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Travel and Tourism Entrepreneur (Doc)

   

Added on  2020-11-23

11 Pages3825 Words427 Views
Travel and TourismEntrepreneur

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................11.1 Skills needed for successful entrepreneurship.......................................................................11.2 Self-appraisal that identifies strengths and weaknesses.........................................................2TASK 2............................................................................................................................................42.1 Analysis the development of entrepreneurial enterprise........................................................42.2. Evaluating the factors that have led to the success of a business organization....................5TASK 3............................................................................................................................................63.1 Sources of finance and support available to enterprises in thetravel and tourism sector.............................................................................................................63.2 & 3.3 Business plan with a market assessment, business analysis and cash-flowanalysis........................................................................................................................................7CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTION In business era, an entrepreneur, is defined as the individual that use to develop newbusiness 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 newideas to manufacture new goods and services as per the requirement of business. In UK the traveland tourism industry is one of the leading industry because of effective entrepreneur who areresponsible to manage and run business in effective manner. This industry is mainly requiressatisfied number of customer so that profitability can be gained and goodwill increased at globallevel. Entrepreneur uses their skills and abilities to provide most valuable services to visitor sothey get satisfied. In this report, useful characteristics and skills needed by entrepreneur that support indevelopment of new enterprise in travel and tourism industry is discussed. In addition, aneffective business plan for existing market in respective company are discussed. TASK 11.1 Skills needed for successful entrepreneurshipIn fast changing and challenging environment of travel industry, it is the essential forresponsible entrepreneur, manager, staff, other helping member to have adequate skills andability so that situation can be managed and controlled in most effective manner. The main focusof this sectors is to provide best customer satisfaction thus entrepreneur are required to haveproper knowledge, skills and creative thinking in order to deliver best suitable services accordingto the need of visitors. Entrepreneur are needed to have different skills and characteristics todeliver best satisfaction to visiting customer (Entrepreneur, 2019). Some of these are definedbelow: Affection towards work: In order to complete planned activities on time and in mostbeneficial manner entrepreneur are required to be passionate about work (Camilleri, 2018). Thisskills help to understand the task and deliver the best services better than competitions thatsatisfy the customer emerging requirement in appropriate manner. More affection towards workhelp 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 canbe easily deal and maximum result are ascertained in favour of company. The changes in travel1

and tourism sector take place on each day such as, changes in government policies, demand ofcustomer, advancement in techniques and technology. Thus entrepreneur is required to adaptthese changes by analysing market and deliver services accordingly to satisfy visitors. Communication skills: It is essential for an entrepreneur to be good listener andcommunicator 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 toincrease likeliness about the respective hotel. Strategic thinker: In order to increase sales figure and attract large number of customeran entrepreneur is required to make meaningful strategies according to the business nature. Suchas in case if main festival of particular cities is approaching than they use to add additionalbenefit 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 inmaking valuable decision for increasing the profitability of business. A positive and confidententrepreneur is able to make more accurate and appropriate steps in order to succeed with desiredobjective. All these skills and characteristics aid an entrepreneur to make changes according toenvironment 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 ofindustry are essentials for an entrepreneur. It help to prepare strategies and plan for attaining thedesired objective of business. The above discussed skill help me to take effective decision thatsupport in delivering best faithful services to fulfil the requirement of customer. Different skillsare ranked by me on the basis of evidence collected within specific time frame. The belowmention is the self appraisal audit report about by skills: Skills and CharacteristicsScale (From 1 to 10)Evidence for strength and weaknessesAffection towards work7In travel industry there are large number ofcompetitors that impact my performance. Itis one of my weakness due to which I am notable to concentrate on my work and sometime miss to manage work as per therequirement. This lead to mismanagement2

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