Entrepreneurship in Tourism Industry PDF

ENTREPRENEURSHIP IN TOURISM INDUSTRY The innovation, flair and vision of entrepreneurs... shaped modern tourism. (Russell, 2006:105)  TOURISM ENTREPRENEURSHIP refers to people or businesses coming up with different ideas for tourism, like fun activities to do, places to s...

ENTREPRENEURSHIP IN TOURISM INDUSTRY The innovation, flair and vision of entrepreneurs... shaped modern tourism. (Russell, 2006:105)  TOURISM ENTREPRENEURSHIP refers to people or businesses coming up with different ideas for tourism, like fun activities to do, places to stay and ways to get around. is distinguished because it identifies untapped potential and capitalises on the latest trends. Successful entrepreneurs concentrate on innovation, offering unique services, using new technology and creating experiences that visitors will always remember. They follow trends like farm-to-table food and eco-friendly activities to show tourists local culture and encourage sustainable practices.  TYPES OF TOURISM ENTREPRENEURSHIP Accommodation and hospitality tourism entrepreneurship Involves setting up and managing establishments like hotels, guesthouses and resorts. Food and beverage tourism entrepreneurship Centres on creating dining experiences for travellers with restaurants, cafes, food trucks, or speciality food businesses. Adventure and outdoor recreation tourism entrepreneurship Focuses on providing thrilling activities for adventure-seeking travellers.  TYPES OF TOURISM ENTREPRENEURSHIP Cultural and heritage tourism entrepreneurship Centres around showcasing local culture, traditions and historical attractions. Sustainable and ecotourism entrepreneurship Involves eco-lodges, nature-based tours, wildlife conservation, or sustainable transport services Specialised and niche tourism entrepreneurship Ventures include wellness retreats, wine tours, photography expeditions, adventure sports and cultural festivals.  CHARACTERISTICS OF ENTREPRENEURSHIP IN TOURISM CUSTOMER CREATIVITY AND VISION AND ORIENTATION AND INNOVATION STRATEGIC MARKET THINKING RESPONSIVENESS OPPORTUNITY RISK-TAKING AND RECOGNITION RESILIENCE AND EXPLOITATION RESOURCEFULNESS NETWORKING AND PASSION AND AND ADAPTABILITY COLLABORATION COMMITMENT FINANCIAL AND LEADERSHIP AND BUSINESS ACUMEN TEAM BUILDING  BUSINESS FALLURE- UNIQUE TO THE TOURISM ENTREPRENEUR New business entrants in general were found to have failed or under-performed because of 1. Poor or non-existent management skills 2. Inability to manage adverse extemal impacts occurring in the business environment such as rising Inflation and internal rates 3. Insufficient capital 4. Resistance to accepting the advice of others  In tourism industry similar trends can be noted which as such, does not set the tourism entrepreneur apart from any other entrepreneur. New tourism entrants were found to have: 1. No formal business skills 2. No management backgrounds 3. Insufficient capital and 4. No prior industry experience In concluding a literature review in their research, McKercher & Robbins (1998) identify "lack of skills" as a major impediment for tourism entrepreneurs. Many of the writers emphasize particular issues as: "the key to small business success or failures lies with the quality of management skills and knowledge of the owner/operator. It is apparent that small business will not be successful simply because "the owner/operator is good at the core activity...small business needs to be much more sophisticated in the way they managed TOURISM ENTERPRISE, ENTREPRENEUR AND ENTREPRENEURSHIP ▪︎Tourism enterprise refer to the different forms of tourist related business ventures permitted within the National Constitution. Like any other enterprise, tourism enterprises are also business ventures having similar preparative principles, but working on a very wide scale. ▪︎ Sinclair and Stabler (1997) defined tourism enterprise as "a composition of products involving transport, accommodation, catering, natural resources, entertainment and other facilities and services, such as shops. and banks and other tour operators" ☆ A "tourism entrepreneur" may be defined as a person or a group of persons producing and managing tourism products. In this process the entrepreneur must have the commonly prescribed entrepreneurial traits along with service sector specialties. ☆ As revealed by Shaw and Williams (2002), the service sector specialties involve in two fundamental objects: "one concerns the commercial structure of the industry, while the second relates to an understanding of the general organization of economic power structures." REFERENCES https://globalbanking.ac.uk/blog/how-can-you-develop- entrepreneurship-in-tourism https://www.scribd.com/document/478551168/MODULE-4 GROUP 1 1.Gregory, Rupert A. 2. Lazona, Kathyrine Rose D. 3. Luzande, Pia 4. Jayona, Florianne R. 5. Solano, Katrina Bianca H. 6. Gargallo, Darlene Erica 7. Fabia, Aizee Mae L. 8. Ayo, Shirley B. 9. Fuentes, Christian 10. Satimbre, Nicole 11. Frilles, Sherry Joy 12. Encinares, Simon