Opportunities in Innovation and Entrepreneurship in the Hospitality Sector

This document discusses the emerging trends and business opportunities in the hospitality sector, with a focus on innovation and entrepreneurship. It includes a case study on The Bloomsbury Hotel and explores the impact of technologies like artificial intelligence and robotics. Feasibility study and proposal for innovative products and services are also discussed.

Opportunity
Innovation and
Entrepreneurship

EXECUTIVE SUMMARY
Present document has presented the information in relation to how emerging trends
affected the business doings in different ways. Number of opportunities like integration of
different businesses (travel agencies, event management and so on), would help hospitality
industry at international level to grow in much effective and in efficient manner. Also,
conducting feasible investigation linking to different aspects like technology, time and so on may
help The Bloomsbury Hotel to attain different range of goals and objectives in much effective
and in efficient manner as well.

Table of Contents
INTRODUCTION...........................................................................................................................3
Main Body.......................................................................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
Books and journals ................................................................................................................8

INTRODUCTION
Every entrepreneur seeks to acquire latest form of technologies and also believes bringing
innovation so that they can easily provide high quality product and services to the customers and
maximise their sales performance so that higher profitability can be attains by them in
appropriate manner. Entrepreneurship is comprehensively said to be as the notion of
development as well as management of the business venture which contributes in gaining higher
profitability by taking different types of risks within the corporate world. In simple words
entrepreneurship is seen as the willingness of starting new business. In order to gain maximum
number of opportunities, individuals are required to make higher investment on the same so that
they can maximise the benefits (Kurowska-Pysz, 2016). In this report, the main sector chosen is
the Hospitality sector which considered as a growing and emerging business at the competitive
business environment. The current project is based on The BloomsBury hotel. It is the family
owned hotel which located at London, UK. It has almost 8 properties in London and has tie up
with several membership club and private home. This project will cover information on the
emerging trends within the hospitality sector with the motive of finding out higher quality
services which would satisfy customers at extensive level. Moreover, detailed information would
be provided about approaches to business opportunity that would contribute in the success of the
business.
Main Body
Hospitality sector is comprehensively said to be as best industry that growing rapidly and
providing huge boost to the national economy. Hospitality sector is mainly consist of several sub
sectors such as lodging, food & beverages, accommodation, entertainment and many others. It
can be said that the number of opportunities within the same sector are higher but at the same
time the same sector also faces several issues because they trends within the sector are constantly
changing which is ultimately placing huge influence over its growth rate (Ratten and Ferreira,
2017). With the motive of dealing with the same, it is highly important for the business
practitioners to develop their understanding on the changing demand of the customers so that
they can mould existing services according to the core requirement of the customers in rightful
manner. Also, the respective sector can also make use of advance form of technology in order to
serve its customers in appropriate manner. As a result, it will influence interest of customers

towards them so that persuade them to use the services offered by them again and again. For
attaining huge success businesses are required develop their core understanding on the customers
and latest market trends so that they can develop products and services accordingly.
Apart from this, it has been acknowledged that there are several trends which are directly
placing influence over the business activities, society, economy as well as culture of the nation in
different manner. The most common emerging trends within the hospitality sector are robotics,
artificial intelligence, advanced technologies and many others. All of these are specified as
below:
Emerging trends within hospitality sector:
Artificial Intelligence: Artificial intelligence is commonly used in every sector. With
reference to hospitality sector, it can be said that AI can be easily used by the individuals by
simply adding some innovation in the customers care department where they can easily resolve
queries of customers in best possible manner (Weilerstein and Byers, 2016). This simply
enhances experience of the customers. In context of The BloomsBury hotel, this hotel could
introduce voice controlled services that enhances their interaction with customers in rightful
manner.
Advancement in technologies: It can be said that technological advancement is one of
the most important emerging trend that brings huge success to the hospitality sector. In order to
maintain every thing in best possible manner, individuals makes use of biometric machine in
order to check out that how many people are visiting the hotel and their overall frequency
(Muñoz-Bullón, 2016). Along with this, in order to check out the customers response towards the
same hotel businesses often makes use of several technological advance applications such as
Facebook, YouTube, Instagram etc. with the motive of promoting their respective products as
well as services among the potential customers. In addition to this, individuals can also
determine the changing expectation of the customer from the same hotel.
Robotics: Robots are the one who can be considered as he most emerging innovation
within the hospitality sector. In context of The BloomsBury hotel, it can be said that respective
hotel have emphasized on introducing robot system which would be managing customers in such
a manner that would deliver all services to the customers in the timely manner. In addition to
this, it also provides support to the entity in reducing their operational cost which would directly
maximise the sales performance as well as the profitability of the same entity in rightful manner.

