Travel and Tourism Entrepreneur Assignment
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Added on 2020-10-05
Travel and Tourism Entrepreneur Assignment
Added on 2020-10-05
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Travel and TourismEntrepreneurTable of Contents
INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A) Discuss the entrepreneurial traits and skills required to be a successful travel and tourismentrepreneur.................................................................................................................................1B) Self-appraisal of entrepreneurial traits and skills and identification of strengths andweaknesses for development benchmark to be successful..........................................................2TASK 2............................................................................................................................................5A) A successful travel & tourism entrepreneur...........................................................................5Factors that have led to the success of an enterprise...................................................................6TASK 3............................................................................................................................................6A) Sources of finance and support available to you for the proposed project.............................6B) Business plan with a market assessment, business analysis and cash-flow analysis..............7C) Persuasive business start-up plan............................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONTravel can be defined as an action in which a business person moves from one place toanother for different purposes. Here, it can be said that travel and tourism business industry has aprizewinning element that is helping companies that are dealing in this sector in earning greatprofit margins (Brooker and Joppe, 2014). Developing attractive packages, offering clients withdifferent services related to hospitality like accommodation, food and other related servicescomes under this business sector which is aiding firms in generating high revenue. Present reportwill focus on skills or traits that are needed by a person to become a successful entrepreneur.Apart from this, assignment will also keep its focus on self-appraisal of an individual that willdirect put light on both strengths and weaknesses for an individual. Away with this, report willalso be enclosed with sources of finance and support available to enterprises. Lastly, assessmentwill include persuasive business start-up plan.TASK 1A) Discuss the entrepreneurial traits and skills required to be a successful travel and tourismentrepreneurEntrepreneurship defined as a process which helps an entrepreneur in making decisionsrelated to begin a brand-new venture. Apart from this, entrepreneurs are said to be theindividuals which organises or set goals like earning profit margins through offering customersor clients with what they are looking for. If it is talked about travel and tourism sector, being anentrepreneur is not an easy thing (Carlisle and et. al., 2013), it is required for them to makeeffective determinations and develop themselves with learning processes so that they mayimprove their own decision making processes. It is also necessary for individual (entrepreneur)to keep on focusing over environment as well of travel and tourism sector because it is carrying arapid changing nature. In present context, there are a number of skills which are needed for anentrepreneur to become successful in travel and tourism sector and these are:Communication Skills - In travel and tourism business sector, effective communicationskill is needed for an entrepreneur at the time of starting up or running a brand new business intravel and tourism business sector (The Top Skills Every Entrepreneur Needs, 2018). It is beinganalysed that, if communication skills are not appropriate with an individual, this may put directimpact upon the operations or reputation of the company because for a start up, investment is1
required and an entrepreneur who is not skilled enough in communication may not be able toinfluence stakeholders. Team player- Another crucial skill which is needed for the entrepreneur in travel andtourism business sector as it mainly develops a healthy impact upon whole start up. It is beingfound that, this skill (team player) if an enterpriser is having, then this may lead employees tofeel motivated and enthusiastic towards work allotted by the entrepreneur.Creative thinking- This skill is pretty much required for the entrepreneur to becomesuccessful, as modern world is filled with innovative minds among travel and tourism sector,creative thinking may lead an entrepreneur to raise himself where he can easily generate muchhigher profit margins from rivals with creative mind (Glavas and Mathews, 2014).Leadership-An entrepreneur without this skill cannot be successful in travel and tourismsector. This quality may easily raise a new start up in raising themselves to an all new level. Withthe help of this skill, entrepreneur may easily lead whole new start up to an upgraded level wherethey may easily generate revenues with an ease. This skill can also aid entrepreneur in assigningtasks to employees and so on.Risk taking- This is being considered as topmost skill which is required for anentrepreneur to have because taking chances in business can only lead an entrepreneur to becomea successful enterpriser in travel and tourism sector. Taking right risk at correct time involvesfear in starting but when it executes well, an entrepreneur can feel himself to standing at adifferent league from its rivals. Self confidence- Another skill which is needed for the entrepreneur. It is necessary thatan entrepreneur should be confident about its work and also have capability to motivate the otherpeople. If an entrepreneur will be self confident then it will help in doing the work in a proper orsignificant manner in travel and tourism sector.B) Self-appraisal of entrepreneurial traits and skills and identification of strengths andweaknesses for development benchmark to be successfulIn present business world, it has become vital for every single individual to becomeeffective through overcoming all over weaknesses right on time (Hall and et. al., 2012). Here, itis being found that self appraisal is a technique which could lead an individual in developingthemselves or learning new skills through identifying strengths and weaknesses. In travel andtourism business sector, a start up requires deep research related to visitors needs and2
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