Opportunity, Innovation and Entrepreneurship in the Hospitality Industry

This report evaluates the impact of digitalization on the hospitality industry, megatrends in the industry, and emerging opportunities. It also presents a feasible business plan for a safe and secure workspace for remote workers.

OPPORTUNITY,
INNOVATION AND
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Impact of digitalization on tourism and hospitality industry..................................................3
Megatrends in Hospitality Industry........................................................................................4
Opportunity due to mega-trend..............................................................................................5
Business Idea..........................................................................................................................5
Feasibility Study of Business Plan.........................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Innovations are the main key that evolved the business operations around the globe.
These practices help in solving the issues of bridging the gap in the market. Innovation and
entrepreneurship are inclined with each other. In addition to this by the recognizance of
opportunities from the market, an entrepreneur develops the business plan by using innovation in
their operations. Hence all these practices are interrelated with each other and support the
functions. About this, the respected report will evaluate the megatrends deployed in the
hospitality sector. Further, the report also highlights the emerging opportunities regarding the
mentioned sector (Mayer, Siegel, and Wright, 2018). Moreover, the report also develops a visual
infographic for a new product.
MAIN BODY
Impact of digitalization on tourism and hospitality industry
Digitalization is one of the megatrends around the globe that impacted all the industry
businesses around the globe. All the industry around the globe transformed their operational
activity due to the implication of the mentioned trend. The working operations of the hospitality
industry have completely evolved if compare to the past practices. In the early 1990s people
visited the travel agent to plan any trip. But as the platform evolved various changes have
derived. Now there is no need for any offline agents to book the hotel or any booking of tickets
through the simple use of the internet. By the evaluation of the megatrends, various OTA has
become travel business. With the use of virtual reality, people can easily explore hotels around
the globe by searching the different hotels and places’ prices. Hence, by the use of such trends an
individual now easily can plan their trip according to their budget which was not possible in the
past due to lack of proper resources.
Today people can easily book any hotel and travel booking by the use of travel websites.
Various sites provide the review of properties that helps the individual to book the properties
according to their interest. By the use of big data organizations uses customer data to analyze
customer preference. These insights assist the organization to develop its business functions
according to customer preference. It also evolved business opportunities for organizations as
people are planning more trips due to easy accessibility (Audretsch, and Moog, 2022).

Megatrends in Hospitality Industry
Megatrend is determined as substantial movement, pattern, or trend in the industry which
affects or influences operations and activities carried out by business organizations engaged in
that particular industry. For instance, these trends are comprised of forces that result in impacting
upon products and services offered by the business organization in that particular business sector.
Various megatrends resulted in influencing or affecting hospitality business operations and
activities which are further determined as follows:
 Remote working & Leisure travels: Working remotely has been a major preference for
both employees as well as business organizations to provide employees with better
work-life balance as well reducing costs for respective organisations. For instance, major
issues or challenges that arise in this approach of working include distractions at home,
need for meetings, confidentiality concerns, unstable access to internet services¸. etc.
Though it reduces costs for businesses as well as provides employees with flexible
working hours and saves time of traveling to office premises still it lacks a suitable
working environment and coordination among employees and employers. In addition to
that, working remotely has been facilitated in influencing the hospitality industry with
increasing travel of employees in order to attend frequent meetings in office premises of
their respective business organisation. Furthermore, this aspect has resulted in increasing
consumption of accommodation as well as F&B services provided by businesses
engaged in the hospitality industry.
 Health & Well-being in Holistic Hospitality: As a consequence of pandemic COVID-
19, there has been a huge necessity to initiate additional efforts towards health and safety
of employees as well as customers. For instance, an inefficient approach towards
maintaining health & safety in workplace could lead to loss of customers as well as arise
of issues in attracting customers in future circumstances. In addition to that, it includes
preventing unnecessary gathering of groups in order to maintain social distancing as well
as sanitization and other medical precautions in order to ensure health & safety of
employees and customers. Furthermore, business organisations engaged in hospitality
industry are determined at maintaining a safe & secure workplace with effective medical
measures and precautions (2022 Top Hospitality Industry Trends, 2022).

