The Emerald Handbook of Entrepreneurship in Tourism, Travel and Hospitality

The aim of this chapter is to discuss and highlight the importance of entrepreneurship and entrepreneurs in tourism in order to engage the reader in the central topic of the handbook.

A literature review was conducted on conceptual issues and practical aspects of entrepreneurs and entrepreneurship. Case studies are included to illustrate the role and contribution of entrepreneurs in the tourism field.

This chapter highlights (1) practical definitions of the terms entrepreneurs and entrepreneurship; (2) main features of tourism entrepreneurs; and (3) the role of entrepreneurs in tourism activities and their contribution to the development of a tourism destination.

This chapter is explorative in nature, because the discussion is mostly based on a literature review. Thus, more research-based knowledge and more empirical studies are needed in this field.

The chapter presents the main features and characteristics of individuals involved in entrepreneurship, as well as the need for developing the appropriate skills for successful business ventures.

This chapter deals with the question of why tourism entrepreneurship is so important in the contemporary context and in the business environment of tourism. The practical and entrepreneurial approach of the book is also discussed.

The scope of this chapter is to present in a simple and synoptic way the main components of tourism as a consumer-driven business field. The main purpose of this chapter is to discuss the tourism system and tourism value chain as the analytical frameworks for tourism businesses.

A literature review was conducted on conceptual issues and managerial aspects of tourism system and value chain.

This chapter highlights the fact that tourism is not a science or a scientific discipline; it is just a body of knowledge. It presents, in a synoptic and clear way, the building blocks of the tourism, that is, the approaches of tourism system and tourism value chain, as well as the concept of tourism experience.

This chapter is explorative in nature, because the discussion is mostly based on a literature review.

Tourism is a multifaceted activity, which touches upon many different economic activities that are connected as a system. Thus, tourism must be understood as a system that includes interrelated elements working together. The model of a value chain can be applied in tourism, both at business and destination levels. Tourists are the focal point of the global value chain in international tourism.

This chapter analyses analytical frameworks, models and concepts in an integrated way. This analysis is very useful in creating a better understanding of the tourism industries and the business ventures in this field.

The aim of this chapter is to provide the readers with a brief background to the characteristics of tourism and a synoptic presentation of the main trends in tourism markets and challenges that tourism businesses should deal with.

A literature review was conducted on the relevant trends that can affect the management and marketing of tourism businesses. Micro case studies were also presented as practical examples of how tourism businesses have adapted to trends.

This chapter highlights the specific characteristics of the tourism industry, as well as the trends in the market/business environment. Tourism businesses need to remain aware of trends and find solutions to adapt their services and activities to take advantage of them.

This chapter is explorative in nature because it has made used of extant literature.

Tourism entrepreneurs are encouraged to stay abreast of changes in the business environment. Some of the examples provided may only be applicable in the short run but other examples have long-term impact. Valuable solutions are provided for consideration.

This chapter analyses several trends affecting the tourism industry from management and marketing perspectives. This analysis gives a better understanding of how these trends specifically affect tourism. This chapter highlights the importance of monitoring the trends and their evolution in the various markets.

This chapter’s aim is to outline and highlight the components of strategic planning and management framework, as well as the value and utility of strategic analysis and competitor analysis.

Extensive literature review was conducted on conceptual issues and management aspects of human resources management. A practical approach has been adopted and implemented to illustrate the value of strategic analytical tools.

This chapter provides a description and an understanding of how the analyses and tools of strategic planning and management could be used to plan and implement a business venture better. It discusses the tools enhancing the analysis of the business environment in the field of tourism.

This study is explorative in nature because the discussion is mostly based on a literature review. It takes more entrepreneurial/practical than academic approach.

The analyses of the business environment and of the competition in an industry are tasks of critical importance. If these analyses are adequately performed, the probability of success may increase. This chapter discusses the purpose, the process and the implementation of tools of strategic analysis and competitor analysis. Practical recommendations and steps are also provided.

The analytical frameworks, tools and techniques discussed in this chapter should enhance prospective entrepreneurs to adequately perform their task of analysing the tourism business environment.

