Griffith University 3207HSL Entrepreneurship in Tourism, Hospitality, Sport and Events Lecture note.pptVIP

Summary: Key concepts Entrepreneurship A dynamic process of vision, change and creation Application of energy and passion Towards implementation of new ideas and creative solutions Entrepreneur An innovator or developer who recognises and seizes opportunities Converts these into marketable ideas Adds value through time, effort, money and skills – Assumes the risks of the competitive marketplace The entrepreneurial mind-set Desire for independence and wealth Intense commitment and determined perseverance Initiative and personal responsibility, and persistent problem solving Social and environmental entrepreneurs are different * This assessment item is designed to provide students with an opportunity to: demonstrate their ability to initiate a new concept, develop their ability to research the requirements of manufacturing, marketing and financing their new concept, develop the skills that will enable them to critically evaluate the business format of their new venture, present their proposed new venture in a Business Plan and a funding pitch * * * Entrepreneurship – the symbol of business tenacity and achievement Entrepreneurial spirit is more alive than ever before Young entrepreneurs have become known as Generation E * * Approaches to entrepreneurship To understand the nature of entrepreneurship, it is important to consider some of the theory development in order better to recognise the emerging importance of entrepreneurship. The research on entrepreneurship has grown dramatically over the years. As the field has developed, research methodology has progressed from empirical surveys of entrepreneurs to more contextual and process-oriented research. As yet, no comprehensive theory base has emerged. A theory of entrepreneurship is defined as a verifiable and logically coherent formulation of relationships, or underlying principles that explain entrepreneurship. These principles predict entrepreneurial activity (for example, by characterising condit