12 Questions
What is the purpose of conducting competition analysis?
To improve one's own business strategies
What is included in a business proposal for a tourism opportunity?
All of the above, plus an export strategy
What is an example of an emerging area of entrepreneurial venture opportunities in tourism?
Energy Service Companies (ESCOs)
What characterizes entrepreneurship ecosystems?
Collaboration and trust formation between people and a country's culture
What is the purpose of an executive summary in a business plan?
To give a brief overview of key parts of the business plan
What are emerging markets typically characterized by?
Developing countries with growing economies
What is the primary goal of an export strategy?
To sell goods or services in foreign markets for profit
What is the main idea behind Joseph Schumpeter's entrepreneurship theory?
Creating new products through creative destruction
What is the primary purpose of a licenses and permits?
To operate legally and comply with regulations
Who is known for his theory on the role of cultural values and ethics in shaping entrepreneurial spirit?
Max Weber
What is the main purpose of a mission and objectives statement?
To guide entrepreneurial decision-making and actions
What is an example of a non-traditional area of entrepreneurial venture opportunities in tourism?
Virtual tours
Study Notes
Competition Analysis
- Examines attributes, strengths, and weaknesses of rivals to improve business strategies
Business Proposal Components
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- Executive Summary: brief overview of key parts of the business plan
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- Description of the Product or Service
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- Mission, Objectives, Legal Structure (including Organizational Chart)
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- Market Research, Target Market, Competition (Competitor Analysis), Stakeholder Roles, and Plan
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- Operating Schedule (including Gantt Implementation Schedule)
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- Financial Plan (including Projections, Budgeting)
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- Export Strategy for the Business (where applicable)
Emerging Areas of Entrepreneurial Venture Opportunities in Tourism
- Energy Service Companies (ESCos)
- Water Conservation
- Culture and Heritage
- Information and Communication Technology (ICT)
- Social Entrepreneurship
Emerging Markets
- Developing countries with growing economies
- Increases potential for creative and innovative business ideas
Entrepreneurship Ecosystems
- Collaboration and trust formation between people and a country's culture
- Allows for successful interaction, increased productivity, innovation, and creativity
Key Concepts and Theorists
- Joseph Schumpeter: Economist known for innovation in entrepreneurship
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- Creative destruction: making something new to gain competitive advantage
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- Example: Novel ideas creating market disruption, like Airbnb
- Max Weber: Sociologist known for the Protestant ethic and the spirit of capitalism
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- Role of cultural values and ethics in shaping entrepreneurial spirit
- Peter Drucker: Management consultant known for work on management practices and innovation
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- Systematic innovation as a business practice to create new opportunities and maintain a competitive edge
Other Key Concepts
- Licenses and Permits: required for various business activities
- MSMEs in Tourism: Bed and Breakfasts, Boutique Hotels, and Small Tour Operators
- Non-Traditional Areas of Entrepreneurial Venture Opportunities: Homestays, Mobile Apps, Virtual Tours
- Operating Schedule: Hours of operation for a business or attraction
- Product Development Guidelines: ensure products are safe, effective, and meet regulatory standards
- Regulatory Changes: Government rules modifications affecting businesses or industries
This quiz assesses your understanding of a business proposal for a tourism opportunity, including executive summary, product description, market research, and financial plans.
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