It is time for you to set your goals and work hard to achieve them. Make sure your goals are realistic. Monitor your performance on a regular basis. This will give you an opportunity to adjust wherever required. Compare your results against the goals you have set. This approach ensures that you are in control and you know what you are supposed to do. I wish all of you a highly fulfilling and satisfying time ahead.
At this juncture, I want you to have a glimpse into what the future of hospitality industry is going to be like. It is a known fact that over the years the hospitality industry has grown into being one of the key drivers of the economy in India. With a cumulative growth of 14 per cent every year, there are great expectations about what the future holds for the hospitality industry.
With the hospitality industry moving towards digitalisation, and online presence and social media taking the central stage, there is a renewed focus on the customised service. The technology-led innovations are making it possible to offer highly personalised services, where the future of growth lies. This in turn requires feeding of enormous data into the management system.
With the government allowing 100 per cent FDI in the hospitality and tourism sector, there will be many more foreign players to invest and work in the industry. The entry of more aggregators, apart from significant changes in business models, will bring about radical changes in the sector. The future will see further consolidation in the market with more tie-ups and joint ventures between different players.
Similarly business management and entrepreneurship development require creative minds that are willing to take risks as well as manage them. It focuses on identifying what could go wrong, evaluating which risks need to be dealt with, and implementing strategies to deal with them. It is here the 8Ms, a unique style of learning the art and science of management, makes both business management and entrepreneurship development effective and successful.
Dr SL Narayana