Sources of Start-Up Financing for Tourism Entrepreneurs

The provided assignment focuses on the topic of sources of start-up financing for tourism entrepreneurs. It includes a list of references from academic papers and books that discuss various aspects of tourism entrepreneurship, such as profiling Brazilian tourism entrepreneurs, understanding motivations of international winter tourism entrepreneurs, and the effects of place identity and self-efficacy on tourism entrepreneurship performance. The assignment also mentions online resources and articles about start-up financing options for businesses in general. It appears to be a research-based assignment that requires students to explore and analyze sources of funding available to tourism entrepreneurs.

Travel and
Tourism
Entrepreneur

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
(A) Entrepreneurial Traits and Skills required being successful travel and tourism
entrepreneur............................................................................................................................1
(B). Produce a self appraisal plan to demonstrate personal skills and traits or to identify
personal strengths and weaknesses ........................................................................................2
TASK 2............................................................................................................................................4
(A). Select a successful travel and tourism entrepreneur and analyse his or her business
development strategy and the entrepreneurial process...........................................................4
(B). Evaluate the success of entrepreneur's business organization.........................................5
TASK 3............................................................................................................................................6
(A). Evaluate and discuss the sources of finance and support available for the proposed
project.....................................................................................................................................6
(B). Develop a Business plan with all market assessment and also analyse the cash flow
analysis to justify the potential success of the proposed travel and tourism..........................7
(C). Present Persuasive business plan for the travel and tourism start-up..............................9
CONCLUSION .............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
Travel and tourism industry is the most growing and fast process working sector that
enhances this more enlarging profit making industry by satisfying needs of customers. Travel
and tourism is the major source of income for most states in the United States as well as in other
countries. This sector provides huge different types of job profiles in order to develop economic
growth of country. This also provides countless number of jobs to entrepreneurs all over the
globe. Furthermore, this present report will also discussing about the new trends and new
business plan for the travel and tourism business.
For taking this study further Thomas Cook company will be taking into action. Further, it
will analyze different potential trends and needs of tour and travelers. Likewise, it will be
discussing about different types of skills and traits of a successful entrepreneur. On the contrary,
report will also cover more potential points that express importance of tourism sector.
TASK 1
(A) Entrepreneurial Traits and Skills required being successful travel and tourism entrepreneur
The main role of an entrepreneur in travel and tourism sector is to deal with new working
environment according to requirements of tourism enterprises or travelers. Main purpose of
company is to accomplish overall target market goals and satisfy customer satisfaction and needs
that can be fulfilled by the help of good entrepreneurial skills or traits (Belhassen and Bowler,
2017). Overall, the best entrepreneur always takes all things positively that affect business
growth and effective process.. There are provides some essential skills of a successful business
entrepreneur.
Passion: it is the most required skill in a person who handles an organization and
measures profit. Apart from that, it also helps to take better objective goals. Passionate
entrepreneur makes more profit within an organization. They also help to enhance happiness
within all employees in organization (Bredvold and Skålén, 2016).
Self confidence: it is another skill that helps entrepreneur to take the best approachable
decision making approach in order to meet needs of customers. Self confidence is the most
Work ethics: it is the most necessary skill that motivates person with values and moral
ethics in relation with the work process. It will also help to take more reliable decision to achieve
overall target goals. Work ethics help to generate more social values and image in the market.
1

Innovation: It is the another process of dealing and long lasting performance that makes
the process of dealing and give creative working environment.
Excellent communication skill: In travel and tourism sector, communication skills are
the most necessary skill to connect and maintain better connectivity with employees and
different stakeholders.
Strong determination: Defects and failures are a part and parcel of a business. This is
the most enlarging effective performance making task. Making task and long lasting process.
This brings new better effective and growth that helps. A good entrepreneur must be strong,
determined in order to motivate it (Çakmak, Lie and McCabe, 2018). This skill helps to face ups
and downs of market to meet needs of organizational goals. Time management is also required
to make an effective working and task oriented process. Through company will take better
objective and growth. It is another skill of an individual entrepreneur that must be according to
needs and wants.
(B). Produce a self appraisal plan to demonstrate personal skills and traits or to identify personal
strengths and weaknesses
Skill or traits Evidence Rating scale out of 10
Disciplined I followed the structured plan
every day to maintain my
disciplines followed by
planned structured will help
me to take better decsion
making approach.
8
Self-confidence I believe in present things
accordingly, good approach
and successful business growth
will make new growth oriented
work and process (Camilleri,
2018).
7
Competitive spirit and In terms of heavy competition 8
2

