Travel and Tourism Entrepreneur Solved Assignment

Travel and Tourism
Entrepreneur

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Skills needed for successful entrepreneurship......................................................................3
1.2 Producing a self-appraisal that identifies strength and weakness and strategies for
development benchmarked to successful entrepreneur...............................................................4
TASK 2............................................................................................................................................6
2.1 Analysing the development of an entrepreneurial enterprise................................................6
2.2. Evaluating the factors that have led to the success of a business organization....................7
TASK 3............................................................................................................................................8
3.1. Sources of Finance and the support available for the proposed business project................8
3.2 & 3.3 A business plan with a marketing assessment, business analysis and cash flow
analysis and the justification of the potential for the proposed business project......................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
An Entrepreneur is an individual who is responsible for setting up of business and
earning profits (Entrepreneur, 2019). There are different traits and skills required by a person to
become an entrepreneur. A person should be knowledgeable and skilled for running a successful
business. Travel and Tourism sector is UK’s leading sector of industry. There must be customer
satisfaction and customer loyalty for efficiently running a business in this sector. This is a
customer centric business. In this report, there are characteristics and skills of entrepreneurs of
travel and tourism industry. In addition to this it explains the development of an organisation in
travel and tourism sector. At last a business start up plan for niche market in travel and tourism
sector is described
TASK 1
1.1 Skills needed for successful entrepreneurship.
Customer satisfaction is the most important factor in travel and tourism industry. There is
a need of new and innovative ideas to attract customers and increasing sales of the company. An
entrepreneur must possess knowledge and skills to create new and effective changes for retaining
customers. There are different skills needed by an entrepreneur to satisfy customers. Some of
these are listed below-
Innovation: Innovation is an important skill required by an entrepreneur. This helps in running a
successful business in travel and tourism sector. An entrepreneur must analyse ways to be
competitive in market and offer best offers to clients. This market competency will help to
compete with rivals and sustain success in business
Adaptive: An entrepreneur needs to be adaptive and must implement new and innovative
changes within travel and tourism industry for acquiring success. Changes are essential for
making customers satisfied and happy. In this industry, customers want change and creativity,
therefore entrepreneurs should be aware about their requirements and offer services accordingly.
Passion: An entrepreneur needs to be passionate enough for making extra efforts in running
business (Ateljevic, 2017). A passionate entrepreneur is important for the success of any
business. These efforts and initiatives are taken by the entrepreneur for providing better ways for
the success of travel and tourism business.

Strong determination: A successful entrepreneur must be strongly determined for performing
various business activities. Business is full of losses and profits but entrepreneurs must cope up
with losses and work with full determination. He should never give up and make new changes in
business and attract customers.
Discipline: Discipline is an important trait required for running a successful business. This helps
in managing employees effectively and making them work better. Disciplined entrepreneurs
follow ethics, punctuality, time and honesty while working in the company. These factors are
important for an entrepreneur to have a successful business in travel and tourism industry.
Effective communication skill: An effective communication helps customers to easily order
and know about facilities of the travel and tourism industry (Camilleri, 2018). This helps
entrepreneurs to motivate their workers and boosting their morale for working effectively in
travel and tourism sector.
Self-confidence: Self confidence helps in bringing changes in the travel and tourism industry,
self-confidence is necessary. This helps entrepreneur in making some efforts towards new
changes and innovations in the business. Self-confidence is an essential trait for making
successful business in travel and tourism business.
1.2 Producing a self-appraisal that identifies strength and weakness and strategies for
development benchmarked to successful entrepreneur.
An entrepreneur must be skilled and he should possess specific traits that differentiate him
from other people. There are different skills necessary for entrepreneurs for making a
successful business. Skills and traits required by entrepreneurs are passion, innovation,
adaptive, strong determination, discipline, effective communication skill and self
confidence. The rank given by me in the self assessment is from 1 to 10 based on the level
of given evidence. The self-appraisal for my skills and traits is described below:
Skills and Traits Rating from 1 to 10 Evidence
Passion 7 Hotel industry has great
competitors in UK but this
does not affect me as I am
always passionate towards my
work. The competition in

