If you've just started on your quest to entrepreneurship, then you are probably finding it hard to set yourself tasks and goals without an employer or colleague supporting you. On the other hand, if you have been on this adventure for some time now, you have probably meet some bumps in the road that have set you back. You may also find it hard to balance the multitude of entrepreneurial tasks you have with your personal life.
Either way, as an entrepreneur, it's easy to lose motivation. The key is to not give up and to find ways with which you can lift yourself up on those longer, more gruelling days.
Hospitality sector has been one of the most preferred domains of traditional business owners. The sector today has seen the birth of new ideas and innovation in the form of technology management, data storage, marketing strategies and food innovation.
While hospitality is one of the most rewarding industries in which to flex your entrepreneurial muscles, it is also one of the most challenging. Hospitality success requires a huge amount of passion, and many people find themselves crumbling at the thought of having to pair such a huge amount of public facing with management duties.
The manpower and supply strategy
It is a critical criteria for every space and especially for the hospitality domain. One needs to figure out very early in their business as to how much he needs to hire as manpower and calculate the supply numbers carefully.
Capacity to invest
The size and type of project one is working on determines the capital that should be injected into the idea. Investors in this sector are watchful about the capital spent as the first shot of money required in this domain is much more than any other sector
Hospitality sector completely relies on the competency and calibre of the people working in it. Especially in the food and restaurant sector, wherein one is not working with a system wherein you can just infuse technology and start producing and selling.
However, the QSR sector is an exception to the rule. Basically, the hospitality sector is the availability and putting together a team with the right team with skill set. If you don’t get that right, then you will not be in a god position.
Innovation is a must!
Consumers are always on the lookout for novelty and creativity in your menu card. Even in traditional cuisines, people want to look for modifications to suit the modern-day diet and health regime.
In the start-up space, people basically want to step into a space that has not been previously explored.
Build a brandBranding is everything in hospitality and is about much more than your logo. You need to be memorable – a solid entity that customers will instantly recognise in the crowded hospitality landscape.
Whether it’s a conversational social media style and tone of voice or a quirky USP, it is essential that every element of your business is consistent and works together to make you stand out from the crowd.
There is no denying that the life of a budding hospitality entrepreneur can be an incredibly demanding one, but by breaking into the industry with dedication, passion and resilience, the rewards you reap will far outweigh the challenges.
Research, research, researchPart of the reason why succeeding in the hospitality industry is so challenging is due to how competitive it is. Trends are constantly changing, and new businesses are popping up (literally – pop up hotels and restaurants are huge at the moment!) regularly every month. So, as a budding hospitality entrepreneur, how can you stay on top?
The key is research; read up on industry news to stay abreast of hospitality trends and pinpoint niches that could be exploited. The British Hospitality Association (BHA) and Big Hospitality are both great places to start, boasting impressive blogs full of articles about every aspect of hospitality.
Research also means keeping an eye on your competition. Take a look at what they are doing right and why it works for them, but also what they are doing wrong. If you could avoid these mistakes in your own entrepreneurial venture, go ahead and do it.
Technology is your best friend
Technology has played a huge part in the hospitality boom, and definitely can’t be ignored if you are looking to reap success as a budding hospitality entrepreneur.
First there is social media. Almost every hotel in the world now has a social media presence. It’s perfectly understandable if it feels a little overwhelming though, so if your experience is lacking don’t rush into every network at once.
Once you are set up you can start building your audience by taking out cost-effective advertising and posting updates about your business. Keep shameless self-promotion to a minimum and, instead, balance out salesy updates with posts that remind followers there is a face behind the business.
Post impressive images of your surroundings, behind the scenes business insights and run promotions and competitions to grab people’s attention. It’s also worth remembering that millions of people now voice their complaints about hospitality businesses over social media, so being available through this medium affords a fantastic opportunity to show off your customer service skills and build a trustworthy reputation.
Social media aside though, one of the biggest technological focuses in hospitality is the app. People now use apps like TripAdvisor and Expedia not only to look up reviews for different hospitality businesses, but also to make reservations, so it’s well worth registering your own business with them.
