Tourism Entrepreneurship and Management

This assignment delves into the fascinating field of tourism entrepreneurship and management. It examines various aspects, including strategic management practices, the impact of place identity on tourism performance, destination competitiveness, and the unique challenges and opportunities faced by lifestyle tourism entrepreneurs. The readings explore innovative approaches in tourism, the role of local economic development, and the evolving landscape of the tourism industry.

Travel and Tourism
Entrepreneur

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
A. Essential entrepreneurial traits and skills to be a successful travel and tourism entrepreneur
................................................................................................................................................3
B. Format to make a self assessment on the basis of entrepreneurial traits and skills...........5
TASK 2 ...........................................................................................................................................6
A. Analysis of business development strategy of successful travel and tourism entrepreneur6
B. Evaluation of the factors which leads on the successful entrepreneur's business organisation
................................................................................................................................................7
TASK 3............................................................................................................................................8
A. Evaluation of the sources available of the finance for the new business start up..............8
B. A business plan, business analysis, cash flow analysis and justification on the potentials of
the success of the proposed business plan..............................................................................9
C. Persuasive business plan for the start up project in the travel and tourism industry.......11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Travel and tourism sector is having a need of the higher skills to provide a better service
and products to their targeted customers (West, 2010). Many of entrepreneurs has made this
sector is more challenging by increasing benefits and better services. It is essential for the people
which are having an interests to start their own venture in this sector to make a proper analysis of
the entrepreneurs which have made a better business in this industry. This report is having based
on the entrepreneurial skills and traits and this assignment is having details on the traits and skills
which is essential to be a successful entrepreneur in the travel and tourism. Self assessments
involved in this report which helps to the entrepreneur to make a personal analysis on the basis
of the entrepreneurial skills. Successful entrepreneurs details are given in this report which can
be used by the entrepreneur to develop a better business in the travel industry. At the last of the
report it is having a business plan for the start up project.

TASK 1
A. Essential entrepreneurial traits and skills to be a successful travel and tourism entrepreneur
It is essential for the business starter to develop all the basic traits and skills which are
needed. According to Personality Approach To Entrepreneurship each and every person is
having a some specialities, traits and skills which makes them different from others. These
personal traits effects on entrepreneurial behaviours and on the basis of this approach different
skills are given at the end. Some of the skills and traits are given under here of the successful
entrepreneur which was Thomas Cook who had established the Thomas Cook company. Now the
company is having several ventures which is providing many types of facilities to the traveller
regarding to the travelling, accommodation and food. Here is the key skills and traits to be a
successful entrepreneur in travel and tourism industry:
Innovative: Entrepreneur which wants to be successful in this market has to be innovative by
which they can make better planned tours. Innovative ideas can help to them to provide an
appropriate satisfaction.
Communicative: IT is also essential for entrepreneur that they have to be communicative in their
business by which they can formulate and implement strategies in a better way. This is a key
element to describe what an entrepreneur think and it is also essential for them to explain itin
their subordinates.
Here is a brief on the traits and skills which are given under here;
Analyser: He was the perfect analyser of the market needs by which they had made a better
services on the needs of the customer. They have made a first grand tour which shows their
vision for the needs and as well as to the future needs of the tourists.
Confident: They had a higher confidence level which helped them a lot to make a better services
in the travel and tourism industry (Ramukumba and et. al., 2012). Cause they were having a huge
analysing capabilities so it helped them a lot to make a better analysis of the needs of the
customers and as well as it helped them to make a better services in the service industry.
Self starter: As they have made a tours first time it shows that they were having a higher skills to
be a self starter in the travel and tourism industry which helped them to make a better business.
By this they made a better services to the traveller and they had provided a better packeged
product to the customers.

