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• Entrepreneurship is important to the economy due to its continuous growth and relevant contributions to various industries
• The desire to pursue entrepreneurial careers is equally distributed worldwide
• Building entrepreneurship gives people the ability to create products and services for comfortable living, making it an appealing career choice

Entrepreneurship Defined

• Entrepreneurship involves innovatively using resources to fulfill future needs and wants
• It is creating something new with value through time and effort, supported by financial, psychic, and social risks
• This gives entrepreneurs earnings, personal satisfaction, and independence

Introduction to Tourism and Hospitality Entrepreneurship

• Entrepreneurs introduced the concept of tourism businesses
• Understanding tourism and hospitality entrepreneurship helps analyze entrepreneurship's role in transforming leisure and recreational opportunities
• Tourism entrepreneurship pursues wealth, employment, and social good by professionally applying knowledge, skills, and competencies
• This involves monetizing tourism-related new ideas by establishing new enterprises or cultivating development from existing ones
• Hospitality entrepreneurship is about businesses relevant to the hospitality industry, reaching a wide variety of markets
• Tourism and hospitality businesses are interconnected
• Entrepreneurship involves setting up businesses, taking on financial risks, and hoping for profit

Classifying Tourism Businesses

• Tourism businesses vary based on length of stay, mode of transportation, distance, purpose, and price
• They are classified based on various criteria

Conditions of the Primary Region and Destination

• Domestic tourism involves travel or business within one's country
• It focuses on building businesses that make people comfortable without going abroad
• International tourism involves inbound and outbound tourism, with activities outside the country of reference
• These businesses are distance-focused, depending on how far the entrepreneur wants to reach

Temporal Standard

• Tourism for very extensive period businesses operate year-round and adapt to production, government policies, and social changes
• They remain operational despite seasonal changes
• Tourism of long period businesses adapt to changes in market, prices, technology, and production
• They can expand or reduce production based on performance
• Tourism of compact period businesses experience seasonal fluctuations in demand, such as resorts and beaches during summer

Age and Occupation Standard

• The youth tourism market is growing, prompting studies of its impact on socio-cultural, economic, and environmental aspects
• Emerging businesses include travel agencies offering packaged tours for specific groups with activities
• Specific adult group tourism focuses on leisure and tourism activities
• Travel agencies arrange tours to museums or heritage sites with minimal physical exertion
• Adult tourism businesses cater to elders' desires to ease boredom and maintain their spirits

Entrepreneurial Mindset and Behavior

• Becoming an entrepreneur requires characteristics and character development
• Entrepreneurship is ongoing

Major Characteristics of Successful Entrepreneurs

• Passion: They are motivated to make a difference by producing something beneficial
• Product/Consumer Focus: They understand consumer needs and provide the best products or services
• Tenacity: They persist despite failure, viewing it as part of building something
• Execution Intelligence: They can turn ideas into feasible ventures, like Starbucks

Opportunities vs. Ideas

• Idea: a thought that may or may not meet the criteria of an opportunity, often failing to solve problems or meet needs
• Opportunity: an idea put into action, meeting an observable need for a new product, service, or business
• Ideas must be analyzed before being considered opportunities to ensure business success

Two Types of Stimulation

• Externally stimulated: seeing an opportunity after starting a business through research and development
• Internally stimulated: seeing a problem in a community and creating a product or service to fill the gap

Characteristics of Opportunities

• Attractive, Timely, Durable, anchored in a product or service
• It must create or add value for its buyer or end-user

Ways to Identify Opportunities

• Observing trends: constant monitoring of economic, social, and technological changes
• Solving problems: finding solutions to problems that can be a business opportunity
• Finding gaps in the market: identifying unmet needs or wants and developing products/services to fulfill them

Factors to find Gaps

• Markets and needs
• Individual Interests
• Money Supply (Capital)
• Skills

Techniques for Gathering Ideas

• Collecting ideas helps to find opportunities
• There are three main ways to gather them

