Tourism and Entrepreneurial Success

This assignment focuses on the importance of cash flow projections for successful tourism ventures. It highlights how these projections can help businesses achieve maximum profitability. The document includes references from books and journals exploring various aspects of tourism entrepreneurship, including social entrepreneurship, sustainable tourism, and ethical considerations.

Travel and Tourism
Entrepreneur

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Skills needed for successful entrepreneurship.......................................................................1
1.2 Self-appraisal that identifies strengths and weaknesses.........................................................2
TASK 2............................................................................................................................................4
2.1 Analysis the development of entrepreneurial enterprise........................................................4
2.2. Evaluating the factors that have led to the success of a business organization....................5
TASK 3............................................................................................................................................6
3.1 Sources of finance and support available to enterprises in the
travel and tourism sector.............................................................................................................6
3.2 & 3.3 Business plan with a market assessment, business analysis and cash-flow
analysis........................................................................................................................................7
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
In business era, an entrepreneur, is defined as the individual that use to develop new
business by considering risk in order to fulfil the need of society and attain profitability
(Ateljevic and Page, 2017). In simple term, they are seen as crucial innovator that think of new
ideas to manufacture new goods and services as per the requirement of business. In UK the travel
and tourism industry is one of the leading industry because of effective entrepreneur who are
responsible to manage and run business in effective manner. This industry is mainly requires
satisfied number of customer so that profitability can be gained and goodwill increased at global
level. Entrepreneur uses their skills and abilities to provide most valuable services to visitor so
they get satisfied.
In this report, useful characteristics and skills needed by entrepreneur that support in
development of new enterprise in travel and tourism industry is discussed. In addition, an
effective business plan for existing market in respective company are discussed.
TASK 1
1.1 Skills needed for successful entrepreneurship
In fast changing and challenging environment of travel industry, it is the essential for
responsible entrepreneur, manager, staff, other helping member to have adequate skills and
ability so that situation can be managed and controlled in most effective manner. The main focus
of this sectors is to provide best customer satisfaction thus entrepreneur are required to have
proper knowledge, skills and creative thinking in order to deliver best suitable services according
to the need of visitors. Entrepreneur are needed to have different skills and characteristics to
deliver best satisfaction to visiting customer (Entrepreneur, 2019). Some of these are defined
below:
Affection towards work: In order to complete planned activities on time and in most
beneficial manner entrepreneur are required to be passionate about work (Camilleri, 2018). This
skills help to understand the task and deliver the best services better than competitions that
satisfy the customer emerging requirement in appropriate manner. More affection towards work
help entrepreneur to reduce the chances of error and minimise the future risk.
To be adaptive: Successful entrepreneur are needed to be adaptive so that changes can
be easily deal and maximum result are ascertained in favour of company. The changes in travel
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and tourism sector take place on each day such as, changes in government policies, demand of
customer, advancement in techniques and technology. Thus entrepreneur is required to adapt
these changes by analysing market and deliver services accordingly to satisfy visitors.
Communication skills: It is essential for an entrepreneur to be good listener and
communicator so that crucial message can be other staff member working in same company.
This help in delivering best services to customer and remarkable impression are set that help to
increase likeliness about the respective hotel.
Strategic thinker: In order to increase sales figure and attract large number of customer
an entrepreneur is required to make meaningful strategies according to the business nature. Such
as in case if main festival of particular cities is approaching than they use to add additional
benefit for customer so that they visit to specific company (Crossley and et. al., 2018).
Self confident: For an entrepreneur it is very crucial to be self confident as it help in
making valuable decision for increasing the profitability of business. A positive and confident
entrepreneur is able to make more accurate and appropriate steps in order to succeed with desired
objective.
All these skills and characteristics aid an entrepreneur to make changes according to
environment and meet the satisfaction level of customer in travel and tourism industry.
1.2 Self-appraisal that identifies strengths and weaknesses.
In present era, skills and abilities to deal with any business circumstances in different of
industry are essentials for an entrepreneur. It help to prepare strategies and plan for attaining the
desired objective of business. The above discussed skill help me to take effective decision that
support in delivering best faithful services to fulfil the requirement of customer. Different skills
are ranked by me on the basis of evidence collected within specific time frame. The below
mention is the self appraisal audit report about by skills:
Skills and Characteristics Scale (From 1 to 10) Evidence for strength and weaknesses
Affection towards work 7 In travel industry there are large number of
competitors that impact my performance. It
is one of my weakness due to which I am not
able to concentrate on my work and some
time miss to manage work as per the
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requirement. This lead to mismanagement
and increase burden and hamper to meet the
desired objective.
