Report on Entrepreneurial Skills and Traits

Added on - 21 Jul 2020

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TRAVEL AND TOURISMENTERPRENEUR
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Skills needed for successful entrepreneurship.................................................................31.2 Self Appraisal of entrepreneurial skills and traits to identify strengths and weaknesses fordevelopment benchmark to be successful..............................................................................5TASK 2............................................................................................................................................82.1 Analyse the development of an entrepreneurial enterprise.............................................82.2 Evaluate factors that led to the success of an enterprise.................................................9TASK 3............................................................................................................................................93.1 Sources of finance and support available to enterprises in travel and tourism sector.....93.2 Develop and justify the potential for success of an enterprise in a travel and tourismcontext..................................................................................................................................113.3 Present a Persuasive business start-up plan...................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONTravel and tourism industry is consider one of the well established sector that contributein earning huge revenues for the economy. They concentrate in delivering services related totravelling, sightseeing, accommodation facilities etc. UK is found to be among 6thin numberunder international tourism arrival. There are number of factors that affect this industry invarious ways that include social, economical, cultural, political elements. This report highlightsthe entrepreneurial skills and traits that is needed to become a successful entrepreneur. There aresources of finance that helps in developing travel and tourism enterprises. Being a successfultravel and tourism entrepreneur it is necessary for them to locate various opportunities thatrequire huge investments so that they can able to gain high financial gains in return. This sectoris common in the hospitality industry.. Government also play a vital role in this sector as theycome up with new and innovative ideas by formulating rules and regulations that has to befollowed by them.TASK 11.1 Skills needed for successful entrepreneurshipIt is necessary that entrepreneur must possess certain skills and traits that lead them toachieve final objectives and aims in effective manner. As every business organisation have tooperate in dynamic environment hence, they have to work accordingly (Evans, Stonehouse, andCampbell, 2012). There are number of abilities that is adopted to run the industry in constructivemanner. This also help in facing competition from numerous companies that is constituted in thisindustry. Some traits that is required by entrepreneur is as follows:Creative and Innovative:This trait must be possessed by entrepreneur so that they canperform operations creatively and differently. They should come up with new ideas andthoughts so that final aims can be accomplished.Ambitious and Confident:This is a important trait that must be present in everyentrepreneur. He must be confident in his actions that will be performed by them inproper way.Charismatic:This include presenting the personality in such a manner so that customersand clients become impress with his characteristic. Thus, it is necessary to possesspleasant personality.
Self Sacrificing:there are number of conditions that require sacrificing comfort zone sothat proper achievement of entrepreneurial goals can be done.Set goals in conducive way:An entrepreneur must have the ability to set short and longterm goals so that they can work accordingly and results in attaining the final set aims inproper way. There is some vision and mission for which every business institution haveto work which focusing on it.Maintaining healthy and good relation:It is the responsibility of entrepreneur tomaintain conducive relation with their clients and employees. This assists them toconstruct their image for longer period of time.Clear plans:Entrepreneur should have clear picture of plans in their minds so that alltheir work process must focus in single direction and lead to attainment of set targets inconducive 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 theentrepreneurial activities and than organising all resources in proper way so that finalaims can be accomplished.Facing Risks:Risks are part and parcel for business organisations. There are differenttypes and nature of risks that affect the company in number of ways. Thus entrepreneurmust consist the ability to face these challenges in proper way. Than only that businessman is known for running the operations properly.Effectively time management:This is very essential for running a business in appropriatemanner. Entrepreneur must have proper time management system that enable them toconduct their tasks in proper time and in smooth way.Communication and interpersonal skills:Every entrepreneur must contain effectivecommunication skills so that they have the ability to influence behaviour of others. Thisis a basic motive to impose strong impact on the customers so that it lead to generation ofhigh financial gains and outcomes. He must be able to communicate his decisions to allpeople at different level and can express it clearly.Numeracy:This skill involve better understanding of calculations and numbers so that itsapplication can be performed in proper format and in effective manner.
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