Sky's The Limit
Ever thought of starting your own airline? Now that's an entrepreneur.
The unlikely roots of Ned Homfeld's success story can be
traced back further than any of his entrepreneurial ventures.
Although the ultimate result has been a multimillion-dollar
company, Homfeld has traveled a long road and faced the challenges
of starting and outgrowing a number of businesses since he honed
his survival skills in the competitive arena of sailboat racing as
a teen. "The competition in sailing is much like the
competition in many of the businesses I've been in," says
Homfeld. "If there are 40 boats that are exactly the same--the
same sails, the same hulls, the same weight--they ideally have the
same speed. It's how you sail your boat that determines whether
you win or lose a race."
As Homfeld studied to earn his degree in naval architecture, his
goal had been to design America's Cup racing yachts. But a
funny thing happened on the way to the Cup: A string of businesses,
beginning with a trucking company he started while in college, kept
Homfeld's beloved hobby just that.
At the end of that string is Spirit Airlines, which offers
low-fare jet service to 14 popular leisure and business
destinations, including Myrtle Beach, South Carolina; Atlantic
City, New Jersey and several Florida locations. The Fort
Lauderdale, Florida-based company grossed more than $135 million in
sales last year and boasts the highest load factor (proportion of
seats filled) in the industry. And the addition of five new MD-80s
last year increased seating capacity by 20 percent; as a result,
1999 sales are projected at $230 million-plus.
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But the flight to success wasn't a smooth one: Homfeld had
to learn to roll with the punches--to go back to the drawing board
quickly and pursue change wherever necessary. Perhaps the key to
his achievements has been not being afraid to re-evaluate and then
head in a different direction.
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