ideas
to make the GoPro. Next, Tenacity of Failure. Because every entrepreneurs are typically trying
something new. The possibilities of failure exists. But, the difference between them is he/she can
be patient to make the optimal combination of their product. His tenacity can be seen in the manner
in which he won early customers for GoPro, working the trade show circuit and visiting surf shops
across the country. And last, Execution Intelligence. This ablitity is to fashion a solid idea into a
viable business. For example, execution intelligence can be seen throughout Woodman’s tenure as
GoPro’s founder and CEO. In short, these characteristics have no doubt contributed to GoPro’s
success.

Now, to adding the value to GoPro products, GoPro allows sports enthusiasts to shoot video of
themselves and others engaging in sports (such as surfing, skiing, or mountain biking) that they
could not have captured otherwise. This products will easier to the customer to capture their
memories just like their purposes. That functionality allows individuals and groups to not only
study their activities to make improvements, but to relive special moments when they
accomplished something special (such as catching a big wave and riding it for a superior length of
time). The advent of social media made GoPro even more valuable to people. Not only could they
relive special moments and accomplishments, but they could share them with others. Also from
the influence of the social media, GoPro can demonstrate their products with “zero budget” to
their customer by using the “satisfying” footage of their users.

When Nick Woodman started GoPro, he clearly did it for the love of filming extreme sports.
Although he may have had an expectation of making money, he couldn’t have known that GoPro
would grow to the company it is today. Even though it is naive to say that they don’t even care
about the money, The myth that most entrepreneurs are motivated by money was broken by
Woodman because he enjoyed to “his world” and innovation that he made it to his product.

Clearly, the company’s biggest challenge is that companies such as Sony, Coleman, and Swann
have started selling sports cameras that are similar to GoPro’s. And right now, some of the
companies in the world are trying to make the “rip-off” GoPro such as YumTeng, and now Xiaomi
itself aer going to develop some camera. We think, it is depends on the situation on the GoPro
itself. If they can make an innovation to their product, lowering the price or making some “new
trend” to their field, we think that tey will survive to these market competitions. As a result, the
company will have to continue to differentiate its product and offer significance value at an
attractive price-point to remain competitive. But, it just like “Double-edged Sword” because if they
cannot make a innovation and differentiate their product, we think that GoPro will be killing
theirselves on a market competition and sending their products to graveyard forever.