A huge 65 per cent of same day hotel reservations are made using a smartphone, so if the world of hotels is your chosen avenue of hospitality, you might also want to have an app made specifically for your hotel, or in the least a mobile-friendly website.
To help you, I've highlighted few ways you can stay motivated as an entrepreneur.
1. Set personal goals
You've probably created your business with specific goals in mind, objectives you want it to achieve, and of course, some core values you want it to live by. The problem is, many who start their own business forget to create their own personal goals. It is crucial that you write down your reasons for becoming an entrepreneur in the first place.
Whether it be on your computer, a piece of paper, or on your phone, have them handy so that you can read them whenever you feel you have lost motivation. Some of the reasons you have chosen to become an entrepreneur could be:
- You want to be your own boss
- You want to create your own projects
- You want the opportunity to grow a business you are passionate about
- You want to be able to eventually choose your salary
2. Leverage triumphant entrepreneurial stories
There are thousands, if not millions, of success stories about entrepreneurs of all kinds making it in the real world. Use those stories as a source of motivation, and most importantly, learn from them. If you have a specific problem you need to overcome, look at ways others have done it in the past.
3. Maintain a healthy routine
Stress is inevitable but learning how to cope with it is crucial. People often forget to look after themselves physically if they are not feeling well emotionally. However, physical wellness can have a highly positive impact on your mental health, so it is crucial that you:
- Maintain a healthy diet
- Engage in regular exercise
- Get some time to yourself (away from your work)
4. Create a morning routine
To make sure you have a productive day, you need to start it properly. Once you have woken up, showered, and had breakfast, you should sit down and create your list of goals for the day. Try and make three-quarters of your goals business-related and one-quarter personal. These will help you stay focused and organized.
Some examples of business goals could be:
- Contacting potential investors
- Putting together a social media strategy
- Writing new content for your blog
- Having a date night with your partner
- Watching a film you love
5. Set reminders for yourself
Even with a list of goals displayed in front you, it's easy to lose focus. Losing focus can lead to irritable behaviour and a loss of motivation, so remember to set yourself reminders. You can use your phone to set alarms reminding you to:
- Get certain tasks finished by specific times
- Get off social media and focus on your work
- Send emails to shareholders
- Publish blogs or social media content
6. Engage in motivational activities
You don't have to always be focused only on your work. Indulging in other activities that you find motivational can also drive your entrepreneurial success. In your personal time, you could watch inspirational films, both fiction and documentaries, listen to motivating podcasts, or even listen to music you find uplifting. These activities can be performed at home, while preparing your meals, or during your commute.
7. Get a good night's sleep
Many believe that completing business-related tasks is worth missing out on a good night's sleep, but the truth is, lack of sleep can lead to a lack of concentration and motivation. It is paramount that you get a good night's sleep to be able to pursue your entrepreneurial tasks. You'll notice that by delaying a task and getting some sleep, you will complete it twice as quickly the next day.
8. Set challenges with your loved ones
The best form of motivation you can get is from your friends and family. They can pick you up when you're feeling low, congratulate you when you achieve your desired milestones, and encourage you when you are in a slump. You can also engage in a bit of motivational peer pressure by challenging each other with various tasks.
9. Reward yourself
Give yourself incentives by rewarding yourself for a job well done. Whether they're big or small, your entrepreneurial victories are a milestone towards the overall success of your venture, so treating yourself can only encourage more hard work. Motivational rewards could be:
- Dinner at a nice restaurant
- Buying yourself something you've always wanted once you reach a monetary milestone
- A vacation you've always wanted to take
- Organizing drinks with friends
The key to staying motivated as an entrepreneur is remembering why you embarked on your journey in the first place. Staying positive and using some of the tools outlined above will help you stick to your workload and reach your goals. Remember, the key to your success lies within you, but always seek out the wisdom of others to reach your true potential.
Andrea Pais - Recrutiment Consultant
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