Optimizing Travel Operations for Customer Satisfaction
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This assignment focuses on improving business operations in the travel and tourism industry by leveraging innovative planning strategies. It emphasizes the use of statistical and graphical data for efficient process simulation. By analyzing tasks and activities, travel entrepreneurs can elevate clients' travel experiences.
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TRAVEL AND TOURISM ENTERPRENEUR
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Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 1.1 Skills needed for successful entrepreneurship.................................................................3 1.2 Self Appraisal of entrepreneurial skills and traits to identify strengths and weaknesses for development benchmark to be successful..............................................................................5 TASK 2............................................................................................................................................8 2.1 Analyse the development of an entrepreneurial enterprise.............................................8 2.2 Evaluate factors that led to the success of an enterprise.................................................9 TASK 3............................................................................................................................................9 3.1 Sources of finance and support available to enterprises in travel and tourism sector.....9 3.2 Develop and justify the potential for success of an enterprise in a travel and tourism context..................................................................................................................................11 3.3 Present a Persuasive business start-up plan...................................................................12 CONCLUSION..............................................................................................................................13 REFERENCES..............................................................................................................................14
INTRODUCTION Travel and tourism industry is consider one of the well established sector that contribute in earning huge revenues for the economy. They concentrate in delivering services related to travelling, sightseeing, accommodation facilities etc. UK is found to be among 6thin number under international tourism arrival. There are number of factors that affect this industry in various ways that include social, economical, cultural, political elements. This report highlights the entrepreneurial skills and traits that is needed to become a successful entrepreneur. There are sources of finance that helps in developing travel and tourism enterprises. Being a successful travel and tourism entrepreneur it is necessary for them to locate various opportunities that require huge investments so that they can able to gain high financial gains in return. This sector is common in the hospitality industry.. Government also play a vital role in this sector as they come up with new and innovative ideas by formulating rules and regulations that has to be followed by them. TASK 1 1.1 Skills needed for successful entrepreneurship It is necessary that entrepreneur must possess certain skills and traits that lead them to achieve final objectives and aims in effective manner. As every business organisation have to operate in dynamic environment hence, they have to work accordingly (Evans, Stonehouse, and Campbell, 2012). There are number of abilities that is adopted to run the industry in constructive manner. This also help in facing competition from numerous companies that is constituted in this industry. Some traits that is required by entrepreneur is as follows:Creative and Innovative:This trait must be possessed by entrepreneur so that they can perform operations creatively and differently. They should come up with new ideas and thoughts so that final aims can be accomplished.Ambitious and Confident:This is a important trait that must be present in every entrepreneur. He must be confident in his actions that will be performed by them in proper way.Charismatic:This include presenting the personality in such a manner so that customers and clients become impress with his characteristic. Thus, it is necessary to possess pleasant personality.
Self Sacrificing:there are number of conditions that require sacrificing comfort zone so that proper achievement of entrepreneurial goals can be done.Set goals in conducive way:An entrepreneur must have the ability to set short and long term goals so that they can work accordingly and results in attaining the final set aims in proper way. There is some vision and mission for which every business institution have to work which focusing on it.Maintaining healthy and good relation:It is the responsibility of entrepreneur to maintain conducive relation with their clients and employees. This assists them to construct their image for longer period of time. Clear plans:Entrepreneur should have clear picture of plans in their minds so that all their work process must focus in single direction and lead to attainment of set targets in conducive manner (Molz, 2012). Certain skills that must be possessed by entrepreneur is described below:Planning and Organisation:It involve drafting all plans that is required to carry out the entrepreneurial activities and than organising all resources in proper way so that final aims can be accomplished.Facing Risks:Risks are part and parcel for business organisations. There are different types and nature of risks that affect the company in number of ways. Thus entrepreneur must consist the ability to face these challenges in proper way. Than only that business man is known for running the operations properly.Effectively time management:This is very essential for running a business in appropriate manner. Entrepreneur must have proper time management system that enable them to conduct their tasks in proper time and in smooth way.Communication and interpersonal skills:Every entrepreneur must contain effective communication skills so that they have the ability to influence behaviour of others. This is a basic motive to impose strong impact on the customers so that it lead to generation of high financial gains and outcomes. He must be able to communicate his decisions to all people at different level and can express it clearly.Numeracy:This skill involve better understanding of calculations and numbers so that its application can be performed in proper format and in effective manner.
