Understanding the Entrepreneurial Spirit jason Njoku

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1 Understanding the Entrepreneurial Spirit “Jason Njoku ”

2 Contents Overview: ........................................................................................................ 2 Success of Jason Njoku: .................................................................................. 2 Key skills: ........................................................................................................ 3 Key stakeholders: ............................................................................................ 4 Challenges faced by Jason: ............................................................................. 4 Role of entrepreneurial marketing: ................................................................ 6 References: ...................................................................................................... 6

3 Overview: Entrepreneurship that is connected to technology is where Jason Njoku focuses his efforts. Innovation in the form of new technical products, services, or procedures is referred to as technology entrepreneurship. Due to the fast-paced and constantly evolving nature of the technology industry, this type of entrepreneurship is uncertain and risky. The following definition of entrepreneurship is supported by the following five books and five journal articles: i. The "process of organizing, managing, and assuming risks of a business" is defined by Kuratko D. F. and Hodgetts R. M. ii. "The ability of a person to see a business opportunity, to put together the capital needed to take advantage of opportunity, and to start a business, taking the risk of failure in the hope of reaping the rewards of success" is what Koontz and Fulmer define as this. iii. "Entrepreneurship is the capacity for innovation, investment, and expansion in new markets, products, and techniques," states Nathaniel H. Left. iv. "An entrepreneur is someone who is constantly looking for change, reacts to it, and seizes the opportunity it presents," according to Peter F. Drucker's views on entrepreneurship. Innovation is a specialized strategy that entrepreneurs use to capitalize on developments as a chance to offer new goods or services. v. An entrepreneur's responsibility, according to Robert Kiyosaki, is to solve a problem. Don't worry about money. If you address a problem and look for ways to assist others, money will find you. Success of Jason Njoku: The financial success and entrepreneurial spirit of Nigerian Jason Njoku have greatly benefited the continent's film and music industries. He also

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4 oversees Spark, a media and technology company with its headquarters in Lagos. He founded iROKOtv, a platform that gives customers immediate access to Nollywood films and television shows. Njoku's businesses have thrown off traditional distribution strategies by providing a direct-to- consumer streaming platform. He is widely regarded as a major pioneer in the African entertainment industry. Njoku's Nigerian parents raised him in a London working-class household. He majored in chemistry and biology at the University of Manchester. After graduating from college, he began his career as a DJ and security guard before establishing Brash.com, an online DVD rental service. Njoku founded iROKOtv in 2010 after recognizing the need for Nollywood content available on demand. He started the business with his own money, and when it didn't work out, he switched his focus to streaming Nollywood movies. The business immediately developed and got $19 million in capital from patrons including Tiger Worldwide and Kinnevik Stomach muscle. Njoku is the founder of ROK Studios, a production company that creates authentic African content, iROKOtv, a media and technology company with an African focus, and Spark, a media and technology company in Lagos. Numerous high honors and distinctions, such as being named one of Forbes Africa's 30 Under 30 in 2013 and being included on TIME's list of the 100 Most Influential People in the World in 2014, demonstrate that Njoku's accomplishments have not gone unnoticed. Key skills: The initiatives that Jason Njoku took on for himself and his entrepreneurial mindset are the driving forces behind his success. He has exhibited excellent administration, advancement, boldness, and persistence all through his business profession. He is a forward-thinking businessman who created a venue to show the rest of the world the untapped potential of the entertainment industry in Africa. He has been able to identify appealing

5 opportunities and develop novel strategies as a result of his expertise in business. In addition, his success has been directly correlated with his tenacity and optimistic outlook. In addition to employing a variety of successful strategies, Jason Njoku possesses a natural aptitude for business. He is a forward-thinking person who isn't afraid to try new things and change course when it's necessary. He is able to put in long hours, endure difficulties, and has a strong work ethic. In addition, he is a skilled communicator who is able to establish relationships not only with his coworkers but also with investors and other stakeholders. In the end, he is a leader with a vision who can encourage others to share his vision and follow in his footsteps. Key stakeholders: In addition to employing a variety of successful strategies, Jason Njoku possesses a natural aptitude for business. He is a forward-thinking person who isn't afraid to try new things and change course when it's necessary. He is able to put in long hours, endure difficulties, and has a strong work ethic. In addition, he is a skilled communicator who is able to establish relationships not only with his coworkers but also with investors and other stakeholders. In the end, he is a leader with a vision who can encourage others to share his vision and follow in his footsteps. The viewers, backers, and content creators of iROKO tv all play a role in the network's success. Njoku had the option to grow his organization and take it higher than ever on account of the subsidizing he got from financial backers, for example, Tiger Worldwide and Kinnevik. He also built strong relationships with the platform's content providers, who were in charge of supplying the platform with content, and its subscribers, who paid a fee to use the network. In the end, he was successful in assembling a skilled workforce that supported his plan and was eager to assist him in putting it into action.