Opportunity due to mega-trend
These determined mega-trends in business environment and hospitality industry have
been resulted in consideration of initiating remote working practices in order to ensure health &
safety of employees. For instance, there is a huge opportunity of increasing sales of products and
services in hospitality industry by attracting a higher amount of customers. In addition to that,
the rapid increase in consumption of accommodation and F&B served by the hospitality industry
could be a major opportunity for businesses engaged in the same. Furthermore, attracting
customers towards products and services offered by a respective business organisation could
further contribute additional values towards organisational growth and success (Carayannis,
2020).
Business Idea
In order to grab the determined opportunity, business organisation engaged in hospitality
industry could develop and introduce additional business segment of safe and secure workspace
for individuals practicing remote working. For instance, it will facilitate in attracting customers
engaged in remote working by providing their workspace with a peaceful and favourable
working environment without any sort of disturbance. In addition to that, these workspaces will
be including a peaceful working environment, stable and fast internet services, sufficient
furniture and equipment, etc. Furthermore, customers practicing remote working could use these
services in order to carry out their assigned tasks and activities in a suitable and distraction-free
working environment (Farinha, Ferreira, and Nunes, 2018). Furthermore, representatives
engaged in managing these workspaces need to be determined at essential measures and medical
precautions in order to ensure health & safety of customers as well as employees. Moreover, it
will further contribute additional values towards an increase in consumption of accommodation
and F&B services offered by that particular business organisation. The determined business idea
will also be including additional space in order to be offered to businesses to conduct meetings
over a specific time duration. This particular business idea is aimed at providing customers with
a rental workspace in order to provide them with suitable working conditions and necessary
requirements. Therefore, this business plan is considered the most suitable and appropriate idea
to be implemented in order to conquer the determined opportunity.

Feasibility Study of Business Plan
The determined business plan is aimed at development and introduction of a suitable
workspace in order to provide customers with a space comprised of an appropriate working
environment and other essential requirements. For instance, subscriptions and membership will
be provided to customers according to particular duration of time preferred by customers.
 Technology considerations: The primary technological requirement for further
execution and implementation of determined business includes internet services, Personal
computers, printers, biometrics, etc. For instance, these technological elements will
facilitate in providing a desirable and peaceful workspace to customers. In addition to
that, few employees will be required in order to provide assistance to customers as well
carrying out management practices. Moreover, these business organisations could
introduce mobile application in order to provide customers with platform to book or
subscribe to membership of a particular workspace (Clark, and Ramachandran, 2019).
 Financial Feasibility: In order to develop a new workspace, there is a requirement of
sufficient funds in order to fuel up operations and activities to provide customers with a
suitable workspace. Venture capitalists and banks could be approached by these
representatives in order to raise funds for carrying out the desired plan for business.
Furthermore, the determined business plan has a potential of contributing a sufficient
amount of return on investment.
 Market Feasibility: This particular business plan falls under the category of hospitality
industry as it is will provide customers with a desirable place to carry out their
professional or occupational operations and activities. For instance, F&B services will
also be influenced by increasing subscriptions of membership by target customers as
people will look out for something to eat in their daily routine.
 Organisational Feasibility: Functional business structure will be the most suitable and
appropriate organisational structure for the determined business plan as it will facilitate in
grouping up workforce according to their specific roles and responsibilities. In order to
manage the new business, representatives need to perform various activities including
administration, customer assistance, workspace assistance, marketing practices, etc.
Referring to the above-mentioned information, it could be determined that the new
business plan is highly feasible and could be taken into consideration for further execution

(Shepherd and Zacharakis, 2018). For instance, various factors and aspects are resulting in
favour of determined business plan with consideration of several elements including technology,
finance, organisational, market, etc.
CONCLUSION
From the above report analysis, it could be concluded that mega-trends in a business
environment or any specific industry results in impacting upon business organisations engaged in
the same. In addition to that, a new business plan of workspace is presented in the above report
assessment which will facilitate in conquering the opportunity developed by mega-trends.

REFERENCES
Books and Journals
Audretsch, D. B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship
Theory and Practice, 46(2), pp.368-392.
Carayannis, E. G. ed., 2020. Encyclopedia of creativity, invention, innovation and
entrepreneurship. Cham: Springer International Publishing.
Clark, K. and Ramachandran, I., 2019. Subsidiary entrepreneurship and entrepreneurial
opportunity: An institutional perspective. Journal of International Management, 25(1),
pp.37-50.
Farinha, L., Ferreira, J. J. and Nunes, S., 2018. Linking innovation and entrepreneurship to
economic growth. Competitiveness Review: An International Business Journal.
Mayer, C., Siegel, D. S. and Wright, M., 2018. Entrepreneurship: an assessment. Oxford Review
of Economic Policy, 34(4), pp.517-539.
Shepherd, D. A. and Zacharakis, A., 2018. Conjoint analysis: A window of opportunity for
entrepreneurship research. In Reflections and extensions on key papers of the first
twenty-five years of advances. Emerald Publishing Limited.
Online
2022 Top Hospitality Industry Trends, 2022. [Online] Available Through:
<https://hospitalityinsights.ehl.edu/hospitality-industry-trends>