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The Worlds Newest Billionaire – GoPro’s Inventor Nick Woodman

Joel Brown (Founder of Addicted2Success.com)

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When Nick Woodman developed the GoPro camera, he had no idea that the brand would one day make him a billionaire. What was special about this lover of adventure sports that made him a highly successful entrepreneur? Was it just about being lucky, about being at the right place with the right product at the right time, or were there other qualities that went into the making of this new billionaire?

Read on to see how a brilliant mind’s ability to recognize opportunities in ordinary life situations and translate them into great business ideas made all the difference.

Nick Woodman – The New Innovative Billionaire

 

The GoPro story:

GoPro Camera

GoPro cameras manufactured by Nick’s company Woodman Labs are very useful gadgets for adventure sports enthusiasts like surfers and skydivers. These high quality video cameras can be worn by the user in several different ways. They have the ability to shoot high quality video footage or still photographs at predefined intervals. The fact that popular nature channels like National Geographic and The Discovery Channel make use of GoPro cameras speaks a lot about the quality, utility and popularity of these products. Felix Baumgartner used several GoPro cameras during his supersonic record-breaking skydive from a height of 39 kilometres.

Foxconn, the manufacturer for several reputed products such as the Sony Playstation and the Apple iPhone recently bought 8.88% stake in Woodman Labs for $200 million. The valuation of Woodman Labs thus works out to about $ 2.25 billion.

Nick being a majority stake holder, owns at least 51% of the company and that means his net worth is at least $ 1.15 billion. Let us take a closer look at the qualities of this new billionaire.

 

A need becomes an opportunity:

Nick Woodman Go Pro SurfingNick first got the idea about a camera that could be worn by the user in the late 1990s. However, he began thinking about it more seriously while on a surf trip in Australia with a few friends in 2002. It was a great trip with several memorable moments, but sadly it was impossible to take quality pictures of those wonderful moments.

A friend with a camera on the beach could hope to get a few stills, but from the distance they were a far cry from the type of pictures which would befit those thrilling moments. A wearable camera is the solution, but the only options available in those days were disposable waterproof cameras. Apart from poor results, they were neither comfortable to wear nor easy to use.

That trip finally made Nick translate his idea about the wearable camera into a serious project – GoPro. A chance event allowed Nick to see the need and that paved the way for a great opportunity. Most people on the other hand are not likely to take notice when these opportunities present themselves. You will see this ability of spotting opportunities and generating ideas in action in many other places in Nick’s success story. Take a look at how the brand name GoPro was coined.

 

Naming the brand:

In the days before GoPro cameras became available, only a professional surfer was able to get quality photographs of themselves in action. These photos were taken by a photographer who went out into the water with the surfer. When amateur surfers experienced great moments, they would often wish from the bottom of their hearts that they could go professional just to have those moments recorded. That gave Nick the idea for the brand name GoPro, something he thought that most surfers would identify with and he was bang on target. The idea that the camera made the wearer feel like a hero gave the model its name – Hero.

 

Product development:

Initially Hero was only a wrist camera. Nick’s enthusiasm for racing gave the next big idea for further development of the product. A Hero camera strapped to the roll bar of a race car came back with some amazing footage. Nick realized that GoPro should not restrict itself to wrist worn cameras and that it should be possible to wear it in many different ways and be mountable on equipment.

 

Checkout Nicks new invention, the GoPro Hero3:

 

Project funding:

Can belts made of shells and beads pay for the starting capital of a billion dollar company? The way Nick Woodman got the idea for generating the starting capital for his company is as amazing as the rest of his story and once again demonstrates his ability of finding opportunities in situations where most people would see nothing of importance.

Behind every successful man is a strong woman. One day while on a surf trip to Bali,Indonesia, Nick’s girlfriend Jill (now his wife) came back to their place wearing a nice looking belt made from shells and beads. It looked much better than the price she paid for it. Nick seized the opportunity and bought 600 of those belts which he later sold for a neat profit in about two months time. That was how the starting capital for GoPro was raised.

 

Product development:

Go Pro Camera Cool

The first model was a 35 mm film camera capable of taking still pictures. Next came the 10 second digital video camera without audio capability. The 3 mega-pixel cameras which could take both still pictures and video footage with audio and save them to a memory card was a major improvement. From then on it was one innovation after another and today with the right Hero camera you can record professional quality HD video. You get all this in a lightweight product that costs only a few hundred dollars.

One of the things that we should all learn from Nick is the hunger for innovation. He has a long list of innovations in line for his products, and the next step will be a dual Hero camera that can record the action in 3D. It is expected to take the product into an entirely new level and it is likely to hit the market in a few months.

