Slide
1: Title Slide
Slide 2: Understanding Business Enterprise and Entrepreneurship
Definition:
Business Enterprise: Creation and management of business activities.
Entrepreneurship: Identifying opportunities, taking risks, and innovating (Walmsley, 2019).
Aim and Objectives:
Aim: To explore entrepreneurship within the tourism sector.
Objectives:
Analyse the role of entrepreneurship in tourism.
Discuss innovation and entrepreneurship within tourism.
Examine the impact of entrepreneurial leadership.
Structure:
Overview of entrepreneurship in tourism.
Case study of TripAdvisor.
Discussion on entrepreneurial traits and innovation.
Tourism Industry Context:
Entrepreneurship drives innovation and competition in tourism.
Tourism Entrepreneur:
Entrepreneurs in tourism innovate travel experiences (Ateljevic and Page, 2017).
Examples: Mark Zuckerberg, Elon Musk.
Speaker notes
Definition:
Business Enterprise: Business venture can therefore be defined as the use of people, capital, and technology among other factors in organising the production and supply of goods and services. In tourism, it may cover factors such as trading companies, travelling agencies or service providers such as hotels. Enterprises in tourism often strive to provide unique, customer-centric experiences that generate profit while addressing evolving consumer needs.
Entrepreneurship: It is about creating, managing, starting and growing business ventures by effectuating innovations that meet unfulfilled market needs. There is a common understanding of entrepreneurs as activists who possess initiative and drive, are ready to take a risk in challenging the existing situation, and are capable of finding ways of overcoming challenges that may hinder either their ventures as well as the general progress of activities, particularly in such fields as tourism (Diandra and Azmy, 2020).
Aim and Objectives:
This presentation aims to examine the entrepreneurial role in the tourism sector through TripAdvisor's case study.
The objectives include:
Understanding the key contributions of entrepreneurs in the tourism industry.
Exploring the ways innovation is applied in tourism entrepreneurship.
Discuss entrepreneurial leaders' role and impact on tourism business success.
Structure:
The presentation is structured in such a way that it begins with a comprehensive overview of entrepreneurship and its relevance in the tourism industry.
We will then focus on TripAdvisor, a leading travel platform, is a case study to show these entrepreneurial ideas in action.
Next, we will discuss the characteristics that define successful entrepreneurs and how they apply this to their business ventures.
Finally, let's look at innovation and how it is affecting the tourism industry today.
Tourism Industry Context:
Entrepreneurship is the driving force for change in the tourism sector. The industry within the tourism sector is always adapting to the changing consumer demands for experience travel that is unique and customised. The innovation of entrepreneurs introduces new services such as ecotourism packages, experiential experiences, or luxury accommodations for travel.
Tourism examples of entrepreneurship would include niche travel services like wellness retreats, adventure tourism, or even tech-enhanced travel planning tools like virtual reality tours or AI-based customer services.
Tourism Entrepreneur:
A tourism entrepreneur is an entrepreneur who introduces new businesses or services in the tourism industry. An innovator changes how people travel, experience destinations, and interact with services. They often disrupt traditional models by providing something easier, more accessible, or personalised for consumers.
Mark Zuckerberg and Elon Musk are the good characteristics of entrepreneurs, such as being visionary, innovative, and risk-takers. Although they don't operate in the tourism sector, their entrepreneurial attitude, more so like that of Elon Musk, who is reaching forward into tourism with his approach for SpaceX, uses the same characteristics tourism entrepreneurs have to come forth with (Butler, 2020).
Slide 3: Case Study Summary
Overview of TripAdvisor:
Leading platform for travel reviews, price comparisons, and bookings
Launched in 2000; now a global go-to for travellers (TripAdvisor, 2017)
Focuses on crowdsourced reviews and a vertical search engine for travel
Founders:
Stephen Kaufer and Langley Steinert, Harvard graduates
Shifted from expert reviews to user-generated content in 2001
Business Model:
Core pillars: Crowdsourced reviews and vertical travel search engine
Monetized through a cost-per-click model
Revolutionised travel planning by making it a social and collaborative experience
Speaker Notes:
Overview of TripAdvisor: TripAdvisor was built in the year 2000 and is now amongst the world’s largest travel and tourism companies that shape the way people travel. It began with a view to providing professional travel reviews but, it shifted to user reviews within the first few weeks because it realised that the users preferred reviews from fellow lay travellers. Now, the number of users has reached millions and in addition to the reviews, the platform offers tools for searching for price differences and for the purchase of tours and other services that will help people in tourism (Yoo, Sigala and Gretzel, 2016).
