THC-215-ENTREPRENEURSHIP IN TOURISM AND HOSPITALITY

Entrepreneur searches for change, responds to it and exploits opportunities.

• Ronald May

• Frank H. Knight

• Peter Drucker

• Jean-Baptiste

Entrepreneurs are non-fixed income earners who pay known costs of production but earn uncertain incomes.

• Peter Drucker

• Schumpeter

• Frank H. Knight

• Richard Cantillon

A combination of more than one existing products or services in to a new product or service. This means that several different ideas are combined in to one new product or service.

• Duplication

• Invention

• Synthesis

• Extension

Obtaining the required resources, materials, technology, human or capital resources.

• Implementation

• Resource organization

• Analytical planning

• Commercial application

Is a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a corporation or regular-sized business.

• Small business

• Business

• Corporation

• Partnership

Derived from French word___________which means "to undertake‟.

Involved in the conversation of raw materials into products needed by society.

• Small Manufacturing Business

• Small Service Business

• Retailing

• Wholesaling

Those that provide service to other business.

• Repair Services

• Personal Service

• Business Service

• Education Services

Covers all activities involved in the sale of goods or services to the final consumers.

• Small Service Business

• Wholesaling

• General Construction Firm

• Retailing

Refers to activities of person or establishments which sell to retailers and other merchants or to industrial, institutional and commercial users, but who do not sell in large amounts to final consumers.

• Retailing

• General Construction Firm

• Wholesaling

• Small Service Business