Entrepreneurship in Tourism and Hospitality Management By: Carlos Sawer

1. ATTRIBUTES, QUALITIES
AND CHARACTERISTICS
OF AN ENTREPRENEUR
THC-5 (Entrepreneurship in T&H)

2. WHO AN ENTREPRENEUR IS?
• He is an individual or a person who
owns and manages his own business,
and he is engage in selling;
• A middleman who stands between
buyer and seller.
• He is one who takes risks and makes
innovations on the factors of
production, an adventurer.

3. Cont.
• He is an innovator who does
new things or does things in a
new way.
• He always searches for
change, responds to it, and
exploits it as an opportunity.

4. SELF-AWARENESS
• He knows who he is, what he
is good at, and what he likes
to do. He starts a business
that is based on his expertise
in a specific field, and focuses
on his involvement in an area
he thoroughly enjoys.

5. SELF-MOTIVATED
• Self-motivation is one of the
most important personality
traits of successful
entrepreneurs.
• It is what gives him the tenacity
and confidence to call on a
potential client, even though he
has heard “No” three times.

6. COURAGE
• The willingness to take risk is
a valuable trait when striving
for success.
• The willingness to take the
chance.

7. CONFIDENCE
• A confident attitude is one of
the most appealing traits he
exhibits to prospective clients,
for let them know that they
will be getting the best their
money can buy.
• Confidence is achieved
because of positive thinking.

8. POSITIVE THINKERS
• They think of success and
bright sides.
• Wealth does not always come
to the most intelligent or the
most ambitious individuals,
but to those individuals who
think money.

9. PATIENCE
• When one owns his business,
there will be times that he
feels like the roof is craving in,
especially when the
customer’s demands seem to
be unrealistic.

10. DECISIVENESS
• One should go with his
intuition and trust that he is
doing the right thing.
• A process of making one fast
decision after another.

11. EXPERIENCE
• A primary reason some
businesses fall within a few
years of start-up is lack of
business experience.
• Is directly related to business
he is planning to start, it is a
key component for growth.

12. KNOWLEDGE
• One has a better chance of
succeeding by knowing about
business basics, the product
or services, the industry he is
entering, and consumer
markets.

13. INFORMATION-SEEKING
• To assure accomplishment
goals, the entrepreneurs
continuously seeks for relevant
information regarding the
market, client, suppliers,
competitors, and consults
experts’ advice on business
and other technical matters.

14. PERSEVERANCE
• Perseverance is 90 % of the
battle to succeed.
• If you are like the majority of
new small business owners,
the entire staff and support
system for your venture is
probably you.

15. DRIVE
• One must believe in his goal
and be determined to
succeed.
• He does not view obstacles as
problems, but rather as
challenges.

16. RISK-TAKING
• They are not foolhardy as to
undertake activities where
they know nothing at all
possibilities for success.

17. INNOVATIVE
• They love to explore the
unknown, and to blaze new
paths of progress.

18. OPPORTUNITY-SEEKING
• He will seize unusual
opportunities to tap sources
of financing, acquire
equipment, land, workspace,
business information and
assistance.

19. DEMAND FOR EFFICIENCY AND
QUALITY
• Setting high, but realistic
standards of excellence for
himself.
• Always strives to find ways to
do things better, faster, and at
a lower cost.

20. SYSTEMATIC PLANNING
AND MONITORING
• Sets what to be accomplished,
and meticulously assesses
how today’s activity can
contribute to the
accomplishment of his long-
term goal.

21. PERSUASION AND NETWORKING
• Easily establishes a network of
personal and business
contacts around him.
• Power is required to achieve
his business objectives.

22. “SUCCESS is not final.
FAILURE is not fatal. It is
the COURAGE to
continue that counts.”