Entrepreneurship and small business development for the hospitality Essay

Entrepreneurship and small business development for the hospitality and tourism industry - Essay Example Here we need to understand the change in the Chinese economy. The capitalist economy has undergone a paradigm shift and has opened its economy to the international market. This has changed the way the entrepreneurs look at their business. They have become more competitive in the global market and are keen in expanding their spread across the international market. China also has a huge pool of natural resources, with excellent options for the travel and tourism industry. Hence, China has a deep rooted heritage with the wisdom of the new world economy, and this combination has generated huge revenues for the Chinese economy. The small businesses are making breakthroughs in their own domains. Their businesses have received great support not only from the government but also from the local people and the society at large. The education and industrial development is also a key factor in this growth. The quality of education and the business ideas have made great breakthroughs in making the small business successful. This is satisfying the requirements of the national and the global economy at equal ease. When we discuss about the business strategies, we need to keep in mind the internationalization of the Chinese economy and its growth in the past decade. We need to understand that with internationalization comes a brand image, and higher expectations. The other countries will expect China and its entrepreneurs to be competitive, efficient and cost effective, while providing excellent customer service. And being in the service industry the entrepreneurs in the hospital and tourism industry has direct interaction wit the foreign nationals, who not only take back their experience but also act as a viral advertisement for these businesses. At this juncture, these small entrepreneurs face the language barrier and communication difference while attending the foreign nationals. But this can now be countered by employing young graduates, fluent in foreign languages