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By Dr. Ruchita Verma, Dean – School of Hospitality Management, NMIMS, Navi Mumbai
In recent years, there has been a growing number of young individuals venturing into the entrepreneurship space in various industries. This trend is catching fire,particularly among the young graduates of hospitality management programmes, who are leveraging the knowledge and experience acquired through their courses to establish entrepreneurial enterprises. From finding a niche to perfecting customer service, hospitality management programmes supplement individuals with the necessary skills to successfully pursue their passion for business.
Young entrepreneurs bring fresh perspectives, innovative ideas and a drive for success, but they also face unique challenges, including limited experience, financial constraints, and intense competition. However, many of them thrive, driven by a passion and determination to make a mark in their respective niches. Hospitality management programmes not only offer valuable support to help overcome these hurdles withinsights into the intricacies of the service industry, but also provide a solid foundation for entrepreneurship by imparting critical knowledge about customer support, operations management, marketing, and financial management – all crucial skills needed to launch and sustain a successful business venture.
The entrepreneurship world is filled with stories of individuals who have studied or are studying hospitality management and have gone on to achieve remarkable success. From establishing boutique hotels that emphasise personalised experiences for guests andcatering businesses that specialise in gourmet cuisine torunning event management companies that organise and manage large-scale operations and restaurants that make fine dining feel like an otherworldly experience – hospitality management programmes equip studentswith the necessary skills in customer service, logistics, and marketing, enabling them to navigate the complexities of running a business.
Launching a successful business as a young entrepreneur requires careful planning and execution. Important steps and strategies include identifying a niche, developing a comprehensive business plan, building an effective network, leveraging technology for efficiency and scalability, prioritising customer experience and managing finances.
Moreover, hospitality management institutes play a pivotal role in nurturing aspiring entrepreneurs through their research support and guidance initiatives. In India, premier hospitality management institutes offer expert mentorship, practical coursework, access to industry publications, and networking opportunities through a curriculum that prioritises design thinking and experiential learning. These resources empower students to translate their academic knowledge into real-world entrepreneurial ventures.
However, despite a huge potential for success, young entrepreneurs often encounter various challenges throughout their journey. Access to ready capital remains a significant hurdle, with many struggling to secure funding for their ventures. Additionally, cut-throat competition, regulatory issues, and maintaining ahealthy work-life balance pose as obstacles. However,these challenges can be overcome through resilience, creativity, perseverance, and strategic planning, allowing individuals to carve a niche in their chosen fields of business.
Studying hospitality management paves a promising path to entrepreneurial success by fostering academic knowledge, practical skills, and industry guidance to equip aspiring individuals with the tools they need to thrive in today’s competitive business scenario. Armed with a set of unique skills and a knack for entrepreneurship, hospitality management graduates can make a mark in their respective industries, create a meaningful impact, and achieve their entrepreneurial dreams.
