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Previously, we discussed the five essentials for success in leadership. Here we are going to discuss the 5 Essentials of Hospitality Leadership, required for success in the management of any enterprise.
Understanding and applying these five basic essentials is the key to solid, secure success. They are: 1) the Product, 2) Administration, 3) Marketing, 4) resources, and 5) timing. Whether it is a business, church, army, sports team, or even a government, for the effective management of any enterprise, these five essentials must be understood and combined to work in harmony and support of each other. Failure to understand, control, and keep these essentials in proper balance can be found as the reason for almost every failure in the history of human enterprise.
The Root cause
We can have any four of these essentials working perfectly, but if the other one is ineffective, it can destroy the entire venture. For example, we can have a quality Product, perfect timing for its release, great Administration, and plenty of resources, but poor Marketing can make all of our efforts fruitless. We can have the perfect Product, Administration, timing, and Marketing,but a lack of resources can be our doom. Combine any four of the essentials successfully but neglect the other one, and we will be in jeopardy of ultimate failure. Once we understand these five essentials, it is easy to comprehend why the majority of new businesses fail in their first year of existence. of those that survive the first year, only a fraction will survive three more.
In Order to Succeed
Many great new products never succeed in the marketplace simply because they were not backed by strength in just one of these five basic essentials. of those that do survive, many just limp along, falling short of their real potential because they do not get these basics under control and functioning properly. Our goal in this study is to impart basic principles that can be understood and applied quickly, simply, and easily for success. Once we understand the mechanics and interrelationship of these five essentials, the effectiveness of management will be greatly enhanced…