ENTREPRENEURSHIP AND EMERGING MARKET IN THE HOSPITALITY AND TOURISM OPTION

1.1 Introduction

Entrepreneurs introduced the concept of Tourism Businesses. Entrepreneurship plays a vital part in transforming the supply of leisure and recreational opportunities (Chang, 2011). Tourism entrepreneurship has been recognized as the basic way to provide strategic support for maintaining business development especially in rural areas. Tourism act as a business for creation of employments opportunity and service focused industry generate colossal profits to the individuals, society and the nation as a whole.

As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Research hypothesis and questions, Limitations of the Study and Definition of technical terms.

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1.2 Background of Study

The notion of entrepreneurship was first recognized in the 1700s, since then the denotation of entrepreneurship has developed ever since (Pahuja, 2015). Many merely define entrepreneurship as an opening one’s own business. Most individuals deliberate an entrepreneur is all about producing novel idea (Fernandes, 2016). Entrepreneurship is the utmost and an imperative facet of economic growth in the past and the contemporary era. Entrepreneurship is the motion of venturing into a new business or businesses, captivating on the risks in the optimism of making a maximum turnover. Entrepreneurship plays a pivotal part in the success of economic growth and lead to business paybacks (Nako, Dejan, Tatjana, & Oliver, 2011). In this way, entrepreneurship quality invariably leads to job creation in tourism business and increase economic growth.

Koh & Hatten (2014) identified the prominence of entrepreneurs in tourism development and claimed that the birth of touristic business is not an act of nature but an act of the tourism entrepreneur. Koh & Hatten (2014) claimed that it is only when tourism entrepreneurs exist a society’s environment; landforms, flora and fauna, historic artifacts, and cultural heritage enclaves become tourism resources which can be renovated and transformed into tourist attractions and destination. Tourism produces a great deal of profit, and it is the fastest growing sector in the world.

Tourism is a significant driver for economic growth. It contributes significantly to the social and economic development of a country. It is a source of employment as well as income in both the formal and informal sectors. Tourism is a major source of foreign exchange in addition to commodity trade, and it can be used to finance the import of capital goods to support the growth of industrial sectors. Moreover, growth in both developed and developing economies results in more foreign travel, which in turn increases the country's foreign reserves.

There is a distinct difference between visitors and tourists. When a person goes to a foreign country and works there, he or she will not be considered as an international tourist. Diplomats and military personnel, for example, are not considered international tourists. Tourists travel for various reasons, such as recreation, leisure, studies, religious faith, business meetings, or simply to visit with friends and relatives without receiving any compensation. The two types of travellers are domestic tourists and international tourists. International tourists, however, are those who do not take on any remunerative assignments. A foreign passport holder who stays at least 24 hours in India is considered an International Tourist. The term "domestic tourist" refers to a person who travels within the country and stays in a place that is different from their usual place of residence or work for not less than 24 hours. Holidays, sports, pilgrimages, religious observance, study, health, and social functions should be the focus of the trip. Therefore, in Landmark Beach and Landmark Hotel, Lagos State where the research was carried out, the activities that was conducted is to appraise the Entrepreneurship and Emerging Market in the Hospitality and Tourism Option.

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1.3 Statement of Problems

Several problems of the world are environmentally, economically, socially and culturally related. Tourism has stimulated the development of a variety of allied infrastructures and facilities. The motivating force behind this study is based on the fact that in the past, there has been no research on tourism development and its socio economic contribution to amongst the State. Based on this, the researcher therefore, is intended to examine the socio-economic contribution of tourism development in the hospitality industry, Kwara State. It also contributes to highlight its contribution and create its awareness to the nation.

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1.4 Aim and Objectives of Study

The aim of the study is to appraise the Entrepreneurship and Emerging Market in the Hospitality and Tourism Option using Landmark Beach and Landmark Hotel in Lagos State as a case study. In achieving this aim, the following specific objectives were laid out as follows:

1. To examine how tourism has been of great contribution to Entrepreneurship and Emerging Market of Landmark Beach and Landmark Hotel in Lagos State.
2. To investigate the employment opportunity relate with tourism development in Landmark Beach and Landmark Hotel in Lagos State.
3. To assess the tourism development of hospitality industry has negatively or positively impacted the Emerging Market of Landmark Beach and Landmark Hotel in Lagos State.
4. To determine how greatly enhance tourism development of Entrepreneurship and Emerging Market of Landmark Beach and Landmark Hotel in Lagos State.

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1.5 Research Questions

The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:

• Has tourism been of great contribution to Entrepreneurship and Emerging Market of Landmark Beach and Landmark Hotel in Lagos State?
• What is the employment opportunity relate with tourism development in Landmark Beach and Landmark Hotel in Lagos State?
• Has tourism development of hospitality industry negatively impact the Emerging Market of Landmark Beach and Landmark Hotel in Lagos State?
• Does tourism development of Entrepreneurship and Emerging Market enhances Landmark Beach and Landmark Hotel productivity?

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1.6 Research Hypothesis

In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.

Hypothesis One

• H0: There is no significant employment opportunity relate with tourism development in Landmark Beach and Landmark Hotel in Lagos State
• H1: There is a significant employment opportunity relate with tourism development in Landmark Beach and Landmark Hotel in Lagos State

Hypothesis Two

• H0: Tourism development of hospitality industry negatively impact the Emerging Market of Landmark Beach and Landmark Hotel in Lagos State
• H1: Tourism development of hospitality industry positively impact the Emerging Market of Landmark Beach and Landmark Hotel in Lagos State

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1.7 Significance of Study

This study is relevant for the following reasons:

1. The study is an attempt to explore deeply and make a thorough research into tourism in Nigeria
2. The write up is aimed to serve as a consulting material for scholars who may wish to know more tourism.
3. This research project would be very useful to people who are interested to take-up tourism as a profession
4. The study will also analyze the prospects, problems and proffer solutions to the problems confronting the development of tourism and tourist center.

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1.8 Scope of Study

The study focuses on the Entrepreneurship and Emerging Market in the Hospitality and Tourism Option. The research is limited to the study area at Landmark Beach and Landmark Hotel in Lagos State.

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1.9 Limitations of the Study

During the course of this study, many things militated against its completion, some of which are:

1. Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
2. Establishment Policies: Establishment policies posed a serious limitation as most staffs are not ready to release information needed for this project work. There were lots of information needed from the staffs of this establishment to enhance the study which took them time to release or they did not release at all for security purposes, hence the scope was reduced.
3. Research material: availability of research material is a major setback to the scope of the study.
4. Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.
5. Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

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1.10 Definitions of Terms

The following terms were used in the course of this study:

Tourism: The relationship of phenomenon arising from voluntary travel and stay of an individual away from his/ her usual place of residence to a pre-determined destination in search of pleasure, leisure etc and are not connected with any remunerated activity.

Tourist: This is an individual that is involved in tourism activities. Visitor: - Is someone travelling from his place of usual residence to another place, but not primarily for tourism activities but enjoys such activities during his stay.

Tourist Attractions: These are the physical and natural images or activities that motivate people (tourists) for visit.

Tourist Destinations: These refer to the places where the tourist attractions are located or sited.

Hotel (Hospitality Industry): Is an establishment that renders the services of food and drinks, accommodation to people (tourists) who are willing and able to pay for the services rendered to them by the establishment.