Chapter-1-Lesson-1-Definition-of-Entrep-Final

Page 1: Introduction to Entrepreneurship in Tourism and Hospitality

  • Subject: HM 323/TM Entrepreneurship in Tourism and Hospitality

Page 2: Definitions

  • Entrepreneur: A person who starts and runs a business.

  • Business: An organization that sells goods or services.

  • Entrepreneurial: Related to the activities of entrepreneurs.

Page 3: The Meaning of Entrepreneurship

  • Early Exchange of Goods:

    • Exchange of goods in early societies included hunting, farming, and natural goods like salt and spices.

    • Bartering was the primary method of exchange.

Page 4: What Is Entrepreneurship?

  • Economic activity involving starting and managing a business while assuming risk.

Page 5: Origin of the Term "Entrepreneur"

  • French Origin: "Entreprendre" means to undertake; signifies individuals initiating business enterprises.

Page 6: Role of Entrepreneurs in Society

  • Entrepreneurs produce goods for profit and to meet societal needs.

  • They create opportunities for innovation and enhance service standards.

Page 8: Contemporary Views on Entrepreneurship (Carl Menger)

  • Entrepreneurship involves:

    • Gathering information, making calculations, and exercising will.

    • Transforming resources into products and services.

Page 10: Innovation and Wealth Creation

  • Peter Drucker: Innovation is the instrument of entrepreneurship; it gives resources new capacity.

Page 19: Characteristics of Successful Entrepreneurs

  • Key traits include:

    • Drive, communication skills, human relations ability, risk-taking, innovation.

  • Filipino Entrepreneurs: Recognized for income creation, capabilities, and media exposure.

Page 22: Entrepreneur Characteristics

  • Characteristics include:

    • Initiative, risk-taking, persistence, integrity, and leadership skills.

Page 23: Entrepreneurial Skills

  • Skills necessary for entrepreneurs include:

    • Observing community needs, communication, understanding data, and strategic management.

Page 29: Case Study - Henry Sy, Sr.

  • A prominent Filipino entrepreneur known for founding SM Investments, starting with ShoeMart in 1958.

  • Achieved significant wealth and recognition, consistently ranked as the richest person in the Philippines until his death in 2019.