Entrepreneurship in Hotel Industry - Coursework Example

First and Entrepreneurship At the center of every process of the entrepreneurship there is one’s will and initiative to create and embody the most challenging ideas into reality, the realization of which will bring benefit to both their owners and the consumers. If the entrepreneurship is peculiar to the hotel industry, the emphasis is put on the best quality of service the business can provide to its users. However, the modern society declares its own rules and it is important for the business to identify and be able to show its benefits and pros in order to provide consumers with the unique service that will be greatly varied from the competitors. The following paper will illustrate how one’s idea, in particular, the hotel business, born, nurtured and passed to the next generation is developing in the present day context by means of passion of one family member to follow father’s footsteps and desire to pursue one’s career as an entrepreneur with the availability of customer service talents. It will also demonstrate how the hotel business may fit under such entrepreneurial type of businessman as owner or investor. Further, the paper will represent the recent changes in hotel business, some statistics and recent success of hoteliers that put an impact on one’s decision to continue the family business in the hotel industry. Once business is focused on providing lodging, it should join comfort and attentive customer service in its basis. Its consumers appreciate elaborated treatment with various amenities. When they are catered the best- quality service, one’s guests will quickly recognize such place as best for them and will recommend it to others, thus become repeat customers and create good reputation of the business. That is why, it is important for the owner of such industry to be not only good manager, but also have good customer- oriented skills. Whether it is the business chain with a number of hotels, it means that the organization has already established excellent customer understanding and their income range; the organization has set certain trend and is environmentally conscious. Customers are well- aware of the kind of services they may use at all hotels of one business chain. Moreover, if it a family business, its management values its good traditions in providing such excellent service and passes them from one generation to another, thus sustaining the prosperity and integrity for years. In order to pursue a career as an entrepreneur in the family business of hospitality industry as an owner or investor of a hotel, one should consider of how well the business is set already, how it is developed and the way it is operated currently. It also requires many skills to be successful entrepreneur. These skills are common personality traits, which are developed under the outweighing education, family ties and experience, as recent studies say. Moreover, individuals who are in sync with their personalities usually experience the highest level of success and fulfillment. Thus, the awareness of one capabilities guides the person in understanding what is needed from oneself and what are the requirements. In addition, most entrepreneurs tend to reach their objectives being natural leaders and capable to solve problems; they perform what they should even under pressure. If the person wishes to pursue one’s career as an owner or the investor of the certain hotel chain, one should possess such traits as dominance and independence. These traits allow one to be capable to set challenging goals and reach them, think analytically and focus on processes and outcomes. Well- trained personnel will help to accomplish one’s goals. However, to keep people at right places and with right skills require well managing and organization. Good owner will hire professionals to deal with this processes in order to avoid disregard or unwittingly offending of people, because the demands and goals owners or investor often call for straightforward style of communication, which is not understandable for personnel. Such type of entrepreneurship as an owner prefers doing things on one’s own, is a great backstage leader, who loves to work with concepts and ideas. Such entrepreneur leaves behind the competitors by ensuring better service as one enjoys the overcoming rejection and tries to achieve goals despite obstacles. Top managers like to working by themselves as well as managing others. For the person who provides services for the people, cooperation with others is vital component of one’s success. Creating a business that bring benefit to others requires loyal attitude towards those who provide such services. If it is a hotel owner, one creates an atmosphere of an extension of one own family within the business. Consumers, especially repeat ones, are treate in a way so to be great at growing a business (Wagner, 2006). For the owner entrepreneurial type, dealing with the hotel business, personality traits should admix with the needs provided services. The better business personality is understood, the more one can give to the business and consumers. As hospitality industry contains linked businesses such as lodging properties, restaurants, car rental companies and tour operators, this sphere will always be a growing business. By the end of this year, the U.S. Bureau of Labor Statistics plans the salary jobs in the hospitality industry will grow by seventeen percent. In the U. S. travel and tourism are the one of the largest employers (Rauch, 2013). The researchers also state that Millennials will become the main consumers within the hospitality industry in the next years. They will bring essential benefit to the majority of hotels and travel companies, which will enter into their peaks. Since this group of new generation is the one that explores, interacts with each other and experiences as no other generation, Millennials are ready to pay more for the greater experience, such as new food and travelling. If to speak about the hotel industry, the new generation seeks for the speed and precision as the main requirements for the accommodating. They prefer the availability of fast booking and fast check- in, the WiFi opportunity and fast responses for their needs. All these things are waited to be present in the modern hotels. As modern generation is always connected with the internet, the opportunity to voice a complaint about certain hotel or travel agent will be undoubtedly posted. That is why the