The family business in tourism and hospitality. Maideen ve S. Mohd Sukarno Thus, it seems there is a positive and direct relationship between regional local entrepreneurship applications and regional tourism development in economic and social aspects as the following figure 5 related to the global entrepreneurship monitor conceptual model and the case study indicates.
The Global Entrepreneurship Monitor Conceptual Model Social, cultural, Major firms in tourism primary political economy and context in tourism SME's secondary and hospitality economy New tourism and hospitality Optimization of establishments, opportunities by ventures and firms: tourism Regional tourism entrepreneurs development and national economic growth Entrepreneurial motives, skills and capacities in tourism: entrepreneurial framework for tourism and hospitality Adapted from: Lee-Ross, D.
Entrepreneurship and small business management in the hospitality industry. It is also a fact that, novel tourism entrepreneurship processes leads to the production and introduction of many new tourism types and innovative applications in the tourism and hospitality market. With the conceptualization and commercialization of this specific individual entrepreneurship process, the village has become a global success story in terms of sustainability , some years after.
In addition, as an accompanying sub sector, local fruit wine production was increased leading to Sirince fruit wines to become an important national brand Beker, In addition to this improvement, historic buildings were registered as cultural assets by the Conservation Council.
Thus,as a success story originating from an individual entrepreneurship process in hospitality, this small village, famous for heritage tourism, cultural tourism and specific fruit wine tourism is a globally popular destination today.
Provided that entrepreneurial small firms innovate, fill market niches, increase competition and promote economic efficiency during their activities within the process, this case proves true the assumption of Lee-Ross and Lashley , which argues entrepreneurship process applications being vital for regional economic growth.
Conclusion and Suggestions When historically compared with other industries like manufacturing or other service industries like medicine or financial services, it is seen that the tourism and hospitality industry traditionally demonstrated a lower involvement in entrepreneurial approaches. Although entrepreneurship has relatively increased for both global tourism chains and for SMEs during the last decade, still they are not very common and need to improve due to the economic and social benefits entrepreneurial approaches bring to people, firms and destinations.
For the entrepreneurial improvement and more widespread applications within the tourism industry, it is important to identify the specific unique characteristics of the process. When this specific structure is analysed, it is understood that there exists a high SME proportion within the tourism industry, rapid changes in industry trends and rapid change in tourist behaviour and preferences. In addition, the motive, goal and values, attitudes, strategies and success requirements all differ for tourism entrepreneurs.
Yet tourism entrepreneurs seem to be highly motivated by life-style, QOL, locational preferences and other non-economic motives which are not common in general business entrepreneurs whose main motive seem to be profit maximization and financial independence.
Also, the nature of the process is varied since entrepreneurship processes are accepted as a form of consumption rather than production in tourism and hospitality. Therefore, tourism entrepreneurs need advanced marketing skills like improved communication, customer orientation, PR and such since tourism is an intangible service dependent on physical evidence and servicescape for image management, positioning and quality assurance.
Novel tourism entrepreneurship processes usually leads to the production and introduction of many new tourism types, diversification of tourism products and innovative applications in practice.
Local gastronomy tourism, rural adventure tourism specific to local attractions , sustainable regional eco- tourism packages, local dark tourism, applications of specific local events and festivals, slow tourism, slow food move, agri-tourism farms, authentic and ethnic family based restaurants are some popular examples which were brought to the market as outcomes of innovative tourism entrepreneurship processes.
Therefore, compliance of the new and novel tourism types to market trends for successful entrepreneurial process is essential but not enough since continuous updating is also, necessary. This is a challenge, which needs to be supported more by related project funds and managerial applications like partnerships and strategic alliances leading to synergy and cost reduction. Thus, it seems there is a positive and direct relationship between regional local entrepreneurship applications and regional tourism development in economic and social aspects , which implies that the positive incentive measures for tourism entrepreneurs should be supported by governments and local authorities.
Research limitations and practical implications Time limit is being the first constraint and the reliance on the secondary data is the second constraint of the study. Primary data usage and application of a quantitative research on the same topic is recommended for further studies. It may be stated as a practical implication that when compared with general business applications the tourism and hospitality industry entrepreneurship process, though having many common points, has its own and unique differences.