 

The hunger for success:

Nick said at an interview that he was confident about the success of his business when his first camera model generated a revenue of $ 2000 at his very first trade show. When you are looking for success, you should not think about failure. If you want to learn swimming, you should never think about drowning. This quality is essential to keep fears and doubts in control and stay on the track to success. Nick showed ample evidence of this quality and according to him, the thought of failure never crossed his mind. Sometimes not having any clue about the future is a boon in disguise for the entrepreneur.

 

A few great shots taken on a GoPro camera:

 Skiing-GoPro-picture

Dirtbike GoPro Extreme Picture

Paragliding with birds GoPro Photo

Hot Air Ballooning

 

 

 

 

 

 

 

 

 

 

The story of Nick Woodman, this year’s new billionaire and his brand GoPro reads like a book which demonstrates the key ingredients for success. It shows how the ability to find opportunities in ordinary situations in life together with some great ideas and constant innovation take people to great heights. Luck is always good to have, but as the saying goes, fortune favors the brave.

 

Get your hands on a GoPro HD Hero2 Outdoor Camera

 

Article By Joel Brown | Addicted2Success.com

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances.I'm proud to say through my podcast and through this website we have impacted over 200 million lives in the last 10 years.

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9 Comments

9 Comments

  1. pawan

    Jan 2, 2014 at 3:21 am

    Great article thanks.

    Joel

  2. ilikesomuch

    Dec 2, 2013 at 11:10 pm

    so, where are the cameras made from? or, are the cameras consider product of usa? made in elsewhere?

  3. Leonardo

    Jul 1, 2013 at 11:17 pm

    Good for him! 😀 I own a GoPro Hero 2

  4. b

    Jan 29, 2013 at 6:58 pm

    It reminds, of something similar to what i once did, out of the blue, dept store closing, bought 30 qualitybaseball gloves for $10, sold for $60..saw opportunity, acted, profited.he is a genius.go go pro

  5. HowieW

    Jan 15, 2013 at 11:42 pm

    A BILLIONAIRE?

    WOW!

    That’s AWESOME!

    Never knew ‘gopro’ was that mainstream! Where have I been living? LOL!

  6. Rob Martirosian

    Dec 29, 2012 at 11:59 pm

    Great story. Best part is flipping shells and beads for start up capital, what a hustler!

  7. Cindy

    Dec 29, 2012 at 10:49 pm

    I would like to see posts and updates! THANKS and Happy Holidays!

  8. Deji R Yusuf

    Dec 28, 2012 at 10:29 pm

    wow! i am happy for him!

  9. Matthew Insardi

    Dec 28, 2012 at 4:20 am

    That is awesome… I’m not sure what to buy first… ducati, snowboard, surfboard… but I will be getting a gopro

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Startups

5 Hacks to Improve Your Writing Skills in English for ESL Learners

Phil Collins

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Studying in college is hard for everyone, but ESL learners arguably suffer the most. Moving to a foreign country, learning a new language, and keeping pace with the rest of the class may seem like an unbearable burden. It’s okay to feel overwhelmed, but you have to pull through and not give up. 

In moments like this, it’s always a good idea to seek help. Whether you go to WriteMyPaper to order an essay or just talk to a friend, admitting vulnerability is an important step towards improvement. In this article, you will find some tips on how to get better at essay writing, even if English is not your native language.

 

Control Your Environment

Improving your language skills is all about constant practice. Living in an English-speaking community is the first thing you should do to start your practice. It might be tempting to surround yourself with people who already speak a familiar language. However, this way, you won’t be practicing English on a daily basis.

You need to make those lessons almost intuitive in a way that you don’t have to do anything to learn the language. If you live in an English-speaking community, for example, if your roommate speaks English, you will have to practice the language, whether you want it or not.

Still, make sure you don’t take it too far. Taking care of yourself is still as important as ever. Feeling like an alien for the sake of education is not worth it. Remember to keep in touch with your friends and family, talk to them as often as necessary.

 

Practice Constantly

Practicing language is not just about doing your homework. You can make practicing English a normal part of your daily routine by watching TV, listening to music, and reading books in this language. 

Yet, this is a bit tricky. When being surrounded by white noise, people tend to learn not to notice it. You need to ensure this doesn’t happen. As you watch movies or read books, maintain your attention on what you’re doing. If you hear or see a word that you don’t understand – translate it and write it down. Be mindful and remember what you’re doing this for.

 

Writing Is The Answer

If you want to specifically learn to write, you need to do one thing, and that is to write. Continuous practice will help you understand what mistakes you often make and, in time, eliminate them. Focus on your goal, and don’t get discouraged when something’s not working. After all, even Rome wasn’t built in a day!

