There exists an array of points that are examined in starting a successful business. When browsing the success of Dale Northrup whom decided to available the Percy Inn in Portland, Maine, after as being a critic and editor to get hotels and cruise ships worldwide, it becomes very apparent that a great deal of function goes into beginning a successful organization. A business owner need to first identify the reasons by which they want to start up a business. The proprietor must figure out what entrepreneurial attributes they possess that will promote the success of their particular business. Subsequent, a niche and market has to be determined.
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This kind of paper will give details of just how Dale Northrup, owner and manager of Percy Resort decided to open up a successful organization using his entrepreneurial skills and history in the travel around and lodging market to create wealth, a feeling of pride, and an attractive venture to investors. When Dale decided to open up the Percy Inn, he previously to consider several great take the risk as a business person. Like many entrepreneurs, Dale probably thought the very best advantages to starting Percy Inn was your flexibility, flexibility, and better income along with take great pride in of control, retention of control, and the retention of ownership.
Dale Northrup traveled all over the world and wrote 3, 000 lodge reviews to get travel agent hotel guides in 75 countries (Percy, About the Inn), so he is really an expert within the travel and lodge market. Being presented the opportunity to work with his competence in the industry and own the renowned Percy Inn located in Portland, Maine, Dale has a huge sense of pride to get his ownership and supervision. Dale also has other lodging options including his bungalow on the Southern Maine coast as well as stylish condominiums looking over Biscayne Bay in Southern Florida (Percy, Home of the Percy Inn). Dale can provide various levels of convenience to various markets of people in multiple locations with the use of his niche to get travel and lodging and history of Portland.
As Dale continues to manage these amazing inns in great locations, he assumes all the risk and is allowed to be extremely innovative in how he accommodates his traveling guests and renters, which allows him the privilege to be 3rd party and flexible as he faces a large number of challenges. He also is in a position to retain control and earnings to increase his financial achievement. Dale may have the fulfillment of having a business that he is incredibly proud of and maintain the profits to himself minus his taxes and expenses, which is a wonderful advantage of becoming an entrepreneur.
Despite Dale’s experience in travelling and hotels and his achievement in his organization at Percy Inn, this individual possesses a number of other entrepreneurial characteristics that are imperative to becoming an excellent company owner. According to the publisher Marce in Chapter six about Business and Entrepreneurship, a few qualities of business owners include eye-sight, self-reliance, energy, confidence, tolerance of uncertainty, and patience of failure ( Marce, pg 102). The characteristics that Dale Northrup seem to possess especially will be vision, self confidence, and self-sufficiency.
Dale got several years of private and specialist experience in lodging, but it was his vision that enabled him to create an urban inn after this individual renovated a home from the yr 1830 that was constructed in Maine, 10 years after it became a state(Northrup). He was very confident in the expertise in travel and lodge and history of Portland in order to generate an inn that would appeal to many persons all whilst he pursued a great business venture that having been passionate about. He also required his organization a step even more by opening more inns in other places besides the main inn in Portland, which in turn shows that he can very comfortable that his vision is to the satisfaction of many people all over the world.
His ability to take care of inns and keep a vision that is picky and goals a certain sort of market implies that he is extremely reliable. Dale is responsible for allows, staffing his inns, maintain his entrepreneur relations, and any debts that impact him personally and economically in dealing with the business operations. Fun for some households is a visit to Disney World, a cruise, weekend getaway, a tour of France, or maybe a trip to an area beach.
Whatever a person or relatives enjoys you will discover something out there to enable them to take part in. Dale Northrup posseses an inn which is probably incredibly appealing to an industry that is attached to New Great britain history and desires to enjoy the luxurious of a residence away from home whether it is for a day trip or extended stay. An industry niche is usually attractive to a specific segment of individuals and not possess as many opponents. Dale definitely has a specific niche market in the market because he has a immense amount of experience which is also rendering an inn that is not the same as many other due to historical Fresh England influence.
The specialized niche works in Dale’s favor and does not limit him as they caters to various other markets and preference by having additional inns that are more appropriate for their locations and other people’s interest ( Marce, pg 106). If Dale is able to include three inns in different spots that are all very good and capable to use his expertise in the desires of folks in accommodations, he should not have any problems with being successful and capable of target several markets regardless if he increases more rivals or ever feels that he desires to change his niche or target market.
Changing his specific niche market and eye-sight to focus on more people could actually be of big benefit to him in the foreseeable future, but likely is not required since he has anything unique in its class currently. Percy Inn is very impressive to traders and probably had an extensive business plan. Organization plans generally cover many techniques from the eyesight of a organization to the marketing to the economic analysis with the business.
In the event Dale offered the business intend to me, as an investor I would be many interested in the actual customers, profitability, operating methods, and monetary data. If I would take the risk of investing in a business which i was not familiar with I would still be interested in the market of people that services would be provided to because that would be an sign of how profitable the business would be. I would also need a clear comprehension of operating types of procedures such as just how would the inn be ran and operated when it comes to personnel and tending to guests as well as how inns by other places owned simply by Dale would be operated when he is not able to be on site. Last, but definitely not least, the financial info is very important.
The financial data is important as it will uncover how much money is essential to invest to get started on the business as well as how much is had to maintain and operate the organization over the tenure of the business. It is essential that an investor is aware of what market the company they invest in will focus on and what financial long term the business has to return the money invested and be profitable. Since Dale may be the owner and manager with the inns, he’s a single proprietor with the business. Being a sole manager gives Dale the advantage of easy formation, holding onto profits and control, and pride of ownership. Since Dale is known as a sole proprietor he does not have to record as many forms or spend the service fees associated with partnerships and organizations.
Dale is in full control of the business and thus he handles everything and assumes most liability. Dale is able to benefit from all the earnings of the organization since he manages every thing and assumes all risk and the liability. If Dale ever deemed switching to a partnership or corporation he’d be able to limit some of his risk and duties, that could increase or perhaps decrease the cash flow. If Dale was not the only owner, he could limit his financial obligations because in case the company will go bankrupt, the stockholders may have personal property protection.
There is permeance, allowing Dale’s organization consider to thrive even if he withdraws or passes away because the organization could continue if stockholders want the business enterprise to continue. Transitioning to a organization could also support ale to create more money seeing that corporations and partnerships are often larger than singular proprietorships because there are larger teams of people which in turn allow more diversity amongst ideas to grow because useful to them specialized administration by selecting qualified people to help increase the company. (Marce, pg 89) In conclusion, Dale Northrup is known as a sole manager with a distinctive entrepreneurial profile.
He provides taken a risk to start out a business which has a vision of his very own to target different people from all over to visit his inns in different spots. He is getting recognized for his superb inn plus the service supplied and is able to enjoy independence, flexibility, plus the retention of profits. I recommend that Dale looks for approaches to increase his market share since he contains a unique organization. If his market share increases, it could bring about more income and opportunities.
Second, if the organization continues to thrive and Dale wants to increase, he may desire to at least broaden to a relationship with someone who shares his similar eye-sight to share responsibility with and continue the organization in the case that he can will no longer own and manage the business. Last, it will be in the best interest of Dale to keep very exact financial details to watch to get trends and perform evaluation comparable to other companies to look for strategies to improve his business and win against competitors. Functions Cited Northrup, Dale. Home of the Percy Inn. _Home in the Percy Inn_. N. s., n. deb.
Web. ’04 Feb. 2013.
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