Download ENTREPRENEURSHIP

ENTREPRENEURSHIP
In the Hospitality Industry
What is an Entrepreneur?
Someone who sees a “GAP” in the market
and
Who starts a business to fill this gap and
generate money
Usually involves taking risks and being creative
WIKIPEDIA DEFINITION...
An entrepreneur is a person
who has possession of a new
enterprise, venture or idea and
is accountable for the inherent
risks and the outcome
Think of TEN entrepreneurial
opportunities related to the
Hospitality Industry...
Examples Include...
• Vendors
• Home Industries
• Function
Catering
• Events & Parties
• Cakes
• Meals on
Wheels
As well as providing services to the
industry such as...
Laundry
Home-baked items
Individualised Chocolates
Flower arrangements
Transport
Entertainment
Cleaning Services
Staff Training
Process involved in putting an idea
into action...
STEP ONE
Find the GAP
STEP TWO
CONDUCT MARKET RESEARCH
To confirm the GAP and gain
feed back from your TARGET
MARKET
This usually involves supply and
demand surveys
STEP THREE
Carry out a SWOT analysis
To ensure that you have a
realistic picture of the possible
gains and risks of your venture
WHAT IS A SWOT ANALYSIS?
S
W
O
T
Strengths
Weaknesses
Opportunities
Threats
NOW CONDUCT A SWOT ANALYSIS OF
BASETSANA’S BUSINESS...
STEP FOUR
MARKETING STRATEGY
A successful Business needs to
market themselves...
AIMS OF A MARKETING STRATEGY
[NB!]
Get your name known
Undermine Competitors
Find new Target Markets
GETTING YOUR NAME KNOWN...
This is usually
done through
BRANDING
DEFINITION OF BRANDING
Process involved in creating a unique name and
image for a product in the consumers' mind,
through advertising campaigns with a
consistent theme.
Branding aims to establish a significant and
differentiated presence in the market that
attracts and retains loyal customers.
UNDERMINING COMPETITORS
Consumer needs to believe that you are
better than the next guy
In South African this has to be done
in a subtle way
Examples?
“BEAT THE BENZ”
NOT SO SUBTLE...
FINDING NEW MARKETS
Need to constantly be looking at
how you can reach new target
markets
A successful Business needs a
Business Plan
What are the components involved
in an effective business plan?
1
COVER PAGE
*
Name of owner
*
Name of Business
*
Form e.g. Sole
Trader or CC
2. BUSINESS DESCRIPTION
*
Address, street map and site plan
*
Branding
*
Short, medium and long term goals
3 OPERATIONAL PLAN
*
Staffing, including organograms
*
Purchasing plan
*
Compliance with Legal Acts
e.g. OHS and BCE
4. FINANCIAL PLAN
*
Cash flow analysis
*
Profit and Loss account
*
Break-even analysis
*
Budget