Entrepreneurship and Tourism Management

This document provides a comprehensive analysis of entrepreneurship in tourism management. It highlights the significance of individual entrepreneurs in developing competitiveness for rural tourism destinations and discusses the role of travel and tourism education in Thailand. The assignment also touches upon scaling change and resilience in community tourism planning, as well as the importance of entrepreneurial skills and competencies in farm tourism.

Travel and Tourism Entrepreneur

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
A) Entrepreneurial traits and skills required to be a successful travel and tourism entrepreneur.
.....................................................................................................................................................1
B) Evaluation of (self-assessment) of entrepreneurial traits and skills ......................................2
TASK 2 ...........................................................................................................................................3
A) Successful travel & tourism entrepreneur and analysis of their business development
strategy........................................................................................................................................3
TASK 3 ..........................................................................................................................................4
A) Evaluation of the sources of finance and support available for the proposed project...........4
B) Business plan with a market assessment, business analysis and cash-flow analysis............5
C) Persuasive business plan for the Travel and Tourism start-up project..................................7
CONCLUSION ...............................................................................................................................8
REFERENCES ...............................................................................................................................9
.......................................................................................................................................................11

INTRODUCTION
Tours & tourism is considered as most attractive and premium industry now a days. In
the current scenario, there is a large amount of travellers, so in that case it is the major duty of
travels agency to regulate and provide sources to the travellers to resolve their issues and
problem. In the current scenario, people used to travels a lot whether monthly, weekly or
quarterly etc. An business opportunities are relatively less in this field. There is a core chance for
an entrepreneur to start their own entities or enterprise in tourism sector(Komppula, 2014).
This report will carried on the entrepreneur opportunity for the newly formed Paramount
Wanderer which is located in Manchester, United Kingdom. This firm will operates in tourism
sector which includes holiday packages, tourism services, travelling consulting services etc. to
their customers at an affordable prices and cost. They are mainly aimed at saving time and cost
of their travellers with providing them almost super an best quality out of the company services.
This will focus on how entrepreneurship is important aspect in the development of an individual
to achieve their career path by starting up the ventures or entities to achieve productivity and
effectiveness(Shaw, 2013).
This whole report will put light on Traits and skills required for the future entrepreneurs
in the tourism services. It will perform the self-appraisal or assessments about the skills and traits
of an employee and also identify their strength and weakness to overcome the various issues. It
will also discussed about the one successful entrepreneur of all time and how their business has
grown to the greater extent and purpose. It will also about the Thomas Cook, which was the
leading travel agency around the United Kingdom. It will focus on sources of finance required
for starting the entrepreneurship and its marketing assessment, business analysis and cask budget
analysis(Williams, 2016).
TASK 1
A) Entrepreneurial traits and skills required to be a successful travel and tourism entrepreneur.
Travel and tourism is considered as most innovative and stylish industry now a days.
Entrepreneur opportunity is wide and broad in this sector, because tourism has become diverse in
the parts of the world. For being as an entrepreneur for the tours and travel industry, there are
various traits and skills which are required for being a perfect entrepreneur. Along with this,

there is a need of understanding the strength and weakness for being an entrepreneur are as
follows:(Smith, 2014).
Skills
Time management: It is considered as most frequent and useful skill to manage time and
resources. Every person who wants to be an entrepreneur needs to learn about the proper
management of time and work efficiency. For the tourism industry, time management is crucial
for making achieved an opportunity in this sector with the help of management of
time(Chaisawat, 2012).
Financial and market awareness: Especially in case of tourism, it is important to have an
adequate knowledge and information of the current financial and market scenario. For the
starting entrepreneurship, there always a need arrival of the funds or monetary resources, it is
significant to know about the current financial and market trends running in the tourism industry.
Ability to learn: Every entrepreneur needs to be frequent and effective learner in order to
grab more new things and opportunities easily. They must have adaptability and empowerment
for being motivated and equipped with advance knowledge and information(Lew, 2014).
Quick decision making: Entrepreneur should be fast mover with right choice and decision
making even in both critical and tough time. If any problem arises, instant decision making will
be suitable and beneficial to tackle such as situation etc.
Traits
Full of determination: When a person look out for becoming the successful entrepreneur,
it will require the clear set of goals and targets which need to be achieved thereon. Types of
workload and frequent challenges has led many people to stop following their entrepreneur as
their career path. Hence, it is necessary to be full of determination and set decided goals.
Craves learning: For successful entrepreneurship, person needs to be constant learner and
passionate towards learning new things and increasing their knowledge and information.
Learning enables particular person to apply and upgrade their business and task to achieve
desired goals or targets. For tourism industry, it is necessary to know information and
knowledge about the different places and countries to wonder(Lindsay, 2012).
Effective personality: It is necessary for every entrepreneur to be well groomed and
personalized with several traits such as attitude, behaviour and interaction. If personality and
attitude is positive, it would be easy to get resource for running the business(Hall, 2013).

