MNG91002 Entrepreneurship Assignment Sample

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• Subject Code : MNG91002
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• Subject Name : Entrepreneurship

Executive Summary

Based on the GoPro case study published in Forbes Magazine, entrepreneurship is the ability and willingness to develop , organize and operate a commercial business together across with any of its complexities in order to make a profit (Wang et al., 2017). The launch of new companies is the most prominent example of entrepreneurship. Many businessmen are oddly ambivalent as they are full of illusions of success, wealth, strength and authority over a control sheet, but still feel power-less. They ought to be terrified that their grandiose ambitions would be pushed out of sight and eventually placed at the hands of others. They ought to be terrified that their grandiose ambitions would be pushed out of sight and eventually placed at the hands of others.

The dark side of entre-preneurialism is the actuality of being an entrepreneur, it must be confronted before it gets worse for the entrepreneur. Dark sides entail Sense of Distrust, Desire for Applaus, and Need for Control. They become prisoners by the terms pioneer and leader, and also promote resistance as the phrases conjure up visions of pioneers and nation builders. There are five key practices of entrepreneurial ventures, including the practice of play, the practice of empathy, the practice of creation, the prac-tice of experimentation, and the practice of reflection. GoPro, the hottest camera company in the world (Wang et al., 2017). They have achieved a strategic edge through their marketing strategies. The GoPro marketing strategy department searches the internet with its cameras for the latest and greatest videos.

They are actively looking for emotional and impactful contents, whether it is "ex-treme" and unique content or simply the beauty of everyday life, that they can share with others. Further threats to the company exist and to reduce the risk to the target market , the company should concentrate more on profitable consumers' companies and attempt, rather than use its current strat-egy, to improve its marketing mix.

Part A

Quest 1

Entrepreneurs appear to be successful, to be responsible for decisions, and to dislike repetitive rou-tine work (Van et al., 2019). Entrepreneurial ventures have a high degree of creativity, persever-ance, ingenuity and a willingness to take reasonable, measured risks that allow them to turn a prac-tical project that was often begun as very simplistic and misdefined concepts. Yet entrepreneurs may have personality traits along with their mysticism to render them difficult to deal with. For eg, their desire for action, which lets them behave very carelessly, can have disastrous consequences on the company often. The dark side of entrepreneurship is a reality of being a businessman, facing it before it gets worse. Three major traits associated with the dark side of entrepreneurship includes

Need for Control- The need for supervision is an important topic in the lives and personalities of many business people. Sometimes their concern for control affects their ability to take or give direc-tion properly and has severe consequences for their relations with others. Some contractors are re-markably ambivalent when it comes to control surfaces— they are full of grandiosity, influence, power and authority fantasies, yet feel helpless. They seem to be afraid that their grandiose desires will be removed and ultimately put at the mercy of others (Vergara, 2016).

Sense of Distrust- The need for control is closely related to other people's inclination to suspect. It is their utter mistrust of the environment around them that lets some of the businessmen that I meet stick out for drastic instances. They are afraid that they will be victims. They ought to be able to hit a tragedy. Paradoxically, I worked with a lot of people when their fortune was at its lowest. At the top of the wave of success, they imagine the envy of others.

Desire for Applause- This common heroic myth starts with the humble birth of the hero, his quick rise to prominence and power, his conquest of evil forces, and his vulnerability to the sin of glory. All of them have to do with their fundamental symbolic topics — birth, conquest, pride, betrayal and death. Some entrepreneurs use the same myth with a Greek chorus applauding their perfor-mance but warning them of pride (Van et al., 2019). The interest shown by some entrepreneurs in building monuments as symbols of their successes is a manifestation of this need. Sometimes the monument is an imposing office building or production facility; sometimes it is a symbolic product.

Quest 2

Companies that place innovation and opportunism at the center of their activities to produce eco-nomic or social value can be defined as Entrepreneurial venture. They become prisoners by the terms pioneer and leader, and also promote resistance as the phrases conjure up visions of pioneers and nation builders (Mansoori & Lackéus, 2019). Different resources are accessible and of consid-erable value for entrepreneurs. Trello is a free project management tool for organizing businesses. It displays a board on which lists of cards can be produced. Users may add comments, upload files, make check lists, and more when opening a card. It is very powerful, and it can be used to coordi-nate a certain event, compose the ebook, build an email course, etc. for several different kinds of stuff.