Hotel industry motivates me to
perform better and build
organisation’s image.
Moreover, this passion of mine
always allow me to take my
organization to the top of all
industries in the rivalry.
Innovation 7 Innovation is necessary for the
travel and tourism industry in
order to satisfy customers. I
always prefer customer's
feedback for the new and
innovative ideas.
Adaptive 7 Feedback from the customers
and employees allow me to be
adaptive in the hotel industry.
This adaptation is necessary
for the new innovative ideas in
travel and tourism industry.
Strong Determination 9 I have strong determination to
work hard and build reputation
of organization and take it to
top among all of its rivals. This
shows that strong
determination is necessary for
a company in travel and
tourism industry.
Discipline 9 Discipline is my best trait. I
am disciplined in all the
aspects such as punctuality,

morals, ethics etc. This allow
me to motivate other
employees to work with
discipline.
Effective communication 8 It is one of the important
aspects for taking feedback
from the customers. I have
good communication skills
through which I can take
valuable feedback from the
customers about their reviews
and ratings. This will allow me
to work for the betterment of
my industry.
Self confidence 8 I have strong confidence over
my skills and traits through
which I can do better for the
industry. I always believe in
myself before taking the
decisions which allow me to
be positive and put some extra
efforts over my work. The
activities regarding the tour
packages always carried out
positively in the industry.
TASK 2
2.1 Analysing the development of an entrepreneurial enterprise.
There are ample number of entrepreneurs in travel and tourism industry of UK. Thomas
Cook is a leading entrepreneur in the travel and tourism industry. He was one of the

successful entrepreneurs in this industry. The industry of Thomas Cook named “Thomas
Cook and Group” is running successfully from the time of it’s incorporation (Crossley
and et. al., 2018). He was from a village in Melbourne Derbyshire. In its early age, his
father died and after that he began working with a local gardener as a assistant. He
always wanted to travel in different parts within UK in his early age. This passion of
travelling allowed him to do something of its own. He came up with an idea of providing
travel packages to the customers after attending a meeting in the Temperance society.
After making this idea, he started to take a group of people to Loughborough. He took
feedback from the customers and a bunch of profit in terms of capital . After this
package, he started providing different packages to the Temperance Society, school
children and other enthusiastic adults. This gave him an idea to plan a business in this
sector. Moreover, confidence level of Thomas Cook also reached high and he was
passionate to start a new business of its own. He started taking people to different
destination according to them and takes some part of the railway tickets as its fee for his
survival. Thomas cook was not only a confident person but also self reliant to start
working on his own. After that, he also started providing accommodation for the
customers who were travelling from Leicester to Liverpool. He took 350 people from
Leicester to different destinations in Scotland (Daniel and et. al., 2017). There were many
situations where his business was in loss due to lack of financial knowledge and other
aspects. This all did not let him down but motivated enough to work hard and achieve his
goals. This determination imposed him to arrange a concert of around 1 lack people in
London. The travelling of different location allowed him to learn various phases of
making a new business. This showed the learning capability was very good in terms of
business. Then he started to travel at Calais and “Grand Circular Tours” of Europe. He
started a business with his son and named its organization “Thomas Cook and Son”. This
shows his positive attitude and creativity in hospitality industry. The accessories related
to travel and tourism industry were gathered by Thomas Cook in office. The success of
company can be determined by expanding business in different countries across the
globe.