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Travel and Tourism Skills: This is very much necessary to understand all activities that is involved in performing motivational activities so that people can get attracted for buying tourism services and products.Research and analytical skills:this is very essential in this sector as it involve gathering all relevant data information and performing proper analysis to interpret according to needs and wants. Leadership:It is very much important for an entrepreneur to be a leader so that he can guide his team effectively and that results in reaching final goals and objectives in set time period. He actually act as a representative of the company that focus on running overall business operations efficiently. Therefore, it is indispensable to possess leadership qualities so that final objectives can be accomplished (AlSayyad, 2013). 1.2 Self Appraisal of entrepreneurial skills and traits to identify strengths and weaknesses for development benchmark to be successful Traits and SkillsAnalysing strength and Weakness Facing Risks:I am capable of facing many risks that come across while conducting business transactions. I have applied number of strategies in business that minimize the effect of risks that get arise. Leadership:I am very good in leading my team in effective manner.Ihavehugenumberofworkers working together. All members are satisfied with my leading style. Set goals in conducive way:I have made clear goals for everyone that guide eachandeveryindividualincompanyto followthesethatresultsinachievingfinal outcome in conducive way. Maintaining healthy and good relation:I have maintain many clients and hence able to maintain good relations with my customers for
longer period of time. Clear plans:I have framed clear plans and actions that has to be performed in accurate mode. I have made short and long term goals and have set time period in which it has to be attained. Effectively time management:I have excellent time management skills as I havepreparedproperschedulethatinvolve which tasks has to be performed and at what time. Communication skills:Iamnotverygoodincommunicating information to others and therefore I face many problems related to it. Self Motivation skillsThis is my weak point. I get afraid if any unfavourablesituationgetoccurswhile conducting business operations. Selling skills:It is essential to perform selling activities in proper manner. I am little effective in this part asIalwayscomeupwithmodernand advancedworkingprocesstocarryout business operations in correct manner. Entrepreneurial SkillsRatings(Out of 10)Justification Planning and Organisation8Icanperformplanning functionefficientlybutI require proper planning team that can perform it better. Facing Risks7I cannot able to understand all risk factors that are present and thus require more training in it.
Effectively time management8I can able to manage my time scheduleproperlybut sometimesgetfaileddueto some reasons. Communicationand interpersonal skills 7Iamnotverygoodin communicationskillshence, sometime have to face lot of problems associated with it. Numeracy9I Am very good in numerical ability and calculations. Travel and Tourism Skills9Ihaveproperteamthat manages all travel and tourism sectors. Research and analytical skills:8Icanperformresearch activitiesproperlysothat decisions are made properly. Leadership7I lack various leadership skills that must be present. Entrepreneurial Traits Creative and Innovative6I lack this trait and hence get fail in many key areas. Ambitious and Confident8I am confident enough to face all situations properly. Charismatic9I have attractive personality. Self Sacrificing6Idonotpossessthis characteristicandgetinto trouble out of it.
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Set goals in conducive way9I have clear goals set for mu business. Maintaining healthy and good relation 9Ihavemanycustomersand gave ability to retain them for longer period of time. Clear plans9I have formulated clear plans setandprovideguidanceto achieve them. TASK 2 2.1 Analyse the development of an entrepreneurial enterprise The most successful entrepreneur that can be taken in travel and tourism sector of UK is Thomas Cook. He was the founder of well established travelling agency known as Thomas Cook. As he has the hobby of visiting may places and was fond of travelling from one place to another. He initiated his business playing a role of mediator between railway company and passenger. Hence, he make arrangements for trip of school and college students. He started enjoying this activity and started planning for tours for large number of people inside and outside the country locations. This is a turning point in his life and receive first project for abroad destination that was from Leicester to Calais. After it slowly they started expanding their business all over Europe. Customers are also giving positive responses for their services. This provide him motivation to expand his business so he involved his son and covert name of organisation to Thomas and Sons. Business development and Entrepreneurial strategy of Thomas cook is as follows: Locating correct and right opportunities: Thomas Cook have located the best opportunity in business environment that is to gain high financial gains in by working in travel and tourism sector. Hence, this pose him the well focussed area for his career (Hall, Timothy, and Duval, 2012). Making decisions considering customer's needs: Thomas Cook was a great perceiver of market conditions that are prevailing in current situation. This is a most important aspect which make him successful in his business operations.