Founders: Currently, two Harvard graduates Stephen Kaufer and Langley Steinert own the website of TripAdvisor. The raw desire that was initially established was to be an archive of travel guidebooks, but trademarked in 2001 they saw that users were changing. Users were more inclined to read reviews of other travellers rather than experts which made them switch the business model to incorporate user-generated content (Oppitz, et al. 2018). This decision was one of the most strategic in the company’s development, as it addressed the customer need for genuineness and relevance of the information that they are provided in the form of reviews.
Business Model: The business model of TripAdvisor rests on two main pillars:
1. Crowdsourced Reviews: To keep the communities engaged, TripAdvisor relies on the content provided by its users. TripAdvisor created an avenue through which travellers could help other travellers make the right decisions by providing detailed information about their experiences (Wazny, 2017).
2. Vertical Search Engine: In addition to reviews, the platform incorporates a vertical search method allowing users to estimate prices for different travel services and to make a booking.
Slide 4: Characteristics of Successful Entrepreneurs
Entrepreneurial Traits:
Innovation, risk-taking, vision, persistence
Problem-solving and adaptability (Kimball and Lussier, 2020)
Concepts and Theories:
Schumpeter's Theory of Innovation (Creative Destruction)
Drucker's Theory of Entrepreneurship (Opportunities vs. Risks) (Entrepreneurship Theory and Practice, 2024).
Case Study Application:
Stephen Kaufer and Langley Steinert's pivot from expert reviews to crowdsourced reviews
Innovative business model (crowdsourcing and vertical search engine)
Supporting Evidence:
Crowdsourced reviews and social travel planning revolutionised the tourism sector
Risk-taking: Pivoting business model early on despite uncertainty
Speaker notes
Entrepreneurial Traits: Successful entrepreneurs share certain key traits that drive their ventures forward. Among the most important are:
Innovation: Entrepreneurs like Stephen Kaufer and Langley Steinert demonstrate innovation by recognising new ways to disrupt traditional industries. In the case of TripAdvisor, they transformed how people planned their trips by introducing crowdsourced reviews (Yoganandan and Kumar, 2023).
Risk-taking: Entrepreneurship involves stepping into uncertainty. Kaufer and Steinert took a significant risk when they pivoted from their original concept of expert reviews to user-generated content. This decision could have backfired, but instead, it became their defining advantage.
Vision: Entrepreneurs must have a clear vision of what they want to achieve. Kaufer envisioned creating a platform that not only provided reviews but also allowed travellers to plan and book trips with ease (Mitchelmore and Rowley, 2010).
Persistence and Problem-Solving: They demonstrated persistence by navigating the challenges of a rapidly changing online marketplace. Adapting to consumer demand and finding new ways to generate revenue through a cost-per-click model shows their resilience and ability to solve business problems effectively.
Concepts and Theories
? Schumpeter’s Theory of Innovation: Schumpeter argued that innovation is a key driver of economic change. This is evident in TripAdvisor’s role as a disruptive force in the travel industry, creating what Schumpeter called "creative destruction" by revolutionising how people access travel information and book services (Ziemnowicz, 2020).
? Drucker’s Theory of Entrepreneurship: Peter Drucker emphasized that entrepreneurship is about recognising opportunities and exploiting them to create value. Kaufer and Steinert saw an opportunity in crowdsourced reviews and built a business model around this trend, a perfect example of how entrepreneurs can identify market gaps and capitalise on them (Burgin, 2018).
Case Study Application
Innovation: Stephen Kaufer and Langley Steinert apply innovation in new ways of intervention in different conventional industries. In the field of travel planning, they changed how people do that by adding the crowdsourced reviews model.
Risk-taking: An entrepreneur takes a risk and steps into something unknown. Changing to the second part of their business idea which is user-generated content was a high risk on the side of Kaufer and Steinert. This decision could have proven catastrophic but they made it their strength.
Vision: There is so much emphasis that, without a clear vision of want, the entrepreneur does not have the direction of where they are headed. Kaufer had a dream of developing an app that offered reviews to its users besides allowing you to plan your next trip.
Persistence and Problem-Solving: This supported their tenacity, to overcome the obstacles or a dynamic environment in the current online market. Changing with market direction, especially targeting here the type of click-through model as a method of different model of revenue generation, demonstrates their ability to navigate business problems and solve them well (Morrison, Rimmington and Williams, 2016).
Supporting Evidence:
Impact of Innovation: The decision to adopt peer reviews marked the foundation for something that became a norm in the travel industry. Millions of travellers rely on peer reviews over any other source of information (Blank and Dorf, 2020).
