Learning Objectives
Knowledge
The student will be able to recognize key entrepreneurial processes, effectively describe decision-making tools, understand the advantages of entrepreneurship, and confidently formulate objectives for their business.
Skills
Students will be able to develop the skills to identify key entrepreneurial processes, use decision-making tools, make informed decisions based on data-driven approaches, analyse the benefits of entrepreneurship, formulate clear and strategic business objectives and adapt to market changes, new opportunities
Competences
Students will be able to effectively plan, evaluate, and improve business processes for long-term competitiveness, applying digital tools and marketing strategies to expand business outreach.
Contents
Introduction
Entrepreneurship drives economic development through strategic planning, effective management, and innovation. This module explores key entrepreneurial concepts to help stakeholders manage enterprises or farms successfully. It covers essential elements such as business plans, which provide vision, define objectives, and allocate resources for long-term success. Modern business integrates economic, environmental, and social aspects. Special focus is given to women’s entrepreneurship, promoting equality and innovation, and family entrepreneurship, preserving tradition and generational cohesion. Business ethics, based on integrity, respect, and responsibility, is crucial for trust and reputation.
Integrating these themes offers a comprehensive insight into contemporary corporate practices that strive for sustainability, innovation and success at all levels of business.
Business Planning and Entrepreneurial Skills
Effective business management
An entrepreneur is someone who establishes a new business, taking on significant risks while benefiting from the rewards. Entrepreneurs are vital to the economy, using their skills and initiative to meet market needs and introduce innovative ideas. Successful entrepreneurship leads to profits and growth opportunities (Hayes, 2024)
But before we decide whether entrepreneurship is really for us, we need to ask ourselves what our goals are, what we want to achieve and whether we enjoy what we do, so we would highlight the motivation, which needs to be strong enough to actually get into business.
Entrepreneurship: A Journey of creativity and opportunity
Entrepreneurship brings a unique combination of opportunities, challenges and personal satisfaction that attracts individuals with vision and ambition. Creative freedom allows entrepreneurs to shape their own business path, while flexibility gives them the opportunity to balance work and personal life. A successful business opens the door to financial stability, while offering the opportunity to turn their passions into a lucrative career. By overcoming challenges, entrepreneurs strengthen their credibility, create a positive impact on their surroundings and feel a sense of pride in achieving their goals. Entrepreneurship is more than a profession – it is a way of expressing one’s creativity, commitment and courage.
Here are some examples of the skills and strengths that are important for overcoming the first steps on the entrepreneurial path:
- Motivation: Motivation is essential to overcome challenges like hiring, attracting customers, and solving problems effectively. It helps sustain determination and ensures the time, effort, and resources invested lead to a profitable and successful venture. Establishing a healthy work-life balance and finding inspiration through success stories can further support your entrepreneurial journey.
- Creative Freedom: One of the greatest advantages of entrepreneurship is the freedom to design and implement your own ideas while developing innovative solutions. Entrepreneurs have full autonomy in managing and making key decisions, enabling the creation of unique products or services tailored to market needs and their personal vision.
- Flexibility: The ability to set your schedule and working hours and quickly adapt to changes in the environment, market trends, customer needs, or business conditions. This is a key attribute that enables long-term success and competitiveness in dynamic markets.
- Challenge: As an entrepreneur, you will face numerous challenges that come with running a business. These include securing initial capital, managing competition, acquiring customers, and adapting to market changes. Additionally, it is essential to consider how you will maintain a balance between your personal and professional life.
