• User-friendly new layout
• Real tourism venture examples to illustrate concepts
• A blend of theoretical principles and practice 
• International best practice and research
• Case studies demonstrating real-life issues and providing a framework for discussion
• Lists of further reading at the end of each chapter
• End-of-chapter discussion questions which draw out issues

Part Introduction
Chapter 1: Entrepreneurship and the tourism economy
• Abstract  
• Chapter objectives
• Introduction
• Background
• Classification of SMEs
• International perspective on tourism
• Supply and demand – role of SMTEs in the tourism economy/sector
• Tourism and entrepreneurship: a discussion
• Profile of a typical SMTE
• 1The role of the hospitality “industry”
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 2: Entrepreneurial environments, processes and types
• Abstract
• Chapter objectives
• Introduction
• The impact of change on the SMTE–environment relationship
• The interaction between the SMTE and the environment 
• Environmental scanning 
• The SMTE–environment relationship
• The entrepreneurial process 
• Entrepreneur typologies 
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 3: Family ventures: opportunities, challenges and succession
• Abstract
• Chapter objectives
• Introduction
• What is a family business
• Management implications
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 4: Strategic perspectives
• Abstract
• Chapter objectives
• Introduction
• The nature of new SMTEs
• Responsible tourism and corporate social responsibility 
• Issues to ponder
• Relevant Internet sites to visit

PART B Opportunities for new ventures
Chapter 5: Creativity and innovation
• Abstract
• Chapter objectives
• Introduction
• Determinants of innovation and creativity in tourism
• Creativity and innovative organisations
The role of entrepreneurs and intrapreneurs for business
creativity and innovation
• Implications for SMTEs
• Summary
• Issues to ponder
• Relevant Internet sites to visit

Chapter 6: Evaluating the opportunity
Abstract
• Chapter objectives
• Introduction
• The role of entrepreneurship
• Entrepreneurial decision-making
• Source of entrepreneurial opportunities
• Evaluating the environment and potential resources
• Evaluating the opportunities
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 7: Intrapreneurship in the venture
• Abstract
• Chapter objectives
• Introduction
Sustainable tourism, entrepreneurship and intrapreneurship
• Differences between entrepreneurs and intrapreneurs
• The evolution of entrepreneurship to intrapreneurship
• Intrapreneurship in sustainable tourism ventures
• Obstacles and hurdles to intrapreneurship
• The role of leadership in intrapreneurship
• Implications of intrapreneurship in SMTEs
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 8: Purchasing a venture
• Abstract
• Chapter objectives
• Introduction
• Types of venture forms to purchase
• Buying an existing SMTE
• Reasons for buying an existing SMTE 
• Advantages and disadvantages of buying an SMTE 
• Finding an SMTE to buy  
• Investigating and evaluating the existing tourism enterprise 
• Valuation of the tourism enterprise
• Managing buy-ins and buy-outs
• Negotiating and closing the deal
• Issues to ponder
• Relevant Internet sites to visit
Chapter 9: Franchising
• Abstract
• Chapter objectives
• Introduction
• About franchising
• Intrapreneurship, entrepreneurship and franchising
• Franchising systems 
• Franchise roll-out models or options 
• Why open a franchise? 
• Franchising legal arrangements 
• International franchising
• Summary
• Issues to ponder
• Relevant Internet sites to visit

PART C Planning the new venture
Chapter 10: Understanding the business plan
• Abstract
• Chapter objectives
• Introduction
• Planning process
• Business planning 
• Before crafting the business plan 
• Crafting the business plan: format and outline 
• After crafting the plan: presentation and communication
• Challenges and obstacles
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 11: Compiling the business plan: marketing plan
• Abstract
• Chapter objectives
• Introduction
• Purpose and significance
• The structure of the marketing plan 
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 12: Compiling the business plan: financial plan
• Abstract
• Chapter objectives
• Introduction
• The backbone: where market research, strategy and finance converge
• Where will the money come from?
• Traditional sources of capital
• Bootstrapping as a source of capital
• Estimating budget for start-up capital and sunk costs
• The basic tools of the financial plan
• The sales mix forecast
• A word on service-based tourism ventures
• The cash flow forecast
• The income statement (or profit and loss statement)
• The balance sheet
• Using ratios for performance analysis and benchmarking
• Ratios that indicate liquidity
• Ratios that indicate profitability
• Ratios that indicate financial or operational efficiency
• Planning for seasonality and longer-term trends
• What to measure: the triple bottom-line approach
• Margin management strategy in action
• Option one: Grow turnover by 10% through aggresive promotion 
• Issues to ponder
• Relevant Internet sites to visit
Chapter 13: Compiling the business plan: organisational and management