Passion in the tourism market still my
skills and confidence make me
strong and protect me from
risk factors.
Finance As per my self evaluation
process, I need to work upon
my finance skills to manage all
financing activities to promote
my finance skills. For me,
finance skill is not very much
effective to take final decisions
(Carlos and et.al., 2017). It
also helps to take better task
oriented work.
4
Communication skills Communication skills of mine
are more reliable and confident
to make relations more
effective and enlarging to get
all relation perfect and
effective. This skill helps me
to build new relation between
both parties and better
communication level (Carson,
Carson and Eimermann, 2018).
Overall, communication
process is required to
understand an individual needs
and wants to know their
perception.
9
Marketing skills Marketing skills of mine is 9
3

more attractive and productive
that helps to attract customer
repulsion. Apart from that, it
also helps to take attractive
challenging goals and target
printed process.
Leadership skills Leadership skills enable to
connect new employees and
their motivation level. This
helps me to achieve
organizational objectives on
time or by systematic manner.
9
On the basis of above self evaluation process, I got to know about my weaknesses and
strengths that helped me to take new development decisions. This process also helped me to take
new further action plan to meet needs of organizational goals and tasks. Self assessment is an
important process to make decision making process better that helps me to take better decision
making process and dealing growth oriented task effective process (Costa and et.al., 2015).
Overall, it brings new opportunities and growth for the new expansion level of business.
TASK 2
(A). Select a successful travel and tourism entrepreneur and analyse his or her business
development strategy and the entrepreneurial process
Thomas cook is the tour operator company which is the most popular organization in
travel and tourism business. It is the most successful business from the time when they
established. Thomas cook is a well known entrepreneur in Melbourne who is popularly known
as a good leader who took his business to a success level.
Apart from that, it makes new process of working and gives better performance level of
task performing the task and best promoting goals. It also makes the most necessary changes and
makes proper decision making approach. Along with that, it brings better opportunity and growth
(Crawford, 2017). Along with that, as a young lad, Cook was always enthusiastic about
4

traveling. Apart from that, it also helps to bring better growth and opportunity thatbring new
advantages performance. Overall, it brings advancing services level. Overall, it creates new
opportunity for Thomas Cook to take new better expansion strategy growth.
Besides, it brings new better opportunity to take objectives and goals. He has high
knowledge and experience to implement effective performance making task. Besides, it brings
new effective and the best oriented presentation and target goals. Overall, it bring down new
effective and generating and long lasting executing (Dubey, 2016). This method will also
contribute to better objective growth and challenging nature of effective performance.
Cook was intelligent and growth oriented performer who achieved targets in the most
performing manner. Seeing his positive attitude and creativity. He started a business on his own
more oriented growth and challenging growth. It makes the most effective performance making
task. Besides, it also makes better services and growth oriented work. Overall, it also helps to
bring new better effective performance making task. Moreover, it brings new challenging and
well oriented task effective for organizational goals.
Later on he started his grand circular tours of Europe (Hallak, Assaker and Lee, 2015).
Being positive, motivated. He started his own business with their idea and gave the name
Thomas Cook. At the time when they started their business earlier, they contained all necessary
accessories required for travel. Some examples are guidebook for travelers, footwear etc. during
the year they also opened up many more branches around the world. This has been give many
profits and success to Thomas Cook in their career.
(B). Evaluate the success of entrepreneur's business organization.
There are various reasons and intellectual skills that gives growth possibilities to the
entrepreneur business. The main reason being his large success is his or her confidence, self
motivation, experienced etc. they valuing their ethics and duties towards employees and
customers. Just like Thomas Cook, they made its travel and tourism sector most influencing and
successful. It also helps to give the better objective and growth in order to meet the needs of the
organization goals (Jacob, 2017). The main reason or strategy of the success is that to contribute
better and long lasting performance making. Overall, it brings new better opportunity and
growth. Customer relation and trust is the another reason of success. About 20 million people
prefer to take Thomas Cook to enjoy their holidays and weekends. This makes the effective
process and delivering long lasting effects. They provide luxury and safe journey to their
5

