Chapter-1-Entrep-and-economic-development.pptx

Entrepreneurship notes

1. Entrepreneurship In Tourism and Hospitality

2. What is Entrepreneurship? It is the ability and readiness to develop, organize, and run a business enterprise along with any uncertainties to make a profit.

3. Benefits of entrepreneurship in Tourism and Hospitality Production of new commodities and rendering of unique services, regardless of company size Creation of consequent jobs for the members of the local communities, regardless of their educational attainment

4. Benefits of entrepreneurship in Tourism and Hospitality Promotion of self-sufficiency and personal contentment through increased purchasing power, regardless of age. Protection of the natural environment in a more conscious and purposive way, being a critical component of the industry, regardless of the government funding and support

5. Entrepreneurs' self-evaluation Basic skills Knowledge Attitudes Values

6. f Destination and Built Structures Accommodation and Transportation Food and Merchandise Activities and Events Products and Service Enterprises Tourism and Hospitality Entrepreneurship Reach

7. Concepts of Entrepreneurship Entrepreneurship started in France after the French Revolution. Jean Baptiste Say , a French economist, coined the word “ entrepreneur , “ meaning “ to undertake ”.

8. Characteristics and Roles of an Entrepreneur The A-to-Z Entrepreneur A Agile J Judicious S Sincere B Bold K Keen T Tenacious C Creative L Loyal U Unrelenting D Diligent M Meticulous V Vibrant E Energetic N Noble W Wise F Fair O Observant X Excellent G Grateful P Persistent Y Youthful H Humble Q Quick Z Zealous I Innovative R Responsible

9. Characteristics and Roles of an Entrepreneur Essential components: grit and tenacity to begin something some basic business skills a good feel of the environment a strong sense of empathy for the needs of the community.

10. Grit and Tenacity to initiate business activity alone is the most important challenge that must be hurdled by someone who wishes to be identified as an entrepreneur. Strong initiative Willingness to take risks Boldness to try new ideas Diligence and hard work to get things accomplished Leadership and managerial aptitude

11. Basic Business Skills These business skills include technical and service skills to begin an entrepreneurial activity that is processed efficiently enough to run and cost-effective enough to profit. Active observation of potential products and services Close communication with customers Astute handling of funds. Strategic creation of healthy alliances and networks.

12. A good feel of the environment is to have an eye for the prospects of a business idea. It connotes the ability to know where the idea is intended for profit-making should proceed. knowing where a business should go Relating to other existing businesses in the area Getting ahead of potential competitors Innovating for unique and latest products and services

13. The primary component of the empathy aspect is the constant listening to the voice of the stakeholders, particularly the customers. Seek relevant information Rely less on chance but on carefully studied data Act decisively yet with prudence Prepare to act on strategies.

14. Risks and Rewards of Entrepreneurship Enterprises are at risk of sustainability due to the following reasons : Poor access to finance Low productivity Lack of skills upgrading Technological obsolescence Lack of information Inability to make a smooth business transition Poor linkage among industries Inappropriate location Management incompetence Poor Market Access

15. Risks and Rewards of Entrepreneurship Enterprises are encouraged to thrive with the following rewards : Low start-up cost Relatively low overhead costs Catering to small markets Opportunity to develop more personal relationships Agile response to changing trends

16. ACTIVITY Rate yourself – 5 - strongly agree, 4 - agree, 3 - neither agree nor disagree, 2 - disagree, 1 - strongly agree THIS IS ME DESCRIPTIONS I am willing to take risk I am willing to try new ideas I am industrious and diligent to learn what I do not know I am honest in my dealings I easily adjust to changes I am capable to anticipating the future I am not easily discouraged I always feel accountable for my actions I am emotionally mature I am good at using my energy for productive purposes

17. Applied Ethics in Service Industry Entrepreneurship Ethics – denotes rules of behavior that differentiate what is right and what is wrong. Morals – refer to what is acceptable, good conduct, and character. Values – are grounded on an ethical character.

18. UN SDGs in the context of Tourism and Hospitality Industry UN SDGs – United Nations Sustainable Development Goals

19. UN SDGs in the context of Tourism and Hospitality Industry UN SDGs Effect of Tourism and Hospitality Enterprises No Poverty Tourism brings income generation to the poorest communities Good Health and Well Being The Trickling-down effect on income generation will allow communities access to health care Quality Education The Trickling-down effect of income generation will allow communities access to quality education, skills training, and lifelong learning Gender Equality The prevalent diversity in the industry can ensure gender equality Decent Work and Economic Growth The industry is labor-intensive and with the proper training, decent work can be made abundant UN SDGs and the Role of Tourism and Hospitality Enterprises