Entrepreneurship in the Hospitality Industry and Its Emerging Trends

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TABLE OF CONTENTS

INTRODUCTION1

RESEARCH4

SIGNIFICANCE AND OBJECTIVES4

LITERATURE REVIEW5

The Application of Brand Extensions in the Hospitality Industry5

Theories of Entrepreneurship and Innovation6

Theory of “entrepreneur risk”6

Joseph Schumpeter's Innovation Theory7

The theory of the entrepreneur as a function of leadership8

Role of entrepreneurship in the industry8

METHODOLOGY10

Research design10

Data Collection10

DELIMITATIONS AND LIMITATIONS TO THE STUDY11

Using keywords11

Time table12

Gantt chart12

Summary and Transition12

REFERENCES13

INTRODUCTION

The hospitality industry has been given due importance nowadays, these are for profit, private the government hospitals, not for profit institutions, which have been, established to facilitate the public (Walker & Miller, 2010, 220 ). In the hospitality industry it is important to have a formal structure for the project as well as for the project staff, this structure will help an individual to understand the clear view of the project, as well as it will help staff to understand their responsibility and their assignments, so it will become easy for the staff to achieve their project objectives and goals. The business of hospitality is related to the distinct but almost related industries, which includes restaurant industry and hotel industry. Bramwell and Rawding state that the term hospitality includes larger system of companies it includes food, transportation, cruise, theme park, travel and real estate industries (Stokes & Wilson, 2010, 99 ). The traditional value proposition of hospitality has been expanded to a variety of services and entertainment offering. Hospitality refers to the relationship between consumers and companies.

Branding is a process that aims to create and position the unique image of the company, products and services. The ultimate goal of branding is to create a brand that has unique external features and internal message content, meets the expectations of consumers, and clearly attracts attention of the consumers. This leads to an increase in the purchase intention of that brand (Keister, 2005, 80 ). Branding is a key indispensable tool for the successful operation of the company both in b2c, and b2b. The concept of branding is general and does not end with the “name” of a company; it not only serves to identify a product and service, but an entire organization. The applications of branding are not directed only to a particular audience, but rather to all individuals in society and organizations, as well as, affecting all services and products. Branding enhances the concept of “solution” for customers, showing a particular company as the “only” able to solve effectively the present and future need, that by a psychosocial well-thought strategy.

Courage: Courage is the feeling that a person gains when he tries to do something which has fear in itself (Praag, 1996, 160 ). A person needs courage or he has the courage, when he wants to do something but not sure about the certainty that whether that something is possible or not. It is the quality of a successful entrepreneur, which while doing anything he feels satisfied and have the courage of doing that specific thing.

Self Discipline: It is one of the qualities of people having successful ...