Course Description: This course explores the intricate relationship between entrepreneurship, small and medium-sized enterprises (SMEs), and the tourism and hospitality industry. It examines how this relationship contributes to local economic development and identifies the key elements that link entrepreneurship with tourism. The course also focuses on the essential components necessary for SMEs to enhance their competitiveness, improve efficiency, and boost business activity in the current economic landscape. Through a detailed analysis of relevant literature, students will gain insights into the multifaceted nature of entrepreneurship, which integrates concepts from various disciplines and is driven by the traits of successful entrepreneurs.
Course Outcomes: Upon completing this course, students will be able to:
- Analyze the Relationship Between Entrepreneurship, SMEs, and Tourism: Critically evaluate how entrepreneurship and small and medium-sized enterprises (SMEs) interact with and impact the tourism and hospitality industry.
- Assess Local Economic Development: Identify and explain the role of entrepreneurship in fostering local economic growth within the tourism and hospitality sector.
- Identify Key Linkages: Recognize and describe the primary elements that connect entrepreneurship with the tourism industry.
- Enhance SME Competitiveness: Develop strategies for small and medium-sized enterprises to increase their competitiveness and efficiency in the current economic environment.
- Apply Entrepreneurial Concepts: Integrate interdisciplinary entrepreneurial concepts to address challenges and opportunities in the tourism and hospitality industry.
- Evaluate Entrepreneurial Traits: Assess the traits of successful entrepreneurs and apply this understanding to foster entrepreneurial spirit within the tourism and hospitality context.
- Improve Business Activity: Design and implement business activities that enhance efficiency and productivity in SMEs within the tourism and hospitality industry.
15 Course Topics Available
[1] A Perspective on Entrepreneurship
Entrepreneurship plays a crucial role not only in business but also in broader societal contexts. It acts as a catalyst for economic development, job creation, and technological progress. From small, locally owned businesses to multinational corporations, entrepreneurship drives competition, increases productivity, and introduces innovations that can revolutionize industries.
[2] The Nature of Small Business
Small businesses are typically defined as independently owned and operated entities that are not dominant in their respective industries. The definition of a small business varies by country and industry but is often based on factors such as the number of employees, annual revenue, and overall size. In many cases, a small business has fewer than 500 employees in the United States, while the threshold may be lower in other countries.
[3] The Nature of Small Business
Small businesses are typically defined as independently owned and operated entities that are not dominant in their respective industries. The definition of a small business varies by country and industry but is often based on factors such as the number of employees, annual revenue, and overall size. In many cases, a small business has fewer than 500 employees in the United States, while the threshold may be lower in other countries.
[4] Entrepreneurial Personality
Entrepreneurial personality refers to the specific set of traits, behaviors, and characteristics that distinguish successful entrepreneurs from others. Entrepreneurs are often perceived as risk-takers, innovators, and visionaries, but their unique personality traits go beyond these labels.
[5] The Search for a Sound Business Idea
The foundation of any successful entrepreneurial endeavor lies in the identification and development of a sound business idea. This process is often seen as the most critical phase in starting a business, as the viability and sustainability of the enterprise largely depend on the strength of the initial idea.
[6] Strategic Planning for Small Business
Strategic planning is an essential process for small businesses to achieve long-term success, sustainability, and growth. It involves setting clear objectives, identifying the necessary resources, and developing a roadmap to guide the business toward its goals.
[7] The Business Plan
A business plan is a comprehensive document that outlines the objectives, strategies, financial forecasts, and operational plans for a business. It serves as a roadmap for entrepreneurs, guiding the development and growth of the business from its inception through various stages of operation.
[8] Forms of Small Business Ownership
One of the most critical decisions entrepreneurs face when starting a small business is choosing the appropriate form of ownership. The form of ownership not only affects how the business operates but also determines key factors such as legal liability, tax implications, decision-making authority, and the ability to raise capital.
[9] Organizing, Directing, and Controlling the Small Business
Running a small business requires more than just a good product or service. Success largely depends on the entrepreneur’s ability to manage resources efficiently and ensure that the business is structured in a way that allows it to meet its goals. The three key managerial functions that play a critical role in achieving this are organizing, directing, and controlling.
[10] Marketing the Small Busines
Marketing is one of the most critical components of running a successful small business. It involves understanding your target audience, developing strategies to reach potential customers, and creating value through the promotion of your products or services.
[11] Determining the Right Location
Choosing the right location is one of the most crucial decisions a small business owner will make. The location of a business can significantly impact its success, influencing everything from customer traffic to operating costs and the business’s ability to attract skilled employees.
[12] Promoting the Small Business
Promotion is an essential component of any small business’s marketing strategy. It involves communicating the value of your products or services to your target audience and persuading them to take action—whether that’s making a purchase, visiting your website, or engaging with your brand.
[13] Managing Small Business Finance
Managing finances is one of the most critical functions for small business success. Effective financial management helps small businesses maintain profitability, ensure cash flow stability, manage expenses, plan for growth, and avoid insolvency. For many small business owners, financial management is both a challenge and an opportunity.
[14] Managing Small Business Risk
Risk management is an essential aspect of running a small business, as it helps protect the business from unforeseen events that could negatively impact its operations, reputation, or financial stability. Unlike large enterprises, small businesses often operate with limited resources and may not have the financial buffer to recover easily from major setbacks.
[15] Magna Carta for Micro, Small, and Medium Enterprises (MSMEs)
The Magna Carta for Micro, Small, and Medium Enterprises (MSMEs) is a landmark legislation designed to promote the development, growth, and sustainability of micro, small, and medium enterprises in the Philippines.