- Passion: Building a business around something you love makes work enjoyable and challenges easier to tackle (Indeed, 2024)
If you want your business to remain competitive and continue to grow, it is very important that you learn to identify new opportunities. Some opportunities may be relatively straightforward, but this is not always the case. You need to develop the skills that will help you identify opportunities that you may not have even imagined existed before, and you need to learn which opportunities are worth your time and which ones will not help your business move forward (EU Business School, 2022)
Useful tools for business decision-making
Before using decision-making tools, we should first go through the five steps that help us evaluate whether our idea is productive. This is why the decisions we make need to be carefully thought through so that we take the right steps before making a final decision. But how to do this? Let’s first understand what decision-making is before we stop at the stages of the decision-making process. Decision-making requires choosing a course of action between two or more possible options to find a solution to a particular problem. Decision-making is integral to management. Making the right decisions is essential, and that is why leaders or managers pay special attention when making any business decision (Deepon Roy, n.d.).

1. Identification
The initial step in decision-making is to determine the purpose and objective behind your choice. Ask yourself why you want to make this decision, what problem it addresses, and why solving that problem is necessary. Clarifying your goals provides a clear direction and allows for an objective approach to decision-making.
2. Information gathering
Collect all the necessary information required for your decision. Start by evaluating your own knowledge and insights, then seek external sources. With today’s resources, it’s easier than ever to find information—read relevant books or search online for guidance. Be sure to also consider any alternative options available.
3. Consider the advantages and disadvantages
Every decision we make carries consequences. Take the time to list all the potential advantages and disadvantages of your choice, along with its possible future impacts.
This approach helps you make more informed decisions and deepens your understanding of the situation. Thinking about the consequences offers numerous benefits. It allows you to explore different perspectives and weigh your options carefully.
4. Decide
When you’ve identified the problem, gathered the necessary information, and considered the pros and cons, it’s time to make your final decision. Pay attention to how you feel about your choice. If you have doubts, take a moment to re-evaluate your decision. Acting impulsively can lead to problems, so double-check whether your choice offers short-term or long-term benefits before moving forward.
5. Review your decision
After making a decision, don’t just forget about it. Every decision can teach you something. Good results boost your confidence, while less positive outcomes help you understand what went wrong. Remember, failure isn’t the end—it’s a chance to learn and grow. Keep a positive attitude, even if things don’t go as planned, and you’ll become better at making decisions over time.
Decision-making tools
Decision-making tools are methods used to approach problem-solving effectively. They guide the process through five phases: determination, where options and goals are identified; analysis, involving research and assessment of impacts; evaluation, weighing the benefits and drawbacks of each option; selection, making an informed choice; and assessment, reviewing the decision’s short- and long-term impacts.
Decision-making tools offer benefits such as improving understanding of the decision-making process, analysing and evaluating options, and using a data-driven approach to choose the best course of action. They enable confident, informed decisions and, with consistent use, enhance problem-solving skills and decision-making abilities over time (Indeed, 2024).
In the following section, we will introduce you to two of the most used tools in entrepreneurship.
SWOT analysis
SWOT analysis is a strategic tool for evaluating a company’s strengths, weaknesses, opportunities, and threats. It combines internal factors (strengths and weaknesses) with external influences (opportunities and threats) to enable fact-based insights and innovative ideas. Effective SWOT analysis involves input from diverse perspectives within an organization and is typically used to guide a specific decision or objective. Analysis is versatile because it can be applied to an individual, a company, products, a market or a competitor (Kenton, 2024)
SWOT analyses are often presented in a four-quadrant table, visually organizing internal (strengths and weaknesses) and external (opportunities and threats) factors to provide clear insights into a company’s strategic position (Kenton, 2024). The table is solved by asking questions in the key areas listed below. We then systematically record all our reflections and findings in a table or under the relevant area.

A SWOT analysis consists of four key components, which you must answer and write down the answers.
Strengths
Internal factors that give an organization a competitive edge, such as a strong brand, loyal customers, or unique technology. We ask ourselves the following questions:
- What is our competitive advantage?
- What resources do we have?
- What products are performing well?
Weaknesses
Internal areas needing improvement, like weak branding, high debt, or operational inefficiencies. We ask ourselves the following questions:
- Where can we improve?
- What products are underperforming?
- Where are we lacking resources?