plan
• Abstract
• Chapter objectives
• Introduction
• Organisational issues
• Strategic choice for an SMTE 
• Organisational management 
• SMTE management portfolio
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 14: Compiling the business plan: operations plan
• Abstract
• Chapter objectives
• Introduction
• Research and design of products and services 
• Tourists and service delivery in tourism
• Capacity and output
• Purchasing management and material requirements 
• Service blueprint as an operational mechanism
• Quality management (QM)
• Forecasting 
• Synergies to reduce operational costs
• Operations challenges
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 15: Compiling the business plan: service excellence plan
• Abstract
• Chapter objectives
Compiling the business plan: developing a customer service excellence plan
Step 1. Assess the characteristics of tourism 
Step 2. Why customer service excellence is so important
Step 3. Research your customers’ needs
Step 4. How to achieve and maintain excellent customer service  
Step 5. Strategies for improving customer service 
Step 6. Training your staff to deal effectively with your customers 

Step 7. Control and monitor the plan
Step 8. Review the customer service plan Summary
Issues to ponder
Relevant Internet sites to visit

PART D Start-up and managing the new venture
Chapter 16: Getting started
• Abstract
• Chapter objectives
• Introduction
Establishment of a new SMTE
The personality traits and abilities of the prospective entrepreneur
The location of the SMTE
• Decide what form of business entity to establish
• Regulatory requirements
• Organisational structure and personnel needs
The size of the prospective SMTE
Approaches to starting a SMTE 
• Positioning the business
• Exit strategies
• Security and insurance
• Reasons for success and failure in an SMTE
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 17: People and teams
• Abstract
• Chapter objectives
• Developing teams in SMTEs 
• Developing team skills in SMTEs 
• Dealing with team conflict
• How to develop effective teams 
• Developing team leadership in SMTEs 
• Understanding cultural differences in teams
• Ethnocentrism 
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 18: Managing growth of SMTEs
• Abstract
• Chapter objectives
• Introduction
• Product and business life cycle
• Reasons why SMTEs fail
• Opportunities
• Growth strategies
• Identifying sustainable competitive advantage
• Summary
• Issues to ponder
• Relevant Internet sites to visit
Chapter 19: Selling/harvesting the venture
• Abstract
• Chapter objectives
• Introduction
• The importance of the exit
• Methods of exiting a business 
• Business valuation and the exit 
• Developing an effective exit strategy 
• Contractual agreement
• Structured deal
• Outside advice
• Summary
• Issues to ponder
• Relevant Internet sites to visit

 

PART E Applied entrepreneurship
Chapter 20: Case study: Tribal Meetings
• Introduction and case outcomes
• Background
• Methodology
• Research findings of the case
• Evaluation of the case
• Issues to ponder
• Relevant Internet sites to visit
Chapter 21: Case study: Kamieskroon Bed & Breakfast
• Introduction and case outcomes
• Analytical framework
• History of the case
• Methodology
• Core offerings
• Challenges and factors affecting success 
• Strategic perspectives 
• Planning 
• Harvesting
• Evaluation of case
• Issues to ponder
• Relevant Internet sites to visit
Chapter 22: Case study: George A. Cohon – McDonald’s, Canada
• Introduction and case outcomes
• Background
• McDonald’s franchising 
• McDonald’s has always been a franchising company
• Problem formulation/core issues investigated
• Research methodology
• Research-case findings 
• Evaluation of the case
• Issues to ponder
• Relevant Internet sites to visit
Chapter 23: Case study: Kingtree Wines and Kingtree Lodge
• Introduction and case outcomes
• History of the case
• Methodology
• Research findings of the case
• The future: barriers and goals
• Evaluation of the case
• Issues to ponder
• Relevant Internet sites to visit
Chapter 24: Case study: Dyer Island Cruises (Pty) Ltd
• Introduction and case outcomes
• Case history and background
• Methodology
• Research findings of the case
Primary business motive force: a financially
sustainable business 
• Motivations, benefits and challenges
• The future
• Evaluation of the case
• Issues to ponder
• Relevant Internet sites to visit

New Tourism Ventures 2e is a must for all owner-managers, family-run SMTEs, small business advisors, enterprise support agencies, national and local governments, researchers, undergraduate and postgraduate tourism students and prospective entrepreneurs wishing to enter the tourism industry.