Q2) How does GoPro’s basic business idea “add value” in the lives of its customers?

Ans: Add value is an important factor which is helpful for a business that what does the consumers
demands and the product is useful or the consumers are satisfied with the product also that how the
product will benefit them. In this case, GoPro’s cameras were designed in a unique way which helps
extreme sports athletes to capture their stunts and experience on their own by capturing the beautiful
moments of their life. The extreme spots athletes could capture their actions while engaging in sports
like surfing, skiing and mountain biking without any photographer. This was one of the characteristic
which allowed consumers to not only review their performance but also to make improvements in the
future the consumers who wanted a product like this their need was satisfied and it was a worthy
product for them. GoPro cameras allowed individuals to show off their unique skills, making it in their
self-interests to share their videos and pictures and also go through special moments when they
accomplished something special such as catching a big wave, climbing a mountains, diving in the water.
The camera was easy to carry and one could easily shoot video almost anywhere, Due to this, they could
easily make videos and pictures of the moments they wanted to without any photographer Moreover,
GoPro’s association with being a hero encourages consumers to get behind their brand, so they too can
become champions of their own lives and motivate others as well. The consumers were asked to
capture the amazing moments and upload videos so the brand was being promoted not just by the firm
but also its users.

Q3) how do Nick Woodman’s entrepreneurial actions debunk the myth that most entrepreneurs are
motivated by money?

Ans: Money is hardly the reason if you have passion for anything you can do it. One does not always
need the money to startup but the way of execution is one of the main thing. Execution is important
more than the idea, as Nick woodman had the idea but he did not have the money but most importantly
he had passion for it, so he borrowed some amount from his parents and executed in such a way that it
was a great success. Money does not always motivate entrepreneurs, As in this case study, Nick
woodman was not motivated by money because in the past, two of his businesses EmpowerAli.com and
Fun bug failed even then he did not started doing a job after money but he went for a vacation and
came up with an idea that he executed, it was his passion that helped him to be successful despite all
the failures. If he was after money he would have started a job that would have gained him some
amount of money but Nick Woodman started with his idea it was clearly for his passion to provide
cameras with the gold standard for self-documenting extreme sports experiences, it was his love for
filming that turned his business idea into an actual product. Nick woodman did something in which he
was interested and he had passion for this, he liked surfing, diving in water, climbing. He was adventures
and the problem he faced he wanted to solve it for every other sports person out there. The need of the
consumers was also full filed with his idea which was unique and at that time he did not had any job or
money to startup. If it was an expectation of only making money, he would have been distracted in
between success and had changed his business into something that gained him enough money but he
wasn’t distracted and His consistent hard work and keeping up with the characteristics made him turn
his idea into GoPro a successful company. Nick kept on working hard with passion and focused on
consumers, product quality and design to achieve his target as getting the strap made wasn’t that easy
but at the end the hard work paid off and it was successful.