Ebook Entrepreneurship and small business management in hospitality: Part 2
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Ebook Entrepreneurship and small business management in hospitality: Part 2
CHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applie Ebook Entrepreneurship and small business management in hospitality: Part 2 es in maximizing the chance of entrepreneurial success.■Discuss the limited value of intuition and gut reaction when planning to launch a new hospitality venture.■Understand the role of research in entrepreneurial success.■Apply the tenets of Porter s Five Forces model in a feasibility analysis.INTR Ebook Entrepreneurship and small business management in hospitality: Part 2 ODUCTIONAccording to the Merriam-Webster Online. Dictionary, the word ‘feasible’ means ‘capable ol being done or carried out’. In a business or entrepEbook Entrepreneurship and small business management in hospitality: Part 2
reneurial sense, a feasibility study or analysis may therefore be understood as an investigation into something which is capable (or not) of being sucCHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applie Ebook Entrepreneurship and small business management in hospitality: Part 2 simpler explanation:“/Feasibility analysis is I a process of determining if a business idea is viable" (p. 52).According to white (2007Ị:"A feasibility study isn't magic, although it can have a magical effect on... profitability... Rather, a feasibility study' provides you with data that replace wi Ebook Entrepreneurship and small business management in hospitality: Part 2 shful thinking. The study gives you a rich, detailed and accurate picture that includes information you really need to know, rather than information tEbook Entrepreneurship and small business management in hospitality: Part 2
hat's just easily available".Whatever the semantics and whether we are considering start ing or buying and developing an existing business, serious coCHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applie Ebook Entrepreneurship and small business management in hospitality: Part 2 ns will depend on individual121122 CHAPTERS: The Feasibility Analysispreferences and personal circumstances. For example, someone sacrificing paid employment of 30k will be more likely to proceed, all other tilings being equal, with a business idea than another who may be sacrificing a salary of 120 Ebook Entrepreneurship and small business management in hospitality: Part 2 k.The aim of this chapter is to introduce the concept of a feasibility analysis {or study) and to discuss the basic steps involved. It docs tills firsEbook Entrepreneurship and small business management in hospitality: Part 2
t by considering the role of feasibility analysis in the context of the hospitality industry. Then each element of service/product, industry/market, pCHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applie Ebook Entrepreneurship and small business management in hospitality: Part 2 loped.Key point 6.1A teasỉbility analysis provides essential information to determine whether a business idea is viable and is an important precursor the business plan.HOSPITALITY ENTREPRENEURS AND THE ROLE OF FEASIBILITY ANALYSISWhilst the provision ol hospitality and tourism services is probably o Ebook Entrepreneurship and small business management in hospitality: Part 2 ne of the world’s oldest industries, many entrepreneurs still rely on gut reaction and intuition as a method of determining whether then venture willEbook Entrepreneurship and small business management in hospitality: Part 2
be successful. As discussed in Chapter I, some hospitality entrepreneurs1 have a tendency to be swept away by enthusiasm lor their own ideas and launcCHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applie Ebook Entrepreneurship and small business management in hospitality: Part 2 finances; and■they have the skills to deliver such a service.Barringer and Ireland (2006) refer to this somewhat cavalier approach as the ’ready, fire, aim’ syndrome where the business is launched prematurely. This almost certainly guarantees ultimate failure or an inordinate amount of subsequent i Ebook Entrepreneurship and small business management in hospitality: Part 2 teration to I reestablish business objectives. In a sense, the overconfidence and willingness to follow intuition is not really surprising. After all,Ebook Entrepreneurship and small business management in hospitality: Part 2
successful entrepreneurs take risks, trust their own judgement and have a clear vision of the way their business ought to be; do they’ not’ Well actuCHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applie Ebook Entrepreneurship and small business management in hospitality: Part 2 ther sectors |see Bhide, 2000).Hospitality Entrepreneurs and the Role of Feasibility Analysis 123forms a business vision in a less haphazard fashion. Unfortunately, the popular media loves a winner and goes to great lengths to unsure that the public shares the enthusiasm and success without showing Ebook Entrepreneurship and small business management in hospitality: Part 2 the extensive preparatory planning involved. Whilst It is tme that occasionally mavericks appear in the limelight, for us lesser mortals a reliance onEbook Entrepreneurship and small business management in hospitality: Part 2
carefully collected facts and figures is the sensible way to maximize the chances of entrepreneurial success. Thus, intuition alone is an unreliable CHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applie Ebook Entrepreneurship and small business management in hospitality: Part 2 sful requires a dispassionate and systematic approach through a feasibility study. There arc a number of techniques associated models and approaches which may be used for this purpose. All include a requirement for information about selecting an appropriate site, market analysis, concept and mix dev Ebook Entrepreneurship and small business management in hospitality: Part 2 elopment and financial leasibility. This does not necessarily have to be conducted by the entrepreneurs; instead professionally performed analyses mayEbook Entrepreneurship and small business management in hospitality: Part 2
be commissioned. However, these sen’ices can be costly and so long as a few simple rules are lol lowed most people are perfectly capable ol conductinCHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applie Ebook Entrepreneurship and small business management in hospitality: Part 2 ning process.Many entrepreneurs in the micro seasonal sector ol the hospitality industry' have objectives which are not always consistent with those usually ascribed toFIGURE 6.1The role ot feasibility analysis in developing successful business ideas.Adapted from: Barringer and Ireland (2006. p. 54) Ebook Entrepreneurship and small business management in hospitality: Part 2 .124 CHAPTER 6: The Feasibility Analysisfounders of 'growth firms'. Instead, the aspirations and skill sets of these entrepreneurs are modest, preferrEbook Entrepreneurship and small business management in hospitality: Part 2
ing ‘lifestyle proprietorship’ with neither revenue maximization or market expansion as priorities. Business objectives tend to be personally defined.CHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applie Ebook Entrepreneurship and small business management in hospitality: Part 2 icably linked to intrinsic personal variables emphasizing the need for restand relaxation, social priorities, family commitments and privacy. The above positioning of the analyses, elements and process hold true irrespective of whether entrepreneurs arc keen to set up growth or lifestyle firms. Ebook Entrepreneurship and small business management in hospitality: Part 2 CHAPTER 6The Feasibility AnalysisAfter working through this chapter you should be able to:■Understand the term feasibility analysis' and how it applieGọi ngay
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