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The I's have it! ENTREPRENEURIAL PRIORITIES FOR HOSPITALITY AND RELATED ORGANISATIONS

The I's have it! ENTREPRENEURIAL PRIORITIES FOR HOSPITALITY AND RELATED ORGANISATIONS . PROF STEPHEN BALL CUBO ANNUAL CONFERENCE 24TH JUNE 2011. It is possible to do things differently to how they have always been done. AGENDA. The need for an entrepreneurial approach

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The I's have it! ENTREPRENEURIAL PRIORITIES FOR HOSPITALITY AND RELATED ORGANISATIONS

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  1. The I's have it! ENTREPRENEURIAL PRIORITIES FOR HOSPITALITY AND RELATED ORGANISATIONS PROF STEPHEN BALL CUBO ANNUAL CONFERENCE 24TH JUNE 2011

  2. It is possible to do things differently to how they have always been done

  3. AGENDA • The need for an entrepreneurial approach • The changing landscape • Understanding entrepreneurship • But what about the I's? • Three key questions

  4. AGENDA • The need for an entrepreneurial approach

  5. The importance of entrepreneurship to hospitality organisations and beyond • ‘... an entrepreneurial approach is no longer seen as an option but as the only option for managers seeking to enhance the performance of their organisations.’ Wickham (2004) • The importance is demonstrated from theory, business practice, organisations, awards, events and from people's opinions.

  6. A practitioner view • “Entrepreneurship is critical to the hospitality sector as with rapidly changing consumer demands and expectations, constant innovation by businesses is vital to meet and, hopefully, exceed these evolving demands and expectations” Rob Bailey, Director of Five Lines Consulting and previously Senior Manager, KPMG - Tourism and Leisure Advisory Services (2005).

  7. And another view "….. entrepreneurs, in the hospitality and leisure industries, have influenced and pushed back the boundaries of our social world; for example, imagine not being able to take a low cost flight, stay in a budget hotel or eat a cheap meal. Entrepreneurs are the life blood of the hospitality and leisure industries, trail blazers whom take calculated risks, not unnecessary ones, to bring to the masses something new and unique, adding interest and colour to our lives''. Leslie Bailey, Senior Director, Menu Solutions, McDonald's Corporation - Asia Pacific, Middle East & Africa (2005)

  8. A global phenomenon

  9. A 'Bushism' and the origin of 'entrepreneur' • The problem with the French is that they don't have a word for entrepreneur (George W. Bush discussing decline of French economy with British Prime Minister Tony Blair) • Richard Cantillon, an Irish-French economist, coined the term entrepreneur and advanced its usage circa 1730.

  10. AGENDA • The Changing Global Economy • The changing landscape • The War on Talent • Sustaining Customer Satisfaction • Four Key Issues

  11. Change happens - we had better be prepared for it! • http://vimeo.com/1758558

  12. External influences

  13. The changing landscape -some macro and micro changes

  14. Inflation

  15. Towards sustainability - issues to contemplate • Dematerialisation - doing more with less • Energy Efficiency • Equipment • Buildings • Control Systems • Renewable Energy Sources • Efficient Resource Utilisation/Waste Reduction

  16. Towards sustainability and consumer food taste shifts - issues to contemplate Processed Natural/Fresh Standardised Different/Diverse Global Foods Local Tastes Biotechnological Organic/Authentic Factory/Intensive Environmentally Sustainable

  17. The future university sector • More branding • More Chinese customers • More technology • More globalised • More polarised and value driven (Johnson, 2011)

  18. AGENDA • The Changing Global Economy • Towards a Sustainable Future • Understanding entrepreneurship • Sustaining Customer Satisfaction • Four Key Issues

  19. Building blocks of successful entrepreneurship

  20. The DNA of an entrepreneur • Alert to opportunities • Anxiety • Creativity • Decisiveness • Easily bored • Independent nature • Inner focus of control • Innovatory tendency • Need to achieve • Risk taking propensity • Self-confidence • Self-motivation • Versatility • Vision • Self realization through action

  21. An entrepreneur 'always searches for change, responds to it, and exploits it as an opportunity' Peter Drucker

  22. AGENDA • The Changing Global hanging Global Economy • The Changing Global Economy • The War on Talent • But what about the I's? • BurtFour Key Issues BurtFourKey Issues

  23. The I's! - The entrepreneurial priorities • Intrapreneurship • Identifying opportunities • Innovation - Ideas, Implementation • Inspirational leadership • Individual contributions and incentives Improved performance

  24. What is intrapreneurship? It is the act of behaving like an entrepreneur, except within a larger organization. An intrapreneur focuses on innovation and creativity and transforms a dream or an idea into a reality, by operating within the organizational environment. Intrapreneurs embody the same characteristics as the entrepreneur and think the same way by seeking out opportunities, which benefit the organisation.