At last, it is advisable that every entrepreneur in tourism industry should consist of
accurate and perfect traits and skills to make entrepreneurship successful and achievable in the
tourism industry.
B) Evaluation of (self-assessment) of entrepreneurial traits and skills
For the purpose of self-assessment of various traits ans skills, there are various tools and
techniques which is required to solve any kind of issues or problem. A proper format is required
for evaluation of own traits and skills. For the purpose of self-appraisal, the following procedure
are as follow:
Skills and traits Out of 10 Lacking behind Activities Desired results
Communication 6 Lack of interpersonal is
the major shortcoming of
mine. Shyness, quite
behaviour is an issue.
Need a solution(Hallak,
2016).
Various activities
such as stage
talking,
simulation,
interactive
activities etc. are
required to be
conducted.
Definitely,
communication
skills will be
improved at the
great level of
extent. Rating 6
will be raised to
10/10..
Decision making 6.5 Decision making is my
big shortcoming. As this
requires in every stage of
life. It is a pre-requisite.
Activities such as
task force, case
study, real life
tasks, simulation
etc. is important
activities to be
conducted.
Decision taking
and making will
reach at the
maximum level
for the purpose og
being as an
entrepreneur.

TASK 2
A) Successful travel & tourism entrepreneur and analysis of their business development strategy
For the purpose of understanding growing scenario of entrepreneurship, it is necessary to
go back to past or any current trends of entrepreneur who is functioning in the tourism channel.
For parallel discussion, Thomas Cook is taken into consideration and purpose. Let's talk about
Thomas Cook, he was the greatest English businessman. He was known for founding his own
travel agency. He started his own agency for the purpose of making tourism, a relax and excited
deal to go with. For this, they started train service within the whole England, after this, they
moved to trip to America and Europe. After few decade, he was started their own air service by
the name of “Thomson”. After many years, Thomas Cook is the largest Tours & Travel agency
with around 4 million or more passengers connected with them(Brown, 2017).
Business development strategy -
Objectives: The main aim of Thomas Cook is to provide maximum satisfaction in the
travel & tourism industry to their customer and clients with the purpose and objectives to gain
effectiveness and productivity in the business.
Mission & Vision statement: The Mission & Vision was to provide unacceptable
services to the desired passengers.
Values: “We will succeed as working in one team”. It means they decided to work in the
collaboration with support and trust of each other to deliver best to the customers. These values
are wanted to be followed in the everyday operations at all level of the business.
Thomas Cook has adopted marketing strategies and value creation process which are as
follow:
New logo and slogan: Company has introduced new”Sunny Heart” logo and “Let's go”
slogan in 2013 with the purpose of business transformation and expansion. Lately, they decided
to launch their logo on every fleet, brochures, ads and promotion related activities. Afterwards,
they released their own TV ad to attract maximum customers and passengers. They believed that
new heart logo will show that Thomas Cook is putting their customers at the heart.
Moving online: After 2007, they decided to target at-least 50 percent of the customer via
online modes and sources. Following this strategy, Thomas Cook started ticket booking through
online sources such as websites, portals, Apps etc. to facilitates their passengers to retain with
them for the long purpose. After the success of their idea, they decided to close their 195 stores

