Entrepreneurship in Tourism

Chapter 2: Preparation Toward an Entrepreneurial Journey

The learning of various challenges associated with becoming an entrepreneur and

embarking on an entrepreneurial journey are explored. As an overview of how an entrepreneurship
can be done from an idea creation to iteration. Entrepreneurship in the unique tourism realm
facilitates creativity, innovation and passion, and follow-through processes to the evaluation of
ideas, method of enacting these business ideas, and evaluating the environment for these ideas.

A. Converting Ideas into Reality

Exploring both the local and global environment many present much sought after ideas in
the form of groundbreaking developments in science and technology that needs
commercialization, international trends that can be converted into a hyped product or
service.
B. Creativity in Entrepreneurship
A new enterprise’s agility to pivot, when needed is a valuable quality and a testament to
creativity. Creativity is a key to crafting new ideas and processes. Creativity is not about
coming up with ideas as much as having the ability to adopt to changing circumstances and
conditions of the environment.
C. Innovation in Entrepreneurship
From ideas to solutions then to transformation, outlines the difference between innovation
to mere creativity. According to the Oslo Manual (OECD, 2018), there are five types of
innovations:
1. Organizational Innovation – refers to changes in the organizational strategies.
2. Process Innovation – refers to the change in the way that the way the products and
services are produced.
3. Product Innovation – means introducing new or enhanced products that will induce new
product experience and satisfaction.
4. Marketing Innovation – having creative ideas executing the same areas on the P’s on
marketing.
5. Eco Innovation – this type of innovation is unique and inevitable as it deals with
products and services in direct response to the UN SDG Agenda of 2030.
D. Passion Follow-trough in Entrepreneurship
Passion is a motivational paradigm that is characterized by positive emotional and internal
drive. It is also about the engagement with personally significant work that is prominent to
the self-value of the businessperson. A strong sense of entrepreneurial passion becomes a
strong driving force to get ideas into concretization. Individuals who convey strong passion
tend to be more persuasive, highly motivated, have a wider social circle and capital.
E. The three O’s (Opportunity Seeking, Opportunity Screening, and Opportunity Seizing)
Opportunity seeking is the ongoing process of considering, evaluating, and pursuing market-
based activities that are believed to be advantageous to the enterprise. Opportunity
screening on the other hand is the process by which enterprise evaluate innovative product
 ideas, strategies, and marketing trends. Opportunity seizing is all about taking the
opportunity in a business activity as it presents itself and while it is still available.
F. Personal Entrepreneurial Competencies

Opportunity Seeking and Initiative Seek opportunities an act upon them

Persistence Capacity to stick it out on an initiative
Commitment Staying capacity despite the odds
Demand for efficiency and quality Striving for excellence in doing things
Taking Calculated Risks Risks tempered by reason and having safe assumptions
Goal Setting Having targets that are reasonable and doable
Information Seeking Using hard facts as grounding foe decision making
Systematic Planning and Local decision-making and follow through
monitoring
Persuasion and networking Ability to influence and form good alliance
Independence and self-confidence Self-assurance about one’s capability to get things done
G. Interpersonal Competencies
Interpersonal skills are qualities, behaviors, and soft skills that are exhibited when
interacting and communicating with others. For entrepreneurs’ interpersonal skill are major
factors in determining organizational cohesion, a way to effectively communicate with co-
workers in resolving concerns and enhance general workplace mood.

 Verbal Communication  Decision-making

 Non-Verbal Communication  Assertiveness
 Listening Skills  Teamwork
 Negotiation  Time Management
 Problem-solving  Empathy

H. Business Competencies
Business planning, managerial know-how, appropriate business location, prudent and wise
fund management and control, a good knowledge of risk management and a wide familiarity
of government regulations constitute what is valuable and critical business competency.
Facts, trends, and challenges about a product or service must be identified and understood
to navigate the intricacies of entrepreneurial pursuit.
I. Protection of Creative Ideas
 Patents – this pertains to the restricted right-handed granted for an invention,
including the materials and processes that is attributed to it, through an approval of
a patent application.
 Trademark – this pertains to the identifiable sign, word or symbol that indicates the
identity of a product or service and is protected through a legal or non-legal process.
 Copyright – this pertains to the right over an intellectual property that is protected
through legal process, in any case of legal issues.