Opportunities
External factors that could provide competitive advantages, such as market expansion or favourable policy changes. We ask ourselves the following questions:
- What new technology can we use?
- Can we expand our operations?
- What new segments can we test?
Threats
External challenges that may harm the organization, including competition, rising costs, or environmental risks. We ask ourselves the following questions:
- What regulations are changing?
- What are competitors doing?
- How are consumer trends changing?
The strategy helps us build on strengths, eliminate weaknesses, seize opportunities, and avoid threats. The method is exceptionally clear and applicable to any decision we make. Based on the analysis, we can adjust the strategy, which can later be reviewed again, with results interpreted to determine whether to proceed or re-evaluate the idea. It guides us to utilise all our potential. Additionally, the analysis is an integral part of the business plan (Kos, n.d.)
In the STAY project, we have produced a summary report outlining the risks, opportunities, weaknesses and strengths of the agrotourism sector in general. You can read more about it here.
Strengths
- Rich cultural heritage;
- Contribution to rural development;
- Year-round offering;
- Strong connection between landscape quality and protection of natural resources;
- Enhanced preservation of gastronomy and culinary traditions
Weaknesses
- Limited data available at national and European levels;
- Complexity of administrative procedures involved in running the activity;
- Challenges in adapting facilities to ensure inclusivity of guests;
- Inadequate infrastructure in rural areas, including internet connection, roads, and public transportation.
Opportunities
- Generate non-agricultural income;
- Increasing demand for experiential tourism;
- Significance in achieving key objectives of CAP 2023-2027, the “Green Deal” and “Farm to Fork” strategy;
- Creation of new employment opportunities in rural areas.
Threats
- Burden of legislation and regulations;
- Disconnect from agricultural activity;
- Lack of institutional awareness regarding the sector;
- Demographic changes in rural areas, specifically an aging population;
- High investment costs associated with establishing agritourism ventures;
- Insufficient training programs tailored to the needs of the sector.
Figure 3: Example of a solved SWOT analysis table. Source
Business Model Canvas
Why choose the Business Model Canvas?
The Business Model Canvas (BMC) stands out as a highly practical tool for business planning due to its concise, clear, and flexible design. Its key advantages include:
Focus: All essential components of the business model are consolidated in one place, allowing entrepreneurs to focus on clear goals and effective strategies without getting bogged down in unnecessary details. This streamlined approach enables quick prioritisation and well-thought-out decision-making.
Clarity: Instead of lengthy reports, BMC provides a visually organized overview where all elements are clearly presented. This facilitates fast planning, easier understanding, and ongoing evaluation of key business components.
Flexibility: The canvas allows for creating multiple versions of a business model, comparing them, and identifying the best approach. It encourages creativity, experimentation, and adapting strategies to changing needs or objectives.
The Business Model Canvas is an excellent tool for a comprehensive view of business operations, as it streamlines planning and fosters team collaboration in connecting the individual elements of the business model (Pereira, 2024).
The Canvas Business Model allows you to quickly create multiple models by highlighting the key elements of your business and providing clear visualisation. Its portability makes it easy to share and keep up-to-date, encouraging collaboration and flexibility (Kos, n.d.)
It consists of 9 elements that need to be identified and entered in a table. This gives a clear visualisation of what the company should look like. The model is flexible and can be continuously revised and updated. The following notes describe the questions we ask when defining certain segments and give examples from the agro-tourism industry.
It can be solved in a classic way, by finding a ready-made model and filling it in, or by using digital versions such as CANVANIZER (follow the link: next.canvanizer.com/demo/business-model-canvas?canvas-title=agroturize%2C
You can also watch a short explanation of how to comply with the model here in this video:

How to solve the canvas model?
