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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