Entrepreneurship in Hospitality

Entrepreneurship: a trend among millennials

At just 20 to 35 years old, more millennials are becoming entrepreneurs, already creating and starting up more new companies, managing larger, more agile teams, and targeting higher profits and returns than previous generations, according to a recent study.

The reasons for this development are manifold: the corporate environment is becoming less appealing and attractive to this generation, who cherish freedom and creativity as key aspects in the workplace, while barriers to entrepreneurship are lower. Technology and the co-owning spirit of the sharing economy have heavily contributed as well: Young entrepreneurs are inspired by the success of companies such as Airbnb and Uber, which have raised an impressive 1.5 and 2.1 billion US$ in 2015 alone, and they see themselves following this trend and creating new fast-growing businesses. An expanding travel and tourism industry

Despite international uncertainties and security concerns, the global travel and tourism industry continues to grow at an impressive rate: More than one billion tourists travel to an international destination every year, while tourism contributes 10% of global GDP and 6% of the world’s total exports, according to the UNWTO 2015 Report.

Behind this surging demand for travel is the millennial generation: increasingly mobile consumers who travel more than their seniors. They are more flexible in their travel plans and rely on technology and social platforms to find the best experiences suited to their lifestyle, needs and budget. This explains the emergence in the hospitality market of new concepts and “sharing economy” platforms.

Preparing entrepreneurs for hospitality

Thanks to our unique model of education, combining practical hospitality courses with internships and management lectures, students obtain hands-on experience and put their learning to work. In a diverse learning environment with peers from over 90 different countries, they are already required to develop valuable leadership and soft skills during their studies.

To equip young entrepreneurs with the relevant hard skills, Les Roches offers an entrepreneurship stream for its hospitality management programs, teaching students to develop an understanding of strategic market opportunities, financial values and returns, and project management as well as organizational effectiveness. As part of their studies, they develop their own hospitality business concepts and enter global competitions with students from other institutions.

As educators, we are committed to offering students a safe environment that empowers them to launch their own projects and events, from TEDx talks and innovation summits to hosting wine fairs. They develop their own approaches and take ownership of entire projects, under the expert guidance of the school’s faculty.

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