MODULE THC319

Entrepreneurship in Tourism & Hospitality

LESSON 1: INTRODUCTON TO ENTREPRENEURSHIP IN

TOURISM AND HOSPITALITY

Name: Boren, Maricar R. Course/ Year & Section: BSHM 3D

Video Guide 1:

LEARNING LOG

Entrepreneurship is best described as the process oppurtunities without limitation by the resources,it
currently doing something new and something different with intention of creating wealth for the
individual and adding value to the society.

Based on the video i watched,there are main differences between entrepreneurship; The SME
Entrepreneurship stand for ( small medium enterprise) and the IDE ( innovation driven
entrepreneurship. Sme Entrepreneurship is important for access to finance and support programmes
target specifucally at these enterprise it intends to significantly raise both the proportion Of SMEs using
digital technologies and the proportion using sustainable business practices ,It helps to expand, and
scale it up within the single market and beyond about sme strategy.It provides entrepreneurs with
information and interactive service that help them expand thier business abroad, access market
information,overcome legal obstacle and find potential business.

While The Innovation Driven Entrepreneurship it is the pursuit of possibilities centered on goods or
repeatable services outside of the local market,they concentrate on extremely local or world
markets,the business is built on some from of innovation they frequently have a more diverse
ownership base. it more likely value collaboration the business first invests time,energy,and
resources ,but over time will experience exponential growth ,when a company recieves investment,the
revenue does not increase as quickly does in small and medium enterprise.

Above all, Entreprenurship recognizing change ,seizing oppurtunity accepting risk,and

responsibility ,making better use of resources,produce new value that is valuable to customer and
repeating the process again, are the over all characteristics of entrepreneurship.

Video Guide 2
LEARNING LOG

According to Mark Lerustete's video " What they dont tell you about entrepreneurship,it talks openly
and truthfully about the pressure and struggles associated with starting a business and what actually
feel.Starting a business will address all of the issues with our jobs,our lives.an entrepreneur will result in
greater flexiblity,freedom,joy,recognition,meaning,and most importantly,more money.

Being entrepreneur is a much harder work than most people are ready to admit because business
appears to be doing incredibly great things while doing deceptively tiny ones.many business owners
have admitted to having had reservation about thier companies would ever develop at some time in
thier careers.

Despite the challenges,we can always achieve if we have grit,preservance,a plan and the desire to grow
and change.begin with a side business,be ready for these forthcoming hurdles,and learn along the
journey.

Discussion Sessions

1.Explain entrepreneurship according to frank knight.

Answer: Frank knight described entrepreneurship as the decision made by a projects leader or other
powerful individual. Profit earned by the entrepreneur who make decision in an uncertain
environment ,is the entrepreneurs reward for bearing insurable risk .he also produced a monorgraph
entitled the economic organization,which became a classic exposition of microeconomuc theory.

2.Differentiate high level kind of entrepreneurship from low level kind of entrepreneurship.

Answer: According to schumpeter high level kind of entrepreneur that ,historically,has led to the
creation of railroads,the birth of the chemical,industry,the commercial exploitaion of colonies,and the
emergence of multidivisoional multinational firm.while low level kind of entrepreneurshoip carried on
by small firms.Entrepreneurs provide price quotation to others as an invitation to trade with them,they
hope to make a profit by buying cheap and selling dealer.İn the long run ,competition between
entrepreneurs arbitrage away price differentials,but in the short run,such dwfferentials,once
diascovered ,generate a profit for the arbitrgeur.

3.Explain entrepreneurship according to hayek and kirzner.

Answer: Kirznerian entreprenership deals with the means of slow moving economic
transformation,individual alertness during market process.Entrepreneuial knowledge according to
hayek id by no means scientific,the entreprenurial spirit is embodied in the habits and disposition that
are dispersed throughout society.