Entrepreneurial Opportunities

Entrepreneurial Opportunities

Introduction

The tourist area provides the basis of concept and the chances for the success of venture and entrepreneurial opportunities. The successful venture should be established after the careful and thorough analysis of the tourist area. This enables and assists the entrepreneur in realizing the profits in an effective manner. Therefore, it can be stated that the success depends upon the tourist area. Hence, it is essential for the entrepreneur to develop strategies and plans to aid the concept overall. This paper discusses the initiation of concept of starting hotel/inn/bed and breakfast, analyzing the environment for tourist area, its competitive advantage over other areas, and plans to assist the concept.

Discussion

The emphasis and influence of tourist area over the venture is inevitable. This means that tourist area accounts for more than just the venture itself. The entire opportunity outcome is based on the tourist spot. Las Vegas provides immense opportunity in this regard. It can be stated as the bonanza for entrepreneurs due to its high rate of monetary circulation in games and business. This place is believed to be the fortune for any person who succeeds in planting a flourishing business in such area. The place is also known for attracting large number of visitors and tourists. Therefore, this spot can be affirmed as perfectly suitable for concept of starting hotel/inn/bed and breakfast.

Environmental Analysis of Tourist Area

Vegas hold the reputation of lottery for any person who is interested in starting a hotel. The environmental analysis of this tourist area can be bifurcated into various sections such as opportunities, threats, strengths, and weakness (Diefendorf, 2000). Las Vegas provides opportunities for people up to some extent. The strengths of such tourist spot are the circulation of money in large cash flows such as amounts bet over games. Furthermore, people enthusiastically visits such place with pleasure to enjoy themselves. This provides concrete reasons to invest in such tourist area. The weakness and threats usually arises from the competition prevailing in the current markets.

Las Vegas is overcrowded by many businesses involved in a wide range of activities. This indicates the slow growth of newly started business or hotel. The tourist area in a busy place such as Las Vegas city could be beneficial in terms of boosting the any sort of compatible business. The concept of starting a hotel in a place where more people visit on regular basis holds the key to prosperity.

Strategies for Concepts to Succeed

The strategies are vital to develop in order for any concept to succeed (Hitt, 2002). There are many strategies to consider when starting a hotel in Las Vegas. Three strategies are discussed below.

The delivery of concept and promotion of idea in an effective manner is highly essential for any business to succeed. This includes the promotional strategy for hotel which engages promotional mix and selection of valuable media channels. The advertisement in Vegas for any given business such as hotel would be easy and convenient due to ...