2.2. Evaluating the factors that have led to the success of a business organization.
There are various factors of successful business used by entrepreneurs. These factors opens
the path of success to a new business venture in the travel and tourism industry. There are
following factors listed to make a successful business-
Leadership
Leadership is the first key to success of business. The leader is responsible for making
planning and strategies running a business (Deale, 2016). The planning of leadership allows the
employee to work on it. There are different skills of a leader by which success of a business is
determined such as strategical and tactical plans, powerful decisions etc. Therefore the success
and failure of leadership depends upon the successful implementation of the strategies and plan
in business success.
Effective communication
Another factor through which success of a business can be decided is effective
communication. The strategies and plans of an entrepreneur should be discussed with the
employees so that they can implement them effectively. Employees are the last workers who
implements the strategies therefore their involvement in the planning is necessary (Edgell, 2016).
The leader of travel and tourism organization should communicate with the employees about the
planning and ways of implementing the strategies which will help them to make the business
successful.
Continuous Quality Improvement
Customer satisfaction is the most important factor within the travel and tourism industry.
In order to make the customer happy, the organization should be adaptive enough to capture the
recent trends and technologies. The quality of service provided to the customers should be
improved continuously so that a large scale of customers can be attracted. This will leads to the
success of a new business venture.
TASK 3
3.1. Sources of Finance and the support available for the proposed business project.
In the case of start a business project, it consist several types bases of finance which are very
helpful for a business. In order to start new business in the industry of travel and tourism, I
need several sources. But before collection of sources needs or requirement of business

should be in a clear form (Kline, 2017). The main goal of this business about is to serves
customer satisfaction with better quality services. For availing these services lot of money is
needed. There are some need able sources which are important for my new business, are
given below:
Personal investment:
This source is very important for invest money which is developed by me. In this kind of fund
we can invest self-capital of money. It is gathered with the help of savings, pocket money
and so on. In the case of my business project few part of my funding is done by the lot of
sources.
Love money:
This is also another type of money which is collected by family members, friends or group of
individual, spouse so on. All these investors were very helpful for me in order to establish
my new business. This money is only for help not for other expenses and repaid later when
my requirement is completed. Some part of my fund also collected by this type of funding.
Bank loan:
Lastly I have used this type of source in funding by this my business has taken lot of support in
an effective manner. I have also taken loan form the bank which was very helpful for me as
I’m stating my new business (Mottiar, 2017). This loan was very helpful in an effective
manner because it was helped me for long period of time. Loan will also repay with interest
when my requirement will fulfilled. Therefore, these types of funding were very helpful for
me in a graceful manner without any issues.
On the other hand cash flows are also very much essential in order to make business effective or
successful positively. In the case of start up a new business than invested money should be
in particular area. This is because if money in specified area then business can be easily
expanded in an appropriate way. In the process of making successful business, for me cash
flow is my first priority rather than other expenses. After that I selected my future growth of
an organization which is followed through the profitability. Here is the brief of assumption
which is made of various problems like recession and economical activities with in country
of UK. But good thing is that these financial crises will not harm my new business at any
cost. Therefore, my business startup will be on the good way of success in the upcoming

years. Here, projected profit is being assumed in the upcoming month and year as well that
will have lo of growth in the fourth year.
3.2 & 3.3 A business plan with the marketing assessments, cash flow analysis or business
analysis and the identification of potential purposed for the business project.
Travel and tourism business mainly needs the customer satisfaction. Here, I also proposed a new
business venture in this organization. This is also a niche market division. The main goal of
my venture is to offer better services as per the wishes of customers. For this I have done lot
of resources like money, loan etc. in order to complete my priorities. My hotel will provide
24 hours check-in or check-out facility so that business man can also get affected in an
effective manner (Nikraftar, 2016). In regard with this, it can be analyzed that consumers
who needs availability of various services in hotel for my new start-up. Good quality of
different services will be beneficial for my customers as I’m providing food, Wi-Fi facility
TV facility and so on. Apart from this I have also used latest technology like different
culture of food, verities of different kind of rooms in hotel. A security concern is also
necessary mainly for the women who stay alone in hotel. Therefore I provided these kinds of
services so that I’m able to build strong relationship with my customers in an effective
manner. That’s why my business venture will give difficult competition to other competitors
as it focused on the satisfaction of customers. So that it will gain third rank in the upcoming
of 2 years and also develop with innovative plan or thoughts and used various technology at
marketplace.
Apart from this marketing channels with upgraded technology will influence the customer
satisfaction. When the customers are satisfied than they can advertise my hotel with their
family, friends and siblings as well (Power, 2017). It will enhance the sales and revenue of
my business or services in the travel and tourism industry. The strength of my business is
that I’m providing best services to my each and every customer in a positive way. It can be
the weakness of my business that it is operating in the division of niche market. Whereas,
threat is about that competitive rivals have already working in same field. But business is
also having good opportunities for future by which I can expand my business at higher level.
Apart from this cash flows are also very helpful in order to gain success in business. The
comparison is also has been shown in the net cash flow or cash balance for the each month
of every year.

