SWOT Analysis Entrepreneurship
Added on 2021-01-03
15 Pages4197 Words30 Views
Travel and Tourism Entrepreneur
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1Entrepreneurial traits and skills of successful travel and tourism entrepreneur .........................1SWOT Analysis of an Entrepreneur............................................................................................3TASK 2............................................................................................................................................5Successful travel and tourism entrepreneur.................................................................................5TASK 3............................................................................................................................................6Source of finance and support available......................................................................................7Business plan with a marketing assessment.................................................................................7CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneur is a person who started its own business and taking risks for the purpose ofearning profit. It is the most important part for economic growth and development of the country.Present study will be based on the travel and tourism entrepreneur that is the servicesector industry. It provides services to the people related to the traveling, providing themaccommodation and other facilities to them.Report will include the entrepreneurial traits and skills that are required to be a successfultravel and tourism entrepreneur. It also includes the swot analysis of travel and tourism industry.Further more it will include the business plan that consist of target market, financial projectionand a cash-flow analysis.TASK 1 Entrepreneurial traits and skills of successful travel and tourism entrepreneur Entrepreneurial traits are the characteristics that an entrepreneur possess to run thebusiness. It includes risk taking, creative, problem solving all these traits are possessed by anentrepreneur for becoming successful.(Ateljevic and Page, 2017).Entrepreneurial skills is anability to perform a certain task by an entrepreneur.Entrepreneurial traitsThere are several entrepreneurial traits of becoming a successful entrepreneurPassion:-This is the most important trait that an entrepreneur should possess for becomingsuccessful. Travel and tourism entrepreneur should have passion to provide best service to itscustomers that can satisfy their needs and wants.Strong work ethic:- Entrepreneur must have strong work ethic that can help in meet out theexpectations. Successful entrepreneur is the one who has work in the mind every time even whenthey are not at the workplace.Communication skills:- A successful entrepreneur is the person who has a good communicationskill and motivate the customers to take their services. Those who have this trait can achieve thegrowth in the business otherwise it remains the constant( Bredvold and Skålén, 2016).As traveland tourism is the sector for providing services to the customers and without goodcommunication skills it is not be achieved .1
Creativity:- One of the most important trait of an entrepreneur is to be creative. Always generatethe new ideas and innovation in the business leads to growth in the business. If an entrepreneur iscreative then the people are attracted towards it.Competitiveness:- There are-many competitors available in the market so the entrepreneur musthave an ability to compete with them. They have to run the business with the aim to achievesuccess in the future. Competition is everywhere in the market but an entrepreneur never fail toperform its best to get succeed.Self Starter:-Every entrepreneur is the one who knows that all the thing has to be done bythemselves. From setting the policies to the decision making process all task is done by itself.They don't to ask anyone for doing anything and they are proactive in taking decisions on theirown.Planning:- Before starting any business any entrepreneur has to plan its business activities that isbeing done by it during its business operations. It is most important practice that everyentrepreneur have to do before setting up a business(Power, Di Domenico and Miller, 2017).Leadership:- It is also the important quality of an entrepreneur to be the good leader. As leadershave the ability to inspire people, have knowledge to tackle the difficult situation in the businessthat is necessary for every successful entrepreneur.Entrepreneurial skills Willingness to learn:- An entrepreneur has a willingness of learning new things every time.Learning is the path that never ends increasing the knowledge helps in achieving the goal of thebusiness. Entrepreneur must have to updated with the latest technology, marketing strategies toattract the customers etc. that can help in becoming a successful entrepreneur.Risk taking:- An entrepreneur must have the ability to take risk before starting the business.Risk is the common factor that every entrepreneur have to take without risk business cannot runproperly.Empathy:- Empathy helps an entrepreneur to grab the customer's attention in the beginning ofthe business. In research also it is found that empathy is the factor that causes loss in the businessat the time of starting(7 Essential Skills Required to Succeed as An Entrepreneur, 2019)Financial Management:-Managing the finance in the company is the most important part asfinance plays a vital role in the business. Without proper financing the business operations2
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