To be adaptive 6 In travel industry there are lots of fluctuation
due to which it is not easy to meet the
running criteria and provide services
accordingly. In fact customer provide there
feedback in order to make improvement
within existing services. Due to some many
reasons I am not able to deal the situation in
appropriate manner. I am not able to prepare
myself to deal with these changes and make
plans accordingly.
Communication skills 8 It is one of strength that I am able to
communicate with each employees and
customer in significant way. This help me to
deliver important suggestion of customer to
staff member and add necessary benefits
within company services. I am able to
communicate valuable services and
packages to customer so that they can make
choices in order to feel satisfied.
Strategic Thinker 9 It is my major strength which allows me to
take decision in tough situation. Such as in
season of summer I make plans to arrange
pool parties for customer that help to draw
attention of large number of customer. As
people visit in hotels for relaxation and have
fun.
Self confident 8 To manage staff member and take positive
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steps in reaching to my desired objective it is
very important for me be self confident. I
always use to motivate my team and all
employees to work in best possible manner
so that customer are satisfied and they visit
again.
The above discussed self appraisal audit plan help in determining strength and
weaknesses. Thus, it is crucial for me to analyse the market situation in best manner so that
changes can be understood and changes can be marked for future benefits. It is also important for
me to more passionate about my work and reduce the level of disturbance for company such as
employee conflicts, competition etc.
TASK 2
2.1 Analysis the development of entrepreneurial enterprise.
The entrepreneur that is selected is Susie Fitzegerald who is founder of famous and
leading travel agency “Frontier International Traveller”. The company was started in 1969 earlier
she used to work as stewardess in an airline from where she got influenced towards travel and
tourism industry (Daniel and et. al., 2017). In her opinion, the main responsibility of travel
company is to deliver best services and make sure that each necessary preparation are done for
customer before holding any trip. As the travel industry is going to survive only when they
provide suitable services for customer and they gets attached towards these services. In her early
days, she gets upset because of services she used to get once travelling with her family at that
time she was inspired for frontier travels. She also believed that there is no need of travel agent
who would only book tickets. In fact she believe that there must be travel consultant so that
customer may get the entire information about the locations, places to visit, best foods, site
seeing and other useful details.
Development of entrepreneurial enterprises:
The main motive of every company is to provide best services to customer so that profit
and goodwill can be improved in future. Susie Fitzegerald has its strategy from beginning to give
customer the entire information about particular trip so that they can make valuable decision.
With the passage of time, Susie expand her businesses and starting focusing on different sports in
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there packages such as fishing, shooting, zip-lining and safari lines. From the past data it is stated
that respective company use to send 1500 customer on African safari in 1972-1976. The most
successful part of Susie as a business person was her actual love to travel and visit various
destination that help her to give detail information about specific destination to respective
customer. Also she has checked most of hotels and lodges at that location which make it very
easy to give the best to the customer. By delivering valuable information about the places, helots
and other detail helps the entrepreneur to make a sound relationship with customer and bring
faith in them about company. To better understand the emerging and current trends, taste and
changes in market her team use to analyse each and every aspect of business in proper manner so
that nothing can be missed and successful business can be operated.
2.2. Evaluating the factors that have led to the success of a business organization.
In travel and tourism industry, manager use to analyse and consider various factors that
help in running business in effective manner (Deale, 2016). The elements of business manage
and run business in profitability way improving the overall performance. These factors are
defined below:
Leadership: In order to gain success in long run there is a need of effective leader so that
allotted task are completed on time and increase efficiency of worker. Leadership is consider to
be main factors that help in running business successfully. Leader are responsible to make plan
and strategy and guide worker to complete the work in proper manner reducing the risk factors
and losses. A Leader have to perform different role in travel company such as future planning,
analyse of market, strategic thinking etc. Hence the success and failure of leadership depends
upon the successful execution of the scheme and programme in business success.
Effective communication: It is consider to be another major factors that help in making a
business successful. Effective communication system within hotels assist to transfer useful
information of upper management to various subordinates working in different departments. It is
very important for company to follow certain guidelines and principle that are made at the time
of meeting that aid to increased results. For example, management use to make incentive policies
for worker working in each department like if an individual is willing to work for extra hour
within a day then they are liable to get additional amount for extra working hours. This plan is
communicated to each and every section in travel company so that interested employee get
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engage in respective services to get extra payments for additional working in specific time
period.
Continuous quality Improvement: In travel and tourism industry the main motive is to
serve customer the best services so that satisfaction level is meet. Entrepreneur of company use
to analyse the market condition and make best use of opportunities by developing old method
and techniques in order to satisfy customer demands. The must focus to improve the quality of
services on regular basis so that visitors get attached and maximum profit can be gained in
specific time frame (Edgell, 2016). As services better than rivals within a same market place help
to improve performance, raise profitability and enlarge customer base.
