Entrepreneurship as a career is an emerging trend among young millennials. The youth nowadays want to be their own boss. In the present pace of development in the country, positive political environment with policies of government to support startups and making the country self-sufficient and the myriad of opportunities; draw of youth to entrepreneurship has become rather magnetic.
Entrepreneurship involves finding the opportunity and innovation to find new solutions to existing and emerging demands and then designing of business idea followed by launching and running a new business. It all about an idea, innovation, passion, hard work and dedication.
If we talk about entrepreneurship in hospitality industry, changing hospitality trends is giving way to a lot of new entrepreneurs. Some Indian startups like OYO Rooms, Cleartrip, Zomato, , Treebo, etc. as well as some internationally successful companies such as airbnb etc which have raised impressive earnings some even without any or very little investment, and they see themselves following this trend and creating new fast-growing businesses.
Right combination of hard and soft skills is needed to position the business in competitive market. Hospitality management course offers aspiring entrepreneurs a rare chance to combine practical and theoretic education along with grooming oneself for entrepreneurial success by strengthening these essential skills.
Some entrepreneurial opportunities in hospitality industry are:
Art of Baking : After acquiring the skills in these fields one can start a bakery business from home or rent premise or even online. This can also be done as a part-time business.. It’s a good business choice as there will always be a demand for bread and desserts.
Event Management: Event management has cropped up as one of the most profitable entrepreneurial opportunities. The number of companies/individuals organizing and hosting events has been growing rapidly. It varies from large-scale international events to small time private events. Event managers organize events such as product launching, theme parties, birthday parties, wedding celebrations, exhibitions, workshops, corporate seminars, company conferences, musical concerts, road shows, celebrity promotions, film awards, fashion, celebrity shows etc.
Food Franchise: It is perhaps every foodie’s dream to own a restaurant. An easy way to do this is to buy the franchise rights to international brands. An advantage of bringing in a well-known franchise is that the branding work is already taken care by the MNC and they have set processes in place that a new franchisee only has to follow.
Trip Organizers/ Tour Operators: A travel agency business offers incredible flexibility, freedom and the ability to get paid to “get away”. Starting a business in the travel and tourism industry offers enormous appeal. Its about the idea of having own business, and the perk is getting paid to see the world and creating your own path in life.
Food and beverage outlets: Owning a full fledge successful hotels and restaurant outlets could be the dream of many, but turning this dream into reality is very much possible for the hospitality students as they get to know about the depth of these industries operations.
These are only to name few sectors for startups.. So as entrepreneurship is all about the opportunities and ideas the hospitality sector has no end to this. Everyday new innovations and trends are emerging. OYO, Zomato, Cleartrip are some examples changed the definition of hospitality as well as service.
Looking at those top entrepreneur skills such as innovation, leadership and effective management, it’s easy to see why hospitality students succeed when they go into business. Right from day one of their academic program, they are trained in customer service, leadership and management styles. So they know how to efficiently oversee front-of-house and back-of-house staff and interact with customer..
Through case studies, internships, frequent industry visit and classroom education, hospitality students learn to pay attention to the smallest details, keep track of things, and run detailed reports using sophisticated software. After gaining comfort with reporting and data management, they can easily switch gears to keep track of business variables and ensure precision at the level needed for business success.
Hospitality students study about the real case studies and the history of hoteliers and various hospitality companies and the modern disruptions faced by the industry. These include online travel agencies, vacation rental, and peer-to-peer marketplaces. While the specific industry in which they operate may differ, hospitality graduates understand how to analyze their position in the marketplace. They know how to respond to change. And they understand how technology can help or hinder established businesses and brands… all of the core qualities required for a business or startup to succeed where others have failed.
Hospitality students are able to anticipate the needs and demands of their customers and guests and that create the opportunity of them as a entrepreneur. They are taught to be flexible, think creatively, and multitask on the job to respond to whatever situations arise. As a result, they graduate with a natural flexibility and openness that can help them create an environment for success. So definitely hospitality students through their dynamic exposure in their personality during their education will outshine as entrepreneurs.
https://blog.ehl.edu/why-entrepreneurs-study-hospitality-management Why entrepreneurs study hospitality management?
https://www.shiksha.com/hospitality-travel/articles/entrepreneurial-opportunities-for-hotel-management-graduates-blogId-14262 Entrepreneurial Opportunities for Hotel Management Graduates