Creativity: It is essential for the entrepreneur to be creative in their work by which they can make
a better products and services to make a better place in the market. Many of the entrepreneurs
has loss their creativity which make an negative impact on their sales and revenues. As well as it
takes them in the similar level to the other products categories (Paget, Dimanche and Mounet,
2010). Thomas Cook was having this traits which helped them to be higher ranked in their travel
and tourism market by which they had established a company.
Determination: It is an essential part for the entrepreneurs which can help to them to make a
better implementation of the project in the actual situations of the market. Thomas Cook was
have a tremendous determination about their perspective by which they made the Thomas Cook
company and which is providing many of the services to the customers now.
B. Format to make a self assessment on the basis of entrepreneurial traits and skills
There are some specific traits and characteristics which a entrepreneur should posses to
get success in the business is carrying out. He need to learn those skill and implement them in
their own business. He should try to identify his strengths and weaknesses, after this process they
should use those strengths in their own business and try to maintain them. Weaknesses is
something which could render the growth of the person so they need to make a strategy through
which weaknesses can be shadowed. Some questions could be prepared to find the strengths and
weaknesses and according to self evaluation can be done.
Advantages
 Ask yourself what plus point or positive points that you have and other don't have? These
can be skills or education qualification.
 What are some personal resources or assets do you have?
 Are you the member of some kind of the program that no one is involved in?
These question will be answers through own perspective and knowing the strengths will boost
the confidence.
Weaknesses
 What are the things which you avoid doing it or makes you unhappy?
 Whatever you have learnt or whatever skills you have so are you confident about it? Or
do you feel hesitation in performing them.
 Ask people around you that what weaknesses they see in you?
 What are your negative habits? And does you have some traits that push you backward.

Self Assessment
Skills Marks out of 10
Strength
Team work 8
Leading 6
Confident 7
Creative 8
Weakness
Analyser 5
Self Starter 4
Determination 4
This will be evaluate on the basis and the views of the people around you and after
evaluation of this I would like to rate myself with 7 scale because I have more strengths in
comparison to the weaknesses. As I believe in team work and leading the team. So these are the
two important qualities which makes me confident because through team work my team
members believe in me which gives me more confident. Benchmarking is a process through
which someone can measures its qualities, traits and characteristic which are required for
different purposes. The idea behind this is to measure the qualities like if someone wants to
compare himself with a successful entrepreneur so he will first note down all the actions and
traits which that entrepreneur has shown. Some areas are here in which I have scope of
development like; determination, analyser and self starter. These are some points on which I
have to work and convert in to strong points. So he will be evaluating those with himself and it is
also a way of learning and improving current existing weaknesses.
TASK 2
A. Analysis of business development strategy of successful travel and tourism entrepreneur
Thomas cook is a very well known travel and tourism company which provides services
to the people in this sector. It was first ever company to provide packaged tours to the people of

its country. The company's main focus is to provide the customers with the best possible service
in the market. The business strategy of Thomas cook is to serve the customers with new
innovations in the services provided by it (Mshenga and et.al., 2010). As back in time it was the
first company to develop the packaged tour with the different company's which are associated in
providing the same facilities. In previous time in UK all the industries in the hospitality sector
used to work individually. Hotels were operating to provide residential services, transports to
provide access to various destination and so on. Thomas cook was the first company which
develop a package in that time jointly with all these individually operating elements. So from the
beginning of this era company aims at providing services with the innovation in its process. The
strategies are briefly illustrated as follows: Innovation: The company's first and foremost strategy is to provide services to the
customers by innovation of new ideas and products which would help the company to
attract the people in a huge number. Every consumer now wants innovation so the
company work on that. They have developed innovative tours in which they had provided
many types of facilities and services in grand tours which was not general in that time. Customer needs and wants: The company identifies the needs and wants of the
customers first and than according to that it forms the strategies in relation with those
needs and demands to serve better than the competitors and to have a lead over the
market (Marchant and Mottiar, 2011.). They had worked on customer needs and this is
the result that Thomas Cook is a leading company of this sector. Contracting with various service providers: The company signs contracts with the
different hotels, transport companies etc. in providing the best services it can to the
customers according to their demand.
 Aims to stand out of the crowd: Thomas Cook aims at standing out of the crowd by
developing new ideas with the resources available to it. It aims at improving the quality
of mind by thinking out of the box and accordingly it plans out and sets its strategies to
operate.
These above are the ways which are used by successful giant in the travel and tourism
sector to have an edge over the market to perform better than the competitors. Its aims is to

