Tourism Futures Exam Section 1 Flashcards
What is an entreprenur?
An entrepreneur is someone who comes up with a business idea. Can create a brand new idea or take existing ideas and do them differently, more appropriately and more advantageously.
What are the advantages of being an entrepreneur?
- Set industry standards
- Unique product or world first
- Free marketing as media are interested in covering your idea
What are the disadvantages of being an entrepreneur?
- People don’t know what to expect
- Hard to get a new idea signed off
- Have to make assumptions regarding prices and target markets which could be incorrect
What is causal entrepreneurship?
- Starts from having a specific goal
- What needed to achieve the goal is identified
- Is structured, no flexibility
What is effectual entrepreneurship?
- Starts from what resources are available
- Is flexible
- No specific goal
What are the five entrepreneurial principles?
- Bird in hand
- Affordable loss
- Pilot in plane
- Lemonade principle
- Crazy quilt
What is the bird in hand principle?
- Considers means and resources
- Identifies values, beliefs, strengths and weaknesses
- Identifies skillset
- Identifies support network
- Identifies what existing assets can be used
What is the affordable loss principle?
Is an approach that focuses on what can be lost rather than what can be gained.
What is the pilot in plane principle?
Focuses on control what can be controlled
What is the lemonade principle?
- Focuses on embracing surprises and unexpected challenges
- Create opportunities in difficult times
- Allows flexibility
What is the crazy quilt principle?
- Focuses on creating partnerships with people who show interest in the idea
- Allows for new funds and new directions
Barries in society regarding entrepreneurship?
- Cost
- Social and cultural norms
- Government policies
- Education
- Physical infrastructure