Get a journal and write in it daily. Pick a new topic every time and note everything you can think of. It’s also important that you write by hand, a spelling checker in your computer is tempting, but it will not help you remember how to spell words correctly. 

Besides, journaling as a habit has multiple health benefits, and it can be therapeutic. It can help you get in touch with yourself and process your emotions better.

 

Learn In a Group

It’s proven that learning in a group is more efficient due to the sense of competition. Find a bunch of like-minded people who want to study with you or join an already existing one, like a speaking club.

The benefit of such activities is that you get all these people from entirely different backgrounds who are all good at various things. This will help you exchange experiences, which is impossible if you’re alone.

Schedule regular meetings, come up with topics to discuss and activities to do. You could watch videos or movies together, or talk about common things. Having assignments like describing an event can also be beneficial for the entire group. This way, while one person speaks, the rest think about how they would say the same things differently. 

This will help you feel more confident in your skills and, consequently, speak and write better.

 

Expose Yourself

The most important thing about learning a language is not to be afraid of making mistakes. It’s inevitable; you just have to take it as a natural part of a learning process. 

A child that is learning how to walk doesn’t give up after falling once, and you shouldn’t either. It’s most likely that your friends understand that you’re just learning a language, and they won’t laugh at you for misusing a word or a few. 

Get over that fear of error and make as many mistakes as it will take. Treat it lightly, and don’t beat yourself up for it. On the other hand, try to attend as many events as you can that will expose you to the foreign language. Not only will it boost your English skills, but also improve your social confidence!

 

Wrapping Up

Learning a language is hard; there’s no arguing about that. However, it’s going to get easier with time. Take every hard thing that life throws at you and turn it into a lesson. 

Watch your favorite movies in English, converse with native speakers, and you’ll see the improvement very soon!

Remember to be patient about it. Don’t give up, and don’t beat yourself up over something that you have so little control of. Good luck!

 

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Startups

Remote Work + Education: 3 Tips for Students Who Want to Have It All

Phil Collins

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remote work for students

Probably one of the greatest changes for the last year is the shifting to distant learning and working. There are many advantages to the issue, like, not having to commute every day, staying at a cozy home for a whole day. It makes our lives easier in terms of saving time and energy.

If you’re a student, you don’t have to bust out your textbooks every time you go to university. Instead, you have everything close and on the tips of your fingers.

However, within all the positive moments of distance learning, it is highly challenging for many of us. At college or in the office, we have a schedule, a plan which we simply have to stick to.

There is also a boss or a teacher who gives us tasks, checks and monitors our performance.

Well, now, we are our own bosses and teachers and have to come up with the plan and track our tasks independently.

So, how to stay tuned and efficient if you work and study from home? How to get the most of it and not drown in the ocean of procrastination? In this article, you will find three tips to help you out!

 

Set Up Your Workspace

When many think of a distance learning or work, they imagine themselves wearing pajamas and lying on a couch all day with the laptop. No more dress code, make-up, early mornings, coworkers or group mates, paradise!

This is a common misconception of remote work. If you want to work and study from home, it is crucial to create a space where you would stay focused and productive.

Still, if you have had a hard day and feel like having rest on your comfy couch, but there are assignments to be done, leave your worries to professionals in paperwritingservice, just place an order and enjoy your day.

When we both work and study from home, we stay with all those household essentials and, at the same time, have to focus on tasks. That is why a perfect workspace has to be created. So how to reach this ideal atmosphere at home? Here’re some pro tips.

 

Separate Spaces for Everything

This is a common problem for many that they sleep and study at the same place. Our body is a smart mechanism, which gets used to conditions very quickly.

So, as you sleep in your bed, every time you lie on it, your body gets ready to relax and concentrate is the last thing it is ready for. This principle is applied to any other space in your house.

So, your workspace should be particularly aimed at learning or/and work. Every time you get there, your brain will be ready to do the job.

 

Get Rid of All Distractions

This is a very important step if you want to stay productive at home. Your home may be a dangerous space in terms of concentration. To make it easier, help your brain and get rid of everything that might attract your attention and ultimately prevent good performance.

 

Plan Your Day

Every morning when you wake up, you approximately know what the tasks for a day are. So, what’s the sense in planning a day if you already have it all in your head?

This is one more important concept that helps us have everything done on time. Planning a day saves you time and boosts motivation and disciplines.

 

Here’s how it is done:

  • You write down a list of tasks that have to be done;
  • Prioritize them from less important to more important;
  • Hang this list somewhere, where you can always see it;
  • Mark completed tasks.

When you mark the task as accomplished, you’ll get a sense of satisfaction, which may be compared to some sort of praise. There are many tools to write a to-do list from paper to online apps.

