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TL2011 - ENTREPRENEURSHIP & HOSPITALITY
Transcript of TL2011 - ENTREPRENEURSHIP & HOSPITALITY
“Because entrepreneurs create all wealth, all jobs, all opportunities and all prosperity in the nation, they are important people in a market economy – and there are never enough of them”
(Entrepreneur, 21 March 2005) Why are they so
important? The English Dictionary Definition
-noun 1. a person who organizes and
manages any enterprise, esp. A business, usually with considerate initiative
2. An employer of productive
labour; contractor Different academic theories about Entrepreneurship Leadership, management ability and team-building as essential qualities of an entrepreneur (Robert B. Reich) Shane and VenKataraman (2000) argue the entrepreneur is solely concerned with opportunity recognition and exploitation; however, the opportunity that is recognised depends on the type of entrepreneur. Other academics say the entrepreneur is an organiser of factors of production acting as a catalyst for economic change (Deakins and Freel, 2009). Shackle argues that the entrepreneur is a highly creative individual who imagines new solutions providing new opportunities for reward. Most research focuses on the traits of the entrepreneur. Cope (2001) argues that although certain entrepreneurial traits are required, entrepreneurs’ behaviour is dynamic and influences by environmental factors. Is this correct? Entrepreneurs just think in a different way and it is really all about psychology and this can be provoked by an environment? TL2011 - Aurora Pulido-Ortega THE HOSPITALITY INDUSTRY HAS ITS OWN entrepreneurs Conrad Hilton Charles Forte Ray Croc Context, Theoretical Perspectives
and Definitions Can you think of someone you know
would be recognized as an entrepreneur?
To what do you attribute their success, luck, skill, talent, propensity for risk-taking leadership ability or a combination of them? John Lovejoy
Founder of Nomadic Nation I started my own company, Nomadic Nation, a few years ago focusing on adventure travel 'treks' for charity. I know, I know, it's been done a million times over but Nomadic Nation is also a production company focusing on bringing these treks to the world. 4 Treks & 2 Shows so far:
Tuk-Tuk Trek ENTREPRENEURS:
PROS & CONS
what do you think?? PROS Change, risk, uncertainty of income and the requirement to make many decisions in new “unknown” areas PROS & CONS MTV Exit TED TALKS Shows broadcasted in the Travel Channel Independence and relative freedom from constraints including decision-making Able to use many skills, abilities and talents Accountable to oneself and control over own destiny Status, achievement and chance to reach one’s full potential CONS Many skills and abilities required, complete responsibility Lower quality of life in early stages
with notable potential or failure Long hours and “hard work Could you be an entrepreneur?
Answer these questions to find out 8. You have made plans for taking a holiday. Just prior to leaving, the plumbing springs a leak and the electricity blows a fuse.
Do you: Get really angry/
Take it in your stride, postpone the holiday and fix the problems
(Entrepreneurs must be flexible and deal with problems as they arise Life cycle model stages of an entrepreneurial firm and development "The secret of those who amaze the world is that they regard nothing to be impossible." - Thoreau DEFINITIONS WHO???? “Scotland has 20,000 small business.
Are they all entrepreneurs? Unlikely.
There needs to be a clear definition between
those that run small businesses and the true entrepreneur. Not every small business
leader is an entrepreneur.”