The Business Model Canvas provides a clear and structured overview of business operations, enabling effective planning and collaboration while connecting all key components of a business model. You will need a sheet of paper, a tablet or anything else to write on, along with a pen, then you can start working on it. The model is divided into 9 key building blocks where you record your specific situations. In the end, either individually or with your team, review each segment, interpret the findings, and develop a strategy. In the following steps, we will show you how to solve each area in the Canvas model
A. Customers (Customer Segments)
- Define your target groups: who are your customers? What are their habits, what do they like to do?…
- Families with children, couples, international tourists, nature lovers, local visitors.
- Identify who your ideal customer is:
- Seekers of authentic experiences, food lovers, cyclists, hikers, or lovers of a quiet break in the countryside.
B. Customer Relationships
- Define how you will establish and maintain relationships with visitors:
- A personal welcome and a guided tour of the property.
- Organisation of events such as harvests or culinary workshops.
- Online interaction via social networks or personal recommendations.
C. Channels
- Identify the communication channels:
- Own: website, social networks, newsletter.
- Partners: travel agencies, local information centres, booking platforms.
- Define sales channels for booking or selling products or services. Where will your message be seen?
- Online bookings, sale of agricultural products in the shop on the estate or at local markets, etc.
D. Value Proposition
- What do you offer your customers? How are you different from your competitors? What makes you unique?
- Authentic experience of rural life.
- Local cuisine with organic ingredients.
- Activities such as tractor rides, farm work, workshops for children.
- Sustainable and environmentally friendly accommodation.
E. Key Activities
- Which tasks are essential? What is your primary activity?
- Guiding on the farm and organisation of workshops.
- Preparation of accommodation and provision of hospitality.
- Promotion on social networks and through partners.
- Production and processing of local agricultural products.
F. Key Resources
- What are your key resources to be able to do business?
- Physical: property, accommodation, farm equipment.
- Human: staff for management, food preparation, organisation of events.
- Financial: resources for proper management.
- Who do you work with? Who do you see yourself working with?
- Local food and drink suppliers.
- Travel agencies and platforms (e.g. Booking, Airbnb).
- Local community and cultural organisations for events.
- Municipalities or institutions supporting sustainable tourism.
G. Revenue Streams
- How will you generate revenue from your activity?
- Accommodation bookings.
- Conducting workshops (culinary, agricultural activities).
- Sale of local agricultural products.
- Organisation of events (weddings, team building, tastings).
H. Cost Structure
- List all the costs you face.
- Maintenance of the property and accommodation.
- Promotion and digital marketing costs.
- Salaries of employees and seasonal workers.
- Purchase or maintenance of farm equipment and materials.
Market Analysis
Market analysis helps identify industry trends, differentiate from competitors, and minimise risks when launching or adjusting a business. It helps estimate the potential success of your brand and products when entering the market. This analysis involves quantitative data, such as market size, pricing trends, and revenue forecasts, as well as qualitative insights, including consumer preferences, values, and purchasing behavior (Coursera, 2024)

Market research combines consumer insights and economic trends to refine business ideas and reduce risks. Understanding your target audience from the start is crucial. Gathering demographic data —such as age, income, and interests— helps assess demand, market size, competition, and pricing. You can conduct research using existing data (industry trends, demographics) for quick insights or direct research (surveys, interviews) for tailored customer feedback. While existing sources save time, direct research provides deeper understanding but requires more effort. Methods like surveys, questionnaires, focus groups, and interviews help businesses understand customer behavior and improve strategies (SBA, n.d.)
We will briefly summarise the important steps to consider in a market analysis:
- Research your industry – Understand the industry, its trends, market size, revenue, regulations, and opportunities for innovation.
- Investigate the competitive landscape – Identify key competitors, their offerings, pricing, marketing strategies, and customer engagement tactics.
- Identify market gaps – Find unmet needs in the market by analyzing competitors’ shortcomings and consumer demands.
- Define your target market – Segment your audience based on demographics, psychographics, lifestyle, and challenges they face.
- Identify barriers to entry – Recognise obstacles like startup costs, legal requirements, competition, and economic factors that could impact success.
