Service Characteristics
This refers to the idea that services cannot be stored for later use.
Non-storability
Entrepreneurship is more than starting a business. It is the process of identifying opportunities and creating this.
Value (or Value creation)
Tourism businesses mainly consist of these five industry groups.
-Food & Beverage,
Recreation & Entertainment,
Transportation,
Accommodation,
Travel Services
An opportunity must be attractive, durable, timely, and anchored in this.
Value creation
In SWOT analysis, internal attributes that give a competitive edge are called this.
Strengths
This service characteristic means services are consumed immediately after being provided.
Immediate consumption
Entrepreneurs are known for taking this and facing uncertainty.
Risk
This refers to fluctuations in tourist demand depending on seasons and holidays.
Seasonality of demand
This approach to identifying opportunities involves analyzing economic, social, technological, and political forces.
Observing trends
External risks that could negatively impact the business are called this.
Threats
Because services are provided by people, this becomes difficult to achieve consistently.
Standardization
This key attribute of entrepreneurship focuses on creating something new and different.
innovation
These are costs that must be paid regardless of the number of customers.
Fixed costs
This type of innovation occurs when entrepreneurs create solutions out of frustration.
Annoyance-driven innovation
This idea-generation technique encourages sharing ideas freely without criticism.
Brainstorming
This refers to services being intangible and relying on customer experience.
Intangibility
An entrepreneur collects, coordinates, and combines these to exploit a business opportunity.
Resources
This characteristic means different tourism components rely on each other for success.
Interdependence
This refers to an individual’s “sixth sense” in spotting opportunities.
Entrepreneurial alertness
This checklist method for idea generation stands for Substitute, Combine, Adapt, etc.
SCAMPER method
This service characteristic explains why hotel rooms unsold tonight cannot be sold tomorrow.
Perishability
This refers to the short period when a business can successfully enter the market before competition intensifies.
Window of Opportunity
Tourism entrepreneurs are often highly motivated by lifestyle and this type of motive rather than profit alone.
Non-economic motives (or Lifestyle motives)
This stage of creativity is known as the “Eureka!” moment.
Insight
This intellectual property protects secret recipes and confidential business processes.
Trade secrets