Travel and Tourism Entrepreneurs : Assignment
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Added on 2020-01-28
Travel and Tourism Entrepreneurs : Assignment
Added on 2020-01-28
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Travel and TourismEntrepreneur
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Skills required for successful entrepreneurship....................................................................11.2 Self appraisal to identify strengths and weaknesses and Strategies for successfulentrepreneurship..........................................................................................................................2TASK 2............................................................................................................................................42.1 Analysis for entrepreneurial enterprise development...........................................................42.2 Factors that led to the success of an enterprise.....................................................................5TASK 3............................................................................................................................................63.1 Sources of Finance and support in the travel and tourism sector..........................................63.2 B) Develop a business plan with a market assessment, business analysis and cash-flowAnalysis and justify the potential for success of the proposed Travel and TourismBusiness......................................................................................................................................73.3 Persuasive business plan for the Travel and Tourism start-up project..................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONThe objective of the study is to discover various capabilities required for successfulentrepreneurship. It is the process of designing, organising and managing new enterpriseactivities with the objective of making profits. Entrepreneurs are those who run the company. Tostart any enterprise risk is always associated with it. Entrepreneur is required to have abilities oftaking risks and facing challenges (Komppula, 2014). Good management and communicationskills can lead business to get successful. To set up new travel and Tourism Company, I willanalyse capabilities of the Virgin Galaxy tourism company's entrepreneur. Business plan andcost analysis helps in reducing failures in commercial enterprise. Interpersonal skills are requiredfor entrepreneurship that constitutes interaction with team and communication with other staffmembers. Creativity makes an organisation unique from others. Capital investment is majorissue in set up any venture. Several sources of finance will be discovered. Market assessment oftravel and tourism industry will be conducted using PESTLE analysis.TASK 11.1 Skills required for successful entrepreneurshipDevelopment and management of a business firm by taking risks with the objective ofmaking profits is known as entrepreneurship. Skills are required to be successful entrepreneur.These are discussed below:Money management abilities: If someone is not able to manage money than he/shewould not be able to manage the organisation. Expenditure should be recorded for everymonth.Leadership skills: For successful entrepreneurship leadership skills are necessary. Itinvolves problem solving techniques to be applied on the occurrence of any problem inthe firm and abilities to take decisions in such situations without affecting business (The17 Skills Required to Succeed as an Entrepreneur, 2017).Cognitive skills: It is also necessary to have good writingskills and abilities to presentviewpoints. It also essential to have good management capabilities so that enterprise canbe managed effectively.Social skills: Interpersonal skills are required for entrepreneurship that constitutesinteraction with team, effective communication with other staff members and1
shareholders. Motivation should be encouraged by the entrepreneur among its team sothat they can give the best possible inputs into development process of company.Discipline: It is one of the very important skills which are essential to solve issues in theindustry. Discipline helps in planning and strategies required to set up a firm that can beused to achieve business objective and targets.Competitive Skills: Development of Competitive skills helps venture to grow. Cognitiveskills makes organisation capable to face challenges by the competitors into market. Creativity: Entrepreneur should have creativity in the idea. Productive and constructiveenterprises are successful (Dubey, 2017). Creativity makes a company unique fromothers which would ultimately help in its success. Self development skills: An entrepreneur should be capable of managing time andmoney. He should also be able to manage resources required for operating anorganisation. It also involves learning from every action of the business. Self Evaluationshould be done so that one's own strengths and weak points can be identified.Confidence: Corporation's efficiency increases when operations are performed withconfidence and contributes in success of it.Appropriate Knowledge: To set up any venture prior knowledge and information aboutthat field is necessary. Appropriate knowledge increases operating efficiency.Training for new staff: When a new employee is hired in the organisation, it is requiredto ensure they get trained well so that they can make profits for the firm. It is theresponsibility of entrepreneur to be able to train new staff member so that misconduct canbe minimized (Hallak and et.al., 2015).1.2 Self appraisal to identify strengths and weaknesses and Strategies for successfulentrepreneurshipPlanning was made by me to set up travel and tourism company. Company will providepackages for holiday tours. Domestic and global visitors will be taken into consideration to makethem available best tourist destinations where they could have good experience. Planning is doneby me to make this company to be different and unique in comparison to others. To start anycompany self assessment is essential. I am also required to analyse my skills to discover mystrengths and weak points. According to my evaluation I have assessed my following strengths:2
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