logo

Travel and Tourism Entrepreneurs: Traits and Skills Required to be Successful

   

Added on  2020-01-28

14 Pages4140 Words195 Views
Travel and TourismEntrepreneurs

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A) Traits and skills required to be successful entrepreneur........................................................1B) Self-appraisal with the identification of strengths and weaknesses to be a successfulentrepreneur.................................................................................................................................2M1 Effective approaches and skills for successful entrepreneur................................................3D1 Assessment of strengths and weak points.............................................................................3TASK 2............................................................................................................................................4A) Development of an entrepreneurial enterprise and evaluation of the factors that led to thesuccess of organization...............................................................................................................4TASK 3............................................................................................................................................6A) Sources of Finance and support in travel and tourism...........................................................6B) Business plan with market assessment, business analysis and cash flow analysis................7C) Business Plan for the Travel and Tourism project.................................................................8D3 Approaches to develop business plan....................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONOver the years, Travel and Tourism industry has achieved remarkable growth. It is aservice industry which contributes in economic development of the country. It offers facilities ofaccommodation, travelling and entertainment. An entrepreneur is someone that takes initiative tostart something new with innovation in concepts that could bring uniqueness in the business. Inthe competitive world, for survival productivity and creativity are essential elements for successof organisation (Costa and et.al., 2015). To be successful as an enterpriser, certain skills arerequired to be possessed by the businessperson. Study is focused on analysing various qualitiesrequired to be a successful entrepreneur. Virgin Atlantic airlines has been selected to analyseskills of the businessperson to set up new travel and tourism company.TASK 1A) Traits and skills required to be successful entrepreneurAn entrepreneur is a challenger and a creator. He/she brings out something new. It couldbe a business, an enterprise or initiative. They do not depend on others and come up withinnovation in their ideas and concept. To be a successful businessperson certain traits and skillsare required at workplace. These are discussed below:Leadership: An entrepreneur is required to possess leadership quality. He must be able totake independent decisions. It is required to have abilities of controlling work activitiesand problem solving skills. Capabilities of representing your company is essential.Marketing planning: Objectives and goals of the company can be achieved byformulating strategies. Analysis should be conducted for evaluation of factors that mayimpact environment (Dubey, 2017). It helps in identification of conditions that mightaffect implementation of business plan and accordingly decisions can be made to makeprofits for the organisation.Risk handling abilities: While setting up new business, risk factor is always associatedwith it. An enterpriser should be capable enough to handle risks at workplace and takeappropriate decisions according to the demand of situation.Motivation: It is an important requirement to initiate anything new. Self motivatedperson has capabilities to handle failures and make necessary changes to start thebusiness again.1

Creativity: An enterpriser is needed to have creative approach in the strategies that isrequired to fulfil objectives and goals. Creativity brings uniqueness in concepts andprovides competitive advantage.Self development skills: It is requisite to have time management and sustainable use ofresources of the company by the businessperson. Methodologies should be designed anddeveloped by considering future conditions.Competitive abilities: Competitive skills helps to stand in front of competitors in themarketplace (Patel, 2015). Once entry is made in the corporate world, everydaychallenges are faced by the company in the form of introduction of new products,additive features in the existing commodity or implementation of new technology, etc.Maintaining relations: When an entrepreneur makes a good relation with the customersand rivalries, they always have an advantage of preference over others by them. Healthyrelations at workplace helps in growth of the organisation. B) Self-appraisal with the identification of strengths and weaknesses to be a successfulentrepreneurAbove stated skills are required to be a successful entrepreneur. Self evaluation helps toidentify strengths and weak points of oneself. Weaknesses which are identified should beimproved and strengths should be utilized in business growth. On self assessment I haveidentified following strengths of myself:Motivation: I am self motivated and always try to motivate others also so that they canput efforts in betterment of business (Hallak and et.al., 2015). I always have curiosity toexplore new things which makes me keep learning. It is very essential to posses learninghabits to grow in every field.Good relations: In travel and tourism sector, it is required to have good contacts withothers as ithelps in business to grow. Therefore, it is required to have quality interactionand communication at workplaceInnovation in ideas: Creative and productive concept brings distinctiveness in thebusiness. It helps in attracting consumers. Customers always get attracted with the brandwhich comes up with something creative in their products. I posses this quality whichmight be helpful in setting up travel and tourism company.2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Travel & Tourism Entrepreneur Assignment
|14
|4501
|389

Entrepreneurship: Traits, Qualities, and Strategies for Success
|14
|3555
|365

Travel and Tourism Entrepreneur Assignment Solved (Doc)
|14
|3971
|205

Travel and Tourism Entrepreneur- Doc
|18
|3724
|306

Travel and Tourism Entrepreneur Assignment Solution
|19
|6354
|342

Travel and Tourism Entrepreneur Assignment Solved
|16
|4022
|281