Entrepreneurship Assignment | Entrepreneurial Challenges
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Added on 2020-05-16
Entrepreneurship Assignment | Entrepreneurial Challenges
Added on 2020-05-16
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RUNNING HEAD: Entrepreneurship and new venture creation1Name of the studentSubmitted by:Roll no.:Author’s note:
Tour and Travelling Business2Executive summaryThe report is regarding the entrepreneurial challenges faced by the tour and travelling company in Vietnam. It illustrates the 15 challenges that are faced in a family business. . The purpose of a family business is to establish effectiveness down the age with a purpose to handle the policies. Overly Conservative: The business need to get rid of the conservative approach It isnecessary for managing the creative approach and aligning the goals. The business process is therefore important enough to gain best possible result. It is necessary for managing the most effective outcome that will ensure productivity. It is most importantly essential for gaining effectiveness in order to manage the challenges.
Tour and Travelling Business3ContentsIntroduction......................................................................................................................................2Vision...............................................................................................................................................3Growth.............................................................................................................................................4Control of operations.......................................................................................................................4Training............................................................................................................................................4Paternalistic......................................................................................................................................4Communication problems................................................................................................................5Systematic thinking.........................................................................................................................5Emotions..........................................................................................................................................6Informality.......................................................................................................................................7Tunnel vision...................................................................................................................................7Lack of written strategy...................................................................................................................7Compensation problems for family members..................................................................................8Role confusion.................................................................................................................................9Lack of talent...................................................................................................................................9Conclusion.....................................................................................................................................10References......................................................................................................................................11
Tour and Travelling Business4IntroductionFamily business is the one actively owned and managed by the family members. If an individualown a family business it is probably one of the most difficult part of to manage the differentopinion and to work continuously. It is evident from the point of view of gaining longevity andgaining adequacy. The coming generation has to take up the challenges and to mend up accordingto the existing situation. It is possible in the current situation to maintain a balance that will helpin managing the business situation(Bernardo,2014). It is progressive for a business to look onto forgaining adequate results and accepting the changes that are taking place in order to gain betterresults. The aim of this report is to focus on the challenges in the Tourism sector that a familybusiness might face looking onto the changing business environment. Further the report focus onthe 15 challenges and addresses them with a entrepreneurial approach. Tourism sector is playing amajor role in contributing to the Vietnam economy. Due to the change in the business style andpattern it has become evident from the point of developing resources for the organization in orderto manage responsible growth. This is evident for matching up the expectation of people(Carlandand Carland, 2015). The new ways of doing a business are trending creating a long way for thebusiness the old business generally faces criticism due to their way of doing business. It isimportant from the point of gaining effective resources and managing the role for maintainingaccuracy. It is evident for increasing the role and responsibility for maintain effective role. It isnecessary for maintaining a balance and supporting each other. This is necessary for achieving theorganizational goals. The most evident need of current scenario is to adopt the changes andapplying the effective space. It is necessary for maintaining a balance that will allow in gainingaccuracy (Dodgson, Gann and Phillips,2013). VisionThe family member has a different vision while pursuing their dream. It is further important forcarrying out the business change in order to derive better results. The younger generation is morefocused on establishing a technology friendly environment. This will allow in maintaining abalance in between the organization and dealing in achieving goals(Drucker,2014).
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