Entrepreneurship in Tourism and Hospitality IHM 311 Quiz

Joseph Schumpeter described entrepreneurship as a force of creative ______

Richard Cantillon defined an entrepreneur as someone willing to buy products without full knowledge of how much profit they can ______

According to Carl Menger, an entrepreneur must obtain information, do calculations, perform an act of will, and exercise ______

Albert Shapiro highlighted that entrepreneurs show initiative in undertaking, organizing, and recognizing social mechanisms that turn resources into consumer goods and services while accepting ______ and failure

Howard Stevenson emphasized that entrepreneurs pursue opportunities beyond the resources currently under their ______

Peter Drucker defined an entrepreneur as an individual who searches for change, responds to it, and exploits it as an ______

______ is the process of creating, launching, and managing the business operation. PROCESS of Entrepreneurship includes new ideas, new business, new goods and services, new procedures. Entrepreneur is an individual that develops new creations and assumes the risk of setting up a business to produce products that will satisfy the customers’ needs and wants.

An Entrepreneur is an individual that develops new creations and assumes the risk of setting up a business to produce products that will satisfy the customers’ needs and wants. Entrepreneurship – PROCESS. Entrepreneur – INDIVIDUAL CHARACTERISTICS OF AN ______: 1.Ability to take risk 2.Innovative 3.Visionary and leadership quality 4.Open minded 5.Flexible 6.Know your product CHARACTERISTICS OF AN ______: All Entrepreneur are Business Individual but not all Business Individual are Entrepreneur.

______ship and Economic Development benefits of entrepreneurship in T&H industry include the production of new commodities and rendering of unique services, creation of jobs, promotion of self-sufficiency and personal contentment, protection of the natural environment in a more conscious and purposive ways, advancement of untapped and diverse destinations and activities. Products/ Services Enterprise: 1.Destination and Built Structures 2.Accommodation and Transportation 3.Food and Merchandising 4.

Entrepreneurship in tourism and hospitality IHM 311 Entrepreneur  French word “ENTREPRENDRE” which means 'to begin something' or 'to undertake'. Entrepreneurship it is the process of creating, launching, and managing the business operation. PROCESS of Entrepreneurship  New Ideas  New Business  New Goods and Services  New Procedures Entrepreneur is an individual that develop new creation and assumes the risk of setting up a business to produce product that will satisfy the customers’ needs and wants.

All Entrepreneur are Business ______ but not all Business ______ are Entrepreneur. Entrepreneur introduces new ideas to run the business. Business ______ following existing ideas. Entrepreneurship and Economic Development benefits of entrepreneurship in T&H industry 1.Production of new commodities and rendering of unique services 2.Creation of jobs 3.Promotion of self-sufficiency and personal contentment 4.Protection of the natural environment in a more conscious and purposive ways. 5.Advancement of untapped and diverse destinations and activities.Products/ Services Enterprise 1.Destination and Built Structures 2.Accommodation and Transportation 3.Food and Merchandising 4.

Entrepreneurship and Economic Development benefits of entrepreneurship in T&H industry include the production of new commodities and rendering of unique services, creation of jobs, promotion of self-sufficiency and personal contentment, protection of the natural environment in a more conscious and purposive ways, advancement of untapped and diverse destinations and activities. Products/ Services Enterprise: 1.Destination and Built Structures 2.Accommodation and Transportation 3.Food and Merchandising 4.