Handout 1 Flashcards
an innovative way of taking every opportunity by being accountable for today’s resources to fulfill future needs and wants.
Entrepreneurship
pursuit of growing wealth, employment, and social good by professionally applying knowledge, skills, and competencies through monetizing tourism-related new ideas set by an individual or a group of people by establishing a new enterprise, or by cultivating development from an existing one.
Tourism entrepreneurship
defined as creating something new with value by giving time and effort by supporting it with financial, psychic, and social risks.
Entrepreneurship
about doing businesses that are relevant to the hospitality industry, such as lodges or accommodation-related businesses and restaurants reaching the wide-variety of the market, either domestic or international, enough to help in the growth of the national economy.
Hospitality entrepreneurship
the type of tourism where people travel or do a business within their country of origin.
Domestic tourism business
Defined by the United
Nations World Tourism Organization (UNWTO), includes the movement of inbound and outbound tourism, which involves residents or visitors’ activities outside the country of reference.
International tourism business
These are the businesses that extend over a year and operate even out of
season.
Tourism for very extensive period’ business
These are the
businesses that make every production manageable. It
usually tries adapting to changes
Tourism of long period business
There are
seasonal fluctuations in demand that are happening in
every industry.
Tourism of compact period business
The market of youth tourism is growing over time,which increases the interest to develop further studies as to why this is happening. Entrepreneurs believe that studying the action of the market will impact the development of socio-cultural, economic, and environmental aspects
Youth and grown-up’s tourism business
Leisure and
tourism activities are the relevant combinations of the
elderly’s discretionary time.
Specific for adult group tourism business
Successful entrepreneurs are motivated
and dedicated to making a difference by thinking of the
best way to produce somethingthat will help the
people and the community they belong to
Passion for the business
This is a relevant characteristic as this will help the entrepreneur know what products or services to produce to meet consumer needs. This highlights the entrepreneur’s ability to analyze the community’s need to give them the best product or service enough to make living easier and convenient.
Product/Consumer focus
This emphasizes that successful entrepreneurs are not afraid of failure.
They take every wrong decision or failing moment as part of building something.
Tenacity despite failure
One of an entrepreneur’s main characteristics is its creativity to turn a brief idea into a feasible business or venture.
Execution intelligence
