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Travel and Tourism Entrepreneur: Assignment

Added on - 08 Dec 2020

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Travel and TourismEntrepreneur
TABLE OF CONTENTSINTRODUCTION:...............................................................................................................................1TASK 1.................................................................................................................................................1a) Discuss the entrepreneurial traits and skills required to be a successful travel and tourismentrepreneur................................................................................................................................1b) Produce a self-appraisal of entrepreneurial traits and skills that you may possess andidentify the strengths and weaknesses.........................................................................................2M1 Identify and evaluate sources...............................................................................................4TASK 2.................................................................................................................................................5a) Analyse business development strategy and the entrepreneurial process of successfulentrepreneur................................................................................................................................52.2 Factors that have led to success of enterprise.......................................................................5M2 Apply theories and techniques..............................................................................................6TASK 3.................................................................................................................................................6a) Evaluate and discuss the sources of finance and support available........................................6b) Develop a business plan with a market assessment, business analysis and cash-flowanalysis........................................................................................................................................7c) Present a persuasive business plan for the Travel and Tourism start-up project....................9M3 communicate findings........................................................................................................11CONCLUSION..................................................................................................................................11REFERENCES...................................................................................................................................12
INTRODUCTION:Tourism sector is one of the largest growing industries. It is due to the increase in rangeof services and facilities that are provided by tour operators both globally as well as locally.Many people have attracted towards building career in this industry because of its rapid growthand development (Carson, Carson and Eimermann, 2018) However, to build career in this, highlevel of skills and qualities are required. Besides this, there are several areas in whichentrepreneurship can be carried out such as travel, accommodation, hotel, etc. Moreover, fundsare easily available from bands and other resources. This makes it easy for people to start theircareer in this field. This report will describe the skills and traits that are required to become anentrepreneur. Also, how a business development plan is developed along with different sourcesof finance available will be explained. At last, a business plan is developed by doing market andcash flow analysis.TASK 1a) Discuss the entrepreneurial traits and skills required to be a successful travel and tourismentrepreneurTo become an entrepreneur in any field, a person must possess effective and proper skillsand traits. These skills help the person to become a successful entrepreneur (Mottiar and Boluk,2017) In travel and tourism sector, it is essential that person must be open minded. This will helphim to take proper decisions. Apart from that, there are many other qualities required. These areas follows:-Self-confidence-It is the most important trait that individuals must possess. Being a self-confident person will help in bringing change in society. Also, it will help person to pursuetowards his goals.Open minded-An entrepreneur in tourism sector must be open minded. It helps in takingan effective decision. Also, it helps in expanding services in wide areas. Moreover, an openminded person is able to think positively on how to grow and develop business.Innovative-It is necessary for an individual to bring frequent changes in business services. It isbecause; the tourism sector environment varies very often (Sheldon, Pollock and Daniele, 2017)
So, changes must be made in order to cope up with the same. Also, an innovative entrepreneurwill look on how things can be modified.Communication skills –This is the most crucial skill required in tourism business.Having an excellent communication skill will help in selling of products and services.Furthermore, it helps in building strong customer relations.Determination power-Entrepreneur must possess strong will- power in order to survivein the critical circumstances. Also, failure and defats are part of business. So, individuals shouldbe able to take effective decisions in order to pursue their goals (Nikraftar and Hosseini, 2016)The will- power should not be affected and focus must be on goals.Strong ethics –It is also a trait that is required to become a successful entrepreneur. Itmeans that individual should follow specific rules and regulations. They must perform their tasksand duties in an effective way. Also, if required, they must work on holidays to achieve theirgoals.b) Produce a self-appraisal of entrepreneurial traits and skills that you may possess and identifythe strengths and weaknessesSelf assessmentSkill / traitRating on scale from 1 to 10EvidenceCommunication skills9I am having a goodcommunication skills. Iread articles and newspaperregrading any change intourism sector. If needed Ipersonally communicatewith customer to solvetheir problems. I havecommunicated with foreigncustomers who do notspeak English.Innovative7I have applied innovative
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