Entrepreneurs make important contributions to the development of the organizations because they came up with ideas, create plans and implement those ideas with the aim of bridging the market gap and satisfying the needs of the customers. Companies that are run by entrepreneurs are likely to realize the set goals within the shortest time possible. The paper focuses on discussing the profile of the entrepreneur, history of the company, company’s performance, and reason for the company’s succeeded or failure.
Profile of the Entrepreneur
The name of the entrepreneur in is Jim Hunter. The entrepreneur is an expert in the field of business who has realized success in five businesses. The capacity to attain success in five businesses indicates his entrepreneurial prowess and business management skills. Hunter is also a UWM professor for Lubar.
Hunter’s strategy of identifying opportunity for the business relate to financing struggling businesses. The entrepreneur is identifying the businesses, particularly from the friends, and buy them with the aim of offering the required financial support to keep them afloat. Hunter’s source of funding for business relates to personal saving and loans from the banks.
The main role of Hunter as a function to expedite the initial startup of the business was financial planning and business management. The entrepreneur delegated the positions of marketing, sales and product development. Hunter employs a business to business marketing strategy, which is created through personal networking.
History of the Company
The name of the company is DynaTrap. The company’s motto relates to stopping destroying and starts trapping. The company is fairly new. The company was bought in the year 2009. At the start, the process of financing company was heavily controlled because pursuing equity was extremely difficult as a result of the recent financial crisis. The next stage of development involved the company seeking more capital. The success in business created the opportunity for acquisition of equity financing so as to hasten the growth of the business. Ethical and legal foundations were minimal at the initial stage, and the trade name was registered without patents on the product. This was changed at the later stages of development.
Analysis of the Company’s Performance
DynaTrap operates in an industry that has two main competitors. The company needs to come up with appropriate strategies that would help in realizing competitive edge over the rival business. The company is faced with the challenge of the low level of development. The company also faces low supplies which are caused by difficulties in creating supplier relationship because of past lapses of the company satisfying accounts payable obligations.
The suppliers are important to the growth of the business because they ensure that the business has the right supplies at the right time. This helps the company to offer the required products and services to the market for the customers to buy. Thus, with the aim of dealing with difficulties associated with supplies, the DynaTrap negotiated with a supplier in China and paid the arrears accrued by the previous owner.
Reasons for DynaTrap Success
The success of Dyna Trap was highly influenced by three main factors, which include marketing strategy, funding, and relationship with suppliers. Jim Hunter devoted a huge amount of his saving to the business and acquired bank loan so as to safe the business from collapsing and improving the business performance. Employment of business to business marketing strategy helped in creating a relationship between the company and customers, which helped increasing customer loyalty and increase sales. By negotiating with the suppliers, and avoiding the mistakes committed by the previous owner helped in ensuring that the company has the required supplies all the time. These factors helped the company in realizing success in the industry.