Delivering quality services: Customers are consider real king of market place, therefore it become necessary to know needs and wants of people and than frame services in accordance to it. Perform the recruitment process in accurate way: Thomas Cook assists on expanding their business operations by recruiting large number of people from outside sources so that they can able to build most prospective team for longer period of time. Quantitative and Qualitative approach: Thomas Cook have to construct the balance between qualitative and quantitative aspects so that business transactions can be run in successful manner for longer period of time. 2.2 Evaluate factors that led to the success of an enterprise Every entrepreneur do not become successful in their business hence, there are some added factors that must be introduced in individual person. This enable entrepreneur to conduct business in constructive manner. Some factors and elements that result to the success of enterprise which is as follows: Innovative: innovation refers to introducing concepts, ideas, thoughts which is new and fresh in nature. Hence, entrepreneur must be innovative in his thoughts. Honest: Thomas cook was a honest entrepreneur therefore, it make him successful in his business and result in performing business operations in proper manner. Learning from past experience: This is very much useful for every entrepreneur. There are number of situations that are favourable and unfavourable, both the conditions provide learning lessons to entrepreneur. Creative in nature: creativity is very much necessary in conducting business in effective manner. As there are number of competitors that are available in market place hence, it become important to conduct tasks in different way and distinct from other competitors in order to stand apart from them. TASK 3 3.1 Sources of finance and support available to enterprises in travel and tourism sector Finance is consider most important resource for carrying out business activities. Hence, it is require to make optimum utilisation of funds so that it is allocated in key areas that lead to earn financial gains. It is necessary to make decisions in this respect so that tourism sector does
not face any losses in future. There are number of alternatives that are available thus, travel and tourism sector have to make decision regarding these options and choose best option out of it (Xiang, Magnini, and Fesenmaier, 2015). There can be condition when business firm have to borrow some amount of finance from outside sources. Various sources of finance that is available in tourism sector is as follows: (Source: Thomas Cook Group plc (TCG.L), 2018) Private Equity:This type of source include acquiring capital from high class society people and rich organisations that are ready to invest in tourism sector.Leasing:In this type of source, tourism company finance some part or whole portion of their project. The tourism institution develop a contract with a leasing company and in return supply tools and equipments at a affordable and negotiable price.Loan from Banks:This is a most commonly used method in which business organisation can take loans from banking institution in return of collateral security. Entrepreneur can approach these banks and apply for amount that they want to acquire. Banks in return charge interest in that amount. Illustration1: Financial position of Thomas Cook
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Angel Investors:It is a modern concept which is also known as informal investors is an individual body which is established to render sustainable amount of capital in return for some equity and debts of that company institution.Seed Capital:It refers to acquiring large amount of funds from friends, family people and other individuals that are present in external environment. This is a basic source that gets initially started from the base as all family members provide help with some sustainable amount of capital that enable them to start their operations ans work process in constructive mode.VentureCapital:Itisconstructedforrenderingfinancialbenefitstobusiness organisations with an aim of earning long term growth and outcomes. This is consider one of the most riskier source of finance. Hence, company have to take decisions regarding it very carefully while considering all factors and elements in appropriate manner (Baker, 2014). Ministry Of Tourism:This ministry focuses on providing various grants so that tourism sector can develop their infrastructure in proper manner and hence able to sustain for longer period of time. There are number of discretionary fund system that have specific focus. 3.2 Develop and justify the potential for success of an enterprise in a travel and tourism context In order to establish successful business in travel and tourism sector, it is very much important to consider all the factors that are present inside and outside the environment. There are some elements that contribute in growth of institution while other hinders the performance therefore, it become important to study all these elements in effective manner. Business Analysis can be done through SWOT analysis that consist of strengths, weaknesses, Opportunities, threats. Strengths and weaknesses are known as internal factors that travel and tourism sector consist of. Opportunities and threats are consider external factors that are present outside the business environment but affect the performance in various ways. Another way of performing business analysis can be through PESTLE analysis that help in analysing various factors that are discussed below: Political Factors: This is a important factor in which travel and tourism industry have to make rules and regulations in accordance to political environment where it will going to operate. Hence, it largely gets influenced by this factor in numerous ways.
