HFT Exam 1 Ch. 5
Entrepreneurship in Hospitality - answer-Hospitality industry offers many opportunities
for entrepreneurs to start and own their own businesses: from restaurants, to bed a
bfasts, inns, hotels, resorts, and more.
-More than 7 out of 10 restaurants are independent facilities, and 93% of foodservice
locations have fewer than 50 employees. (NRA Facebook, 2013)
-Many advantages, one being you are your own boss.
-One misconception is that if you are the boss, you can set your own hours and do only
what you want to do.
-In hospitality, the guest is the boss.
Entrepreneurial Traits - answer Entrepreneur is one who organizes, manages, and
assumes the risks of a business or enterprise.
They are responsible for all the decision making, all the risk. It is their business.
They are different from managers in that they often run the business on a day-to-day
basis, like a manager, but they are also the driving force and idea generator.
They come up with the concept for the business and are responsible for making things
work.
Have a driving passion for their business. Be self-motivated and motivate others. Exude
confidence. Not afraid of failure
It takes a good idea, preferably a good location, and a good team of people to get a
business up and running.
According to Eric Wagoner in a Forbes magazine article, the "Seven Traits of Incredibly
Successful Entrepreneurs" - answer1. Abounding curiosity
2. Bursting with creativity
3. Clarity of vision
4. Ability to communicate
5. Leadership acumen
6. Loving risk and taking action
7. Tenacious beyond belief
, Advantages of Hospitality Entrepreneurship - answerHospitality is a huge umbrella with
many different businesses underneath.
People start businesses in this field because it is often a field where people have
experience. It is best to start in a place you are comfortable in.
According to NRA Factbook, one half of all adults have worked in the restaurant
industry at some point in their lives.
Have to decide between making all the decisions yourself and open an independent
business, or buy a franchise.
The biggest advantage to starting your own business is the ability to use your creativity
to make it unique.
Independent operation of a independent business would not be a part of any chain of
businesses. No brand affiliation.
Entrepreneurial ventures mean that the person owns the business runs the business,
whereas you can have an independent business owned and manage by different people
which makes it not entrepreneurial in nature.
The downside of being the final decision maker is the lack of brand affiliation.
Chains spend much time determining standards and guidelines to ensure the guest
experiences. They build lasting relationships.
Brands help consumers associate the value to the product because of the recognition of
the name.
The name represents the features, benefits, and quality of the product being purchased.
(Kotler & Armstrong, 2014)
Challenges of and Independent Hospitality Business - answerThe challenges are a lack
of widely recognized brand name, lack of chain marketing, reservation system, and
frequent guest programs.
Your name may have strong brand appeal locally, or your region may be marketed by a
chamber of commerce or a Convention and Visitor's Bureau (CVB)
Due to improvements in technology, independent businesses can have reservation
systems, web pages, social media, and many services for a reasonable fee just like
chains do.
Entrepreneurship in Hospitality - answer-Hospitality industry offers many opportunities
for entrepreneurs to start and own their own businesses: from restaurants, to bed a
bfasts, inns, hotels, resorts, and more.
-More than 7 out of 10 restaurants are independent facilities, and 93% of foodservice
locations have fewer than 50 employees. (NRA Facebook, 2013)
-Many advantages, one being you are your own boss.
-One misconception is that if you are the boss, you can set your own hours and do only
what you want to do.
-In hospitality, the guest is the boss.
Entrepreneurial Traits - answer Entrepreneur is one who organizes, manages, and
assumes the risks of a business or enterprise.
They are responsible for all the decision making, all the risk. It is their business.
They are different from managers in that they often run the business on a day-to-day
basis, like a manager, but they are also the driving force and idea generator.
They come up with the concept for the business and are responsible for making things
work.
Have a driving passion for their business. Be self-motivated and motivate others. Exude
confidence. Not afraid of failure
It takes a good idea, preferably a good location, and a good team of people to get a
business up and running.
According to Eric Wagoner in a Forbes magazine article, the "Seven Traits of Incredibly
Successful Entrepreneurs" - answer1. Abounding curiosity
2. Bursting with creativity
3. Clarity of vision
4. Ability to communicate
5. Leadership acumen
6. Loving risk and taking action
7. Tenacious beyond belief
, Advantages of Hospitality Entrepreneurship - answerHospitality is a huge umbrella with
many different businesses underneath.
People start businesses in this field because it is often a field where people have
experience. It is best to start in a place you are comfortable in.
According to NRA Factbook, one half of all adults have worked in the restaurant
industry at some point in their lives.
Have to decide between making all the decisions yourself and open an independent
business, or buy a franchise.
The biggest advantage to starting your own business is the ability to use your creativity
to make it unique.
Independent operation of a independent business would not be a part of any chain of
businesses. No brand affiliation.
Entrepreneurial ventures mean that the person owns the business runs the business,
whereas you can have an independent business owned and manage by different people
which makes it not entrepreneurial in nature.
The downside of being the final decision maker is the lack of brand affiliation.
Chains spend much time determining standards and guidelines to ensure the guest
experiences. They build lasting relationships.
Brands help consumers associate the value to the product because of the recognition of
the name.
The name represents the features, benefits, and quality of the product being purchased.
(Kotler & Armstrong, 2014)
Challenges of and Independent Hospitality Business - answerThe challenges are a lack
of widely recognized brand name, lack of chain marketing, reservation system, and
frequent guest programs.
Your name may have strong brand appeal locally, or your region may be marketed by a
chamber of commerce or a Convention and Visitor's Bureau (CVB)
Due to improvements in technology, independent businesses can have reservation
systems, web pages, social media, and many services for a reasonable fee just like
chains do.