Risk-Taking Example: It was a high-risk moment to turn user-generated content on a moment when that hadn't been very typical at all. This made it possible for TripAdvisor to expand rapidly and emerge market leader, though it might have died if users had not engaged with the platform as initially projected.
Slide 5: Innovation in Tourism
Impact of Innovation:
Innovation drives change and competitiveness in the tourism industry.
Enhances customer experience and operational efficiency.
Creates new business models and revenue streams (Delgado Cruz, et al. 2016).
Case Examples:
Airbnb: Disrupted traditional hospitality by enabling peer-to-peer accommodations.
TripAdvisor: Revolutionised travel planning through user-generated reviews and digital platforms.
Influences on Innovation:
Technology advancements: Artificial Intelligence (AI), virtual reality, mobile apps.
Consumer trends: Demand for personalised experiences and sustainability.
Market competition: The need to stand out in a crowded global market.
Examples of Innovations:
Digital booking platforms: Expedia, Booking.com.
Virtual tours: Museums and travel destinations offering immersive experiences.
AI-driven customer service: Chatbots for instant customer support.
Speaker notes
Impact of Innovation: Innovation is one of the significant agents that promote change in all industries, and in tourism, its impact has been most deeply felt. In the tourism industry, innovation is mostly about enhancing both the tourist experience and business functionality. Such as innovative tourism firms can offer customised services, keep up with the dynamic needs of travellers, and become exceptional tourist entities in the highly competitive tourism market (Streimikiene and Korneeva, 2020).
Case Examples: Several examples in the tourism industry highlight the role of innovation:
Airbnb A key disruptor in the tourism and hospitality sector, it broke away from the traditional hotel model by creating a peer-to-peer accommodation platform. This enabled homeowners to rent out their properties on a short-term basis thereby opening up a new market in travel accommodation and reducing costs for travellers (Zach, Nicolau, and Sharma, 2020).
TripAdvisor is another prime example. The change the platform made of offering user-generated content was a bold transition that even transformed how travellers discover travel experiences and assess them. Besides that, TripAdvisor effectively levelled the playing field regarding travel recommendations; while this has always been possible, nobody cared about expert opinions on hotels, restaurants or tourist attractions, and the same with various agencies that offered their precious advice for a relatively good sum of money.
Influences on Innovation: Innovation doesn’t happen in isolation; several factors drive it:
Technology innovations are playing a tremendous role in innovating tourism. Progress in mobile apps, AI, and virtual reality have changed the make-book activities of consumers and their experience at destinations. For instance, an AI-based chatbot can answer customer service questions 24 hours a day, which raises efficiency and satisfaction.
Consumer trends. Today's traveller craves experience-based travel and increasing demand for responsible tourism. Organisations that respond to those expectations with differentiated solutions or environmentally responsive business models often represent competitive advantages (Divisekera and Nguyen, 2018).
Competition from the market. Simply put, in the ever-increasingly competitive tourism industry, businesses need to innovate to survive. In short, new technologies or services can make a company relevant in the tourism marketplace.
Examples of Innovations:
Digital platforms for booking, such as Expedia and Booking.com, have taken over how people book hotels and flights, making it easier to compare prices, which saves consumers most of the money by picking the best deals. Most of these digital booking platforms use AI to present personalised recommendations based on the past behaviour of the users.
Another popular innovation has been virtual tours, especially during the current pandemic situation that limits travel. Museums, landmarks, and tourist spots around the world began giving virtual reality tours to enable people to visit destinations and sites from the comfort of their homes (Gomezelj, 2016).
This is one new trend, AI-driven customer support, allowing companies to use chatbots to provide around-the-clock availability of support. These chatbots can automatically answer basic questions and even offer recommendations concerning bookings- processes that significantly improve efficiency over traditional customer service operations.
Slide 6: Organisational Culture
Definition:
Shared values, beliefs, and norms influencing employee behaviour.
Shapes the Organisation’s identity and decision-making (Odor, 2018).
Importance:
Enhances employee engagement and satisfaction.
Boosts productivity through collaboration and innovation.
Attracts and retains talent, reducing turnover.
Fosters adaptability in a changing business landscape.
Examples of Organisations with Performance-Driven Culture:
Google
Amazon
Netflix
Zappos
Microsoft
In-Depth Example: Google:
Promotes creativity and collaboration through open office layouts and flexible hours.
Encourages innovation with initiatives like "20% time" for personal projects.
Utilizes data-driven decision-making for accountability and performance alignment.
