Travel and Tourism Entrepreneur- Assignment

TRAVEL AND TOURISM
ENTREPRENEUR
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1. Skills needed for successful entrepreneurship.................................................................3
1.2. Self Appraisal to identify strengths and weaknesses and strategies to become a successful
entrepreneur............................................................................................................................4
TASK 2............................................................................................................................................6
2.1. Analysis of the development of an entrepreneurial enterprise........................................6
2.2. Evaluation of factors that led to success of an enterprise................................................7
TASK 3............................................................................................................................................8
3.1. Evaluation of sources of finance and support available to enterprises in travel and tourism
................................................................................................................................................8
3.2. Development and justification of potential for success of a concept for an enterprise in
travel and tourism...................................................................................................................9
3.3. Persuasive Business Start-up Plan.................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
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INTRODUCTION
Entrepreneur is referred to a person who creates, develops and manages a business
undertaking all the risks to achieve profit. There are various entrepreneurs all over the world an
in each industry such as Travel and tourism industry. It is one of the fastest growing industries
due to global economy impact (Evans, Stonehouse and Campbell, 2012). There are many
external pointers that affect the functioning of this sector such as political, economical, social,
technological and so forth. However, the perception of the functioning of this industry is very
positive, which is a major contributor to its success. The following assignment is based on a brief
understanding of skills and characteristics required by a travel and tourism entrepreneur. It also
covers development of enterprises in this sector as well as preparation of a business start-up plan
for niche market within travel and tourism.
TASK 1
1.1. Skills needed for successful entrepreneurship
Being an entrepreneur is one of the toughest activities in a business context. This is
because an entrepreneur needs to overcome their shortcomings, address the needs of the business
as well as face countless risks in order to drive an organization towards success. During their
time as an entrepreneur, there are various risks required by them to be possessed which rightfully
help them in achieving their long-term and short-term business objectives. These skills are
briefly discussed below:
 Discipline: One of the most important aspects of being an entrepreneur is discipline. It
requires entrepreneurs to be systematic in every task and encourages practices where
appropriate and timely accomplishments of activities are strictly required (Frohlick,
2012). Moreover, it is necessary in Travel and Tourism sector that entrepreneurs present
their services in a disciplined manner as the whole business is dependent upon this factor.
 Innovation: Since there is high competition in Travel and Tourism sector, it is prominent
that the entrepreneurs in this sector be innovative in ways which attract more customers
to acquire the services provided by them. With countless technological advancements
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happening almost every day, entrepreneurs must have this skill in order to enhance the
experience they give to their customers.
 Problem Solving: Another major skill which differentiates between an effective and
ineffective entrepreneur is their problem solving skills. Travel and Tourism sector is
subjected to problems daily. The businesses operating in this sector are quire habitual in
facing countless problems related to employees, management, customers, suppliers and
so forth. Creative problem solving skills would allow them to effectively address each
problem and ensure a smooth running of their business operations (Biggs, Hall and
Stoeckl, 2012).
 Effective Management: This is one of the most necessary skills that is required in an
entrepreneur of Travel and Tourism industry. Entrepreneurs are required to manage each
resource in a way that it is fully utilized up to its maximum potential. Effective
communication allows them to manage these resources which strengthen the organization
from within. Effective management attracts more customers and enhances the goodwill of
the firm in the market.
 Effective Communication: The whole business in Travel and Tourism sector is based on
this skill. It is of vital importance that entrepreneur in this sector possesses effective
communication skill to address the need of each customer as well as employee
effectively. It would help the entrepreneur in understanding customer demands accurately
so that it could be fulfilled in an appropriate and timely manner.
1.2. Self Appraisal to identify strengths and weaknesses and strategies to become a successful
entrepreneur
To be a successful entrepreneur, it is very important that one continuously evaluate their
own skills which could help them enhance in their career and overcome their weaknesses.
Critical evaluation of skills is necessary for any individual who is or wishes to be an entrepreneur
in Travel and Tourism industry. I wish to be an entrepreneur in this sector and below is my self-
appraisal which determines my strengths and weaknesses when it comes to possessing necessary
skills for this industry (Page, 2014).
STRENGTHS: Out of all the skills I possess, my strengths as an entrepreneur are as
follows:
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