Challenges and Opportunities for Entrepreneurship in Hospitality Industry

Abstract

Entrepreneurship is a fundamental part of growth and development opportunities for all countries. No matter how wealthy a country is materially, it cannot develop if its resources are not used productively. To this end, vibrant entrepreneurs who can make a significant contribution to the prosperity of the country are required. The only way out is to encourage and grow entrepreneurship, since it tries to turn a person into a job supplier rather than a job seeker. The COVID-19 pandemic has had a significant impact on the economic activity of several nations, regardless of their position. Economists have classified these effects as recessions and depressions. Regardless of the business, COVID-19 has impacted a lot of entrepreneurs, but some have been more severely impacted than others. The primary difficulties faced by business owners in the hospitality industry are examined in this essay. A cash flow deficit, a lack of raw materials, a labor scarcity, a decline in demand, the possibility of a contract breach, and logistical obstacles are the primary issues that entrepreneurs deal with in the hospitality sector. In conclusion, the effects on small and medium-sized businesses in the hospitality industry are highlighted, along with the theoretical and practical implications. Primary sources with a set of questionnaire was used to gather data from the industry. Entrepreneurs in the hospitality sector are the chosen study group. After collection, the data were tabulated and then interpreted.