ENTREPRENEURSHIP IN TOURISM AND HOSPITALITY

1.Explain the broad impact of entrepreneurship upon the economy.

• Entrepreneurship has a broad and positive impact on our economy through
avenues like innovation, the development of new products, services, and
technologies, all of which contribute to heightened productivity and economic
expansion within our sector.Furthermore, it is beneficial for our business’s growth
to incorporate concepts of entrepreneurship such as risk-taking and fostering a
growth mindset. Entrepreneurs can capitalize on new opportunities and drive
innovation by taking risks, ultimately contributing to potential growth and
scalability. Encouraging a growth mindset allows business owners to navigate
change, derive lessons from failures, and consistently strive for improvement,
which in turn fosters greater resilience and sustainable success. Adopting these
concepts of entrepreneurship is essential for addressing challenges and
recognizing opportunities for business growth and long term success.

2.Understand the status of the Philippines economy focus on tourism and hospitality
•The Philippines places significant emphasis on enhancing its tourism and
hospitality sector as a central pillar for economic advancement. The nation offers a
wide array of attractions, such as beautiful beaches, rich historical sites, and
breathtaking natural scenery, establishing it as a favored destination for both local
and global travelers.However, the Philippine economy has encountered obstacles
as a result of the COVID-19 pandemic, which has greatly affected the tourism and
hospitality sector. The implementation of restrictions on travel and gatherings has
caused a notable decrease in tourist arrivals and hotel occupancy rates. Despite
some improvements, significant challenges persist, such as elevated inflation rates,
unemployment concerns, and disruptions in the supply chain. The tourism and
hospitality industry continues to confront obstacles stemming from travel
restrictions and diminished consumer confidence. Ensuring ongoing government
support and effective containment of the virus are vital for achieving sustainable
economic recovery. The government also remains committed to prioritizing the
growth of the tourism and hospitality industry as a key component of its long-term
economic strategy.