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Write a 7 pages paper on entrepreneurship as a crucial business activity. Moreover, an entrepreneur is proactive, prepared to take risks, and flexible to the changes in the environment (Rainsford &
Write a 7 pages paper on entrepreneurship as a crucial business activity. Moreover, an entrepreneur is proactive, prepared to take risks, and flexible to the changes in the environment (Rainsford & Bangs, 1992).
Entrepreneurship is usually related to the introductory stage of an industry life cycle, but the entrepreneurial spirit is just as significant in the maturity stage. Such types of entrepreneurship, independently and jointly, are present in all sectors of the hospitality industry. Several entrepreneurs have brought their businesses to national and international fame. As the industry matures, nurturing corporate entrepreneurship is required for innovative strategies that would reinforce the position of hospitality in the future (Rainsford & Bangs, 1992).
The significance of service sectors in the world economy has been constantly growing along with the entrepreneurs in the service sector. Entrepreneurship plays a key role in gaining sustainable competitive benefits, particularly in the dynamic and rapidly developing hospitality industry to meet the changing needs of their customers (Rainsford & Bangs, 1992).
Bygrave (1993) defined an entrepreneurial activity as the formation of a new organization to pursue an opportunity. An entrepreneur then would be an individual who initiates a new business. This definition entails the entrepreneur who purchases an existing business with the understanding that this is the beginning of a new business for that individual (Bygrave, 1997).
One such entrepreneur, who became the most important force in the global economy when he started his first restaurant in 1919, is Conrad Nicholson Hilton (1887-1979). He is the creator of the Hilton Hotel chain of hotels. Hilton developed his enterprise to a national chain of hotels offering services to business travelers (Hallett & Hallett, 1997).
It was in San Antonio in New Mexico, that Conrad Hilton was born. When Hilton turned 21 he took the responsibility of his father's store but quickly became irritated.
