Travel and Tourism Entrepreneur Assignment - (Solution)
Added on 2020-12-30
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Travel and TourismEntrepreneur
Table of ContentsINTRODUCTION...................................................................................................................................3TASK 1...................................................................................................................................................3A)The entrepreneurial traits and skills required for successful travel &............................................3tourism entrepreneur..........................................................................................................................3B)Format for measurement of Entrepreneur's traits and skills that may help to identify strengthsand weaknesses for development benchmark to be successful-.........................................................5Task 2......................................................................................................................................................8A)Travel & tourism entrepreneur.......................................................................................................8Task3.......................................................................................................................................................9A) Sources of finance that will support the entrepreneur to execute the proposed project plan-.......9B)Business plan including market assessment, business analysis and cash flow analysis.................9C) Persuasive business plan for Travel and tourism start-up...........................................................11Conclusion.............................................................................................................................................13References.............................................................................................................................................13
INTRODUCTIONTravel and Tourism industry is the world's largest commercial industry. The industry consistsof providing travel facilities, accommodation, sightseeing and various services to their customers.Tourism can be of International tourism or domestic tourism. Tourism industry is one of the fastestgrowing industry in the current years, as 1.2 billion tourists arrivals in 2012 to 1.5 billion tourists in2017. Tourism is the short term movement of people to various destinations from their home. Anyperson travelling for purposes of recreation, holidays, health, sports, family reasons etc., and stayingat-least 24hours and not more than one year is termed as tourists. Travel and Tourism industry is ismanaged by United Nations World Trade Organisation. The report will highlight on entrepreneurialskills and traits needed to be an successful Travel and tourism entrepreneur and the business planneeded to start the Tourism Business.TASK 1A)The entrepreneurial traits and skills required for successful travel &tourism entrepreneurEntrepreneurial traits CompetitivenessEntrepreneurs of travel and tourism got succeed by highlighting the track record. As this sector isfacing huge competition. So, for being a successful entrepreneur they need to be in a spirit ofcompetitiveness(Timothy, 2016). Self starterEvery entrepreneur has to follow to get a successful business. An entrepreneur need to start any taskby own. They need to be self motivated and active enough to accomplish any task. They do not waitfor any other person for start task.
Open mindedEntrepreneurs should have an attribute of open mindedness. For new businesses and enhance skills ofpeople new and innovative ideas continuously came in mind of entrepreneur. For this they need to beopen enough so that they can stay focused to accomplish goals and objectives.ConfidentAn entrepreneur to attain success always stay confident and focus towards their goals. Travel andtourism successful entrepreneurs have enough knowledge that they can help their business to grow.Generally, businesses indulged in conversation with other people for which an entrepreneur need tobe confident. Disciplined A successful entrepreneur is always self disciplined because they need to mange functionality of theservice industry. They inspire others to stay disciplined in premises. The entrepreneur regularly makeinnovative steps to accomplish goals. CreativityThe main trait that should be in entrepreneur is creativity. By creativity, entrepreneur come forwardand bring new ideas which help their businesses to grow and attain profitability. Successfulentrepreneur is capable enough to solve unrelated problems all alone. Like, customer satisfaction andworkforce turnover solved by payment and reward system(Vellas, 2016). Strong work ethicAn Entrepreneur should be first to visit workplace and last to leave. They stay dedicated with theirworking and towards business. The entrepreneur keeps an eye on their business so that they canproperly interpret their outcomes with expectations. Entrepreneurial skills Leadership skillsThe way to become successful in businesses, entrepreneur have an ability to handle staff members.For attainment of coordination and discipline an entrepreneur should have quality of leadership. Bythis, staff members listen to them and coordinate work accordingly. Leadership skill is helpful forentrepreneurs of travel and tourism which ensures business to reach towards their goals. Communication skillsApart from leadership skill an entrepreneur should develop strong two way communication skill.Communication is very essential in entrepreneurship business like travel and tourism because theyneed to communicate with customers as they are providing services to them. Also, an entrepreneurshould be a good listener too. By good listening skills an entrepreneur can contribute good andinnovative suggestions for problems of staff members. Risk taker
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