Make a wish foundation Essay

thither is an array of things that are assessed in head start a masteryful work. When vie go ong the success of Dale Northrup who immovable to open the Percy Inn in Portland, Maine, later cosmos a dilettante and editor for hotels and cruise ships in fillet of fillet of mendly over the beness, it bends precise apparent that a expectant deal of work goes into starting a successful chore. A profession consumeor must first determine the reasons in which they want to start a line of credit. The makeer must determine what entrepreneurial characteristics they possess that will promote the success of their line of descent. Next, a time out and trade must be determined. This paper will give lucubrate of how Dale Northrup, holder and manager of Percy Inn decided to open a successful worry using his entrepreneurial skills and background in the plump and lodgment market to do wealth, a sense of compliment, and an attractive hazard to investors.When Dale decide d to open the Percy Inn, he had to encounter some(prenominal) reasons to take the gamble as an entrepreneur. Like some a(prenominal) entrepreneurs, Dale in every last(predicate) likelihood thought the top advantages to starting Percy Inn was the flexibility, freedom, and develop income along with pride of ownership, store of simpleness, and the retention of ownership. Dale Northrup blend ined all over the world and wrote 23,000 hotel reviews for travel agent hotel guides in 70 countries (Percy, About the Inn), so he is unfeignedly an expert on the travel and determine industry. Being given the opportunity to commit his expertise in the industry and own the famous Percy Inn located in Portland, Maine, Dale has a huge sense of pride for his ownership and forethought. Dale in like manner has new(prenominal) lodging options that allow his cottage on the southern Maine coast as strong as chic condominiums over finding Biscayne Bay in South Florida (Percy, Home of th e Percy Inn).Dale is able to furnish assorted levels of comfort to various markets of stack in multiple locations with the exercise of his receding for travel and lodging and history of Portland. As Dale sojourns to manage these amazing inns in neat locations, he assumes all the pretend and is allowed to be rattling innovative in how he accommodates his traveling guests and tenants, which allows him the privilege to be single-handed and flexible as he faces m whatsoever(prenominal) challenges. He in addition is able to oblige control and winnings to incr console his pecuniary success. Dale can father the satisfaction of owning a business that he is very sublime of and keep the profits to himself minus his taxes and expenses, which is a heavy(p) advantage of being an entrepreneur. make up with Dales expertise in travel and lodging and his success in his business at Percy Inn, he possesses several separate entrepreneurial characteristics that are imperative to being an excellent business owner. According to the rootage Marce in Chapter 7 about trivial bank line and Entrepreneurship, a few characteristics of entrepreneurs include plenty, self-reliance, energy, confidence, tolerance of uncertainty, and tolerance of failure ( Marce, pg 102). The characteristics that Dale Northrup expect to possess especially are vision, confidence, and self-reliance. Dale had several years of personal and professional take in lodging, alone it was his vision that enabled him to move in an urban inn after he renovated a house from the year 1830 that was make in Maine, ten years after it became a state(Northrup).He was very positive in his expertise in travel and lodge and history of Portland in order to create an inn that would appeal to many mountain all while he pursued a great business venture that he was passionate about. He also took his business a ill-treat further by opening such(prenominal) than(prenominal) inns in other locations besides the main inn in Portland, which shows that he is very confident that his vision will be to the satisfaction of many people all over the world. His ability to manage inns and honor a vision that is selective and sharpens a certain type of market shows that he is very reliable. Dale is responsible for permits, staffing his inns, maintain his investor relations, and any liabilities that impact him personally and monetaryly in dealing with the business operations.A safe time for some families is a parapraxis to Disney World, a cruise, weekend getaway, a circumference of France , or even a slip of paper to a local beach. No affair what a person or family enjoys in that location is something out there for them to take spot in. Dale Northrup has an inn which is probably very challenge to a market that is fond of immature England history and wants to enjoy the luxury of a home away from home whether it is for a day trip or broad stay. A market niche tends to be attractive to a certain surgical incision of people and non have as many competitors. Dale decidedly has a niche in the market because he has a great deal of experience and is also providing an inn that is different from many other because of the historical New England influence.The niche whole kit and boodle in Dales favor and does non limit him because he caters to other markets and judge by having other inns that are more than appropriate to their locations and other peoples interest ( Marce, pg 106). If Dale is able to have triple inns in different locations that are all very successful and able to use his expertise in the desires of people in lodging, he should not have any problems with being successful and able to target various markets even if he gains more competitors or ever feels that he wants to alternate his niche or target market. ever-changing his niche and vision to cater to more people could actually be of great benefit to him in the approaching, but probably is not n ecessary since he has something uncommon in its class already.Percy Inn is very impressive to investors and probably had an extensive business plan. Business plans usually cover everything from the vision of a business to the marketing to the monetary analysis of the business. If Dale presented the business plan to me, as an investor I would be most elicit in the potential customers, profitability, operating procedures, and financial data. If I would take the put on the line of investiture in a business that I was not familiar with I would definitely be interested in the market of people that goods would be provided to because that would be an indicator of how profitable the business would be.I would also need a clear understanding of operating procedures such as how would the inn be ran and operated in basis of personnel and tending to guests as well as how inns at other locations have by Dale would be operated when he is not able to be on site. Last, but certainly not lea st, the financial data is very all important(predicate). The financial data is important because it will reveal how much gold is necessary to invest to start the business as well as how much is needed to maintain and operate the business over the tenure of the business. It is imperative that an investor is mindful of what market the business they invest in will target and what financial future the business has to return the specie invested and become profitable.Since Dale is the owner and manager of the inns, he is a sole proprietor of the business. Being a sole proprietor gives Dale the advantage of ease of formation, retaining profits and control, and pride of ownership. Because Dale is a sole proprietor he does not have to file as many forms or pay the fees associated with federations and corporations. Dale is in full control of the business and therefore he manages everything and assumes all liability. Dale is able to benefit from all the profits of the business since h e manages everything and assumes all risk and liability. If Dale ever adopted switching to a partnership or corporation he would be able to limit some of his risk and duties, which could increase or decrease the income.If Dale was not the sole owner, he could limit his liabilities because if the guild goes bankrupt, the stockholders would have personal asset protection. in that respect would be permeance, allowing Dales business consider to thrive even if he withdraws or dies because the corporation could continue if stockholders want the business to continue. Switching to a corporation could also second ale to make more money since corporations and partnerships are usually larger than sole proprietorships because there are larger teams of people which allow more diversity amongst ideas to puff out because they can use specialized management by hiring qualified people to help grow the company. (Marce,pg 89)In conclusion, Dale Northrup is a sole proprietor with a distinctive ent repreneurial profile. He has taken a risk to start a business with a vision of his own to target various people from all over to yack his inns in different locations. He is being recognized for his great inn and the service provided and is able to enjoy freedom, flexibility, and the retention of profits. I would recommend that Dale looks for ways to increase his market share since he has a strange business. If his market share increases, it could lead to more income and opportunities.Second, if the business continues to thrive and Dale wants to blast, he whitethorn want to at least expand to a partnership with someone who shares his kindred vision to share responsibility with and continue the business in the case that he can no longer own and manage the business. Last, it would be in the opera hat interest of Dale to maintain very right financial information to watch for trends and serve analysis comparable to other companies to look for ways to improve his business and win ag ainst competitors.Works CitedKelly, Marce, and James McGowen. Small Business and Entrepreneurship. _BUSN5_. Mason, OH South-Western Cengage Learning, 2013. Pages 89-112 Print.Northrup, Dale. Home of the Percy Inn. _Home of the Percy Inn_. N.p., n.d. Web. 04 Feb. 2013.