Environmental Factors: It involve factors like policies, laws that are followed in order to carry out their operations and work process in effective and efficient manner. Social factors: This element include all potentials that are present in society and has to be adopted by tourism sector so that they can develop themselves in constructive way. Technological factors: There are number of technological aspects that need to be consider by travel and tourism sector so that they can able to run their business of travel and tourism in effective manner. Legal Factors: There are number of legal rules and regulations that need to be adopted while carrying out operations in respect to it (Forno, and Garibaldi, 2015). Economical factors: There are various economical components that include inflation, deflation rates that are followed in that sector. There are other market assessment that foster the growth of business plan of travel and tourism sector that are illustrated below: By making use of digital platforms that aids in promoting the business in efficacious manner. More concentration is provided on utilising all modern technology system in business organisations. Another important point which must be consider is that more assistance should be there for customer oriented services, this involve all tasks and decision must be framed in accordance to consumer's point of view.There are other concepts that pertain carrying out facilities in such a way of supplying high quality services to consumers so that they remain happy and satisfied for longer period of time. Cash Flow analysis: This is very much essential that involve studying cash outflows and inflows for a particular time period. It enable travel and tourism sector to focus on all activities that are consider under this process. Finance is involved in almost every work actions that is conducted in this sector, hence, it become prominent to record all cash receipts and expenses that is happening in particular time period. Therefore, cash flow analysis is adopted for financial reporting purposes. 3.3 Present a Persuasive business start-up plan Business plan is a process of developing actions that are focused in carrying out process in such a way so that final goals and aims can be met out effectually. Plans provide basis for
decision making in order to construct policies and rules that foster performance of business organisation. Business plans prove to be a important process especially for a new start ups as it furnish them foundation that coordinate all actions in single direction (Lamsfus, and et.al 2013). There are various points that are adopted to draw a successful business plan in travel and tourism sector is discussed below: As it is a start up more focus should be done on adopting effective promotional activities that include carrying out operations while utilising digital platform services. This enable to attract large number of customers towards themselves. Business plans must be formulated after conducting market research as it aids in considering all aspects and views of customers hence, it enable them to draw plan of actions accordingly. Target market must also be specified under business plan. This enable to make policies and plans in accordance to group of people which have a complete focus. Provisions of extra facilities must also be developed so that at initial level more customers are build and they remain for longer period of time. For example more discounts can be given to customers, medical facilities (Webster, and Ivanov, 2014). Another process pertain taking financial aid from suitable investment sources and than provide sustainable amount of shares to stakeholders of the organisational system. There are number of elements that must be adopted to make business plan more successful and efficient. Hence, entrepreneur of travel and tourism industry also include following concepts: Drawing workbook in effective way: It involve drafting a structured account of business so that all information is recorded in single and proper manner. Developing business plan model: It involve constructing a successful business plan templatessothatproperandconducivebusinessoperationscanbeperformedin innovative way. Statistical and graphical data: It involve presentation of important data with the help of graphs, charts, diagrams so that simulation process can be carried out in efficient manner (Azariah, 2012). CONCLUSION From the above mentioned report, it get analysed that travel and tourism plays an imperative role in growth and success of every business organisation. It provides opportunities to
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people visit another countries and famous tourist destinations. The assignment states that a travel entrepreneurs must be able to plan all tasks and activities in order to provide higher level of satisfaction and leisure experience of travelling to clients. REFERENCES Books and Journals AlSayyad, N., 2013.Consuming tradition, manufacturing heritage: global norms and urban forms in the age of tourism. Routledge. Azariah, D. R., 2012. When travel meets tourism: Tracing discourse in Tony Wheeler's blog. Critical Studies in Media Communication.29(4) . pp. 275-291. Baker, D. M. A., 2014. The effects of terrorism on the travel and tourism industry.International Journal of Religious Tourism and Pilgrimage.2(1). p.9. Evans, N., Stonehouse, G. and Campbell, D., 2012.Strategic management for travel and tourism. Taylor & Francis. Forno, F. and Garibaldi, R., 2015. Sharing economy in travel and tourism: The case of home- swapping in Italy.Journal of Quality Assurance in Hospitality & Tourism.16(2). pp. 202-220. Hall, C. M., Timothy, D. J. and Duval, D. T., 2012.Safety and security in tourism: relationships, management, and marketing. Routledge. Lamsfus, C. and et.al 2013. Conceptualizing context in an intelligent mobile environment in travel and tourism. InInformation and communication technologies in tourism 2013 (pp. 1-11). Springer, Berlin, Heidelberg. Molz, J. G., 2012.Travel connections: Tourism, technology, and togetherness in a mobile world. Routledge. Webster, C. and Ivanov, S., 2014. Transforming competitiveness into economic benefits: Does tourism stimulate economic growth in more competitive destinations?.Tourism Management.40.pp. 137-140. Xiang, Z ., Magnini, V .P. and Fesenmaier, D .R., 2015. Information technology and consumer behavior in travel and tourism: Insights from travel planning using the internet.Journal of Retailing and Consumer Services.22.pp. 244-249. Online ThomasCookGroupplc(TCG.L),2018.[Online].Availablethrough: <https://www.reuters.com/finance/stocks/overview/TCG.L>.