Who is Nick Woodman and why did he start GoPro?
Describe Woodman’s characteristics as an entrepreneur? How did Nick get started in the business? Who gave Woodman the capital to do the start-up? What were the initial challenges that Woodman had to overcome?
Nick Woodman is the founder and the chief executive officer of GoPro, a digital camcorder company. Woodman built on his initial desire to tether cameras into the wrists of athletes, turning his ideas into a complete social phenomenon worth over $2.3billion. Woodman started with an initial idea just like many startups. However, he owes his success for a number of his personal attributes. According to Forbes magazine, Woodman success was achieved through his great desire to create a unique product and his lack of fear of failure. The entrepreneur possesses great drive and presence, which has often made him to implement his ideas. Moreover, the GoPro CEO attributes his success to the great motivation he achieves from his creator.
Read also GoPro Company Research Paper
How’s business for GoPro?
What are the company’s annual revenues? Is the company profitable? How do you know? What new product development is the company counting on to increase sales revenue? What $$ range does the stock trade? Which stock exchange(s) trade the company’s shares?
GoPro recorded revenues of $633.9 million in the fourth quarter of 2014 and $436.6 million in the fourth quarter of 2015 financial year . The company’s revenues dropped in the fourth quarter of 2015, a net loss of $0.08 per share in the same year. The company is profitable since it has been seeing a growth in its revenues. However, the loss it suffered in final quarter of 2015 was caused by the reduction in prices of one of its models of camera. However, despite that, the company still recorded high sales revenue than most of its previous years. The company is planning to simplify its product portfolio to three cameras and is counting on its cheaper model; Session 4 to increases its sales revenues. GoPro is listed in Nasdaq.com, GPRO, S&P 500 and its shares ended at $9.96 last week .
What’s driving slower growth of GoPro’s business going forward?
What does GoPro sell? Who is GoPro’s targeted customer? Why does GoPro have such a strong brand identity? How is Woodman and his team leveraging customer “experiences?” What part is social media playing in GoPro’s growth? How has competition hurt GoPro’s growth?
GoPro specializes in the manufacture of video cameras mainly for athletes and action-sports enthusiasts . The company has a strong brand identity owing to its high quality video cameras and it strong social media presence. The company leverages the customer experiences through a unique pricing model and introduction of a variety of models to increase customer choices. Recently the company introduced its newest model; the Session 4, in order to reduce the number of customer choices and thus reduce confusion while a customer is selecting a video camera to purchase. The social media has helped to market the company’s product, while the presence of competition has eaten into company’s sales revenues as noted by drop in its sales.
What principles of entrepreneurship does Nick Woodman use to run his business?
What business success “lessons” have profoundly shaped the leadership style of Nick Woodman? Why would you want to read his book “From Rock Bottom to Billionaire?” What advice does he offer aspiring entrepreneurs?
Woodman use the entrepreneurship principles of strong passion and desire to implement ideas and the strong desire to succeed even when one fails in the initial attempt. The initial startup of GoPro failed, however, Woodman saw it as a challenge and the loss in the sales revenues have helped to shape his leadership skills. I would want to read his book to gain an insight into what makes into being a successful entrepreneur. The advice the Woodman offer to the aspiring entrepreneurs is that with passion and determination a simple idea can turn out to be the next big thing.
How has the success of GroPro encouraged you to learn more about business & entrepreneurship?
What are your short & long term career goals? How will your career goals be supported by your academic major and course of study at IUPUI / Kelley School of Business? What success characteristics do you need to develop?
The success of GoPro has given me more motivation to learn more about entrepreneurship. My short-term career goals are to gain enough knowledge about business and entrepreneurship, while my long-term career goal is to establish my own business startup. The knowledge gained through my academic major will be useful in transcending the entrepreneurship process, as it will provide the needed guide and motivation learned through the success stories of companies such as GoPro.