Introduction to Entrepreneurship in Tourism and Hospitality

1. INTRODUCTION TO
ENTREPRENEURSHIP
LESSON #01
THC 10 – Entrepreneurship in Tourism and
Hospitality

2. LEARNING OBJECTIVES:
At the end of the lesson, you should able to:
• discuss the concept of entrepreneurship and its evolution;
• discuss the relationship between motivation and
entrepreneurship;
• identify the key factors affecting entrepreneurial viability;
• distinguish the myths, legends among entrepreneurs; and
• identify the challenges facing entrepreneurs.

3. What is the importance
of Entrepreneurship in
Tourism And Hospitality
Industry?

5. What is ENTREPRENEURSHIP?
• Entrepreneurship is the art of starting a
business, basically a start-up company
offering creative product, process or service.
• Is the act of creating a business or
businesses while building and scaling it to
generate profit? Basically it gear someone
towards self-employment.

6. • Generally pertains to engaging in small and
medium-sized businesses.
• In the modern world, entrepreneurship
definition is all about transforming the
world by solving big problems. Like
initiating social change, creating an
innovative product, or presenting a new
life changing solution.

8. Causes of Business Failures
Causes %
Neglect 3.0
Fraud 1.1
Lack of Technical Expertise 8.5
Lack of Management Expertise 17.4
Lack of Experience 21.2
Incompetence 44.9
Disaster and other reason 3.9
100.00

9. CONCEPT OF
ENTREPRENEURSHIP

10. The term ENTREPRENEURSHIP
• Entrepreneurship started in France after the French
revolution. It was the start of Capitalism and end of
Feudalism. The word entrepreneur was coined by Jean
Baptiste Say, a renowned French economist.
• The word entrepreneur originated from the French
word entreprende, which means, “To undertake”. It is
an individual who shifts economic resources out of an
area of lower and into an area of higher productivity and
greater yield.

11. WHO ARE THE
ENTREPRENEURS

12. Who are the ENTREPRENEURS?
• An entrepreneur is a creator or a designer who
designs new ideas and business processes according
to the market requirements and his/her own
passion. To be a successful entrepreneur, it is very
important to have managerial skill and strong team
building abilities. Leadership attributes are a sign of
successful entrepreneurs.

13. Who are the ENTREPRENEURS?
Entrepreneurs take and accept risks
Entrepreneurs own ventures
Entrepreneurs establish new ventures
and develop existing ones

14. Who are the ENTREPRENEURS?
Entrepreneurs identify opportunities
in the market
Entrepreneurs apply their expertise
Entrepreneurs process market
information

15. Who are the ENTREPRENEURS?
Entrepreneurs bring innovation
Entrepreneurs maximize investment
returns
Entrepreneurship provide Leadership

16. EVOLUTION OF
ENTREPRENEURS

17. Renaissance Tradesmen
The majority of wealth in the hands of the
ruling class, owning one’s own business was
a rare sight. The old-world entrepreneurs
mostly consisted of merchants and
craftsmen. Plenty of merchants created their
own business, but a lot of the time the
business and connections were handed
down generation to generation. Skilled
craftsmanship was another family affair, but
anyone with the right connections that was
lucky enough to land an apprenticeship and
succeed at it we’re able to climb the
economic ladder a little higher.

18. Colonial Expansion

19. Industrial Revolution

20. 20th Century

21. Information Age

22. WHY MOTIVATION IS
REQUIRED?

23. MOTIVATION
• The term motivation has been derived
from the word ‘motive’ which is nothing but
what prompts any person to act in a
particular manner. Motives are the definition
of a person’s goals, dreams and needs. They
direct human behaviour to towards
achieving their goal.

24. why MOTIVATION is required?
Tough
Competition
Unfavourable
Environment
To create public
Demand
To enhance
creativity & increase
productivity
Why MOTIVATION
is an important
factor for
Entrepreneurs

25. what MOTIVATES an ENTREPRENEUR
6 C's that motivate ENTREPRENEURS
CHANGE
CHALLENGE CREATIVITY
CONTROL CURIOSITY CASH

26. What makes the successful ENTREPRENEUR
• Entrepreneurs are in Good Physical Health
• Entrepreneurs have Superior Conceptual Abilities
• Entrepreneurs have the broad thinking of the
generalist
• Entrepreneurs have high self-confidence
• Entrepreneurs have strong personal drive
• Entrepreneurs have moderate interpersonal skill
• Entrepreneurs are moderate risk takers
• Entrepreneurs have a realistic outlook
• Entrepreneurs have a high degree for emotional
stability

27. the MYTHS, FEARS, and EXCUSES OF PEOPLE who
are not ENTREPRENEURS
❖ Entrepreneurs are super human
❖ Entrepreneurs are inventors
❖ Entrepreneurs inherit business traits
❖ Entrepreneurs possess a definite characteristic profile
❖ The gender-difference myths (Men are better entrepreneurs)
❖ Entrepreneurs are gamblers and risk takers
❖ Luck and money are the only things needed to become
entrepreneurs
❖ Entrepreneurs experience a lot of failures

28. the ADVANTAGES of becoming an ENTREPRENEUR
❖Have the opportunity to create your own
destiny
❖Have the opportunity to be financially well-off
❖Have the opportunity of knowing yourself
better
❖Have the opportunity to excel, be recognized
and contribute to society

29. why do PEOPLE become an ENTREPRENEUR?
❖ To change the world
❖ They don’t want a boss
❖ They want flexible hours
❖ They’re the risk-takers
❖ They don’t fit into corporate environment
❖ They’re curious
❖ They’re ambitious

31. “If you don’t build your
DREAM someone will hire
you to help BUILD THEIRS.”
- Tony Gaskins

32. THANK YOU
FOR LISTENING!