Peter Lederer, Chairman of Gleneagles) "one who creates a new business in the face of risk and uncertainty the purpose of achieving profit and growth by identifying significant opportunities and assembling necessary resources to capitalize on them"
(Zimmerer and Scarborough, 2005, p.3) entrepreneurial
skills Have a natural instinct for the financial condition of his/her business
Are intensely focused on sales, cash flow and revenue at all times Optimistic &
future oriented Believe that success
is possible Willing to risk their
resources in the pursuit of profit Fast moving & flexible Willing to change quickly when they get new information Persistent & determined to succeed (money & ego @ risk) Skilled at selling against competitors by
creating USP Capable of dealing effectively with the
legal and governmental requirements of
business Capable of setting up the
internal business systems,
processes, procedures and bookkeeping necessary for operating successful business Stages Hospitality
entrepreneurs Hospitality entrepreneurs on the rise
The numbers of young entrepreneurs starting up businesses in the hospitality industry is on the increase, according to a recent report, which defined the sector as ‘vulnerable’ due to short-term operating challenges. 2.5 year failure rate of starts-ups
manned by one person is around 45%,
22% in 3 years. However, the survival rate beyond 3 years
grows from 33% (one director) to 39% when
a young person teams up with someone aged
26 or over, increasing to 48% when more than one
person is on board Challenges The challenge that exit for newcomers to the hospitality is lack of understanding of the sector and the challenges it faces. Successful hospitality bussines owners will tell you that success int eh sector comes to those that marry solid understand of what makes hospitality customers tick with core business skills such as sales, marketing and finance The British Hospitality Association (BHA) said that obtaining funds for start-up business in hospitality has become very difficult. Running a hotel or a restaurant is a very tough job, involving long hours, patience, people skills, technical knowledge and business acumen The BHA's message to young entrepreneurs is clear: in order to succeed, you must understand the industry. "Work in the business for a year or so to get to know what it's like before you make any business commitment" Business Advice: 80% of diners turn down
desserts, but perfect presentation and the right flavour pairings can reverse this S.M.A.R.T goals If you answered:
All eight correctly you fall into the category of individuals having an entrepreneurial aptitude.
Four correctly, start a part-time entrepreneurial
venture or find a “co-preneur” to help.
Fewer than four answered correctly;
don’t give up your day job. 1. When you look at an ink blot how many things can you see?
Just one/More than just one
(The inkblot or Rorschach test targets a tolerance
for ambiguity which is thought to be a good indicator of an entrepreneur) 2. You are seated in the front row of a theatre and the performer beckons you on stage to help with the act. Would you:
Run out crying?/Accept the invitation with glee?
(Entrepreneurs must have an ability to think on their feet and to sell themselves and their business to everyone) 3. You are considering taking a cycling holiday, which would you prefer?
A mountain bike excursion over rugged terrain/Ridding a smooth road surface
(In business, there is no such a thing as a smooth ride. Success is very often littered with hazards, potholes and frustrations) 4. Can you take a no for an answer? Yes/No
(Banks, investors, venture capitalists and other financiers may turn your proposals down many times. Rejection should motivate you to try harder) 5. You are thinking of buying a new home. Do you:
Purchase one that’s already build/Find a vacant plot of
land and build a new one?
(Entrepreneurs are builders and architects of their own businesses.
They have to identify an opportunity, establish a robust and appropriate structure while staying within budget. 6. Your neighbour’s cute little kids knock on your front door trying to raise money for their school by selling raffle tickets.
Do you: Buy some /Buy none
(If you can say “no”, so much the better. Running your own business often means saying “no” as well as “yes” to family, friends, relatives and others. 7. Can you watch and absorb a news programme,
edit presentation, listen to music:
(Start –up firms do not have the luxury of division
of labour. You will have to occupy many different roles
including that of CEO, marketing manager, HR manager,
technical roles and often at the same time). REFERENCES Cope J. (2001) The entrepreneurial experience: towards a dynamic learning perspective of entrepreneurship. Lancaster, UK: Lancaster University.
Deakins D and Freel M. (2009) Entreprenurship and Small Firms: McGraw-Hill Higher Education.
Lee-Ross D and Lashley C. (2008) Entrepreneurship and Small Business Management in the Hospitality Industry Oxford: Taylor & Francis Ltd.
Shane S and Venkataraman S. (2000) The promise of entrepreneurship as a field of research.
The Academy of Management Review 25: 217-226.
Sheppardson C and Gibson HJ. (2011) Leadership and Entrepreneurship in the Hospitality
Industry Oxford: Goodfellow Publishers Limited.
Zapalska A, Brozik D and Rudd D. (2004) Characteristics of Polish entrepreneurship in the
tourism and hospitality industry. Tourism 52: 215-234 Do you have what it takes??? SEMINAR: Think about a venture you
would like to start and set