innovate so that it can stand out of the crowd which enables it make the strategies of the
company in accordance to this policy.
B. Evaluation of the factors which leads on the successful entrepreneur's business organisation
As the Thomas Cook company is working in the travel and tourism industry so it is
essential for them to provide facilities to their end users. The Thomas Cook is the leading
company in the travel and tourism industry which is providing new and innovative packages to
their targeted customers and as well as they are providing innovative suitable change in the tour
which provides a better feel to the tourists which helped them a lot to improve their revenues and
market share (Lovelock, Lovelock and Normann, 2010). Some of the leading factors are here
which lead on the entrepreneur's business organisation;
Market analysis: As the Thomas Cook was having this trait the company is also working on it
and they are using the it to make a better business plan. As they are working in the travel and
tourism industry so it is essential for them to make a better action plan on the needs of the
customers by analysing their needs. Market analysis is the basic tool and the organisation is
using this especially. It helps them a lot to make a better services for the targeted market, they
are conducting regular market research to make a better package for the customers and as well as
to provide an appropriate customer satisfaction.
Innovative change: Mr. Thomas Cook believed in the innovative changes so their
entrepreneurial venture is also using the same in their products and services which leading them
towards to be a market leader (Komppula and Gartner, 2013). The company is making
innovative change in their products and they are providing all of the facilities regarding to the
package and tour. It is essential for the company to make an innovative change in the company's
products and service so they have to make a better analysis of the customers needs by which they
can provide them the similar products and services as per their expectations.
Regular developments: It is helping a lot to the entrepreneurial venture which is Thomas Cook,
they are making regular changes and developments in their products and services which are
helping to them to make a better services for the customers. They are highly effected by this
regular developments and they are leading in their market. As they are taking the regular
developments which is the skill of the Thomas Cook. Regular innovative change is helping to the
company to make a better change in the company and as well as it is helping to them to provide
change and betterment in the services every time.

TASK 3
A. Evaluation of the sources available of the finance for the new business start up
Today there are numerous sources of finances available for start-up's and existing
business enterprises in tourism industry. These sources enables the entrepreneurs in undertaking
the task of developing successful business enterprise (Kayar and Kozak, 2010). There are some
major sources of finance which can be used for proposed plan, they are as follows:
 Personal Savings and Credit: The major source of finance available for entrepreneurs is
usually their person savings. Entrepreneur starts his business while investing his own
earnings in the enterprise. This allows him in gaining total control over the enterprise and
its activities.
 Friends and Family: Entrepreneurs ask their family and friends usually for extra credit
and this is the reason they became the second most utilised source for finance for
business start-up's.
 Venture Capital: When a company invest in another company or start-up for its
development and to get some rights or profits that is known as venture capital. This
capital is also made available via CSR activities as a part of major company effort to
boost other small players.
 Angel Investors: These are the investors who are called angel investor because they
provide investment to business just because it attracts them.
 Banks: Banks via loans and other credit facilities provide capital for business.
 Crowd Funding: This is the new way to get investment for business. Entrepreneurs via
events and other type of functions ask the crowd available to fund the company for a
share. This has helped many companies in getting big financial help (Hallak, Brown and
Lindsay, 2012).
 Government Schemes and Agencies: There is scheme which provide relief to the small
scale enterprises in tax. The government in United Kingdom runs a program which
provide different type of grants to the private industries.

