The Role of Entrepreneurship in Hospitality and Tourism Industry PDF

THE ROLE OF ENTREPRENEURSHIP IN HOSPITALITY AND TOURISM INDUSTRY LEARNING OBJECTIVES: At the end of the topic, the student must be able to: 1. Explain what a Tourism Entrepreneur is; 2. Understand what does a Tourism Entrepreneur do; 3. Realize the importance of Entrepreneurship...

THE ROLE OF ENTREPRENEURSHIP IN HOSPITALITY AND TOURISM INDUSTRY LEARNING OBJECTIVES: At the end of the topic, the student must be able to: 1. Explain what a Tourism Entrepreneur is; 2. Understand what does a Tourism Entrepreneur do; 3. Realize the importance of Entrepreneurship in the Hospitality and Tourism industry  TOURISM ENTREPRENEUR - is a person who undertakes a risk to start up their own business. - this risk could end up making a profit or dishing up a loss. - usually has a vision, dream or an idea which with a lot of hardwork, they try and make work. - is a person or a group of persons producing and managing tourism products. What does a Tourism Entrepreneur do? Defining what area of tourism you want your business to be in Researching the tourism industry and tourism trends Writing a business plan Planning a working schedule Liaising with bank manager for a loan Hiring and firing the right people Working long hours to make sure your business takes off Marketing your business Networking with people in the industry that will benefit your business Other Roles of Tourism Entrepreneur Tourism entrepreneur plays a crucial role in the development and sustainability of the tourism industry. Their roles can be classified into several categories, including economic, social, and environmental. Here are the key roles of a tourism entrepreneur: 1. Innovator and Trendsetter Identifying opportunities: Tourism entrepreneurs identify and develop unique travel experiences, services, or products that meet the changing needs and preferences of tourists. Innovation: They introduce new ideas, concepts, and business models in areas like accommodation, transportation, tour packages, eco-tourism, adventure tourism, and more. Trendsetting: By setting trends in tourism (e.g., sustainable travel, wellness tourism), they help shape the Other Roles of Tourism Entrepreneur 2. Service Provider Customer-focused services: Tourism entrepreneurs ensure high-quality, personalized services that enhance the travel experience. Creating travel experiences: They design and offer diverse tourism products such as guided tours, adventure activities, culinary experiences, cultural immersions, etc. 3. Job Creator Employment generation: Tourism entrepreneurs generate direct and indirect employment opportunities by establishing businesses like hotels, restaurants, tour companies, and transport services. Supporting local economies: They create opportunities for local artisans, guides, and service providers, helping boost regional employment. Other Roles of Tourism Entrepreneur 4. Promoter of Local Culture and Heritage Cultural preservation: Tourism entrepreneurs often work with local communities to promote and preserve traditional culture, arts, crafts, and heritage. Cultural exchange: By facilitating interactions between tourists and locals, they encourage mutual cultural understanding and exchange. 5. Economic Contributor Generating revenue: Their businesses contribute to the local and national economy by attracting tourists who spend on accommodation, food, and experiences. Foreign exchange earnings: Tourism entrepreneurs bring in international tourists, increasing foreign exchange earnings for the country. Other Roles of Tourism Entrepreneur 6. Environmental Steward Sustainable tourism: Many tourism entrepreneurs are involved in eco-tourism or sustainable tourism initiatives, ensuring that tourism activities do not harm the environment. Conservation efforts: Some contribute to environmental conservation efforts by supporting wildlife sanctuaries, nature reserves, and eco-friendly accommodations. 7. Risk Taker and Business Manager Business management: Tourism entrepreneurs must manage all aspects of their businesses, including marketing, finance, human resources, and operations. Risk management: They face various risks like seasonality, economic downturns, political instability, and changing tourist preferences, requiring strategic planning Other Roles of Tourism Entrepreneur 8. Community Developer Community involvement: Tourism entrepreneurs often engage local communities in tourism activities, creating benefits for both the entrepreneur and the community. Infrastructure development: By building tourism infrastructure such as resorts, hotels, or transport networks, they contribute to the overall development of a region. 9. Collaborator Networking: Successful tourism entrepreneurs collaborate with local businesses, governments, tour operators, and international agencies to create a comprehensive tourism ecosystem. Public-private partnerships: They often work with government agencies and local authorities to improve infrastructure, promote destinations, and develop tourism Other Roles of Tourism Entrepreneur 10. Marketer and Promoter Destination marketing: Tourism entrepreneurs play a key role in marketing and promoting destinations, both locally and internationally, through online platforms, advertisements, and partnerships. Brand development: They create a strong brand identity for their services or experiences, which can influence the perception of a destination or tourism service. SUMMARY Tourism entrepreneurship has been recognized as the basic way to provide strategic support for maintaining business development, especially in rural areas. Roles demonstrate that tourism entrepreneurs are instrumental in shaping the tourism industry, driving economic growth, and promoting sustainability and cultural preservation.