Major Dark Traits of Entrepreneurship
Discuss about the Social Entrepreneurship And Sustainability.
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).
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 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).
Financing
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 the involved individuals towards handling projected as well as unprojected challenges in the future.
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 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.
Decision Making
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 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).
Misconceptions about Entrepreneurship
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-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 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).
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 management .
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 management . 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.
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