Emerging business opportunity within the hospitality sector:
Opportunity is mainly seen as the favourable situation or circumstances which makes it
easier for the individual to execute the work. This can also be seen as the chance of the
employment of beneficiary situation for the person that brought success to them. Hospitality
sector provides range of services to the customers with the motive of maximising their
satisfaction level. It can be said that higher satisfaction level directly generates huge revenue for
same entity. This directly develops range of emerging business opportunity within the hospitality
sector. The main among them are specified as below:
Travel blogger: Blogging is becoming one of the most important business opportunities
for the individuals as they can develop effective travel blogs by simply visiting several places
and promoting them in such a creative manner that attract people towards it and influences them
to visit the same place (Haugh and Talwar, 2016). Along with this, the travel bloggers also
include others associated information with it such as place to visit, accommodation options,
eating places, shopping zones and many others. For doing this, these bloggers also gets
sponsorships, local advertisement which ultimately generates income for the bloggers within the
same area.
Travel agency: In present time, it has been analysed that most of the travel agencies has
started developing different range of packages like adventurous, luxurious and based on different
trends and this has resulted into rise in their profit margins due to stronger customer engagement.
Basically, these agencies helps customers to deliver maximum benefits through offering them
with unique featured based based packages which are also at affordable prices. Away with this, it
has also been analysed that numbers of visitors not only in united Kingdom but in all over the
world are continuously increasing. Therefore, if The Bloomsbury Hotel would effective tie up
with emerging travel agencies, that it can easily be said that this hotel would effectively improve
both productivity and profitability (Mosey, Guerrero and Greenman, 2017).
Event management: This is also considered to be an effective sector that is continuously
emerging among different countries. Also, it has given ample number of benefits to people of
society as well through enhancing employment rate in all the countries including United
Kingdom. Basically, it has been analysed that famous multinational organisations like Apple,
Google and so on specifically conducts events while launching a new product or a service. This
is where, these famous organisations specifically hires different event companies so that it could

effectively fulfil the desired goal, which is to market a product in successful manner. Some of
other events that can take place are: corporate meetings, presentations, birthday celebrations,
corporate courses, wedding festivities, organization meetings, workshops and big name
advancements and so on. It is needed for The Bloomsbury Hotel to deliver this type of services
to customers, and this can easily be done through appointing an event manager and so on.
Proposal for innovative product or service with the hospitality industry:
Innovation is basically termed as the new idea, imagination, creative thoughts etc. which
can be seen in the form of the several methods. Also, innovation is also considered as the
introduction of new things or proposed solutions which are developed with the motive of
meeting needs as well as requirement of the marketplace. Innovation is highly important in every
industry as it brings success to them and supports entity in influencing interest of customers
towards them which leads to enactment in the profitability of the same entity in rightful manner.
Within hospitality industry, which is considered to be the most powerful segment consists
with innovative needs, prerequisites just as mentality of people changes all the time. This is the
explanation it become basic to look at the market inclines just as outlook of clients all the time. It
has been recognized that Product Development characterize as a methodology which
incorporates different factors, for example, assessment of patterns, distinguishing proof of
necessities of clients which are for The Bloomsbury Hotel. In the current setting, enormous
number of cordiality division stress on developing just as adjusting their present items also
benefits with the goal that they can snatch openings accessible at the commercial centre in a
viable way (Hsieh and Wu, 2019).
If it is talked about mega trends then there are ample number of modifications that are
already taking place because of technological and other aspects. Principals given by Kotler’s in
relation to product development then it can be said that it consists of three different phases and
these are tangible, augmented and core products. When it comes to deliver high quality products,
it is said that The Bloomsbury Hotel can take into consideration of robots at the time of
delivering different services (Nambisan, Wright and Feldman, 2019).
The Bloomsbury Hotel would require to specifically start proposing innovative products
and services, because this would lead to improve business functions and this can be done through
taking into consideration of artificial intelligence. However, this may cost much to The
Bloomsbury Hotel but it is necessary to administered by manager of this hotel in order to