customer or clients. It also makes the better advancing growth and effective process making task.
Overall, it brings new opportunity and long lasting performance making and give better effective
working to customers. Overall, it brings new expansion and long lasting effective services and
growth channel. Overall, Thomas will always make the brand effective and long lasting
performance making task making performance. It brings new better effective sources and
effective level to promote long effectiveness. Another strategy of the company is they also
provide financial services to travel such as currency exchange (Jeyacheya and Hampton, 2016).
Processing the luggage at airport etc. from the beginning till now, because of commitment from
the employees and hard work. This also helps to bring the new better opportunity to take new
expansion growth and challenging behavioral task. The main reason behind the success of
Thomas Cook is personal approaches that helps them to take the customer attraction and growth
towards the company approaches. They having good long term relation with the growth that
makes the better decision making approach. Besides, it also helps to take the better effective
growth making target goals. Overall, it brings new advancing growth channel and growth
oriented task making performance. Overall, it also helps to take the new ideas and innovation to
enhance the better publication level (Jeyacheya and Hampton, 2016).
As per the followed by the site of Thomas Cook is that to create new level of enriching
the growth channel. That is company website customer at our Heart. The demand of the Thomas
Cook is up by 3% in winters. Most of the travelers are preferred to take new destination prices to
take the long lasting performance making task.
TASK 3
(A). Evaluate and discuss the sources of finance and support available for the proposed project.
Sources of finance is the most required for accomplish the business needs and growth. It
makes the better availability resources and growth to meet the needs of the availability of
requirement. For that, finance resources are most required and essential (Komppula, 2014).
There are so many sources are their through company can get all finance such as equity,
commercial loans, government sources, retaining earning, it brings new great dealing resources.
Besides, it also helps to bring new effective learning growth (7 Sources of start up financing,
2018). There are various channels to take the new finance resources. Putting all your eggs in one
basket is never a good business strategy. To accomplish
1. Personal Investment
6

Personal investment is the own money which is kept by the person who wants to start the
new business or startups. Along with that, it will also help to take the new better services in order
to meet the needs of the customers (Mottiar and Boluk, 2017). Personal investment will make the
effective services and long lasting performance making task. Overall, personal investment either
your cash or with collateral on your assets. This proves to investors and bankers that you have a
long term commitments to your project and that you are ready to take risks. It is the most
effective and long lasting performance in order to meet the needs of the organization process it
will also help to accomplish the never fast growing performance. This overall, things will take
the better objective and task oriented process to meet the goals of business plan.
2. Love money.
It is the another money loaned by a spouse, parents, family or friends. This helps to take
the new effective source full decision making approach. This proves the long term investment
decision that makes the proper decision making approach. This money is of either landed by
friends, family, this is the patient capital which is later on will be repaid to the actual owner. It
also makes the proper decision making approach (Nikraftar and Hosseini, 2016).
3. Venture capital
The foremost thing which is required to keep in mind in venture capital is that, it is not
necessary for all the entrepreneurs. Right from the start, you should be aware that venture
capitalists are looking for technology-driven businesses and companies with high growth
potential in sectors such as information technology.
4. Angles
It is the another source of capital from which new business can easily setup by the
entrepreneur. It is the wealthy individuals or retired company executives who invest directly in
small firms owned by others (Sheldon, Pollock and Daniele, 2017). Through company easily
implement the business strategies and plan.
(B). Develop a Business plan with all market assessment and also analyse the cash flow analysis
to justify the potential success of the proposed travel and tourism.
Travel and tourism industry are offering flights ticket at reasonable prices, they also
responsible to provides the best luxurious services to their customers. In order to take the full
customer satisfaction approach. Their business revolves around investments from a third party,
finance growth and challenging feature. For that, only it also affects the reasonable prices that
7

affect the business organizations (Hallak, Assaker and Lee, 2015). Their business plan revolves
around investments from a third party, finance from stakeholder, duties, and responsibilities of
supervisors. This helps to promoting and advertise the products and services. The business plan
also made from market research on the basis of analyzing the market research. It also brings new
major activities and goals. That motivates the enlarging process making task process. Business
plan includes the overall activities and current trends in the market and besides it also includes
the actual position of the competitors are also mentioned in order to analyze the actual working
goals. There are given some factors which is required to be mentioned in the business goals.
Maintaining a workbook: for that, in this factor includes all business details which is
useful for the company initiatives (Komppula, 2014). Besides, it includes all information in
written texts which is explained in a brief.
Model of the business Plan: This process will also innovate the enlarging process. The
new skills and developed and the innovates ideas developed remarking me from my competitors
will be also includes in the system.
Statistical data and graphical representation: to make my business plan visually
stimulating, I will use charts and graphs to depict all the industry related data to understand more
deeply and enthusiastic nature of work.
Financial projections and cash flow analysis
It is the most important to meet the needs of business plan of the company. In order to
analyses the market trend and competition level break even analysis is assumed to be 20% of the
gross margins (Jeyacheya and Hampton, 2016).
8