6 Challenges faced by Jason: The absence of organizations that offer support and venues for African artists was a significant obstacle for Jason Njoku. The industry was the second-largest in terms of annual film productions, despite the fact that DVDs and VCDs, which were primarily used for the dissemination of Nollywood content, were infamous for their poor quality and propensity for piracy. This prevented it from being seen outside of Africa and made it harder for artists to make money from their work. Njoku started the video streaming website iROKOtv so that Africans could watch Nollywood movies from anywhere. He wanted to start iROKOtv because he wanted to watch Nollywood movies and shows while he was living in the UK. He was aware that by eliminating the middlemen, audiences in other nations might be able to directly view Nollywood content online. In order to launch his business, Njoku spent his own money to acquire the rights to broadcast Nollywood films on iROKOtv. He followed the lean startup method, which calls for releasing a basic product and testing it with real customers. Early platform adoption was sluggish, but Njoku persevered, taking into account user feedback and making adjustments. Njoku was able to expand the platform's African content after obtaining funding from investors like Tiger Global and Kinnevik AB. Additionally, he developed a mobile application to increase platform usage in Africa, where fixed-line internet is typically more expensive than mobile broadband. He knew that Nollywood movies could be viewed online directly by people in other countries without going through middlemen. In order to launch his business, Njoku spent his own money to acquire the iROKOtv streaming rights for Nollywood films. He followed the lean startup method, which calls for introducing a product that is only marginally viable and testing it out with actual customers. The platform's early adoption was sluggish, but Njoku persevered, taking user feedback into consideration and making adjustments. Njoku was able to expand the platform's African content

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7 thanks to funding from backers like Tiger Global and Kinnevik AB. He also launched a mobile app to make the platform more useful in Africa, where mobile broadband is typically less expensive than fixed-line internet. Njoku began his business because he was dissatisfied with the absence of Nollywood movies and television series in the UK. As a result, he realized that a cutting-edge technical distribution strategy could benefit the entertainment industry in Africa, which had untapped potential. Njoku's businesses would not be where they are today if it weren't for his vision and creativity. He has developed novel solutions to long-standing issues in the African entertainment industry and has seen opportunities that others have missed. The cutting-edge business strategies of Jason Njoku are now ingrained in the African media and entertainment landscape. Using cutting-edge technology to come up with inventive solutions, he has overcome difficult obstacles like a lack of distribution channels and infrastructure. His ability to think strategically, creativity, perseverance, and building solid relationships with important people were the keys to his success. He has started and grown businesses with the help of investors, contacts, and his own money. In addition, he has emphasized that in order to attract and keep customers, high-quality content and a straightforward user experience are essential. Role of entrepreneurial marketing: Jason Njoku's businesses would not have been as successful without his innovative marketing strategy. He engaged with his target audience through cutting-edge marketing techniques, which helped him establish his brand and expand his clientele. Njoku's primary marketing and promotion strategies as an entrepreneur included:  Njoku advertised his businesses through Facebook, YouTube, and other social media platforms. He increased consumer interest and brand

8 awareness by creating content that was both fascinating and worthy of sharing with his target audience.  Njoku used influencer marketing to promote his businesses by collaborating with well-known Africans. As a result, his standing with his preferred client increased and new business opportunities emerged.  Njoku used content creation as a marketing strategy to produce content that educated and entertained his intended audience. New customers were drawn in as a result of increased participation and brand recognition.  Njoku emphasized the importance of maintaining solid relationships with his customers in his CRM strategy. He provided individualized service and incorporated customer feedback into his products and services. As a result of Njoku's marketing efforts, his businesses as a whole were able to stand out from the competition, increase brand recognition, and attract new customers. References: Arogundade, P. (2021). Jason Njoku: From online film rental to Nollywood streaming, a pioneer of Africa's digital age. Forbes Africa. Retrieved from https://www.forbesafrica.com/cover-story/2021/04/26/jason-njoku-from- online-film-rental-to-nollywood-streaming-a-pioneer-of-africas-digital-age/ Ike, O. (2020). Jason Njoku: Building iROKOtv into Africa's Netflix. BBC News. Retrieved from https://www.bbc.com/news/world-africa-53435698 Agwu, O. (2019). Jason Njoku's ROK Studios sold to French TV giant Canal+. Quartz Africa. Retrieved from https://qz.com/africa/1742499/roks- studios-nigerias-nollywood-company-sold-to-canal-plus/ Aborowa, B. (2018). Jason Njoku: The Netflix of Africa. Financial Times. Retrieved from https://www.ft.com/content/83278d56-3b3f-11e8-b9f9- de94fa33a81e

Understanding the Entrepreneurial Spirit jason Njoku

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