Therefore, business plan will be success in the coming years in a profitability manner. I analyzed
that the success of my new business has high profit as it is aiming to serves better quality of
customers. Therefore, I have achieved my organizational goals in an effective manner. This
quality service will be advertising my business through customer’s experience. My business
will spread to the highest level in travel and tourism industry with in the upcoming years
with the help of better quality services and customers experiences in an effective manner
(Scott, 2016). This will help me to execute the plans and different strategies effectively so
that the objectives or goals can be easily achieved within the positive way.
CONCLUSION
Travel and tourism industry is mainly focusing on satisfying the needs and demands of
the customers. The customers are the main asset of these companies which are engaged in
hospitality business. In this report, it can be concluded that there are various skills which are
helpful for the entrepreneurs to perform the successful business activities. These skills and traits
are the must asset for an entrepreneur. There are different entrepreneurs who have set an example
for the new start-ups so that they can attain the path of success on which the successful business
man have gone. A new business plan also prepared with the help of different marketing analysis,
business analysis, cash flow, sources of finance and support for the business. This will help any
entrepreneur to perform successful business activities.

REFERENCES
Books and Journals
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Camilleri, M. A., 2018. Nurturing travel and tourism enterprises for economic growth and
competitiveness. Tourism and Hospitality Research. 18(1). pp.123-127.
Crossley and et. al., 2018. Introduction to commercial recreation and tourism: an
entrepreneurial approach (No. Ed. 7). Sagamore Publishing LLC.
Daniel and et. al., 2017. Tourism Education: What about entrepreneurial skills?. Journal of
Hospitality and Tourism Management. 30. pp.65-72.
Deale, C. S., 2016. Entrepreneurship education in hospitality and tourism: insights from
entrepreneurs. Journal of Teaching in Travel & Tourism. 16(1). pp.20-39.
Edgell Sr, D. L., 2016. Managing sustainable tourism: A legacy for the future. Routledge.
Kline, C., Boluk, K. and Shah, N. M., 2017. Exploring social entrepreneurship in food tourism.
In Social Entrepreneurship and Tourism (pp. 135-154). Springer, Cham.
Mottiar, Z. and Boluk, K., 2017. Understanding how social entrepreneurs fit into the tourism
discourse. In Social entrepreneurship and tourism (pp. 117-132). Springer,
Cham.Mottiar, Z. and Boluk, K., 2017. Understanding how social entrepreneurs fit into
the tourism discourse. In Social entrepreneurship and tourism (pp. 117-132). Springer,
Cham.
Nikraftar, T. and Hosseini, E., 2016. Factors affecting entrepreneurial opportunities recognition
in tourism small and medium sized enterprises. Tourism Review. 71(1). pp.6-17.
Power, S., Di Domenico, M. and Miller, G., 2017. The nature of ethical entrepreneurship in
tourism. Annals of Tourism Research. 65. pp.36-48.
Scott, D., Hall, C. M. and Gössling, S., 2016. A report on the Paris Climate Change Agreement
and its implications for tourism: Why we will always have Paris. Journal of Sustainable
Tourism. 24(7). pp.933-948.
Sigala, M. and Gretzel, U. eds., 2017. Advances in social media for travel, tourism and
hospitality: New perspectives, practice and cases. Routledge.
Sigala, M., 2016. Social media and the co-creation of tourism experiences. In The Handbook of
Managing and Marketing Tourism Experiences (pp. 85-111). Emerald Group Publishing
Limited.
Tajeddini, K., Ratten, V. and Denisa, M., 2017. Female tourism entrepreneurs in Bali,
Indonesia. Journal of Hospitality and Tourism Management. 31. pp.52-58.
Online
Entrepreneur. 2019. [Online]. Available
through:<https://www.investopedia.com/terms/e/entrepreneur.asp>