The main aim of this chapter is to show the paramount role that both creativity and innovation have in order to state competitive advantages in tourism.

The approach is based both on literature review and on various business cases to underline the ideas derived from the literature review.

An entrepreneurial mind must be creative and innovative. This simple idea takes a special value in tourist businesses because of the need to survive in a global market full of competitive actors, dynamism and volatility of preferences in consumers’ attitudes.

This chapter is an approaching essay based mainly on a general literature review supported with several case studies.

Tourism entrepreneurs must take into account the role that creativity and innovation have for their business plans. These two dimensions are the head and tail of the same coin that will help them not only to create value for tourist customers but also to make the difference between them and their competitors.

This chapter shows the connections between creativity, innovation and competitive advantages, and their critical value for any entrepreneur who wants to deploy a successful business venture.

This chapter deals with the process perspective of entrepreneurship, that is, what prospective entrepreneurs should do and how they do it (the processes they use) to launch a new venture in the tourism field. The main purpose of this chapter is to explain what the entrepreneurial process is, the steps/phases to transit from idea to enterprise and the risks involved.

General review was conducted on conceptual issues and managerial aspects of the entrepreneurial process and legal issues.

This chapter highlights that the entrepreneurial process undergone by entrepreneurs is dual in nature, both in terms of action and thinking process. Given that the failure rate of new ventures is high, there is a need to focus on the importance of understanding the dynamics of entrepreneurship, the action process of the prospective entrepreneur and the potential risk impact.

This chapter is explorative in nature because the discussion is based on a general review.

Prospective entrepreneurs should follow specific steps, a rational process to establish their business venture and to protect its operations against any event. Thus, any new business should manage risks appropriately, as well as record insurance to cover for unforeseen events.

This chapter provides an overview of the entrepreneurial process and legal risk issues that may affect the success of a new venture. The hands-on approach is particularly useful in dealing with the entrepreneurial mind when exploring new business ventures in the tourism field.

The main purpose of this chapter is to define the concept, scope and importance of a feasibility study when developing a new business venture. It also presents the main components of a feasibility study by describing a feasibility study template.

A literature review was conducted on conceptual issues and practical aspects of the feasibility analysis and study by presenting a hypothetical case of study of a boutique hotel.

This chapter highlights the importance of both feasibility analysis and study, and the main reasons why all entrepreneurs should carry them out. It presents a simple template that shows the key components of a feasibility study and also a hypothetical case of study of a boutique hotel that helps in relating the concepts and ideas previously developed.

This chapter introduces both theoretical and practical approaches by presenting a model or template on how to develop the feasibility analysis and study. This template can be applied at any stage of assessment process of a business project.

The concept of a feasibility study is accompanied by a practical template and a case study. This approach contributes to a better understanding of the value and utility of feasibility analysis and study in assessing tourism business ventures.

In this chapter, we aim to analyse the role and benefits of a strategic approach to business partnerships and suggest suitable forms and strategies. Thus, the chapter’s purpose is to present the methods and models for business venturing applied in the tourism-related industries.

This chapter takes a perspective of the small business/prospective entrepreneur and analyses how the collaborative methods can contribute towards the business venture’s development and success. Literature review was conducted on issues and aspects of collaboration. Examples of best practices are used to illustrate the collaborative forms.

This chapter builds on extant bibliography to discuss the relevance of collaboration as well as its contribution within the tourism business environment. The study provides practical guidance and recommendations for the critical importance of adopting and implementing collaborative forms and strategies. Cooperation and collaborating could make a significant contribution in designing, managing and marketing services and experiences.

This study is explorative in nature because the discussion is based on a literature review. It takes more entrepreneurial/practical than academic approach.

Entrepreneurs should carefully consider the various collaborative options at the initial stage of their business venture in order to increase the probabilities of success. By entering into a business venture, tourism providers can also provide appealing experience opportunities and extra customer value. However, some key issues need to be considered and resolved in order to realise the potential benefits.