owners of hotels and travel agencies should take into account this peculiarity in order to reach the WOW level of their service. It is the only level that ensures the repeat business, creating impressive and unique treatment of each guest; it should exceed all consumers’ expectations and should capture the customer. What also highlights hotel industry is the increase number of international tourists to visit different places in the next few years, as some CEO of the hotel industry state. Considering the average traveler spends a week in the U.S., the demand for the additional rooms in the market will enhance and the price will also rise. The globalization of travel will become a massive force, which is the reason to pursue one’s career in this industry. With the development of modern technologies, such as social media, blogs, newsletters and eBooks hotel brands will have an opportunity to act as publishers, engaging in meaningful conversations with clients alike. There will be also an opportunity to reduce costs and investments for the traditional paid media by means of implementing media tools. What is more important, the hotels’ own websites become more important places for booking, thus opening an opportunity for travelers to be able to book directly and increase the transaction online which reduce the hotels commissions. However, there is still an area for improvement for the hotel owners. The presence of fresh content, constant updates of the offers and promotions as well as rich media will attract more visitors and thus travelers to the certain hotel. Another advantage for attracting consumers to hotel industry is the existence of modern travel websites, such as TripAdvisor and Yelp that give people all around the world the best opportunities of everything that is connected with the travel. There is no person that can better understand how to continue the hotel industry as the representative of the Millennials, whose family is involved into the hotel industry for years. Living in the age of technology, it will only enable such person to better understand what consumers want from the hotel and what their needs are. Inherit the helm of the family business is the opportunity to keep family name and give a new wave to the hotel chain. As the time changes, it brings innovations to the hotel industry as well. For those hotels that earned their names through years and employees that started from housekeeping, laundry, front desk and both leisure and corporate sales and continue to improve the service by keeping abreast of the times, these changes are understandable. Millions of people cross international borders and seek for the enlargement of personal freedom and economic advantage. The appearance of some three hundred million Chinese middle class tourists able to travel all around the world increase the demand for the development of hotel industry. Another change that touch hotel industry is the change with the times. Thus, the wireless technology made modern customer more scrupulous. Partially, because they have much more information than ever; they are more highly disciplined and increasingly digital, e.g. hand- held devices will greatly affect hotels. The other major change for the hotel industry is the immersion of the industry into e-check-in, which exists now. It concerns the emergence of maps, schematics of hotels that allow people to select their rooms. Such hand- held mobile devices requires hotels to have more available processing rate (Morrissey, 2012). What is more important, is the ability to combine the innovations of the modern time and the traditions of the family business that one wants to pursue. In order to be commercially viable, it is essential that the owner of the hotel would be a person with the other point of view, able to generate new ideas and see perspectives. Good teachers in the person of successful hoteliers will give an opportunity to the new hotel owner to understand what should be done for reaching goals and achieving success. However, without identifying own values or recognizing of what business means, such coaching will be useless. What is important is the involvement into the business. Having enough experience no matter how high one’s positions is, will ensure the knowledge of tasks to be made for the business. Hours spent in front desk or in laundry will give clearer view of the know- how of each job. Good hotelier knows how to ensure comfort for the guests, because one simply listens to what guests say and asks service employees about special requests. Successful hotelier should always be well- informed about the recent trends that happen in the hospitality industry, analyze the new cases and read a lot in hospitality field (The 4 Things to Know for a Successful Hotelier Career, 2014). Peter Verhoeven, CEO Ibis Brands Europe at ACCOR Paris states that one should be passionate about what one does. Whether it is a marathon, not a sprint, one should focus on the long- term goals and go them with passion. He also states that ability to persuade others as well as analytical skills are important. Being a good listener and have an open mind will enable developing of good attitude toward one as a person and one’s own policy. The most important factors that distinguish entrepreneurs is the ability to moderate personality, use and learn from it. The most successful entrepreneurs know that the biggest knowledge is a self- knowledge. That is why they try to implement their talents and manage their weaknesses in order to reach the best results. Being a good entrepreneur is not about being good manager. If it comes to the provision of services, such as in hotel industry, one should be passionate about business. It always changes and good entrepreneur should be aware of these changes, manage them and be able to keep up with the times. Works cited Morrissey, J., 2012. The Millennials Check In, The New York Times, Available from http://www.nytimes.com/2012/03/13/business/young-travelers-drive-changes-in-hotel-industry.html?pagewanted=all&_r=0 Rauch, R., 2013. Top 10 Hospitality Industry Trends in 2014, Hospitality net, Available from http://www.hospitalitynet.org/news/4063217.html The 4 Things to Know for a Successful Hotelier Career, 2014. Corporate Recruiters, Available from http://www.global-recruiters.com/the-4-things-to-know-for-a-successful-hotelier-career/ Wagner, B., 2006. Whats Your Entrepreneurial Personality Type? The Entrepreneur, Available from http://www.entrepreneur.com/article/84134 Read More