Entrepreneurship for Hospitality Syllabus - BHM (TU)

 Objective

This course aims to enable students to learn the process of starting and building successful hospitality enterprises/ businesses. Students will explore array of issues pertaining to hospitality entrepreneurship – attributes, attitudes and behavior of an entrepreneur, idea generation to idea conceptualizations, and finally develop a plan.

Course Description

This course deals with the introduction, developing business ideas, growth of hospitality firm, feasibility analysis, writing business plan, industry and competitive analysis, legal and ethical dimensions and start- up new business venture and marketing issues.

Course Details

Unit 1: Introduction                                                                                                                                          LH 6

Concept, becoming an entrepreneur, key elements of entrepreneurship, characteristics of successful entrepreneurs, entrepreneurship in hospitality business, types of start-up firms, Importance of entrepreneurship- entrepreneurial firms, society and larger firms, The process of new hospitality venture creation, Entrepreneurship development in Nepal.

Unit 2: Developing Business Ideas                                                                                                                                         LH 4

Identifying and recognizing opportunities- observing trends and solving problems, personal characteristics of the entrepreneur, techniques for generating ideas, encouraging and protecting new ideas; definition of creativity, innate or learned creativity, idea generation, approaches and Techniques, Research and Exercises, linking creativity, innovation and entrepreneurship, developing business ideas for hospitality business.

Unit: 3 Growth of Hospitality Firm                                                                                                                                         LH 8

Nature of business growth, planning for growth, reasons for growth and managing growth, knowing and managing the stages of growth, managing capacity, day-to-day challenges of growing a firm, introduction to organic and inorganic growth of hospitality firms, Grainer's growth model, growth challenges for entrepreneurs, formula for successful growth, barriers to growth.

Unit 4: Feasibility Analysis                                                                                                                                  LH 5

Concept, product/service feasibility, industry/target market feasibility analysis, organizational feasibility analysis and financial feasibility analysis for hospitality business.

Unit 5: Writing a Business Plan Financing Hospitality Firms                                                                                                                             LH 5

Concept, reasons for writing for a business plan, Guidelines for writing a business plan, section of the plan, presentation of business plan; introduction to financial characteristics of hospitality entrepreneurial business, sources of start-up funding, Sources of Financial, Financial Management in Hospitality Entrepreneur Businesses.

Unit 6: Industry and Competitor Analysis                                                                                                                                         LH 6

Industry trends analysis, Five competitive forces model, the value of the five forces model, industry types and the opportunities, identifying competitors, sources of competitive intelligence, completing a competitive analysis grid.

Unit 7: Legal and Ethical Dimensions of Entrepreneurship in Hospitality Firms                                                                                                                                          LH 6

Establishing a strong ethical culture, business licenses and business permits, sole proprietorship and partnership, Provisions of establishing entrepreneurs’ business in Nepal, legal and ethical issues facing entrepreneurs’ business in Nepal.

Unit 8: Start-up New Business Venture and Marketing Issues                                                                                                                             LH 8

Recruiting and selecting key employees, lenders and investors, funding requirements, sources of personal financing, venture capital, commercial banks, sources of debt financing; selecting a market and establishing a position, key market issues for new ventures, the 4 Ps of marketing for new ventures.

Reference Books

Hallak, R., Tourism and Hospitality Entrepreneurship: Examining the actors that Influence the Performance of Small and Medium Enterprises. Saarbrücken, Germany: LAP Lambert Academic Publishing.

Morrison, A., & Rimmington, M., Entrepreneurship in the Hospitality, Tourism and Leisure Industries. United Kingdom: Oxford, Butterworth-Heinemann.

Ross, D., & Lashley, C., Entrepreneurship and Small Business Management in the Hospitality Industry. Amsterdam: Butterworth-Heinemann.

Sheppardson, C., & Gibson, H. Leadership and Entrepreneurship in the Hospitality Industry.

United Kingdom: Oxford, Goodfellow.

Sheppardson, C., & Gibson, H. Leadership and Entrepreneurship in the Hospitality Industry.

United Kingdom: Oxford, Goodfellow.