This chapter offers prospective entrepreneurs practical guidance of and insights in collaborative forms and strategies.

The aim of this chapter is to present an overview of how entrepreneurs’ management activity can be assisted by utilising business plans. The main purpose of this chapter is to guide prospective tourism entrepreneurs to make a reflection on management decision-making when starting up a micro-, small- or medium-sized tourism venture.

This chapter was built on a review of management literature and authors’ industry experiences.

This chapter suggests that a well-designed business plan can help prospective entrepreneurs to (1) facilitate their decision-making, (2) minimise their risk perception and (3) increase their venture’s success probability.

This chapter is descriptive in nature to illustrate how business plans are useful instruments for decision-making in management and marketing areas.

The practical/entrepreneurial approach practical of this chapter contributes to highlight the utility and value of a business plan for any micro, small or medium tourism, travel, leisure or event venture.

This chapter is useful for prospective entrepreneurs who are planning to launch a venture but have not decided yet how to shape and start a tourism business venture.

The purpose of this chapter is to present the key issues and main aspects of financial management, which also constitute the main concerns of a prospective entrepreneur.

This chapter takes a perspective of the small business/prospective entrepreneur and analyses how the methods, tools and techniques of financial management can be helpful in operating the business venture. Literature review was conducted on main issues and aspects of financial management.

This chapter builds on extant bibliography to discuss the key issues and main methods of financial management. For any business, irrespective of size, to carry on its operations and achieve its objectives, financial resources are required, and such resources must be managed efficiently and effectively.

This study is explorative in nature because the discussion is mostly based on a literature review. It takes more entrepreneurial/practical than academic approach.

To contribute to the successful and sustainable operation of a tourism venture, this chapter outlines the key financial issues and presents in a practical way the main methods and techniques used when making operational and investment decisions.

This chapter attempts to equip a prospective entrepreneur with the background knowledge (main competencies), as well as the principal methods and techniques (skills) for managing the financial resources of a venture.

Tourism is a service-intensive industry where tourists’ experiences are framed by the quality of service provided. The main aim of this chapter is to offer conceptual guidelines on the service quality expectations and experiences of tourists and how this can be maintained through customer care.

A literature review was conducted where theories relevant to service quality and customer care were explored to design conceptual frameworks and guidelines for small business entrepreneurs/managers.

Psychological aspects related to the delivery of quality service are influenced by an array of characteristics, variables and managerial perspectives. Furthermore, tourists value the same service quality variables in the service quality assessment of their expectations and experiences.

Due to the exploratory nature of this chapter, interpretation of the findings must be done in the context of the discussed literature review with practical examples.

Service quality and customer care are essential elements in meeting tourists’ expectations. The five-step approach to address the service quality gaps in a tourism business provides valuable guidelines in the inter-relationships between the various aspects related to service delivery. The delivery of quality service is maintained by the creation of good relationships through customer care.

The illustration of the inter-relationships between analytical frameworks and models provides a unique opportunity for small business entrepreneurs to create an awareness of the delivery of quality service and customer care.

Monitoring and assessment are essential in the measurement of tourism business performance. Therefore, the purpose of this chapter is to illustrate how monitoring and assessment procedures can be applied in the hospitality business.

A case study and micro examples provide a framework for the monitoring and assessment of business performance in the hospitality business.

This chapter provides reasons why the tourism business uses control measures to monitor business performance. This is complemented with practical steps in the assessment procedures and guidelines for assessments. Different types of assessment procedures together with the characteristics of performance management provide a well-rounded overview to tourism business owners on how to conduct monitoring and assessment.

Due to the explorative nature of the monitoring and assessment case study, more empirical studies are needed to investigate and test performance measurement from a developing country perspective.

Discussions from the case study support the steps and practical guidelines in the monitoring and assessment of the tourism business.

The case study offers new practices into prospective entrepreneurs’ measurement and understanding in the monitoring and assessment of business performance.

This chapter aims to present the key issues and main aspects of risk management (RM), as they relate to tourism entrepreneurship, with a focus on the RM plan and the various strategies used in controlling risks.