specifically fulfil the different needs and requirements of customers and to follow current trends
as well.
Feasibility study:
Conducting feasible study may help a hotel in taking right decisions while launching a
new product or service within market. Business entities in present time projected various new
innovation services and this is done to improve existing customer engagement. Away with this, it
has been analysed that aim of feasible study is to examine the strength as well as drawbacks of
the project introduce by business organisations. Within today's business environment it is said
that due to changes that are taking place of getting success at the competitive marketplace by
attaining their predefined targets and goals. Furthermore, by conducting a feasibility study, it has
also been said that the rate of achievement of goals can be identified in an effective manner. In
the present context of The Bloomsbury Hotel, it has also been analysed that management team of
the company consider this study which help them in getting accurate success at the competitive
marketplace (Sengupta, and Sahay, 2017).
Technical feasibility: At the time of developing a product, it is said that improvement
within technology is must due to continuous rise within competition in hospitality industry. If it
is talked about administrative department of The Bloomsbury Hotel it is must for them to take
right decisions in order to provide right product based on different range of needs and
requirements of customers.
Time feasibility: Another feasibility study, which plays an important role not only for
The Bloomsbury Hotel, it has been said that management team would require to fulfil the task
which is to deliver different services to customers based on their requirements. In order to fully
adopt the technology, it is much needed to be finished within 5 months as they may easily
become able to expand their business activities at international marketplace (Nambisan, Siegel
and Kenney, 2018).

CONCLUSION
Considering above mentioned information, it is summarised that new along with
innovative ideas developed by a business organisation dealing within hospitality industry and
offering customers with high quality, it could sustain within today's business environment.
Including this, it is also concluded that top level management teams would require to perform
feasible study, before taking any sort of decisions towards making any sort of modifications and
so on. Including this, it has also been concluded that it is must for a hotel to bring continuous
innovation within services so that they could survive and give good rivalry to it's competitors.

REFERENCES
Books and journals
Mosey, S., Guerrero, M. and Greenman, A., 2017. Technology entrepreneurship research
opportunities: insights from across Europe.The Journal of Technology Transfer, 42(1),
pp.1-9.
Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital era:
Insights and research opportunities. Computers in Human Behavior, 95, pp.315-323.
Nambisan, S., Wright, M. and Feldman, M., 2019. The digital transformation of innovation and
entrepreneurship: Progress, challenges and key themes. Research Policy, 48(8),
p.103773.
Sengupta, S. and Sahay, A., 2017. Social entrepreneurship research in Asia-Pacific: Perspectives
and opportunities. Social Enterprise Journal.
Nambisan, S., Siegel, D. and Kenney, M., 2018. On open innovation, platforms, and
entrepreneurship. Strategic Entrepreneurship Journal, 12(3), pp.354-368.
Kurowska-Pysz, J., 2016. Opportunities for cross-border entrepreneurship development in a
cluster model exemplified by the Polish–Czech border region. Sustainability, 8(3),
p.230.
Ratten, V. and Ferreira, J.J., 2017. Sport entrepreneurship and the emergence of opportunities.
Sport entrepreneurship and innovation, pp.242-256.
Weilerstein, P. and Byers, T., 2016. Guest editorial: Entrepreneurship and innovation in
engineering education. Advances in Engineering Education, 5(1).
Muñoz-Bullón, F., 2016. The state of innovation and entrepreneurship research.
Haugh, H.M. and Talwar, A., 2016. Linking social entrepreneurship and social change: The
mediating role of empowerment. Journal of Business Ethics, 133(4), pp.643-658.