Entrepreneurial Management in the Hospitality Industry

Paper Summary:

This paper studies the role of entrepreneurialism within the hospitality industry, particularly the rooms division management. The paper argues that despite the current success of the industry, entrepreneurialism and initiative are essential to its continued growth. The paper begins with an overview of the field of rooms division management, which includes responsibilities over revenue management, profitability, front office operations and the lodging and guest cycle. The paper then defines entrepreneurial management as building sustainable business through a continuous process. Included in this, according to the paper, is a reliance on management teams. The paper demonstrates how these operations require an entrepreneurial mindset based on the ability to "think outside the box". Examples focus on traditional financial management and yield management.

Introduction
Entrepreneurial Thinking
Leadership vs. Management
Traditional Financial Management
Yield Management
Conclusion

From the Paper:

"Entrepreneurial thinking offers ways of looking for different and new solutions. For Rooms Divisions Managers, this means looking past the traditional needs for hospitality-related services and finding proactive ways to secure higher revenues both now and in the future. People in management positions must think entrepreneurially in order to improve profitability, enhance guest relations, and strengthen the establishment's position in the community (Carwright, 2002).
It takes entrepreneurial thinking to overcome obstacles before they become problems. The Rooms Divisions Manager must have superior business as well as personal strengths such as good communication skills, the ability to promote teamwork and a sense of confidence and authority (Carwright, 2002)."

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