to 874 stores. This will involve the customer to engage more with the Thomas Cook and to go
more on trips & tours.
For productive success, Thomas Cook has adopted various strategies and plans to tackle
any kind of market and future impossibilities and barrier such as operational deficiencies, lack of
effective management in the company and loss of revenue etc. As these below have not
happened, every company needs to do pre-planning and strategic formulation to business
development strategy. Hence, the Ansoff matrix is most productive development strategy to gain
the business potential and long term growth. In context with Thomas Cook, the explanation of
this strategies are as follows:
Market penetration: This strategy focus on increasing sales volume of the company's
product into their existing market. There are two question which can be asked: how to defend
and protect market share and how to grow more in the market. Thomas Cook & Group must use
this strategy to maintain their existing market share and maximum growth opportunities.
Market development: This strategy put emphasize on targeting and reaching new
market with existing products or services. In this, company adopts innovation, creativity and
value addition to the existing product. In context with Thomas Cook, company can add more
benefits in their holiday package, trips and travels to their existing customers.
Product development: This strategy focuses on targeting existing base of customer by
doing new development and innovation. This involves various set of questions such as how to
extend and continue our existing customer base, could it be possible to look for new market
sector or any new geographical location for expanding customer portfolio. In travel & tourism
industry, services are in limited scope and value(Neirotti, 2012).
Diversification: This strategy focuses on reaching new market along with new product.
In this, company needs to identify new customer and plan strategies and strategic formulation to
launch new product to attract their attention and loyalty. In context with Thomas Cook, company
can bring new products such as local city and regional place visits facilities and convenience to
the viewers and new customer(Smith, 2014).
Thomas Cook should choose diversification as their focal strategy to fulfil their business
expectancy into the expected results to maximise their market share and raise growth opportunity
into the similar industries. This will be an effective development strategy to enhance more and
maximum profitability.

TASK 3
A) Evaluation of the sources of finance and support available for the proposed project
With an intention to start new business, it is required that entrepreneur first decided the
perfect idea for the start-up, then do the suitable screening of the idea and step up for the
arrangements of the financial needs and funds requirements. For this purpose, there are inputs
which are needed for conversion into final services/product delivered. For starting any new
venture, financial and other needful resources are required to make venture a big success. There
are various sources through funds can be raised and arranged which are as follow:
Venture capital: This is required to keep in mind that venture capital is not always
necessary for every entrepreneur. It depends on the terms or condition by them. One should
aware that venture capitalists are looking for the technology based business because of the return
on investments in the future and also companies with high growth potential prediction such as
communication, information technology etc.
Angel investors: They are wealthiest person with the ability to raise or invest money in
large number of companies. They are considered as leaders of their own field not only generates
money but also an expertise in various field such as financial, social, technological and legal
matters etc. Entrepreneur can generate money or funds from the angel investor at the very
beginning of the starting of the business either fully or in instalments over the fixed period of
time. Now a days, angel investors are generating money on an instalments whether monthly or
quarterly basis.
Personal investment: It is one of the easiest and simplest source for generating the funds.
Personal investment is a kind of money which an individual saves for some specific purpose and
motives like starting the business, marriage, for purchasing new things etc. Such kind of
investment are in the low amount as compared with the other source of investments.
All given sources of finance are very important for the starting the new projects or
business. Apart from the financial support, it is required that entrepreneur must look for the other
support and resources to grow and bring success to the business. Various suitable sources are as
follow:
Infrastructure: Prior to the arrangements of financial support, the most important thing
here need is development and generation of the infrastructure and establishments to operate the

business successfully. Well-structured and setup infrastructure is required for the huge
manpower and workforce ans storing the goods safely.
Modes of communication: If the started business is customer driven, it is necessary to
build modes of communication to direct connect with the customers for the purpose of selling
goods or services with the focal motive to earn profitability and enhance the productivity and
effectiveness.
B) Business plan with a market assessment, business analysis and cash-flow analysis
For starting of the new business in the tourism industry, an entrepreneur needs to analysis
and access various things such as identifying the checking the suitability of an idea, potential
market, business analysis as well as cash flow analysis etc. It is required that new entrepreneur
first decides the business idea. So here it is decided that “Paramount Wanderer” is the idea
generation for the new start-ups. It will deal in the tours & travels industry.
After the lot discussion, it is decided that enterprise will provide the online ticket
booking, holiday packages, consultancy services in regards with the tourism sector which is very
unique now a days. There are lots of organisation who are still struggling in the same sector, but
it is commitment to lead the business at the higher extent. The following things are taken into
consideration are as follow:
Market assessments - It will advantage to analysis this factor with the help of SWOT
(Internal analysis).
Strength Weakness
Paramount is coming with the new idea to
provide consultancy in tours & tourism
industry which will provide advance
information before going for trip or location.
Business will be new in the market. So they
need to arrange and funds to continue in an
initial period of time. Because it is the loss
stage.
Opportunities Threats