Gathering Techniques

• Brainstorming: generating ideas about a topic through formal or informal approaches
• Focus Group: collaborating with a group of people who focuses on the particular topic
• Library and Internet Research: researching for new possible ideas

Advantages of Entrepreneurship

• Creative destruction is the theory of producing new, beneficial products and services from deteriorating ventures
• It creates opportunities to innovate and enhance existing firms, leading to growth

Main Reasons to be Entrepreneurial

• Becoming one's own boss
• Pursuing one's own ideas
• Acquiring Financial rewards

Entrepreneurs' Contributions

• They develop new markets by adapting to changes
• Discover new sources of material by improving materials
• They mobilize capital resources and maximize them for expansion
• Introduce new technologies and industries to meet modern standards
• Create employment as demand increases

Analyzing the Dynamics of the Global Tourism and Hospitality Environment

• Changes in globalization, technology, income, terrorism, instability, and climate affect the tourism and hospitality environment
• Dynamic means constant change, which businesses must adapt to
• Five main forces helps understand transitions: globalization, contribution and effects, balance, adaptability, and self-control

Five Main Forces

• Globalization: The ability of the industry to cope with market changes
• Contribution and effects: awareness of youth's participation regarding the influence of industries
• Balance: sustainability and awareness of the environment
• Adaptability from changes and transitions of the environment and the market
• Self-control: the ability of these two (2) industries to cope up without compromising the market conditions

Drawbacks in Entrepreneurship, Pitfalls, and Failures

• Drawbacks, pitfalls, and failures are common outcomes of entrepreneurial processes
• Encountering drawbacks gives feedback
• Failures that can help entrepreneurs to improve economic growth

Entrepreneurial Challenges

• Ego-tripping: entrepreneurs needing to abandon ego and focus on their people
• Chasing sexy: entrepreneurs staying focused on existing businesses before creating new ones
• Distrusting trust: entrepreneurs trusting their people and giving them opportunities to grow

Failure Commons

• Poor management skills
• Inability to manage adverse factors
• Insufficient capital
• Resisting advice from other people

Legal Issues for Entrepreneurs

• New businesses can create conflicts, so understanding boundaries is part of the ethics
• Legality is a relevant factor, with which include intellectual property, contracts, fraud, conflict of interest and employment, and antitrust laws

Intellectual Property (IP)

• Individual's unique idea turned into an invention, design, trademark, or artistic work
• The Republic Act No. 8293 protects the rights of scientists, investors, artists, and other gifted citizens
• Per Section 4 include: Copyright and Related Rights, Trademarks and Service Marks, etc...

Contract and Torts

• Defined by Civil Code of the Philippines: meeting, giving, rendering. A force law between adhering parties
• Force of law: legality. Good faith: the fair and honest intention no to destroy. Valid: consent, object, cause

Elements of Value

• Onerous contracts: entails to value
• Remuneratory contracts - entails that the obligations are remunerated
• Gratuitous contracts - involves donation

Tort Law

• Protects rights of people of breach, magnifies invasions, and troubled for causation Elements can only be done when must:

1. act of omission
2. damage or injury
3. fault or negligence
4. no pre-existing relations
5. causal connection

Antitrust Law

• PCA or RA 10667
• Promotes equity of opportunity (constitutionality)
• Multiple buyers boosting productivity

Conflict of Interest

• RA 6713:
• Conflicts are avoided at all times, government workers are avoided

Fraud

• This is misleading, and denies the victim's rights, with the R.A. 8799 to protect enterprises and the victims
• RA 8799: with a market that regulates participation to protect and give fair disclosure to eliminate fraud/manipulations

Public Policy

• Rules used implemented by government Tourism follows through policies and decisions
• Section 1: declaration of policy promote, encourage, improve tourism's, and strengthening reserves
• Section 2: a corporate of the Philippine Tourism
• RA 8799: with a market that regulates participation to protect and give fair disclosure to eliminate fraud/manipulations

Permits & Registration

• It must be mandatory to start a businesses and operate

• Business Register

• Tax

• Permits

• Copyright

• Trademark