Entrep

• Enterprise - an activity or a project that produces services or products.
• There are two types of enterprise.

  Business enterprises

  Social enterprises
• Business enterprises are run to make a profit.
• Social enterprises provide services to individuals and groups in the community
• Entrepreneurship - the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit.
• Entrepreneurs - someone who starts or owns a business. Whether it's in farming, retail, manufacturing or in the service sector, entrepreneurs are businesspeople who find their success by taking risks.
• The word entrepreneurship originates from the French word

  “entrependre”, which means “to undertake”
• Entrepreneurship is the key to innovation, productivity and effective competition.
• When a person realizes his ability or capacity and makes its practical use and establishes new business unit this activity is known as entrepreneurship.
• Various views about entrepreneur

  ✓ as a risk bearer

  ✓ as an organizer

  ✓ as an innovator
• Traditional Concept - Ability and aptitude to bear various types of business related risk and facing of uncertainties.
• Modern Concept - The ability to establish new enterprise, and

  carrying out various new improvements in the enterprise
• The tourism and hospitality industries are dominated by small business and the vast majority of the entrepreneurs are lifestyles and rather than rational professionals.
• Tourism, hospitality and leisure industries are primarily based on

  entrepreneurship and small businesses (Thomas, 1988 et al)
• Entrepreneurs needs to have an innovation mindset so they can stand out in the marketplace.
• Create a compelling message. Positioning is communicating the

  overall positive impression of a brand, relative to competition.
• Product/Service Positioning Points: Must be Relevant, Must be Unique, and Must be Communicated.
• Product/Service Innovations – It could be new or significantly improved services. Observed by the customer and regarded as new;

  ✓ never seen before

  ✓ new to particular enterprise or destination

  ✓ may become factor in purchase decision
• Process Innovations – backstage initiatives of efficiency, productivity, and flow. It often facilitated by technology investments (ICT) and in combination with competence building and HRM (Human Resource Management)
• Market Innovations – Strategic Activity vs. markets

  segments

  message

  brands

  ✓ loyalty programs

  ✓ integration of tourism products

  ✓ experience in other products
• Roles of Entrepreneurship in Economic

  ✓Promotes Capital Formation

  ✓ Create Large-Scale Employment Opportunities

  ✓ Promotes Balanced Regional Development

  ✓ Reduces Concentration of Economic Power

  ✓Roles of Entrepreneurship in Economic

  ✓ Wealth Creation and Distribution

  ✓ Increasing Gross National Product and Per Capita Income

  ✓ Improvement in the Standard of Living