B. A business plan, business analysis, cash flow analysis and justification on the potentials of the
success of the proposed business plan
A Business plan is prepared so that it can be presented in front of the people who will
provide financial and other type of assistance. Business plan for travel and tourism is divided
into few parts:
Section 1
Executive Summary
High sky is a London based travel and tourism company. The basic aim of the company is to
provide better services to the customers who are our main priority (Evans, Stonehouse and
Campbell, 2012). These days there are many companies serving in this sector but what
differentiates us from them is the quality of our services and range of products we have to offer.
Currently we are offering packages for major destinations at a very low cost.
The company main motive is to serve all sections of society while providing consistent service
quality to all. That makes our tag line “Fly high and Explore more”.
Section 2
Owner's Background
The main reason behind opening up a business of my own was my experience and inspiration as
to provide better services to the people of society. I have been a working with Thomas Cook for
last 15 years and after working their I got the inspiration to start my own travel and tourism
business. I have been trained in this industry as I have working experience of more than 15 years.
I am currently undertaking the course as to understand the business process.
Section 3
Products and services
High sky Ltd is concerned with selling tour packages to people. These tours include all major
travel destinations international and national market. The tours differs in time duration and
seasons. In the beginning we will not be selling all the services as we need time as to reach the
standard quality.
Section 4
The Market
Initially our target market is individuals. We are targeting families for tours. But in future we
will be offering our services to business, colleges, schools and major government agencies. As to

increase the market size. Our target customer are aged from 20 to 60 years. They have potential
to buy the tours as they are earning. Our packages are for all levels of earning individuals. Our
customers are based in UK, majority of them living in urban area's. The main reason behind our
customer in buying our services is attractive packages.
Section 5
Market Research
The key findings of the market research conducted by us was that the customers are not satisfied
by the current market offerings of big giants and they need a change. Which is the reason behind
my business formulation.
Section 6
Marketing Strategy
The strategy chosen by the company is the penetration strategy. We will be offering packages at
low prices initially. As to attract more customers to buy our services.
Section 7
Competitor Analysis
We have undertaken the analysis as to find out what are the strengths, weakness, pricing and
products offered by competitors. They are some major industry holder but we are different
because of our product and services offering which is also our unique selling point.
Section 8
Operations and Logistics
Our services will be offered online and from our physical stores in all major urban cities. The
cost has been analysed and hence we are ready to take possession of the places. Also the online
site will be in functioning once the proposal is accepted.
C. Persuasive business plan for the start up project in the travel and tourism industry
Every organisation have need of the development. The development have been don
according to the change of the environment. In the development the planing have to be done
effectively. While making of the planing there are so many factor which have to be evaluated in
the organisation. This will help in preparing the effective planning in the organisation. There are
so many things that are affecting in the organisation. Some of theme are as follows:
Market Assessment: The market is the best thing for any company. There are so many things
which will affect the company. So that have to be analyses properly these are competitor,

customer and government (Dawson and et. al., 2010). The company have to make the
competition in between the competitor that are in market. The company manager have to
analysis it properly so that the strategy have been papered for the company. The customer is the
king of the market them have to be satisfied by the company service. So they have to analysis the
customer and do the market segmentation. There are several rules and responsibility that have to
be follow by the company this have been made by the government. That have to be analysis by
the company.
Business analysis: There are several resources that have to be managed by the company. These
are the resource of the organisation use. This have to be managed properly. The main resource is
human resource that have to be managed by the company. The company have to analysis the
several resource in the organisation. The human resource has to been analysis for making
planing.
Cash-flow analysis: In the business the financial resource are very much needed in the
organisation. The transaction of the financial resource have been recorded in the organisation.
The transaction of cash inflow and outflow have been evaluated by the recorded that have been
put in the report of financial resource. This will analysis the financial condition of the company.
This will help in making the development planing (Croce and Perri, 2010). These three will help
in making the analysis properly. This will help in making the employment planing in tour and
tourism.
Budget
Particulars Amount(Euro)
Promotions 10000
Development of plan 5000
Advance payment to agents 12000
Fees for business developers 5000
Total 32000

CONCLUSION
The above presented report has been concluded about the successful entrepreneur in the travel
and tourism sector. The Thomas Cook is having many of the entrepreneurial characteristics
which helped them to lay a foundation of the Thomas Cook company. Self assessment can help
to the entrepreneur to make a better implementation of the business in the actual conditions of
the market. A pre developed business plan can help to the entrepreneur to make a better
implementation of the business.

REFERENCES
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tourism. Taylor & Francis.
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