It allows them always to have an eye on the designs. Google Docs is a crucial method to oper-ate on a multi-popular script (SALIB, 2017). Everyone can add or remove text, proofread content, and comment. Entrepreneurs also use it to see who else works and talk to them about the document, so it's great tool for teams. It is often a great benefit for people who are frustrated whether they have several iterations of an advanced function. Asana is the ultimate instrument for the efficient man-agement of contractors' projects. This work is a homepage replacement app designed to inspire en-trepreneurs and keep them focused during their working day. It works with tasks , projects, conver-sations, and dashboards.

There are five key market practices of entrepreneur ventures which involve practice play, artistic development, , empathy, creativity and meditation. Practice play is about de-veloping a free and imaginative mind that allows you to see a wealth of possibilities, a world of op-portunities and a way to become more innovative in business. Empathy is the process of knowing others' own desires, situations, goals, feelings and wishes. Development processes involve a real universe transparency that unleashes our imaginative potential in generating and finding possibili-ties and solving problems. It is better to characterize the process of experimenting as behaving in order to know something, know from the attempt and develop it into the next iteration. The practice of meditation makes sense of all the other acts required to be done, empathized, produced and ex-perimented. It helps to codify the practice learning.

Part B

Quest 1

The GoPro brand management department searches the internet with its cameras for the latest and greatest videos. The GoPro brand management department searches the internet with its cameras for the latest and greatest videos (Lerner, 2016). For such models, GoPro is the regional industry leader. The focus audience is made up of predominantly young students, athletes and recreation photographers. On all kinds of media platforms the brand is present. The only challenge for GoPro is that a stronger, more identifiable brand on the camera market than competitors has its true com-petitive advantage. GoPro has become one of the great achievements of content marketing that us-ers generate, by smartly capitalizing both their customers' creativity and social media dynamics.

First and foremost, their success is based on their product (Kühn et al., 2018). GoPro 's analysis of the marketing and competitive advantages entails the main strategic advantage resides in its innova-tive operating model, which promotes strong brand awareness, sales activities from crowd outlets and the creation of a commanding market share. This is because it is able to change the way "con-sumers collect, manage and share content". In other words, GoPro sells an experience instead of a product, which says, "They don't sell a video camera, they sell the wave memory or the ski tour on the 2 slope.’’ This built a positive reputation and promoted user-generated content that GoPro used to advertise, allowing its consumers, who successfully added to its successful Word of Mouth Ad-vertising Program, to become actively involved (Mansoori & Lackéus, 2019).

This in turn created the dominant presence and market share of GoPro in the action camera market compared to its com-petitors. In contrast to the photo equipment market, it is expected to grow at a compound annual growth rate at 23 percent until 2019, according to industry estimates. In terms of development pro-spects and sales, GoPro has 47.5% of the industry and has a significant edge over its rivals. How-ever, as described earlier, GoPro 's growth has not been able to capitalize on it (Klotz et al., 2016). In addition, GoPro has been able to extend and diversify its product portfolio with the growth of VR and the drone market. It remains therefore to be seen if such areas will provide the business with future growth or whether its strategic window has already been overlooked especially as it relates to the drone industry where the product is still evolving.

Moreover, social media made the promotion of products and the creation of a mood much easier. With social media use, the product reaches sig-nificantly more potential 4 customers as users share their videos. GoPro has capitalized on this trend already since it has a strong presence in the social media sector, but is able to further improve it by actively interacting on social media channels with its clients and asking for feedback to im-prove product satisfaction. Although the cameras industry is rising, it can become crowded in the future because of strong rivalry and niche markets. In addition, population variation and the finan-cial situation could offer both GoPro and its competitors unstable prospects. With regard to GoPro, its top-quality brand and price could be a problem due to low sales and relatively large sales losses in the event of a recession (George et al., 2016).

By launching its own xbox live channel, GoPro de-cided to make a media company into a saturated market and was working together with Virgin America on in-air video. GoPro also aims to support social platforms like Twitter , Instagram and Vimeo, by inspiring people , for example, to share and spread eight of their videos of the same value. This consumer-generated advertising model is expected to sustain a steady sales of GoPro due to its brand business awareness. However GoPro aims to adjust its marketing approach as re-gards advertising by being more "user-centered and communicating the commodity itself and the benefits of GoPro devices, and less of broad advertised visuals”. So, by releasing GoPro Her5 later this year, it switches from the concentration on a niche market like action cameras to a cameras market for everyday use, with a focus on being "linked and realistic."

