Podcast
Questions and Answers
Joseph Schumpeter described entrepreneurship as a force of creative ______
Joseph Schumpeter described entrepreneurship as a force of creative ______
destruction
Richard Cantillon defined an entrepreneur as someone willing to buy products without full knowledge of how much profit they can ______
Richard Cantillon defined an entrepreneur as someone willing to buy products without full knowledge of how much profit they can ______
make
According to Carl Menger, an entrepreneur must obtain information, do calculations, perform an act of will, and exercise ______
According to Carl Menger, an entrepreneur must obtain information, do calculations, perform an act of will, and exercise ______
supervision
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
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
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Howard Stevenson emphasized that entrepreneurs pursue opportunities beyond the resources currently under their ______
Howard Stevenson emphasized that entrepreneurs pursue opportunities beyond the resources currently under their ______
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Peter Drucker defined an entrepreneur as an individual who searches for change, responds to it, and exploits it as an ______
Peter Drucker defined an entrepreneur as an individual who searches for change, responds to it, and exploits it as an ______
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______ 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.
______ 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.
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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.
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.
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______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.
______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.
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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.
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.
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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.
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.
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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.
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.
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Study Notes
Entrepreneurship Concepts
- Joseph Schumpeter described entrepreneurship as a force of creative destruction, highlighting the disruptive nature of new ideas in the market.
- Richard Cantillon characterized entrepreneurs as individuals who buy products without full knowledge of potential profits, taking calculated risks.
- Carl Menger emphasized that an entrepreneur must obtain relevant information and exercise responsibility, making informed decisions and calculations.
- Albert Shapiro noted that entrepreneurs demonstrate initiative by organizing resources and accepting risks associated with success and failure.
- Howard Stevenson pointed out that entrepreneurs pursue opportunities extending beyond their current resources, emphasizing innovation and growth.
- Peter Drucker defined an entrepreneur as a person who actively seeks change and leverages it for economic gain, highlighting adaptability.
Definition and Process of Entrepreneurship
- Entrepreneurship involves the creation, launching, and management of new business operations, inclusive of new ideas, goods, and services.
- An entrepreneur takes risks to develop innovations that meet customer needs and is characterized by distinct traits such as risk-taking ability, innovativeness, and visionary leadership.
- Entrepreneurs are open-minded, flexible, and knowledgeable about their products, enhancing their capacity to navigate market challenges.
Characteristics and Classification
- All entrepreneurs are business individuals, but not all business individuals are classified as entrepreneurs; the former innovate while the latter often rely on existing ideas.
- Entrepreneurship distinguishes itself by focusing on new and inventive strategies to establish and run businesses, leading to unique products/services and market opportunities.
Economic Development and Benefits
- The benefits of entrepreneurship in the tourism and hospitality (T&H) industry include:
- The production of new commodities and unique services
- Job creation and economic opportunities
- Promotion of self-sufficiency and personal fulfillment
- Increased environmental consciousness through sustainable practices
- Development of diverse destinations and activities
Products and Services in Entrepreneurship
- Areas of enterprise within the T&H sector encompass various segments:
- Destination development and infrastructure
- Accommodation options and transportation services
- Food service and merchandising strategies
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Description
Test your knowledge on entrepreneurship in tourism and hospitality, covering the process of creating, launching, and managing business operations. Explore concepts like new ideas, businesses, goods, services, and procedures in entrepreneurship.