- Create a sales forecast – Estimate future sales based on market size, pricing, expected demand, and production/advertising costs.
Defining Business Goals and Objectives
Setting business objectives and goals
Business objectives are specific steps toward achieving organizational goals, focusing on operations, revenue, growth, and productivity. They provide clarity for business owners and employees, aligning efforts and direction. Objectives can be strategic (long-term, broad-scale goals) or operational (short-term actions supporting strategic goals). These objectives are essential for efficient growth and employee development. Business objectives are crucial as they align individuals with the company’s vision, enhance product quality, improve culture, attract and retain top talent, foster leadership, encourage innovation, boost revenue, and increase productivity (Simplilearn, 2023)

Business goals are objectives planned within a business that must be measurable and achievable. They can be defined for short- or long-term periods and are crucial for gathering data, as they enable various analyses that help interpret a company’s performance and achievement of results. George T. Doran defined them in 1981 in his article “There’s a S.M.A.R.T. Way to Write Management’s Goals and Objectives”, where he described how business goals should have a significant impact on an organisation. He emphasised that they must be measurable and attainable.
The SMART acronym, commonly used for performance evaluation, helps managers and employees clearly define the steps needed to achieve success and effectively communicate expectations. For example, a small business owner may set a goal to improve communication methods, ensuring that the goal is realistic, achievable, and time-bound to enhance efficiency.
SMART is an acronym that stands for:
Specific means clearly defining the goal with as much detail as possible. In general, the more precise and focused a goal is, the easier it becomes to identify the necessary steps to accomplish it. A well-defined goal provides a clear direction, making the process more structured and actionable.
Example: “Increase the number of farm-stay guests by 20% within one year by offering guided farm experiences”.
Measurable means establishing clear criteria to track progress and determine success. It ensures that there is concrete evidence to assess whether the goal is being achieved, making it easier to monitor improvements and stay on track.
Example: “Achieve at least 50 additional bookings per month through improved digital marketing and local partnerships.”
Achievable refers to ensuring the set goal is realistic and possible to complete or maintain within the set time frame.
Example: “Enhance the visitor experience by developing two new agritourism activities (cheese-making workshops and vineyard tours) within the next six months.”
Relevant means ensuring that the goal is meaningful and aligned with your core values, long-term vision, and overall objectives. It should contribute directly to broader priorities and have a clear purpose in achieving desired outcomes
Example: “Launch an eco-friendly farm-stay program using renewable energy and organic farming methods to attract environmentally conscious travellers.”
Time-bound means ensuring the goal has a clear deadline or timeframe for completion. Setting a specific time limit helps maintain focus, track progress, and create a sense of urgency to achieve the goal efficiently (Yasar, 2022).
Examples: “Implement a farm-to-table dining experience within six months and measure customer feedback to refine the offering.”

How to write business goals?
The benefits of SMART goals help individuals and businesses achieve both short-term and long-term objectives by providing clear focus and direction. They break down broad goals into specific, actionable steps, making it easier to track progress and evaluate strengths and weaknesses. These goals increase motivation by setting clear benchmarks and encouraging action, pushing individuals beyond their comfort zones. They also lead to faster results by reducing time spent on irrelevant tasks and identifying potential challenges early. Additionally, SMART goals enhance performance by pinpointing areas for improvement and provide a sense of satisfaction as progress is tracked over time.
Writing clear and actionable business goals is essential for guiding a company toward success. Follow these steps to create effective business goals:
Identify your vision and mission
Start by aligning your business goals with your company’s vision (long-term aspirations) and mission (core purpose and values). This ensures that all objectives support the overall business direction.
Use the SMART criteria
A well-defined business goal should be:
- Specific – Clearly state what you want to achieve.
- Measurable – Define how success will be measured (quantifiable metrics).
- Achievable – Ensure the goal is realistic based on resources and capabilities.