Literature review was conducted and managerial issues and aspects regarding RM in tourism entrepreneurship were highlighted. These issues were illustrated by one example and two case studies from the business world.

This chapter suggests that every probable risk must have a pre-formulated plan to deal with its possible consequences. In the field of tourism entrepreneurship, the elimination of risk by putting safety measures in place is not simply achieved by taking precautions in a haphazard manner. Rather, these tasks require a proactive approach, an intricate and logical plan.

This chapter is explorative in nature, based on a literature review and case study analysis. It takes more entrepreneurial/practical than academic approach.

This chapter provides RM process as a generic framework for entrepreneurs/managers in the identification, analysis, assessment, treatment and monitoring of risk related to their business ventures. It also suggests the appropriate steps to follow to efficiently managing risks. Every tourism enterprise should have a strategy and an emergency/contingency plan to address risks.

This chapter outlines, in a comprehensive and practical way, a strategic approach to risk management for the tourism enterprises. It also highlights the importance and utility of planning and implementing of a suitable strategy to effectively address business-related risks.

The scope of this chapter is to present the key issues of taking the exit route from a business venture. Its aim is therefore to analyse the main strategies and suitable methods to harvest a business venture, as well as to outline the appropriate plan and the main aspects of valuation.

Literature review was conducted on issues and aspects that are related to harvesting of a business. These issues have been illustrated with an example and case studies.

This chapter highlights the fact that every mindful entrepreneur will normally have a roadmap and a plan to exit from a business venture. It provides entrepreneurs with guidance to elaborate suitable strategies and adopt appropriate methods to exit a business.

This chapter is explorative in nature, based on a literature review.

Entrepreneurs often find themselves consumed in making a business successful, while they neglect to elaborate a plan for harvesting a business venture. This chapter provides entrepreneurs with the needed guidance on how to exit a business by preparing an effective plan, in case it is not successful or for personal reasons. It also presents a set of practical advices on decision-making about related strategies and methods.

The chapter analyses, in a comprehensive and practical way, the reasons, methods and strategies of harvesting, as well as the elements of an effective plan to take the exit route.

This chapter’s aim is to present the key elements of marketing of tourism services and experiences by taking the perspective of a new tourism entrepreneur. The chapter’s focus is on better understanding and efficient implementation of marketing principles.

This chapter was built on literature review of marketing of tourism services at business level. A practical approach has been adopted and implemented in illustrating the variables of marketing mix.

This chapter highlights the fact that in order to be successful in the field of marketing, tourism entrepreneurs should consider and implement all elements of marketing mix as an integral and comprehensive set; all marketing variables are interlinked and interrelated.

This chapter is explorative in nature, based on a literature review. It takes more entrepreneurial/practical than academic approach.

A marketing plan for tourism services/experiences constitutes a chain of strong bonds that guide the tourism business forward in making the chain stronger and more efficient. When an entrepreneur/manager is considering adding a new feature or changing existing elements, he/she has to consider the whole picture of the actions and the resulting outputs.

This chapter discusses an extended marketing model; the model of 10 Ps – Product, Place, Pricing, Promotion, Partners, Presentation, People, Process, Physical evidence and Passion under two stages, before and during the experience consumption/encounter.

The aim of this chapter is to present in a pedagogical way the main digital tools used by tourism-related businesses, especially by hospitality businesses. The main purpose of this chapter is to illustrate our discussion with concrete examples and to give a set of advices for efficient use of those tools.

Literature review was conducted on conceptual issues, as well as managerial and marketing aspects of digital tools, their value and use in the hospitality industry.

This chapter highlights the fact that needs in terms of digitalisation depend on the size of the hotel. The main differences can be explained by differences in terms of hotel capacity, and digital technologies should be customised to different types of structures.

This chapter is exploratory in nature, based on a literature review.

It provides clear and practical guidance about the way independent hospitality businesses could use digital tools for marketing purposes. It also suggests the most efficient digital technologies to improve their performance in the field of marketing and customer relationship management.

