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Make A Wish Foundation Essay

1674 words - 7 pages

There is an array of things that are assessed in starting a successful business. When viewing the success of Dale Northrup who decided to open the Percy Inn in Portland, Maine, after being a critic and editor for hotels and cruise ships all over the world, it becomes very apparent that a great deal of work goes into starting a successful business. A business owner must first determine the reasons in which they want to start a business. The owner must determine what entrepreneurial characteristics they possess that will promote the success of their business. Next, a niche and market must be determined. This paper will give details of how Dale Northrup, owner and manager of Percy Inn decided to open a successful business using his entrepreneurial skills and background in the travel and lodging market to create wealth, a sense of pride, and an attractive venture to investors.When Dale decided to open the Percy Inn, he had to consider several reasons to take the risk as an entrepreneur. Like many entrepreneurs, Dale probably thought the top advantages to starting Percy Inn was the flexibility, freedom, and better income along with pride of ownership, retention of control, and the retention of ownership. Dale Northrup traveled 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 truly an expert on the travel and lodge industry. Being given the opportunity to use 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 management. Dale also has other lodging options that include his cottage on the Southern Maine coast as well as chic condominiums overlooking Biscayne Bay in South Florida (Percy, Home of the Percy Inn). Dale is able to provide various levels of comfort to various markets of people in multiple locations with the use of his niche for 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 very innovative in how he accommodates his traveling guests and tenants, which allows him the privilege to be independent and flexible as he faces many challenges. He also is able to retain control and profits to increase his financial success. Dale can have the satisfaction of owning a business that he is very proud of and keep the profits to himself minus his taxes and expenses, which is a great advantage of being an entrepreneur.Even with Dale's expertise in travel and lodging and his success in his business at Percy Inn, he possesses several other entrepreneurial characteristics that are imperative to being an excellent business owner. According to the author Marce in Chapter 7 about Small Business and Entrepreneurship, a few characteristics of entrepreneurs include vision, self-reliance, energy, confidence, tolerance of uncertainty, and tolerance of failure ( Marce, pg 102). The characteristics...

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