- Relevant – Align with business priorities and long-term objectives.
- Time-bound – Set a deadline for achieving the goal.
Distinguish between short-term and long-term goals
- Short-term goals (3-12 months) focus on immediate improvements, such as launching a marketing campaign or improving customer service.
- Long-term goals (1-5+ years) drive business growth, such as expanding to new markets or increasing brand awareness.

Setting the financial framework
Financial planning plays a vital role in the success of a business by validating its feasibility and ensuring its goals are financially attainable. Establishing a clear financial picture early on helps businesses manage resources effectively and set realistic financial objectives. This clarity allows leaders to make informed decisions about resource allocation and future investments.
Furthermore, financial plans are valuable tools for assessing the profitability of new initiatives or product lines. By comparing projected revenues against estimated costs, decision-makers can evaluate whether the venture is worth pursuing. In this way, financial planning supports strategic growth, risk management, and long-term business sustainability (Indeed, 2024)
It is important to have a clear picture of your income and expenditure.

Management and Leadership Skills
Management skills focus on planning, organising, and controlling resources to ensure efficient day-to-day operations. Leadership skills, on the other hand, aim to inspire and motivate individuals toward achieving shared goals, shaping organisational culture, and fostering team success. While management emphasises structure and efficiency, leadership centres on vision and influence.
Leadership and management require the development of essential skills, including strategic planning to anticipate challenges and set goals, effective communication for trust and collaboration, and team building to inspire and coordinate efforts. It is important for managers to acquire decision-making skills to manage risks, conflict resolution strategies for a harmonious working environment, and project management skills to deliver on-time and on-budget results. Financial management skills enable optimisation of resources, while time management skills increase productivity and balance. Problem-solving skills foster innovation and change management ensures adaptability in dynamic environments. Together, these competencies enable leaders to achieve success, foster collaboration and align performance with inspirational leadership (Gloucestershire College, 2023)

Other Factors that Can Affect Entrepreneurship
Farm managers are predominantly male and relatively older. They are responsible for the daily financial and production operations of a farm, making key decisions on crop selection, livestock management, procurement of materials, and sales. In this sense, they function as farmers, overseeing both strategic and operational aspects of farm management. Each farm has only one designated manager, who is often the owner, although this is not always the case, especially when the farm operates as a legal entity. In 2020, approximately 68.4% of the 9.1 million farm managers in the EU were male, while more than half (57.6%) were at least 55 years old. Meanwhile, only 11.9% of farm managers were young farmers (under 40 years old) (Eurostat, 2022).
Recognising this demographic challenge, Europe is actively promoting the rejuvenation of the agricultural sector, encouraging younger generations to take over farms and increasing female leadership in the industry.
Women’s empowerment and family businesses are essential pillars of the European economy, making an important contribution to innovation, sustainability and development. The European Commission recognises the importance of women’s economic participation and encourages initiatives to improve their entrepreneurial skills, self-confidence and networking opportunities.

Woman empowerment
Farming is a male-dominated profession, with only 31.6 % of farmers being women in 2020.

Against the backdrop of a sharp decline in the overall number of farmers, the share of farm managers who are women increased from 26.4 % in 2005 to 31.6 % in 2020 (Eurostat, 2022). The European Commission actively supports women’s economic empowerment and entrepreneurship, emphasising their critical role in fostering innovation and sustainable development, including in rural areas. Recognising the specific needs of women entrepreneurs, the Commission promotes networking opportunities and the exchange of best practices. These efforts are complemented by initiatives aimed at boosting women’s confidence in their skills, enabling them to contribute effectively to business growth and rural development (European Commission, n.d.)
From the image, we can see that the largest share of female farm managers is still in the 65+ age group (consistently exceeding 10% between 2005 and 2022). Meanwhile, the share of middle-aged female farm managers remains stable, whereas the smallest share is found among those aged 25-34 and under 25. This indicates that women typically take on farm management roles after the age of 35, which is influenced by CAP (Common Agricultural Policy) measures. According to these regulations, to qualify as a young farm successor, the legal status must be arranged before the age of 40.