The chapter demonstrates the huge gap between best practices in the hospitality industry and the way independent enterprises really use, in practice, the digital tools for marketing purposes. It shows how digital technologies could be used in a more efficient way, to take advantage of their full potential.

Main purpose of this chapter is to broaden current knowledge of marketing plan design and implementation. In this context, main scope is to explain why marketing planning is a crucial managerial function and procedure for tourism business ventures.

Literature review combined with examples and a case study is the methodological approach of this chapter.

This chapter presents the main components of a marketing plan and it explains in a practical way with simple steps how marketing objectives can be set up and how monitoring and evaluation can be developed.

Although the study is not completely theoretical, as it has several practical examples and a case study, it still is based on literature review.

Tourism businesses have to develop marketing plans to help them cope with the market’s dynamism. In this chapter, we present the main elements of a marketing plan. SMEs usually are unable on focusing on long-term goals since they have significant time constraints. This chapter explains which procedure business should follow to achieve smart objectives set by entrepreneur/manager with limited resources.

This chapter presents the main elements that should be taken into consideration before starting to design a marketing plan, as well as its components. Additionally, a very interesting case study is presented to illustrate a real-time example of successful implementation of a marketing plan by a tourism enterprise.

In a fragmented tourism market and highly competitive industry, tourism providers aim to increase their appeal and attractiveness. Identifying opportunities and resources, which contribute to provide consumers with higher quality experiences and create added value, is challenging for entrepreneurs. This chapter aims to increase the awareness of entrepreneurs about flexible methods and tools, which are transforming the way work is performed and thus affecting management practices in the tourism industry.

Literature review was conducted on conceptual issues related to consumer experience and three case studies were analysed as best practices in the wine tourism industry

To deliver a specific consumer experience and create added value for customers, several opportunities are identified, related to authenticity and accommodation offering. Necessary resources to exploit those opportunities encompass existing (connected to the main product wine, historical buildings, family story and product characteristics) as well as newly acquired valuable resources related to the development of peripheral tourism activities.

This study is explorative in nature, based on a literature review. It takes more entrepreneurial than academic approach.

The balance between authenticity and attractiveness is a key factor of success for wineries as means to provide added value to customers.

This contribution helps to identify valuable and existing resources in order to exploit opportunities and deliver high-quality experiences to tourists. The uniqueness of this experience is crucial on building added value for customers.

The aim of this chapter is to present techniques to involve the crowd in the ideation and funding process of tourism ventures. The typologies of those techniques are presented before analysing their key success factors and advantages. Finally, a design model is presented in order to help managers and project holders to implement a crowd ideation and funding process.

Literature review, quantitative and qualitative methods such as data analysis and interviews were employed to encompass several aspects of crowdsourcing related to tourism ventures.

This chapter highlights the key success factors and advantages of crowdsourcing and crowdfunding for tourism ventures, formulates recommendations and proposes a concrete tool for every project holder or manager who would like to engage in those activities.

Although several types of crowdsourcing are operative, we only focused on two particular types that are interesting for tourism entrepreneurs.

The key success factors and key advantages presented in this chapter constitute tracks for reflection and for action for the managers and project holders. The crowdsourcing design model is a tool to help entrepreneurs to elaborate campaigns of crowdsourcing/crowdfunding.

This chapter summarises the evolution of involving the crowd in the innovation and funding process of a project. The reasons and success factors are exposed and illustrated with numerous examples from the tourism industry. Finally, a practical model is presented in order to allow the creation of a crowdsourcing/crowdfunding campaign.

The aim of this chapter is to present social entrepreneurship as the main driver of poverty alleviation in emerging economies. The concept is aimed at providing innovative solutions to unresolved social problems; a transformative and sustainable, innovative market solutions towards addressing societal problems.

Literature review was conducted on conceptual issues relating to boost entrepreneurship and economic development within the context of emerging economies and its connection to tourism.

