is someone who organizes, manages, and assumes the risks of a business or enterprise

is the process of discovering new ways of combining resources.

comprise of all the companies which provide the products and services that are meant and used by tourists at different stages of travel and tourism.

defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. this also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit

is the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services

“backbone of the economy,” or “the engine of growth”

is a feasible, financially sound, technically possible and socially acceptable idea of a project or product that may have utility to perspective customers

Physical environment includes the following:

The Societal environment includes the various forces like the following:

Industry environment of the business will include the following:

are the psychological and moral qualities that are distinctive of an individual

refers to specific vocational training, meaning the hard skills that employees need to perform in their daily job tasks and that managers can clearly measure in terms of proficiency.

It consists of entrepreneurial character traits that are directly related to be an achiever in the field of entrepreneurship.

 Perceives and acts on new business opportunities  Seizes unusual opportunities to obtain financing, equipment, land, workspace or assistance.

 Takes repeated or different actions to overcome obstacles  Makes sacrifices or expends extraordinary effort to complete a task  Sticks to own judgment in the face of opposition or disappointments

 Accepts full responsibility for problems encountered  Helps own employees to get the job done  Seeks to satisfy the customer

 Takes calculated or studied risks  Prefers situations involving moderate risks

 Always strives to raise standards  Aims for excellence  Strives to do things better, faster, cheaper.

 Always strives to raise standards  Aims for excellence  Strives to do things better, faster, cheaper.

The set of characteristics of successful entrepreneurs that basically supports the character traits in the achievement cluster.

 Sets clear and specific short-term objectives·  Sets clear long-term goals

 Personally seeks information on clients, suppliers, and competitors  Seeks experts for business or technical advice·  Uses contacts or networks to obtain information

 Develops logical, step-by-step plans to reach goals  Looks into alternatives and weighs them  Monitors progress and shifts to alternative strategies when necessary to achieve goals.

includes a set of character traits that reflect the degree of the interpersonal relations by successful entrepreneurs in the community.

 Employs deliberate strategies to influence or persuade others  Uses business and personal contacts to accomplish objectives

 Believes in self  Expresses confidence in own ability to complete a difficult task or meet a challenge.

is defined as the combination of entrepreneurial concepts and principles, entrepreneurial character traits and entrepreneurial skills that provide and become the ultimate source of competitive advantage of the entrepreneur.

is the learned ability to perform an action with determined results with good execution often within a given amount of time, energy, or both

They come from the totality of the knowledge, practice or experience, and aptitude of a person

are acquired and developed by a person through constant and correct practice. They connote dexterity, excellence, and expertise in the performance of particular tasks

refer to the mental ability of the entrepreneur to learn new things, generate new ideas, and express knowledge in both oral and written forms.

refer to the knowledge and proficiency in a specialized field like computer technology, accounting, marketing, operations research, engineering, medical fields, or other related technical fields.

basically about the relationship and interaction of the entrepreneur with the workers, suppliers, creditors, prospective customers, and other members of the business community.

A successful entrepreneur overcomes all obstacles and problems in entrepreneurship. 1. Fully understands entrepreneurial concepts and principles 2. Equipped with character traits common 3. Acquires, develops, and sharpens entrepreneurial skills

business that are initiated by entrepreneurs are called

allows them to continuously seek new opportunities. Rather than settling for what they think they know, entrepreneurs ask challenging questions and explore different avenues

entrepreneurs require an understanding of structured experimentation, such as design thinking. With each new opportunity, an entrepreneur must run tests to determine if it’s worthwhile to pursue.

Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful business leaders must be adaptable

To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation

A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities

Rather than let fear hold them back, they maintain a positive attitude to allow the possibility of success to propel them forward

they see failure as an opportunity to learn and grow. Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and some ventures fail altogether. Part of what makes an entrepreneur successful is their willingness to learn from mistakes, ask questions, and persist until they reach their goal.

While innovation in business can be defined as an idea that’s both novel and useful, it doesn’t always involve creating an entirely new product or service. Some of the most successful startups have taken existing products or services and drastically improved them to meet the changing needs of the market

What should you develop to be equipped to spot innovative opportunities and position your venture for success.

Most people associate entrepreneurship with starting a business. While the early stages of launching a venture, such as securing funding, are critical to its success, the process doesn’t end once the business is operational

What are the sources of skills

refer to the set of cognitive, technical, and interpersonal skills required in the practice of entrepreneurship

refers to the strategic position and condition of the entrepreneurial venture that; 1. provides the necessary attributes to outperform competitors, 2. distinguishes the venture from competitors, 3. achieves superior performance in the industry, and 4. produces a product or develops production methods that can hardly be copied by competitors.