Speaker notes
Definition: Organisational culture is essentially the personality of a company. Organisational culture consists of patterns of assumptions, values, beliefs, and norms that people in an Organisation acquire and apply to their behaviour and dealings with others in the workplace. This culture defines the working atmosphere, informing all aspects from ordinary business processes to planning. When people mention culture, what it refers to is the codified protocols within an Organisation. For instance, we can have an Organisation that supports the culture of togetherness; this means they would encourage Organisation-wide teamwork, while another Organisational culture may tend towards advocating for each employee to work independently.
Importance
Employee Engagement: This is so because a positive culture improves overall performance and patterns in Organisations by attracting and retaining employees and making them more satisfied. Generally, when employees seem to be in sync with the Organisational culture, they are deemed to be more dedicated to their work.
Productivity: There are clear advantages to motivation and to the Organisational culture of working in a medium to strong strength on this factor. When workers are motivated to form a group to brainstorm and solve problems it becomes easier to solve problems or even work faster.
Talent Attraction and Retention: A positive Organisational culture must be in a positive direction and strong to attract other people into joining that Organisation. Besides improving health and well-being, a work culture also leads to low turnover because people will not leave the workplace that they believe in.
Adaptability: It is now more important than ever in today’s fast-changing business environment, to encourage the people and create a culture that supports change and innovation. A robust organisational culture provides the basis through which organisations can overcome existing and emerging dilemmas and identify other opportunities for business advancement.
Examples of Organisations with Performance-Driven Organisational Culture:
Google: Known for its innovative environment and emphasis on creativity and employee autonomy.
Amazon: Focuses on customer obsession and operational excellence, driving high performance among employees.
Netflix: Promotes a culture of freedom and responsibility, encouraging high performance through trust and accountability.
Zappos: Known for its exceptional customer service culture, emphasising employee happiness and engagement (Botelho, 2024).
Microsoft: Has transformed its culture to promote collaboration, innovation, and inclusivity, driving performance across teams.
In-Depth Example: Google: We are now going to focus more detail on Google and how it can be described by features of a performance-driven culture. What’s more, Google has ensured that it creates a workplace environment that encourages creativity besides fostering teamwork. Its open-design office structures are another area in which it achieves this since such structures enhance secrecy and low interaction among personnel. The company also avails a flexible time system where apparently, civil servants may work when they feel most efficient. Moreover, at Google administration and learning are highly valued, and the company spends a lot of money on its employees’ training and development. The Google Organisation encourages creativity by offering employees an opportunity to spend 20 percent of their week working on innovative projects that have little to do with their primary responsibilities. Besides, it fosters innovation and enables employees to consider opportunities that may be of essence to the company. In addition, performance measures keep Google on course by using data to drive decisions about the company’s objectives (Journal of Business Venturing JBV, 2024). Through encouraging a culture of accountability and excellence Google is not only creating high-performing employees but also is benchmarking itself as a leader in the technological society.
Slide 7: Role of Leaders in Organisational Culture
Leadership Influence:
Establish vision and core values.
Model behaviors; inspire employees.
Encourage open communication and feedback (Su and Baird, 2017).
Promote trust and accountability.
Recognise and reward employee contributions.
Examples of Effective Leadership:
Satya Nadella (Microsoft): Cultivated growth mindset and collaboration.
Howard Schultz (Starbucks): Focused on employee engagement and respect.
Elon Musk (Tesla): Encouraged innovation and risk-taking (Schuetz, 2016).
Indra Nooyi (PepsiCo): Integrated sustainability and inclusivity into culture
Speaker notes
Leadership Influence: Since leaders occupy important leadership positions within Organisations, then it is their responsibility to cultivate and improve the Organisational culture. They define the future that is being managed and the direction of achievement of the Organisational goals and objectives. For instance, when a company messages out its mission and vision it directs how employees conduct themselves. Also, it is now a requirement for leaders to be examples of the behaviour they desire their employees to have or exhibit (The Leadership Quarterly, 2024).
Managers always encourage feedback and participation of employees both superiors and subordinates so that information sharing is made easier. It also promotes people's cooperation and assists the process of establishing confidence between team members. Additionally, leaders ensure the implication of responsibility by allowing employees to develop responsibility for their work.
Examples of Effective Leadership: Several leaders exemplify the positive impact of effective leadership on Organisational culture.
Satya Nadella, CEO of Microsoft, has transformed the company culture by promoting a growth mindset and encouraging collaboration across teams. Hence, under him, Microsoft used to be a result of a much more inclusive and innovative environment, which means better product development and improved satisfaction with work (Agnihotri and Bhattacharya, 2021).
Howard Schultz, Former Starbucks CEO, stressed the involvement and well-being of the employees. He encouraged a culture of respect and belonging, with training programs that would yield better service for customers. High loyalty and good brand reputation were thereby secured through Schultz's focus on the welfare of his employees.