This chapter identifies opportunities to resolve social unjust equilibrium by developing a value chain proposition and bringing creativity to forge a stable equilibrium in the market place. The rationale behind lies in a solution to alleviate poverty by creating an environment that encourages job creation. Social entrepreneurship is not a science as such but a multi-disciplinary that intends to equip people with business competencies and skills.

This chapter is explorative in nature, based on a literature review.

Social entrepreneurship is a practical response to unmet societal needs with a globalised business environment. It values corporations and introduces the concept of social entrepreneurship. The chapter also suggests a linkage between various research fields, such as entrepreneurship, corporate entrepreneurship and intrapreneurship.

The chapter analyses frameworks and models, as well as the disruptions driven by the fourth industrial revolution, evolving challenges and opportunities in the fields of business and employment.

This chapter aims to discuss the key issues of green entrepreneurship in tourism (GEiT), paying special attention to the environmental performance of green entrepreneurs and its relationship with strategy, brand reputation and long-term business growth.

Literature review is conducted on conceptual issues and several hotels first-hand experiences that were categorised to provide readers with business-world examples.

This chapter highlights how small- and medium-sized entrepreneurs are the agents who started green innovation initiatives and how larger corporations tested and validated them. A myriad of small green interventions awaits to be undercovered and implemented. Most of them can bring financial improvements to the entrepreneurs as the required initial investments are not necessarily high.

This chapter is explorative in nature, based on a literature review and interviews-based analysis of consolidated green initiatives, most of them being successful ones.

The forces driving green initiatives are identified and classified. Most important categories of green entrepreneurs are described and emphasis was placed on the managerial and marketing benefits linked to green initiatives and action plans.

This chapter presents models and concepts in an integrated way, facilitating a useful knowledge for prospective entrepreneurs wishing to acquire a better understanding of the opportunities and challenges related to eco-friendly business.

The main purpose of this chapter is to discuss the design and development of creative ventures and activities in tourism-related industries. This chapter also aims to provide prospective entrepreneurs with practical guidance to pursue business opportunities and manage creative tourism business.

Literature review was conducted on main conceptual issues and practical aspects of entrepreneurship and creative tourism business. These issues have been illustrated by case studies from the business world.

This chapter outlines and highlights the main components/segments of the creative tourism, the profile of entrepreneurs in this industry, the main elements of creative tourism experiences, as well as the requirements and expectations of creative tourists.

This chapter is explorative in nature based on a literature review and case studies. It takes an entrepreneurial perspective and approach.

An in-depth understanding the concept of creative tourism and its implementation is really useful in designing, managing and marketing the appropriate offering of experience opportunities in the creative tourism business. Therefore, to provide high-quality offering and memorable experiences in this field, prospective entrepreneurs should fully understand and apprehend the characteristics, the requirements and expectations of creative tourists.

This chapter analyses conceptual frameworks and presents practical examples of business ventures through case study development. In doing so, it provides a better understanding of the entrepreneurship in the field of creative tourism.

This chapter aims to present and analyse the phenomenon of ‘sharing economy’ or ‘collaborative consumption’ in relation to tourism entrepreneurship. It presents and highlights the factors contributing to the growth of sharing economy and its business models, as well as strategically analyse related opportunities, challenges, concerns and threats in the field of tourism entrepreneurship.

Literature review was conducted on conceptual issues and main aspects of sharing economy, combined with examples and case studies within the tourism business environment.

This chapter highlights the fact that tourism businesses face new developments, trends and changes in tourist consumer behaviour and travel technology. It shows that sharing economy is on the rise, already affecting all segments of tourism industry, offering significant opportunities, as well as challenges and threats.

This chapter is explorative in nature because the discussed is based on a literature review.

The sharing economy/collaborative consumption is transforming the way people access goods and services changing all elements of trip planning. This is of great significance to the tourism industry, considering the business opportunities in all segments of related businesses. It is suggested that tourism entrepreneurs – existing, new and prospective – should elaborate the suitable strategies to address the new challenges.

It analyses main issues and aspects of the sharing economy within the tourism context. This analysis contributes to an improved knowledge and understanding that are very useful to all existing and prospective tourism providers.