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(solved) Travel and Tourism Entrepreneur

   

Added on  2020-10-05

12 Pages4047 Words263 Views
TRAVEL AND TOURISMENTREPRENEUR

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................11.1 Skills needed for successful entrepreneurship..................................................................11.2 Self-appraisal for identifying strengths and weaknesses..................................................2TASK 2............................................................................................................................................32.1 Analysing the development of an entrepreneurial enterprise...........................................32.2 Factors that have led to the success of an enterprise........................................................4TASK 3............................................................................................................................................53.1 Source of finance and support available in travel and tourism sector..............................53.2 Developing and justifying the potential for success of an enterprise...............................63.3 Persuasive business start-up plan.....................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONTravel and tourism plays a significant role in the economy of a nation. They provide withthe service of travelling, accommodation, sightseeing etc., where ever the travellers wants tovisit. A successful entrepreneur is the one who manages and develop organisation so as to gainbenefits and profit (Hallak, Brown and Lindsay, 2012). The assignment is all about travel andtourism entrepreneurial skills, and majorly focuses on the skills and knowledge along withstrengths and weaknesses that is required to run a business in an effective manner. Managerialand professional skills is also discussed that is required by an entrepreneur so as to sustain in themarket for a longer period of time is mentioned in the assignment. Lastly, business start-up andplanning for launching a new business is explained in context with travel and tourism sector. TASK 1 1.1 Skills needed for successful entrepreneurshipAs compared to other sectors the industry of travel and tourism is a fast growing andmany young entrepreneurs are attracted by this. It provides with lot of opportunities who arepassionate about travelling. It can be said that travel and tourism sector has been divide intodifferent areas such as accommodation, restaurants, transportation, entertainment etc., as thisindustry is all based on creativity of how to attract more and more travellers towards them andthere are skills that are required for the same are given below:Creative Thinker: It has been identified that travel and tourism sector is considered asone of the creative sector. Companies that comes under this provides best offers that have notbeing given by any other organisation. This enables them in attracting more and more travellerstowards them. So, it is important for an entrepreneur to think out of the box with some ofexciting ideas (Komppula, 2014). Information Seeking: An individual who is working in this sector must have adequateinformation in order to start or provide relative information to its customers. This can be attainedthrough various sources and it will help an entrepreneur in starting off the business properly. Systematic Planning: Planning is determined as one of the essential skills that must beposses by an entrepreneur as this sector needs various things to be organised and carry outthings properly. For this it is important that individual have set goals and targets so that it can beachieved in order to satisfy the needs and wants of customers. 1

Interpersonal Skills: Travel and tourism sector requires a lot of interaction withcustomers as well as employees who are working in an organisation. Thus, it is required that aperson has interpersonal skills so as to influence it clients with attractive offers. Motivation andencouragement is one of the essential parts so as to keep their morale boosted (Xiang, Magniniand Fesenmaier, 2015). Management Skills: An entrepreneur must have this skills so that he/she can manage andorganise all the task in a better manner. This enable them in handling the situation in an effectiveway so that any kind of chaos can be eliminated. Thus, points mentioned above should posses by an entrepreneur so that business can berun in an effective manner. Through this entrepreneur can get maximum benefits and growth inbusiness operations. 1.2 Self-appraisal for identifying strengths and weaknessesSelf evaluation will help an individual about the strengths and weakness and the points onwhich he/she has to work. This will help an entrepreneur in incorporating things that are requiredand eliminating or finds a better way in order to overcome all the issues. Strengths:Motivation: This helps me to keep me boosted and assist me in enhancing by strengths.For example: Good knowledge of geographical areas always keeps me motivated and encourageme to explore some new areas so that I can enhancing my existing knowledge. As a result it isassisting me to run my business in an effective manner (Marchant and Mottiar, 2011). Better Understanding and good relations with other: As I have good interpersonal skillsand it helping me in interacting with customers with consumers and clients. Thus, it is aiding mein becoming successful entrepreneur. Filled with innovative ideas: New and creative thoughts is assisting me in planning anappropriate strategies so that it can pull attention of maximum number of people. For this, meand my company is taking feedbacks from travellers in order to know their choices andpreferences. Efficient in planning and organising: Planning is an essential factor for running abusiness in an effective manner. I am very good in planning at lower cost it is enabling me inorganising trips at minimal cost price. As a result it is helping me in attracting more and morecustomers (Ramukumba and et. al., 2012). 2

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