 

Dedicate Time for Yourself

When you work and study from home, there will be a risk of abandoning our personal time in favor of more important matters. This factor leads not only to great results but also a concept called burning out.

When people face it, they feel exhausted, demotivated, and apathetic. To avoid this, it is crucial to have time for things you enjoy. It may be a sport, hobby, listening to music, watching movies, seeing friends. Your brain has to relax and get positive emotions to be more efficient in the long run.

 

Final Words

No matter if you want to work and study from home, these principles can be applied to any activity. To manage it all, just follow these basic rules, and you’ll see how your productivity boosts.

Good luck with all your endeavors!

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5 Ideas on Starting a Business in College

Phil Collins

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Getting your own business is a very responsible yet liberating undertaking. By starting a business while still in college, you can be sure to have an income when you graduate or to at least get some life-saving skills and experience that will help you land whatever job you like later on.

Although starting a business can be quite intimidating, there are lots of resources online that will help you go through the process easier. In the meantime, here are some valuable ideas that will help you make sure your business turns out to be a success.

Develop a Business Proposal

Before starting a business, you need a working idea, something that you can sell to your potential customer. Having an idea is, unfortunately, not enough for success here. It is important to make sure that there is an audience, a group of people that actually needs the product you want to create, and will be interested in buying it. You can even define a “Buyer Persona,” which is basically a description of your target customer, what they are like, what triggers them, what their interests and needs are.

Business proposals can be different, depending on how big a business you want to start. In case you are thinking about looking for some investors, your business proposal should be a solid description of your business idea, convincing enough for people to understand that they will get their money back and gain some profit when your product goes live. In case you don’t need investors, your business proposal can be more of a business plan outlining the main facets of your business idea and the things you need to do to make it work.

Get Some Help

As a person new to the business world, you might need some helpers and advisors to keep everything under control. When it comes to your studies, there might come the point where you need to choose between your business and your degree. To manage the problem, you can reach out to a professional academic writer from essayservice and ask them to take care of your assignments while you focus on developing your business.

 

 

Additionally, you might need to reach out or hire some business or tax advisors, or at least request a consultation with them. Starting a legal business will require you to be good at paperwork, which means some preparation is in place. With a business advisor by your side, you can be sure not to miss any important steps when developing and marketing your business. If you define your company as a start-up, it is possible that some business advisors will be willing to help you out for free, given that they get interested in your business idea and want to get profit out of it too.

Create a Website

Whatever business you choose, whether you deliver services or products, you need to have a website. Luckily, you can make do with little investments here: you don’t need to hire an IT guy or a Web Designer as there are lots of tools where you can create a great website from scratch. You might just have to pay for your domain if you want it to be unique. One of such sources is Wix; it is a free website builder.

Why do you need a website, you might wonder? Well, the days when people learn about businesses from newspapers and leaflets are long gone. Now everyone will go online, look your business up, and expect to see some clear definition of what it is you do and what value you can bring. In case you want to open a shop, your website will function as an online shop. In case it is a service you are offering, your website will give your potential customer enough information about your service and will hopefully convince them to reach out to you and order the service.

Work on Social Media Channels

Having social media channels is as essential as having a website in 2020. While a website is a place where people can order and buy your products or services, social media is a sort of a platform that will lead them up to your website.

With the help of social media channels like LinkedIn, Instagram, Facebook, and Twitter, you can find the right people, give them a brief description of your business, and get them to visit your website and learn more about what they can get there.

 

 

Social media is what can also help you develop a strong online presence and customer loyalty. Online presence means that your business gets regular online exposure. People see posts and notifications about it daily and thus remember and highlight it. When it comes to customer loyalty, social media can help you engage your potential customers, get their interest, and devotion to the product and the very idea of your product. They basically need to feel “at home” with your business, like it is something very close and personal to them.

Try Again Until You Make It

The reason why many businesses fail lies in the fact that people tend to give up if they fail, simple as that. However, the truth is that failure is part of the process. It is a sort of a learning curve you need to go through before you make your business into what it should actually be like. That’s why you should never expect to succeed on your first try or get disappointed if you fail several times in a row. Maybe it is just the universe testing how serious you are about achieving your goal.

Every company has this “success story,” where they tell everything about their ups and downs, their insights, and takeouts. It is good to read those stories to get some inspiration and do a reality check on what building a business actually looks like. If your determination and motivation are strong enough, your business will definitely succeed, no matter how many tries it takes to get there.

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How to Launch Your Startup in 7 Easy Steps

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Image Credit: Unsplash

We all want to manifest success in our lives. It fuels our desires to attain something. People perceive success differently as we have different desires. Some go after enriching themselves with material things to get financial freedom. Others study further to advance to the next level in their academic career. (more…)

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