Quest 2

Possible future threats

1. Business of niches (high competitiveness).

2. Potential future saturated cameras market (multiple alternatives).

3. Reduced worldwide demand for imaging gear.

4. Cheap Chinese brands. Price competitors.

5. Fluctuations in season

The condition of GoPro is also being undermined by the limited sector in which action camera firms work amid the imminent photographer's exhaustion, a challenge that persists throughout the industry. The demand for photographic equipment "shrinked in recent years and projected to con-tinue to decline in the upcoming periods’’ (Fodor & Pintea, 017). This could penetrate the long-run camera industry. In conjunction with both pricing competitors and seasonal fluctuations, saturation 3 means GoPro 's revenue will remain uncertain in the future. In fact, GoPro could also be similar to or at the maturity point for the product life cycle of action cameras. According to GoPro CEO, "growth has slowed in the second half of the year" during an interview with Bloomberg (Bloom-berg.com 2016).

With regards to risks to the market, as the camera industry targets extreme sport players of the high and middle class who want to exchange knowledge, demand for this commodity may fluctuate considerably between seasons. Cheap Chinese brands can be purchased online, more-over and especially during economic downturns, competitors who can outplay GoPro and its main competitors. Rather of utilizing its current approach to reduce threats for the target audience, it should rely mainly on competitive customer segments and seek to change the product profile in the future (Aminova, 2016). This focuses on their high HERO4 sequence prices, which do not corre-spond to the broader approach of the public.

In particular in relation to its previous decision, which seems to contradict its changed strategy, to stop sales of its cheapest cameras. If GoPro wishes to introduce the current marketing plan, then its rates should also be lowered for the HERO4 series. The concern though is that it could lose brand loyalty from more competitive competition and even-tually losing market share, resulting in low economies of scale if it opts for costs.

References

Aminova, E. (2016). Forecasting potential innovation activities in high-tech industries triggered by merger and acquisition deals: a framework of analysis. European Journal of Futures Research, 4(1), 1-18.

Fodor, O. C., & Pintea, S. (2017). The “emotional side” of entrepreneurship: a meta-analysis of the relation between positive and negative affect and entrepreneurial performance. Frontiers in psy-chology, 8, 310.

George, N. M., Parida, V., Lahti, T., & Wincent, J. (2016). A systematic literature review of entre-preneurial opportunity recognition: insights on influencing factors. International Entrepreneurship and Management Journal, 12(2), 309-350.

Klotz, A. C., & Neubaum, D. O. (2016). Article commentary: Research on the dark side of person-ality traits in entrepreneurship: Observations from an organizational behavior perspective. Entrepre-neurship Theory and Practice, 40(1), 7-17.

Kühn, S. W., & Petzer, D. J. (2018). Fostering purchase intentions toward online retailer websites in an emerging market: An SOR perspective. Journal of Internet Commerce, 17(3), 255-282.

Lerner, D. A. (2016). Behavioral disinhibition and nascent venturing: Relevance and initial effects on potential resource providers. Journal of Business Venturing, 31(2), 234-252.

Mansoori, Y., & Lackéus, M. (2019). Comparing effectuation to discovery-driven planning, pre-scriptive entrepreneurship, business planning, lean startup, and design thinking. Small Business Economics, 1-28.

SALIB, G. E. W. (2017). Measuring the effect of Viral Negative Sentiment on Market Value: Case Study on United Airlines Crisis 2017.

Vergara, R. A. G. (2016). Determinants of crowdfunding success: a multi-case study of Philippine-based projects. Journal of Global Business, 5, 1-9.

Van Laer, T., Feiereisen, S., & Visconti, L. M. (2019). Storytelling in the digital era: A meta-analy-sis of relevant moderators of the narrative transportation effect. Journal of Business Research, 96, 135-146.

Wang, T., Thornhill, S., & De Castro, J. O. (2017). Entrepreneurial orientation, legitimation, and new venture performance. Strategic Entrepreneurship Journal, 11(4), 373-392.

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