On the basis of above given diagram it has been proved that, cash flow analysis for the
success of my tour and travel organizations. Following given graph shows the analysis and
comparison of the net cash flow balance for every month of the year.
(C). Present Persuasive business plan for the travel and tourism start-up.
Business plan overview:
Business plan overview defined the outlined of all business concept to my tourism
business. Besides, it also brings new better advancing nature of growth that makes the new
environmental growth. It expertise lies in providing the best and first class cervices to the
customers and the goals (Jeyacheya and Hampton, 2016). To meet the needs of the customers
9

also needs to take the better entertainment growth channel. Overall, it makes the proper
implantation process to take care the needs of the organizations to take the most advancing
nature of plan. Besides, to analyze the current needs of the customers. I need to analyze the
proper growth advancing performance level. The main purpose of the business plan is that to
produce the best advancing performance making work. Besides, to make mission compete ting
and challenging growth nature. I also need to develop safety contingency plans in order to face
the different challenges and growth channel oriented task making performance. Overall, it brings
new effective service growth and challenging behavioral nature of performance (Jeyacheya and
Hampton, 2016). Overall, dealing with growth is challenging nature that helps to connect the
more reliable influencing process. Apart from that, it helps to take the new challenging nature of
growth.
CONCLUSION
From the basis of above section it has been concluded that, Tourism and travel industry is
the most influencing and most profitable generating task oriented sector that involves high
growth and challenging behavior. Along with that, it also helps to bring new better objective and
growth. Entrepreneurship is the another necessary functional process which always brings new
ideas and growth. Present study was based on entrepreneur travel and tourism which covered
skills and traits of successful entrepreneur. On the other hand it also involves the better target
marketing goals and objectives to accomplishing the business objectives. The aim of the study is
to form a successful business plan in order to meet the needs of entrepreneur. It is the another
great advantageous goals. From the analyses the overall process it helps me to take better
objective and growth.
10

REFERENCES
Books and Journals
Belhassen, Y. and Bowler, B., 2017. An interview about spirituality and tourism: Theory and
practice in dialogue. Tourism Management Perspectives. 24. pp.188-192.
Bredvold, R. and Skålén, P., 2016. Lifestyle entrepreneurs and their identity construction: A
study of the tourism industry. Tourism Management. 56. pp.96-105.
Çakmak, E., Lie, R. and McCabe, S., 2018. Reframing informal tourism entrepreneurial
practices: capital and field relations structuring the informal tourism economy of Chiang
Mai. Annals of Tourism Research. 72. pp.37-47.
Camilleri, M.A., 2018. Nurturing travel and tourism enterprises for economic growth and
competitiveness. Tourism and Hospitality Research. 18(1). pp.123-127.
Carlos, C. and et.al., 2017. Profiling the Contemporary Brazilian Tourism Entrepreneur: A
Gender Analysis. JWEE. (3-4). pp.1-27.
Carson, D.A., Carson, D.B. and Eimermann, M., 2018. International winter tourism
entrepreneurs in northern Sweden: understanding migration, lifestyle, and business
motivations. Scandinavian Journal of Hospitality and Tourism. 18(2). pp.183-198.
Costa, C. and et.al., 2015. Profiling the Contemporary Brazilian Tourism Entrepreneur: A
Gender Analysis. Journal of Women's Entrepreneurship and Education. (3-4). pp.1-27.
Crawford, A., 2017. Application of the EMA Model to Tourism Entrepreneurs: Motivation as a
Mediator. Journal of Hospitality & Tourism Research, p.1096348017731129.
Dubey, A. K., 2016. Future Technology and Service Industry: A Case study of Travel and
Tourism Industry. Global Journal of Enterprise Information System. 8(3).
Hallak, R., Assaker, G. and Lee, C., 2015. Tourism entrepreneurship performance: The effects of
place identity, self-efficacy, and gender. Journal of Travel research. 54(1). pp.36-51.
Jacob, M., 2017. Entrepreneurships and Startup Programmes: Opportunities in Travel and
Tourism. Atna Journal of Tourism Studies. 12(2). pp.51-65.
Jeyacheya, J. and Hampton, M. P., 2016. Dive Tourism and the Entrepreneurial Process in the
Perhentian Islands, Malaysia. Sustainable Island Tourism: Competitiveness and Quality of
Life, p.135.
Jeyacheya, J. and Hampton, M. P., 2016. Dive tourism and the entrepreneurial process in the
Perhentian Islands.
11

Komppula, R., 2014. The role of individual entrepreneurs in the development of competitiveness
for a rural tourism destination–A case study. Tourism Management. 40. pp.361-371.
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.
Sheldon, P. J., Pollock, A. and Daniele, R., 2017. Social Entrepreneurship and Tourism: Setting
the Stage. In Social Entrepreneurship and Tourism (pp. 1-18). Springer, Cham.
Online
7 Sources of start up financing, 2018. [Online]. Available
through :<https://www.bdc.ca/en/articles-tools/start-buy-business/start-business/pages/start-up-
financing-sources.aspx>.
12