Let’s Talk About Entrepreneurship: Entrepreneurship In the Hospitality Industry

Entrepreneur is a French word taken from entreprendre, which means “adventurer” or “one who undertakes.” Entrepreneurs look for and recognize opportunities. They also take an enormous amount of risk to move on to these opportunities and create value for their industries.
An entrepreneur is a risk-taker because success is rarely guaranteed. But, as Edison says: “I didn’t fall a thousand times. I learned many new things.”
Entrepreneurs try to solve problems in either the product or service industry. Products are more tangible items, whereas services are more like hotel, legal, and financial services. #
Lauren Grench details her journey into entrepreneurship, and what it means to blend all these services into a cohesive, memorable experience:
“So LLG is an event management and design firm that specializes in luxury destination weddings. We plan and design luxury destination weddings. That encompasses planning the guest experience. It also includes all the budgeting, vendor negotiations, and contract negotiations.
“Anything with destination planning means complex logistics, [which means] understanding international law, international relations, socioeconomics, understanding what’s going on within our political atmosphere with all the different countries that we’re working with.”
According to Grench, the customer experience defines the industry.
“Hospitality is at the epicenter of event management. You need phenomenal customer relations. You need to make sure that your guest experience is also just as important as your client experience and your vendor experience and your venue experience.”
Each of these areas is vital to the success of any event. Optimizing customer service, customer relations, and the guest experience is about getting them all to work together and ensure the proper execution of the event.
“A common thread for entrepreneurs is that they tend to be really creative, innovative individuals,” Grench says. “They’re always looking after something new, something that would solve an existing problem for the industry. This could be a hospitality industry, financial industry, even a regular taxi industry just like Uber did.”