CHAPTER 6: Preparation Toward an

Entrepreneurial Journey
 ▪ Understand why and how business must blind a
competitive advantage in the market
▪ Understand the basic strategies that comes with the
creation of a business

▪ Integrate the various concepts that will turn ideas into

OBJECTIVES workable plans for creating an enterprise

▪ Appreciate the focus on creativity and innovation as the

grounding for any enterprise creation

▪ Establish the enterprise creation basics within the

context of tourism and hospitality
 ▪ Looking at potential business ideas by keenly
and insightfully observing current market
conditions and seizing opportunities.
Converting Ideas ▪ Groundbreaking developments in science and
to Reality technology that needs commercialization,
international trends that can be converted to a
hyped product and service, new markets due
to migration and green business direction.
 ▪ Agility to pivot, when needed, is valuable quality and a
testament to creativity.
▪ Crafting new ideas and processes.
▪ Allows entrepreneur to outsmart the competition and gets
Creativity in ahead with ever changing and value adding offer to the
market.
Entrepreneurship ▪ Important management asset, developed through
constant use and practice.
▪ Valuable in an entrepreneur’s tool kit.
 ▪ Oslo Manual (OECD,2018) – five types of innovation
1. Organizational innovation- changes in organizational
strategies that will cause a change in company culture
and general practices.
2. Process innovation- change in the way the products or
services get produced, created, and delivered to the
final consumer. Variation in technology, equipment, or
Innovation in software.

Entrepreneurship 3. Product innovation- introducing new or enhanced

products or service features that will induce new product
or service experience and satisfaction.
4. Marketing innovation- creative ideas and executing in
price, packaging, design and promotion
5. Eco innovation- innovation borne out of a business’s
direction toward sustainability agenda.
 ▪ Entrepreneurial Passion – a sustaining force to get ideas
into concretization.
▪ Critical for the success of start-up or expansion
▪ It is the deciding factor to success or failure
Passion Follow- ▪ Motivational paradigm that is characterized by positive
through in emotional and internal drive.
▪ more persuasive, highly motivated, have a wider social
Entrepreneurship circle and social capital.

▪ More income capacity, high potential sales revenue,

larger foreseen growth in sales and earnings
 ▪ Opportunity Seeking- ongoing process of considering,
evaluating and pursuing market-based activities. (Prior
business experience)
▪ The unexpected development in the market
Opportunity Seeking, ▪ The discrepancy between what is expected in products
Opportunity and services vis-a vis what is available in the market
Screening, and ▪ The company’s own process gaps
Opportunity Seizing ▪ The changes in the industry and market structure
▪ The changes in consumer perception, behavioral
meaning, and general market sentiment
▪ The availability of new knowledge.
 ▪ Opportunity Screening- the process by which
Opportunity Seeking, entrepreneurs evaluate innovative product ideas,
Opportunity strategies and marketing trends.
Screening, and ▪ Opportunity Seizing- taking the opportunity in a
Opportunity Seizing business activity
 Personal
Entrepreneurial
Competencies
 ▪ Social interaction and performance helps the company
shape its culture.
▪ Qualities, behaviors, and soft skills
▪ Major factors determining organizational cohesion
▪ Interpersonal skills
▪ Verbal communication
▪ Nonverbal communication
Interpersonal ▪ Listening Skills

Competencies ▪
▪
Negotiation
Problem-solving
▪ Decision-making
▪ Assertiveness
▪ Teamwork
▪ Time Management
▪ Empathy
 ▪ To navigate the intricacies of entrepreneurial pursuit,
identify and understand:
▪ Facts, trends, and challenges about a product or service
▪ Awareness of the changing consumer tastes and
Business preferences.

Competencies ▪ Business planning, managerial know-how, appropriate

business location, prudent and wise fund management
and control, a good knowledge of risk management, a
wide familiarity of government regulations constitute
what is valuable and critical business competency.
 ▪ Patents- restricted right granted for an invention
through an approval of patent application.
▪ Trademarks- Identifiable sign, word or symbol that
Protection of indicated the identity of a product or service, and is
protected through a legal or non-legal process.
Creative Ideas ▪ Copyright- right over an intellectual property that is
protected through a legal process, in case of copy
issues.