Elon Musk, of Tesla, believes in innovation and risk-taking. It is under his leadership style that he creates a fast-paced environment where everyone is free to think outside the box, take on the challenge, and thereby, inspire creativity as well as a willingness to push boundaries.
Among the examples provided is: Indra Nooyi, former CEO of PepsiCo. Sustainability and inclusivity were integrated into the Organisational culture of the company. Nooyi aimed to promote diversity and employees' welfare so the corporate responsibility issue should grow into a main value of the Organisation (Miska, Economou and Stahl, 2020). Her strategy resulted in a more committed workforce and an increased reputation in the corporate sector.
Slide 8: Customer Satisfaction and Validation
Customer Influence:
Reviews shape decisions on TripAdvisor.
Positive feedback boosts reputation; negative feedback highlights areas for improvement (Solvoll, Alsos and Bulanova, 2015).
Using Reviews for Validation:
TripAdvisor uses reviews to enhance service quality.
Engages with feedback to demonstrate commitment.
Steps to Improve Feedback:
Encourage reviews via emails and app prompts.
Simplify the review process.
Respond to customer feedback (Burns, 2022).
Analyse reviews for service enhancement.
Examples:
Positive reviews strengthen TripAdvisor's brand.
Testimonials attract new users.
Addressing negative reviews leads to service improvements.
Speaker Notes:
This next slide focuses on how TripAdvisor needs customer satisfaction coupled with validation.
First, review from the customers is quite crucial in making any decision on TripAdvisor. When other potential travellers are reading their fellow potential travellers’ experiences, it increases their confidence in the services being offered whereas negative comments expose other flaws. Such a dynamic explains how reviews provide consumer perception and decision-making perspective.
Then, the process by which TripAdvisor uses customers’ feedback to confirm and improve their user satisfaction is shown. Using both positive and negative review samples, they confirm their willingness to act as a two-way channel for enhancing the customer experience. Such an engagement is useful in creating much-needed trust and reliability in the brand (Falter and Hadwich, 2020).
In another attempt to enhance customer feedback, TripAdvisor can do as following. Many users would like to share their feedback to help other people, so rotating follow-up emails and application notifications can lead to more users submitting feedback about the application. That is, simplifying the review process also contributes to making it easy for users to share their experiences. Also, by replying to and addressing customers’ comments – particularly the bad ones – it is clear that TripAdvisor respects the opinions of their customers and users who are willing to make a change. The review can offer insights into the customers’ choices about where they would like to go and what they would like to be served (Tadelis, 2016).
For example, positive comments on TripAdvisor positively contribute to the platform’s branding and more people, and the optimistic feedback given by other users on the platform we are targeting are the testimonials that can bring new users to our platform. Dealing with negative comments is how various problems are highlighted and eliminated, and proves the theory of how valuable customer feedback is to the success of a business.
Slide 9: Conclusion
Key Points:
Defined entrepreneurship and tourism entrepreneurs.
Summarised TripAdvisor's case study, including founders and business model.
Discussed entrepreneurial traits and relevant theories.
Examined innovation's impact and provided examples from tourism.
Defined Organisational culture and listed examples of strong cultures.
Explained leaders’ roles in shaping Organisational culture.
Personal Reflection:
As a tourist, I value authentic experiences and peer reviews.
This assignment was insightful, highlighting the importance of customer feedback.
I learned how TripAdvisor uses validation to improve services and enhance customer satisfaction.
Speaker notes
On the final slide, we should briefly sum up what was stated in our presentation today.
To do so, we began with a clear understanding of what entrepreneurship means, and who tourism entrepreneurs are. We focused on the identification of the TripAdvisor founders – Stephen Kaufer and Langley Steinert; besides, we described the main activities, values, and services, which constitute TripAdvisor’s business concept.
Following this, we explained what the core qualities of an entrepreneur are, the ability to create new ideas, the willingness to take risks and the ability to have a vision. We also discussed the role of innovation within the tourism market and exemplified how it might help to improve and build customers’ experiences.
In addition, we described what Organisational culture means, as well as examples of the Organisations that adopt the performance culture. This paper examined how leadership practices can promote and improve such culture for Organisational success.
Here and now I’d like to add my comments and reflections on this work. Tourists care for honest feedback to be provided by fellow travellers to make the right choice. This assignment has been very enlightening in terms of customer feedback and how it can be used positively to advance the services on sites such as TripAdvisor. Therefore, this part of the course helped me understand how various aspects of entrepreneurship, innovation and customer relations are tied to the tourism industry. Thank you for your attention, and I hope you have any questions.
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