Thus, for better and more efficient applications it maybe suggested to practioners to take that into consideration the unique tourism industry specifics. References Agca, V. Bagimsiz girisimcilik ve ic girisimcilik arasindaki farklar: kavramsal bir cerceve. The protean entrepreneur: the entrepreneurial process as fitting self and circumstance.
Journal of Enterprising Culture, 8 03 , Ardichvili, A. A theory of entrepreneurial opportunity identification and development. Journal of Business venturing, 18 1 , Ateljevic, I.
Journal of Sustainable Tourism, 8 5 , Beker, O. Ankara, Turkey. Blawatt, K. Entrepreneurship: Process and management. Prentice Hall. Bygrave, W.
Theory building in the entrepreneurship paradigm. Journal of Business Venturing, 8 3 , Baron, R. Behavioral and cognitive factors in entrepreneurship: Entrepreneurs as the active element in new venture creation. Close suggestions Search Search. User Settings.
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Explore Podcasts All podcasts. Difficulty Beginner Intermediate Advanced. Explore Documents. Uploaded by Jazmin Marie Lachica. Document Information click to expand document information Original Title Characteristics-of-an-Entrepreneur. Did you find this document useful? Is this content inappropriate? Report this Document. Flag for inappropriate content. Original Title: Characteristics-of-an-Entrepreneur. Related titles. Carousel Previous Carousel Next. Jump to Page. Search inside document. They are confident and optimistic.
They are disciplined self starters. They are open to any new ideas which cross their path Side note: Rich20Something is a great book about this , it covers the mindset of millennial entrepreneurs.
While some believe that entrepreneurs are born rather than made, anyone can at least learn some of the characteristics that make entrepreneurs what they are.
There is no single definition of what an entrepreneur actually is, but the term usually refers to someone who, among other things, spearheads a venture, makes decisions on how to proceed, secures the capital needed to make the venture a reality, and shoulders most or all of the associated risk.
In order to think like an entrepreneur, you need to have or develop the characteristics of an entrepreneur. Read on to find out about entrepreneurial skills that will help you in the workplace.
Entrepreneurs are by nature motivated. After all, they put in long hours to get their ventures off of the ground and invest large sums — sometimes everything they have — to pursue their dreams.
They do all of this knowing that it could take months or even years for them to possibly reap the fruit of their labor. Yet they refuse to give in to a fear of failure. So strong motivation, not to mention a steely focus, is needed to stick with ventures over the long haul. Passion is another characteristic of entrepreneurs. While a good payday at the end of the tunnel is good for motivation, entrepreneurs tend to be more driven by a passion for their offering as well as by a desire to make a difference.
This passion or drive also helps to sustain entrepreneurs during periods where discouragement might otherwise manifest itself. The best entrepreneurs have a vision as to what they want to achieve, how they can accomplish their objectives, and whom they need on their side to reach their goals. Their vision acts like a compass that points them in the direction of opportunities that perhaps no one else has found.
They also have the ability to translate their vision in a way that staff and investors can understand. Moreover, in the process, they also create better goods and services for the consumer.
Through their innovations, they contribute to the improvement of the standard of living. So they do not only help the economy, they also help society. They chapter explains the various characteristics and traits of an entrepreneur. This chapter also discusses the qualities of successful entrepreneurship.
These are several definitions or meaning of entrepreneur here some of them. Cantillon defines an entrepreneur as one who bears uncertainty, buys labor and materials, and sells products at uncertain prices. He is one who takes risks and makes innovations on the factors of production.
In French concept, an entrepreneur is an adventurer, under taker, and projector. His function is to supply and accumulate capital. To Schumpeter an entrepreneur is an innovator. He does new thing or does things in a new way.
He supplies new products; makes new techniques of production; discovers new markets; and develops new sources of raw material. Say, an economist, explain that an entrepreneur is one who shifts economic resources from an area of lower productivity to an area of higher productivity to an area of higher productivity and greater yield. The American Heritage Dictionary defines an entrepreneur as a person who organizes, operate, and assumes the risk for business ventures. The pure entrepreneur are those who launch their own ventures from each.
They develop scarce resources into successful business by their instinct for opportunity, sense of timing, hard work, and idea-producing activity. According to Geoffrey Meredith, author of The Practice of entrepreneur are people who have the ability to see and evaluate business opportunities, to gather the necessary resources and to take advantage of them, and to initiate appropriate action to ensure success.
Characteristics are distinguishing traits or qualities, like honesty, courage, integrity or punctuality.
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