  25. Ideas: Does your organisation have a low sperm count? • "The best way to have a good idea is to have a lot of ideas."— Dr. Linus Pauling • You need 1,000 crazy ideas to find one or two that will change your company. If you have 6 million sperm trying to find one egg and one succeeds, you do not worry too much about the 5,999 million that do not make it. Too many organisations suffer from a low corporate sperm count (Gary Hamel, 2002).

  26. Three central elements of innovation

  27. Inn0vation: The core of intrapreneurship "Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being learned and capable of being practiced. Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation." — based on a quotation from Peter Drucker

  28. Think of the consequences of not innovating!

  29. McDonald's Jeff Stratton, Chief Restaurant Officer Innovation philosophy: "We drive innovation by putting customers at the heart of all. Inspired innovation starts with our commitment to better meet their needs in areas such as speed, accuracy, taste, and convenience. What our customers think, feel, and experience under the Golden Arches inspires me and my team as we push forward fresh ideas and concepts for McDonald's." “Innovation distinguishes between a leader and a follower.” Steve Jobs, Apple

  30. Personal involvement with innovations Product - MSc International Hospitality Design and Management Consultancy for FCSI Process- Cook-Chill System at London Hospital, Whitechapel Event - Annual National Hospitality Student conference (CHME) Organisation - Eat Sheffield (Sheffield Business School) Radical 'new to the organisation' Incremental 'doing what we do better'

  31. Dimensions of innovation

  32. Internal constraints to intrapreneurship and innovation • Unsupportive organisation • Culture/habits e.g. 'profit now' syndrome • Excessive formalisation • Time, resources, incentives • Fear of failure • Resistance to change What are the barriers in your organisation?

  33. General guidelines for a conducive climate for intrapreneurship Psychological security -separate innovative failure from personal failure Continued stimulation Unobtrusive authority/minimise coercive power Flexible time and resource framework

  34. Inspirational leadership TRANSFORMATIONAL (BASS, 1985) 1. INDIVIDUALISED CONSIDERATION 2. INTELLECTUAL STIMULATION 3. INSPIRATIONAL MOTIVATION 4. IDEALIZED INFLUENCE OR LEADERSHIP BY CHARISMA

  35. AGENDA • The Changing Global Economy • Towards a Sustainable Future • The War on Talent • SS • SThree key questions StSustaining ustomer Satisfaction

  36. KEY QUESTIONS(1) Is there a willingness to change to be successful?

  37. KEY QUESTIONS(2) Is there an alternative to entrepreneurship?

  38. KEY QUESTIONS(3) Innovate or adapt?

  39. IN A CHANGING WORLD THE NEED TO ALWAYS . . . . . . REINVENT AND INNOVATE

  40. The changing face of Wimpy HTTP://WWW.WIMPY.UK.COM/HISTORY.ASP

  41. Polytechnic of West London

  42. So in the end …. • The past is a foreign country they do things differently there (LP Hartley, 1953) • Today is yesterday's pupil (T. Fuller, 1660's) • The empires of the future are the empires of the mind (W. Churchill, 1943) So don't be frightened of the future, imagine it, prepare for it and remember the I's.

  43. The I's have it! ENTREPRENEURIAL PRIORITIES FOR HOSPITALITY AND RELATED ORGANISATIONS PROF STEPHEN BALL CUBO CONFERENCE 24TH JUNE 2011 HTTP://WWW.SHU.AC.UK/SBS/RESEARCH/CTHER/STAFF/SP_STEPHEN_BALL.HTML Fast-food operations and their management editor, Stephen D. Ball. Author of chapter 'Entrepreneurship in Hospitality' in forthcoming book: SAGE Key Concepts in Hospitality Management

  44. Entrepreneurs can change the world! • http://www.youtube.com/watch?v=T6MhAwQ64c0&feature=related

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