Family Business Entrepreneurship in Tourism and Hospitality Industry - A Study on the Pondicherry Perspective of Management
In a fast progressing industry like tourism there is no dearth of entrepreneurial opportunities. Family Business Entrepreneurship, as a phenomenon has gained immense coinage in various key sectors of India since a distant past. The role of family business establishments becomes more significant in the case of tourism industry, because of its very nature, i.e., being a service industry. This article critically examines the growth and prospects of family run business establishments in tourism and hospitality industry of Pondicherry. The main focus area of this article is the investigation of entrepreneurial attributes of family business entrepreneurs in Pondicherry, who operates ventures in hospitality, their distinctive competence, psychological traits, skills and context i.e. the environmental factors. This work attempts to elucidate upon the influence of Socio-economic factors that acts as a driving force for the family entrepreneurs in Pondicherry, taking into account market incentives, customs, cultural values etc. This study also looks into the government policies, rules and regulations which have a bearing on the successful functioning of tourism and hospitality entrepreneurial ventures in Pondicherry. This paper also attempts to unveil a business model for family run business firms in Pondicherry by taking into account primary data collection and analysis. The significance and advantages of family operated ventures in tourism industry of Pondicherry and the reasons for them adorning a high pedestal is being studied in this article.