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Entrepreneur 3
 

Entrepreneur 3

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    Entrepreneur 3 Entrepreneur 3 Document Transcript

    • Entrepreneurship You want to do this on your own?? Hospitality Operations: Careers in the World’s Greatest Industry, 1/e ©2005 Pearson Education, Inc. J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 Two Types of Entrepreneurial Goals• To develop a business that meets the financial needs of themselves and their families (goal: maintenance of on-going operations).• To learn whether success can be duplicated by business expansion (goal: sustained business growth). ©2005 Pearson Education, Inc. Hospitality Operations: Careers in the World’s Greatest Industry, 1/e J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 OH- 33.1 All About Entrepreneurs• They have entrepreneurial talent but do not want to start their own business.• They work best in organizations that give them responsibility for a defined part of the business.• Example: a general manager of one unit in a multi-unit restaurant chain who participates in a profit-sharing plan. Hospitality Operations: Careers in the World’s Greatest Industry, 1/e ©2005 Pearson Education, Inc. OH- 33.2 J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 1
    • A Recipe for the Entrepreneurial Process Hospitality Operations: Careers in the World’s Greatest Industry, 1/e ©2005 Pearson Education, Inc. OH- 33.3 J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 Business Plans Must Consider Numerous Factors• Characteristics and size of the potential market• A market plan• Production and service requirements• How the new organization will be organized• Financial (start-up and working capital) requirements• Mission, goals, and objectives for the new business• Background information about the origin of the new business Hospitality Operations: Careers in the World’s Greatest Industry, 1/e ©2005 Pearson Education, Inc. OH- 33.4 J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 Still More Factors to Consider in Business Plans• Detailed listing of products and services to be provided• Background and qualifications of the proposed management team• Marketing strategy• Design and development plans• Operating plans• Schedule of completion dates for major aspects of the business plan• Applicable risks, problems, and challenges that need to be addressed and alternatives for addressing them Hospitality Operations: Careers in the World’s Greatest Industry, 1/e ©2005 Pearson Education, Inc. OH- 33.5 J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 2
    • Entrepreneurial Risks • Financial Risks • Career Risks • Personal Risks • Psychological RisksHospitality Operations: Careers in the World’s Greatest Industry, 1/e ©2005 Pearson Education, Inc. OH- 33.6J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 Entrepreneurial Rewards• The possibility of financial success that yields wealth not otherwise possible• Personal and professional satisfaction that comes from a sense of achievement• Community status• Independence gained from being one’s own boss• Control over one’s lifeHospitality Operations: Careers in the World’s Greatest Industry, 1/e ©2005 Pearson Education, Inc. OH- 33.7J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 Reasons for New Business FailureHospitality Operations: Careers in the World’s Greatest Industry, 1/e ©2005 Pearson Education, Inc. OH- 33.8J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 3
    • Traits of Intrapreneurial Hospitality Organizations• They have a realistic vision that is widely understood by and shared with their staff members.• They have recruited staff members with entrepreneurial talents and abilities.• They emphasize teamwork.• They reward success and do not punish persons for creative efforts to improve the organization.Hospitality Operations: Careers in the World’s Greatest Industry, 1/e ©2005 Pearson Education, Inc. OH- 33.9J. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 What Do Intrapreneurs Do? They: • Dream or think about ideas that could improve the operation • Obtain ideas from others • Take ownership in ideas • Know when they need to obtain approval • Experiment with new ideas • Look for short-term successes • Understand the environment • Encourage open discussion with their team members • Build a coalition of support • Recognize the importance of persistence • Recognize the importance of the team • Keep their boss informed ©2005 Pearson Education, Inc.Hospitality Operations: Careers in the World’s Greatest Industry, 1/eJ. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 OH- 33.10 Putting It All Together: An Evolution in Management Style ©2005 Pearson Education, Inc.Hospitality Operations: Careers in the World’s Greatest Industry, 1/eJ. D. Ninemeier and Joe Perdue Upper Saddle River, NJ 07458 OH- 33.11 4