Hospitality Entrepreneurship Assignment Example | Topics and Well Written Essays - 2250 words

Hospitality Entrepreneurship - Assignment Example The qualities and attributes are usually same in every entrepreneurial act as long as the focus is on the basics, however it differs when you proceed further into the operations, like the basics in every service based or small business entrepreneurship would be more or less same. The characteristics of Marriott were that he was having willingness to take risks and a desire to make his dreams come true, he possessed self-confidence and met the challenges that confront him, he believed a lot on his hard work and efforts rather than blaming his fate. Of course the rewards that he got for doing all that are quite visible. The other things that are attached with the Hospitality Entrepreneurship are Segmentation, Location (Depends on business type), Communication, Advertising and Sales Promotion, Finance Management and above all the Human resource employed. The segmentation is necessary in Hospit... If you are having a hospitality entrepreneurship the three things you have to worry about are Location, Location and Location, as you should facilitate the target audience with the facility of identifying you easily. The communication is another aspect of hospitality business, as the customers cannot expect you to do some other work than their work. The sales promotion is necessary in order to attract the old customers and also for the purpose of getting them back. You also need to take care about the finance, every thing should be operated within the allocated budget otherwise things would be sooner out of your hands and finally Human resources are the key in hospitality, as the customer wants you to be very frank and well mannered at the same time. So the initial mission of Marriott was to provide people with entertainment and a unique service which today has become so common, it would not be unfair to say that Marriott is the role model in brining innovation in the hospitality industry. "To develop successful innovation, a corporation should establish a conducive organizational climate. Traditional managers tend to adhere more strictly to establish hierarchical structures, to be less risk oriented, and to emphasize short terms results, all of which inhibit the creativity, flexibility, and risk required for new ventures. Organizations desiring an intrapreneurial climate need to encourage new ideas and experimental efforts, eliminating opportunity parameters, make resources available, promote a teamwork approach and voluntary intrapreneurship, and enlist top management's support." (Hisrich, M. Peters, D. Shepherd 54) The management of the external resources has turned these days extremely important, if this section would be