Entrepreneurship and Economic Development in Tourism and Hospitality

These flashcards cover key terms and concepts related to entrepreneurship and economic development in the tourism and hospitality sector.

Entrepreneurship in Tourism and Hospitality

A unique approach that follows the usual business setup protocol and has led to dynamic movements in the financial sector.

Cost-effectiveness

A practice in entrepreneurship aiming to maximize benefits while minimizing costs.

Product differentiation

Creating distinct products or services that stand out from competitors.

Service Innovation

Introducing new or improved services that enhance customer experience.

Process re-engineering

Revamping business processes to improve efficiency and effectiveness.

Job Creation

Generating employment opportunities for local community members, regardless of their educational background.

Self-sufficiency

Promoting independence and satisfaction through increased purchasing power.

Environmental Protection

Conscious efforts to safeguard natural resources, crucial to the tourism industry.

Decongestion through Travel and Hospitality

Methods employed in tourism to reduce urban overcrowding, including local employment and infrastructure development.

Local Heritage Promotion

Encouraging tourism activities that highlight and celebrate local culture and traditions.

Ecohotels

Sustainable accommodations that prioritize environmental conservation.

Fusion Food

Cuisine that combines elements from different culinary traditions.

Risks of Entrepreneurship

Challenges faced, such as poor access to finance and technological obsolescence.

Rewards of Entrepreneurship

Advantages like low startup costs and the ability to build personal relationships with customers.

Agility in Entrepreneurship

The ability to adapt swiftly to changes in the market or industry.

The A to Z Entrepreneur

A list of entrepreneurial qualities and traits represented by each letter of the alphabet.