Those of you with a tendency to dream big, who are a little bit restless, and are searching for new, innovative ways to solve problems and express your own unique vision, are born entrepreneurs, naturally equipped with traits that transfer quite nicely to a career in the hotel, travel and tourism industries. Skills like critical and creative thinking, social dexterity, and knowing how to create efficient teams are key to growing your ideas or launching a business.

Starting your own business involves some risk, but with the rapid pace of change in business today, not many jobs are secure for a lifetime. When you find yourself always wishing for a particular service or product that would better suit your needs when traveling, chances are others have felt the same. Don’t let fear keep you from developing a new idea and satisfying a need no one else has recognized.

The Advantages of Becoming an Entrepreneur

The hospitality industry is changing, particularly when it comes to technology, and it’s a great time to dive in to create a service or product that hasn’t yet been available. You’ll likely be improving the way guests experience their vacation or business travel while being in control of your own workday. When you are “the boss,” you can decide when and how to invest in new technologies, how to approach your marketing, and test new ideas whenever you like.

Also, as your own boss, you have the freedom to pursue your passions and work as little or as much as you want. You are the captain of your ship and no longer have to ask for permission to make changes. And because you’re at the helm, your earnings are the product of how hard your work and how great your ideas are: there’s no cap on your potential.

First off, millennials often want more freedom and creativity at work. 20-35-year-olds are already entrepreneurs in all areas and industries. They cherish their freedom, and the ability to be mobile and global, and often find the traditional business environment unappealing. Current technologies make it easier than ever to do research, communicate across distances, monitor and do business online, as well as easily market to their target audiences across multiple platforms.

Entrepreneurship and Hospitality

And since travel and tourism are growing across the board, more and more people are traveling internationally and relying on technology and social media to find unique experiences to suit their interests and their budgets.  Younger people are traveling more than their seniors and are comfortable with new “sharing” concepts regarding cars, homes, meals, and more. They are typically more flexible with their travel plans and search for new experiences and new destinations. Not only do these trends open opportunities for entrepreneurs to create services, sites, or apps to meet the demands or solve the problems of increasingly global users and frequent travelers, but if you’re thinking of launching your own business in hospitality, this level of connectivity enables you to think beyond the borders of your own location.

So how do you Prepare for Entrepreneurship in the Hospitality Industry?

Entrepreneurs and younger generations are shaping the future of the hospitality industry. It’s important to learn the skills needed to be successful in your new venture. Recent discussions have been taking place on campuses around the world about whether those skills can be taught or if entrepreneurship is a “state of mind.”  Fostering that spirit and supporting creative problem-solving skills, leadership and adaptability are the keys to building a strong foundation.

Some schools are already moving in this direction. Les Roches International School of Hotel Management has announced a new collaboration with Seedstars, World. This new partnership will give student entrepreneurs access to boot camps, workshops, and a unique network of entrepreneurs linking them to investors in emerging economies. The Pillsbury Institute for Hospitality Entrepreneurship is another, focused on providing students with opportunities to engage with industry leaders, faculty, and alumni to learn, explore new ideas, and build relationships with those already working in the industry.