Entrepreneur of the paramount has comes with
new idea of consulting and pre-booking of the
holiday package which is the most positive
point for the Paramount Wanderer.
Competitors such as Thomas Cook, Harvard
travel agency has created the threat for the
Paramount to take competitive advantage in the
future.
Target customers - Paramount has decided to target those who are ready to pay large
amount of money on holidays, travelling, visiting various location etc. The advantage is that no
one in market has provide such kind of services at the broader level.
Demographics: Paramount has decided to target the customers who belongs to the age
level of after 21 years of age.
Behavioural: It is considerable to target people who use visit places, location,
monuments etc. frequently such as weekly, monthly, quarterly etc.
Lifestyle: Now a days, people started their career in YouTube as wanderer, so it is
considered as the opportunity for the Paramount to target such people in order to get more
revenue and business.
Positioning - Paramount Wanderer will attract their prospective customer through
various sources such as social media such as Facebook, Instagram, twitter etc. , promotion,
coupons, offers, discounts etc.
Cash Flow Analysis: It is necessary to estimate the pre launch of the business. Cash
budget analysis would help the business to actually know about the actual cash inflow and
outflow out of the business. For paramount, cash budget analysis are as follow:

C) Persuasive business plan for the Travel and Tourism start-up project
Overview: Paramount Wanderer is the newly founded tours & travels entities, which is
formed with the purpose of enriching their targeted customer with the almost premium and best
service in that sector(Horner, 2018).
Products & Services: Company has products or services such as holidays packages,
travelling consulting services, tourism services etc.. They are aimed at providing the service at
most affordable prices and costs. They are set to focus towards less usage of customer time and
provide full quality and assurance of the offerings.
SMART objectives: Specific, Measurable, Assignable, Relevant and Time-based is the
components of the Paramount wanderers(Neirotti, 2012).
Specific: Goals of Paramount is considered as the significant as there is no one dealing in
the same industry.
Measurable: Goals are meaningful in context with Paramount They are focused towards
fully satisfying their customers.
Assignable: In context with Paramount, Goals are of achievable status. They need to
encourage their manpower to such objectives,
Relevant: Goals of the Paramount are reasonable.

Time-based: It is not unlimited by time. As company needs to focus on saving the time
and cost of their customers.
Mission & Vision: The mission is to “make wanderer experiencing their moment of life
at fullest”. The vision is to “establish the business at the high opportunity to serve customer
almost best and super”.
Marketing research: From the brief research, it was found that market needs almost the
huge package of services at the one place and at the most quality cost. Based on this, Paramount
has formed with fulfilling such purposes and objectives. The entrepreneurship is vast here in this
sector(Swarbrooke, 2016).

CONCLUSION
From the above report, it is concluded that tour & tourism plays an important role in
development of their economy and also one of the major income sources such as United
Kingdom, France, Belgium etc. This sector has created several business opportunities for
individual as well as several group of people. There are many entrepreneur who have inspired the
youth of the nation for the start-ups and helps in generating more employment. Angel investors,
venture capital etc. are important sources to raise funds for the starting up of the business.

REFERENCES
Books & Journals
Williams, A. M. and Shaw, G., 2013. From lifestyle consumption to lifestyle production:
Changing patterns of tourism entrepreneurship. In Small firms in tourism(pp. 109-124).
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for a rural tourism destination–A case study. Tourism Management. 40. pp.361-371.
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among tourism entrepreneurs: A structural equation modelling analysis. Tourism
Management. 33(1). pp.143-154.
Smith, S. L., 2014. Tourism analysis: A handbook. Routledge.
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Lew, A. A., 2014. Scale, change and resilience in community tourism planning. Tourism
Geographies. 16(1). pp.14-22.
Komppula, R. and Gartner, W. C., 2013. Hunting as a travel experience: An auto-ethnographic
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180.
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tourism consumption: Beyond neo-liberalism,“nudging” and “green growth”. Journal
of Sustainable Tourism. 21(7). pp.1091-1109.
Horner, S. and Swarbrooke, J., 2016. Consumer behaviour in tourism. Routledge.
Neirotti, L. D., 2012. and Adventure Tourism. Sport and adventure tourism, p.1.
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Rodrigues, A. L., Rodrigues, A. and Peroff, D. M., 2015. The sky and sustainable tourism
development: A case study of a dark sky reserve implementation in Alqueva.
International Journal of Tourism Research. 17(3). pp.292-302.