All these above discussed factors are helpful in managing and running a business in
significant manner and attain the desired objective.
TASK 3
3.1 Sources of finance and support available to enterprises in the
travel and tourism sector
Business plans must be organised and managed in proper manner so that actual objective
can be attained in specific time frame (Scott, Hall and Gössling, 2016). The proposed business
plan is to establish a company that will provide best first class services to customer at low cost
and its plan to become one of the leading company in travel and tourism sector. The main
mission of my company is to make effective relation with customer and understand their
requirement and expectation and focus to meet these with best possible quality services. Location
of my company will be easily accessible and approachable so that customer can visit and ask for
their queries. In order to make a greater impact on customer I used to make website where
willing visitors can interact and get the detail information about the desired locations. In order to
have better communication system with customer I use to hire professional and skilled staff
member so that customer are treated in appropriate manner and get the best treatment. As each
kind of business requires specific fund to run and manage different business operation. For my
company I approximately need about 25000 GBP that help me to run new business in significant
way. These funds can be raised from various sources that are defined below:
Initial Investment:
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This is the very first source of finance to any business that help in starting initial activity
of proposed business. It is basically the sept capital involved by the owner of business to get start
few part of business in short term (Kline, Boluk and Shah, 2017). Owner use to put amount from
saving and other from existing balance to meet the need to business. While establishing new
business for the very first time I use to put some funds from my side so that initial level activity
can be done. Such as registration fee and other miscellaneous activities.
Borrowing from friend and family:
This kind of funding is also known as love money in which owner of business use to
collect instant money from family members, friends, parents etc. This instant money help owner
of company to meet the emergent need of business such as postpaid bills, rents, salaries etc.
When money in raised from these sources, investors desire to get additional benefit in return so
that they can get attached with business and provide more advancement in future. Basically the
owner uses this money for emergency and repay back on actual deadline so that they chances of
issues are removed. In my business I also raise some funds through love money that help me to
run business activities and completed task on time.
Bank loans:
These are consider to be the most safest and easiest way of raising fund that help business
to keeps on going and attain the actual predefined objective within desired time period. There are
different bank and other financial institution that use to provide loans and advancement to each
types of business. Usually bank collect a guarantee on the basis of which loans are provided on a
specific interest rate. In case if company is not able to repay the principle and interest amount
then bank use to acquire the guarantee object. This kind of business is more suitable for my new
business as it help me to perform all my planning in proper manner and develop services that are
best for customer.
3.2 & 3.3 Business plan with a market assessment, business analysis and cash-flow
analysis
In context of my business plan, that is to develop a travel and tourism company in best
possible manner to provide the services to customer (Mottiar and Boluk, 2017). After analysing
the market, I develop the plan that strategy that my hotel will provide 24 hrs check in and check
out facilities and free taxi facilities for pickup and drop of customer from different locations. I
will also try to provide all essential entertainment services to customer such as safari, free WIFI,
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accommodation, online facilities for booking of rooms, taxis from official website. The chief
target visitors are the individual those travel extended and regular according to their
requirements. This can young people, business class people etc. When they are satisfied with the
services, they are bound to come again and at the same time they spread a good word about the
business to their friends and relatives.
Cash flow analysis: It is observed that financial projection is really crucial to attain the
desired purpose and objective set me in company (Power, Domenico and Miller, 2017). As good
development is ascertained when funding is finished and there is uninterrupted cash flow within
time frame. The position of payment are in agreement mutually among the visitors and the
company. Hence is is a awareness of regard between my firm and the consumer to healthy
relation is preserved. The non-stop flow of cash is consider to be the first stage followed by the
development of the company and profit is consider to be least. There are definite anticipate
which I make before fixing a financial plan, they are, that we won’t face any financial condition
so that current economy can be attained. Also, one of the main assumption is made that there
must be not any sudden alteration in economical plan of action which would influence my travel
and tourism business in a big way. As per my opinion to my estimation, my tour and travel
company will do healed step by step and support to increase sales (Nikraftar and Hosseini,
2016).
CONCLUSION
From the above report, it is concluded that in travel and tourism industry the main motive
of an entrepreneur is to satisfy the emerging needs and requirement of customer. It is crucial for
business person to have proper skills and characteristics that help in determining the wants of
people and make changes as per the requirement of business. There are various factors that are
needed to be consider in meaningful manner that support in running business successfully. In
conclusion it is also stated that new business plan required funds that are arranged from different
sources. With the support of assorted market analysis, cash flow projections help business to be
successful and attain at most profitability.
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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.
Online
Entrepreneur. 2019. [Online]. Available
through:<https://www.investopedia.com/terms/e/entrepreneur.asp>
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