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(Doc) Travel and Tourism Entrepreneur: Assignment

   

Added on  2020-01-16

17 Pages5834 Words125 Views
Travel and TourismEntrepreneur1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3A) Entrepreneur traits and skills required to be entrepreneur......................................................3B) Self assessment.......................................................................................................................5TASK 2............................................................................................................................................62.1 Thomas Cook and his entrepreneurial skills..........................................................................62.2 Factors that led to success of enterprise.................................................................................7Task 3...............................................................................................................................................83.1 Sources of finance and supporting enterprise in travel and tourism......................................83.2 Developing potential for success of enterprise in travel and tourism....................................83.3 Persuasive business start-up plan...........................................................................................9CONCLUSION..............................................................................................................................10REFERENCE.................................................................................................................................122

INTRODUCTIONEntrepreneurship is an activity to taking risk and initiating through creating innovations.It is helpful for establishing new entity and increasing efficiency of organization at high level. inthis regard, it is important for nation's growth as well implementing plans for improving qualityservices leads to adequate resources and fund allocation. The present report is based onunderstanding entrepreneur skills and traits to start-up a new entity as well creating innovationsis business operations. In this regard, role model of entrepreneur effectiveness in travel andtourism sector of nation is to be described. Moreover, different tools and techniques are todetermined for increasing efficiencies in product services provided by organization. Inaccordance to this, interesting and attractive entrepreneurship story of Thomas Cook who createinnovation in travel and tourism sector is to understood through this assignment. Including this,self assessment as strength and weakness of self individual to analyze potential forentrepreneurship is to expressed. However, key components for entrepreneurship and enhancingefficiencies of organization can be explained. In this process, significance of entrepreneurshipactivities and role model of innovations are to presented. Therefore, students are able tounderstand significance of entrepreneurship and its role model for country's effectivenessthrough studying this project report.TASK 1A) Entrepreneur traits and skills required to be entrepreneurEntrepreneur is an individual who takes risk and initiate for establishing new entity oroperating it through innovative ideas. In travel and tourism sector, creating innovations throughapplying different techniques. However, an entrepreneur has some qualities and characteristicsthat presents his strength and working ability for accepting challenges and implementing actions(Altinay, Sigala and Waligo, 2016). Therefore, some of the main traits and skills for an idealentrepreneur in travel and tourism sector can be understood as follows:-Confidence for taking risks:- An entrepreneur who initiates for creating changes andsetting up new entity must be confident about his innovations as well uniqueness.However, it is needed for entrepreneur to have confidence regarding taking risk and steptowards business operations. In this regard, confidence is considered as trust on self for3

taking innovations as well remains able to improve several skills such as communication,problem solving and increases potential for taking more risks (Daniel and et.al., 2016).In this process, confidence is risk taking ability for initiating and applying innovations forenterprise's effectiveness.Strong determination:- It is required ability for an entrepreneur to have strongdetermination towards his goals. In this regard, having faith and never give up attitudefor is essential for applying entrepreneurship activity. However, it is needed to be focusedto meet set target. Including this, in case of problems and issues, determination for takinginitiative as well implementing planning for adopting challenges (Goh, 2015). Therefore,strong determination towards goal setting is necessary for entrepreneur.Competitive spirit:- In travel and tourism sector, it is required for risk taker to analyzeother competitive entities' performance and market demand critically. Therefore, strengthget enhanced to face competition and improving creativity of goods and servicesprovided by organization. Along with this, an entrepreneur has skill to deal with all kindsof people and seek to fulfill their requirements related to traveling and accommodationservices. In addition to this, his spirit must be competitive to face competition andmaking place potential to present his views towards product services (Hallak, Assakerand Lee, 2015).Work ethics:- It is needed for an entrepreneur to have strong work ethics and power tooperate business activities with strong determination. However, considering ethics as wellcreating innovations on the behalf of legacy is essential for effective business operations.Therefore, leading ethical considerations is required for proper entrepreneurship activity(Hsu and et.al., 2016). Including this, work ethics related to focusing on customers andemployees' protection as well their welfare is needed for creating innovations and makingdecisions regarding their working values. Deal with hurdles and obstacles:- The most essential characteristics of entrepreneur isrequired to have potential for dealing with issues and further giving reactions smartly. Inaccordance to this, it is necessary for innovator to take risks as well handling problemswith strong sense. In this process, having this trait for operating business activity isneeded to managing pressure efficiently (Komppula, 2014).4

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