Master of International Tourism and Hospitality Management -

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Entrepreneurship

Topic 1

The development of entrepreneurship

Contacts

Unit Assessor: Dr David Spriggs

Local Tutors (please check contacts tab inside BB)

Course Structure

Lectures – 12 x 1 hr (recorded – online)

Face to face tutorial (12 x 2hours)

2 case study assignments (60%)

1 exam (40%)

Readings

Available on the Blackboard Site – see myReadings link

Text Book

The Lows of Entrepreneurship

The Highs of Entrepreneurship

Risk & Reward $5,000 investments =

$1 Billion business

Spanx's Sara Blakely: Turning $5,000 into $1 billion with panties

= the youngest self-made female billionaire.

Blakely has helmed Spanx, a company that produces slimming bodywear -- bras, panties and more -- to a presence in more than 50 countries and an estimated value of over $1 billion, according to Forbes

Unit Assessments

Assignment 1: Case Analysis – Fairphone

Due: 8th April 2019 (Week 6)

Assignment 2: Case Study (GoPro)

Due: 20th May 2019 (Week 12)

Closed book Exam

Module Objectives

describe the historical origins and development of entrepreneurship

explain the evolution and development of the term ‘entrepreneur’

identify the contribution of entrepreneurship to global economic development and growth

explore entrepreneurial activities currently taking place globally.

What is an Entrepreneur?

One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

Entrepreneurship

One characteristic of entrepreneurs stands out:

Diversity!

Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should).

Benefits of Entrepreneurship

The opportunity to:

Create your own destiny

Make a difference

Reach your full potential

Reap impressive profits

Contribute to society and to be recognized for your efforts

Do what you enjoy and to have fun at it

Drawbacks of Entrepreneurship

Uncertainty of income

Risk of losing your entire investment

Long hours and hard work

Lower quality of life until the business gets established

High levels of stress

Complete responsibility

Discouragement

Feeding the Entrepreneurial Fire

Entrepreneurs as heroes

Entrepreneurial education

Demographic and economic factors

Shift to a service economy

Technology advancements

Independent lifestyle

The Internet and cloud computing

The Cultural Diversity of Entrepreneurship

Young entrepreneurs

The Cultural Diversity of Entrepreneurship

Home-based businesses

Family businesses

Copreneurs

Corporate castoffs

Corporate dropouts

Social entrepreneurs

Retiring baby boomers

Small Businesses ...

Make up approximately 95% of all businesses in Australia.

Small businesses contributed around 34 per cent of private sector industry value in the Australian economy.

Their importance is paramount to a success, growing economy.

Avoiding the Pitfalls of Small Business Failure

Know your business in depth

Develop a solid business plan

Manage financial resources

Understand financial statements

Learn to manage people effectively

Set your business apart from the competition

Maintain a positive attitude