Family businesses
Family businesses account for more than 60% of all businesses in Europe, from sole traders to large multinational corporations. Regardless of their size, they play a key role in the EU economy. The European Commission supports an enabling environment for their development.
Definition of a family business:
- Most of the decisive rights are held by the founders, their spouses, parents, children or direct heirs.
- The decision-making rights can be direct or indirect.
- At least one family member is formally involved in the management of the company.
- In the case of quoted companies, family companies are those where the family of the founders or heirs holds at least 25% of the decisive rights (European Commission, n.d.)
Family businesses prioritise resilience through strategies like frugality, cautious investments, low debt, and conservative acquisitions. They diversify industries to reduce risks, focus on organic international growth, and foster employee loyalty by promoting a strong culture and avoiding layoffs. These interconnected principles enhance stability, enabling family firms to excel during economic downturns. Their long-term approach is increasingly seen as a model for navigating a volatile global economy (Kachaner and co., 2012).
Integrating sustainable practices in entrepreneurship
Sustainable entrepreneurship aligns economic growth with environmental and social responsibility, fostering innovation and competitive advantage. It prioritises multi-dimensional value creation, balancing financial, social, and environmental benefits. Engaging stakeholders, adapting to policy and market dynamics, and embracing constraints drive creative solutions, as seen with zero-waste initiatives like Interface’s. Leadership and education are vital for embedding sustainability into business culture. This approach encourages rethinking models and adopting circular economy principles, emphasising reuse and recycling for long-term success (Worldly, n.d.).
Informational Guidelines for Educators and Advisors
Entrepreneurship offers creative freedom, flexibility, and financial stability, allowing individuals to shape their own business path while balancing work and personal life. Key entrepreneurial skills include motivation to overcome challenges, creativity to develop unique solutions, flexibility to adapt to market changes, and resilience in facing competition. Passion makes the journey fulfilling and challenges easier to tackle.
To stay competitive, entrepreneurs must identify and seize new opportunities, focusing on those that bring real value and drive business growth.
To strengthen agrotourism, engage customers via surveys and social media for feedback and new ideas, like traditional workshops or community involvement. Analyse competitors to find opportunities, enhance promotions, and add unique activities. Adapt to trends by integrating sustainability and diverse food options. Draw inspiration from other industries, using booking apps or creative attractions. Study foreign agrotourism for successful strategies, market expansion, and innovative community engagement (EU Business School, 2022).
SWOT analysis
SWOT analysis evaluates strengths, weaknesses, opportunities, and threats by combining internal and external factors to guide decisions. It applies to businesses, individuals, products, and markets, offering a clear strategic overview. A well-rounded analysis ensures innovative strategies and better positioning. VIDEO:
Example in agrotourism:
Table 1 Table shows the SWOT analysis for agrotourism.
Strengths (Internal, Positive)
- Local authenticity.
- Opportunity for unique activities.
- Small size and flexibility: small farms can quickly adapt their offer according to demand, e.g. adding wellness activities (sauna or herbal baths).
- Genuine experience with the hosts.
Weaknesses (Internal, Negative)
- Limited infrastructure: not enough accommodation for large groups of tourists or lack of modern amenities.
- Seasonal nature of the business.
- Lack of management knowledge: the owners have a wealth of agricultural knowledge but less experience in tourism and customer management.
- Logistic problems: The farm is far from the main transport links, which makes access difficult for some visitors.
Opportunities (External, Positive)
- Increased interest in rural tourism.
- Expanding seasonal offers.
- Cooperation with local communities.
- Digital marketing (investing in the website and social media to improve visibility and connect with target groups of tourists).
Threats (External, Negative)
- Market uncertainty (economic crises may reduce interest in tourism activities or reduce tourist spending).
