Travel and Tourism Entrepreneur Assignment Solved (Doc)
Added on 2020-10-22
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Travel and TourismEntrepreneur
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Entrepreneurial traits and skills of successful travel and tourism entrepreneur .........................1SWOT analysis of an entrepreneur..............................................................................................2TASK 2............................................................................................................................................4Select the successful travel and tourism entrepreneur and analyse his or her businessdevelopment strategy...................................................................................................................4Evaluating the factor that could led the success of enterprise's business organization...............6TASK 3............................................................................................................................................6A. Evaluation And Discussion Of Sources Of Finance Available For Proposed Project............6B. Discussion and Justification of Market Assessment, Business Analysis And Cash FlowAnalysis........................................................................................................................................7C. Preparation of Business Plan...................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneur is an individual who started the new business by taking risk and for thepurpose of earning profit. It plays a vital role in the growth and development of the country.Present study will be based on the Travel and tourism entrepreneur that provides servicesto the people. Tourism can be domestic or international. This sector provides services to thepeople who are interested in traveling and providing them accommodation, transportationfacilities.Report will include entrepreneurial traits and skills that are required to be a successfultravel and tourism entrepreneur. It also includes the SWOT analysis of an entrepreneur.Furthermore, it will include the business plan that consist of target market, financial projectionand a cash flow analysis.TASK 1A. Entrepreneurial traits and skills of successful travel and tourism entrepreneur Entrepreneur traits are the characteristics of an entrepreneur that are necessary to run abusiness. It comprises of risk taking, confidence, delegate etc. these traits must be possessed bythe entrepreneur to become successful. Entrepreneurial skills help in defining specific goals andattaining it. Entrepreneurial TraitsThere are several entrepreneurial traits for becoming a successful entrepreneur, which arementioned as below:Creative: One of the most important trait which must be possessed by an entrepreneur iscreativity. This helps in creating a new idea and innovation in the business. An entrepreneurmust have creative mind so that it can enhance the change in the business by its creativity (Kerr,Kerr and Xu, 2018). For travel and tourism entrepreneur creativity also plays an important role inthe industry. As the entrepreneur bringing new changes in the company helps in growth of thecompany.Risk taking: Risk is the main factor that always occurred while opening a new business.Before starting any business an entrepreneur must take risk to invest money in it. Everysuccessful entrepreneur has taken risk before starting its new business. True entrepreneurs arethose who are not afraid of taking risks. Travel and tourism entrepreneur have to take risk beforestarting the company. As risk occurred in every business so for travel entrepreneur it is the1
biggest risk for providing services online as most of the consumers book their package onlineand then they cancel their booking so because of it sometimes entrepreneur have to suffer theloss.Discipline: An entrepreneur must be disciplined as they cannot make excuse in thebusiness for any reason of their failure. Successful entrepreneur must know the importance ofdiscipline in the as they don't make any excuse for failure. They know how to manage the time tocompleting the task (Obschonka and Stuetzer, 2017). Travel and tourism entrepreneur have tomaintain discipline in the company. As dealing with clients it will have to show the disciplinenot doing any misbehave with them.Effective planning: Before starting the business an entrepreneur must do properplanning. Proper budget is maintained by the finance department like where to invest the money,from where the sources of financing is being collected etc. Proper planning is to be done so thatit will help in the future for doing business effectively and efficiently. Travel and tourismentrepreneur have to made the planning for the future so that all the work will be done on time.Effective planning helps travel entrepreneur to increase its sales and helps in managing thefinance of the company.Passionate: An entrepreneur must be passionate about its business. The key to success islies in the work that one can loves to do so entrepreneur also like the work that it is being doneby him/her. Passion of doing business can lead to increasing the profit. Travel and tourismentrepreneur have to be passionate about its work. An entrepreneur must have passion tocomplete its work effectively.Entrepreneurial skillsSkills that an entrepreneur must have are presented as follows:Time management skills : This is the most important skills that must be possessed by anentrepreneur. Managing time in the business leads to the success for an entrepreneur. Time is theimportant factor that affect the working of the business. Entrepreneur have to manage the timewhile doing its work in the business (DeNisi, 2015). Travel and tourism entrepreneur must havetime management skills in them so that all the work is being done on time. This helps in buildingthe trust of the clients for an entrepreneur.Communication skills : A successful entrepreneur is the person who has a goodcommunication skill and motivate the customers to take their services. Those who have this trait2
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