- Weather impacts (climate change or unpredictable weather events).
- Competition from larger tourist destinations.
- Resource exhaustion and burnout (if a farm does not optimise work processes, owners and staff may feel overworked).
Business Model Canvas
An explanation of what the Canvas model means and how it is solved is also explained in this video clip:
Introduced by Strategyzer, the Business Model Canvas provides a simple and visual way of describing how organisations create and deliver value.
Another explanatory video:
Market analysis identifies trends, competition, and risks, assessing business potential through quantitative data (market size, pricing, revenue) and qualitative insights (consumer behaviour, preferences). It refines ideas by analysing demographics and economic trends, using existing data for efficiency or direct research for deeper insights.
Clear objectives in agrotourism guide business culture, staff selection, and teamwork, enhancing guest experiences and sustainability. They foster collaboration, strengthen leadership, ensure accountability, and boost productivity by improving guest satisfaction and efficiency. VIDEO:
Writing clear business goals is key to success. Align them with the company’s vision and mission, ensuring they support long-term objectives. Use the SMART criteria to make goals specific, measurable, achievable, relevant, and time-bound. Differentiate between short-term goals (immediate improvements) and long-term goals (business growth and expansion). VIDEO:
Management and leadership skills
The video highlights the difference between leadership and management skills. Leadership focuses on personal qualities like confidence, character, and decision-making, inspiring others through influence. Management, on the other hand, is about organising, directing, and executing tasks, ensuring efficient resource allocation and team coordination. While both are essential for workplace success, they serve distinct roles. VIDEO:
Setting financial framework
The financial plan is a key part of a business plan, outlining projected revenues, costs, return on investment, and available financial resources. It helps attract investors, secure funding, and assess the viability of the business. Watch this VIDEO:
Conclusions
Entrepreneurship drives economic growth, innovation, and sustainability, requiring strategic thinking, adaptability, and continuous learning. A solid business plan helps set goals, allocate resources, and stay competitive. Success relies on motivation, creativity, flexibility, and resilience to overcome financial constraints, market saturation, and shifting consumer preferences. Continuous innovation and differentiation enable businesses to thrive in changing environments and seize new opportunities. Market analysis is essential, providing insights into customer needs, industry trends, and competition. Thorough research allows entrepreneurs to tailor products, set competitive pricing, and identify market gaps, reducing risks in launching or expanding ventures. Effective decision-making tools like SWOT analysis and the Business Model Canvas help assess strategies, optimise resources, and navigate challenges, ensuring data-driven choices that enhance efficiency. Entrepreneurship fuels economic growth, with women’s entrepreneurship and family businesses playing a crucial role in job creation, innovation, and social stability. Supporting these groups with funding, resources, and mentorship fosters inclusive success. In agrotourism, these principles are vital. Agrotourism businesses leverage local identity, cultural heritage, and natural resources but face challenges like seasonal demand and infrastructure limitations. Market analysis, strategic decision-making, and sustainability help enhance competitiveness and attract diverse market segments. Collaboration with local communities, digital marketing, and innovative services further strengthen their market position. Ultimately, entrepreneurship is not just about starting a business but fostering creativity, problem-solving, and resilience. Entrepreneurs who embrace lifelong learning, strategic planning, and ethical leadership build sustainable and impactful ventures. Success depends on vision, perseverance, and the ability to adapt to change.
References / Links
Coursera, 2024. Market Analysis: What It Is and How to Conduct One. Available on: coursera.org/in/articles/market-analysis (accessed on. 20.1.2025)
Deepon Roy B., n.d. Vantage circle. 5 Critical Steps Of The Decision-making Process. Available on: vantagecircle.com/…/decision-making/ (Accessed on: 23.1.2025)
EU Business School, 2022. How To Identify Business Opportunities in Any Market. Available on: euruni.edu/blog/how-to-identify-business-opportunities-in-any-market/ (Accessed on: 8.12.2024)
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