Travel and Tourism sector: Study on Sources of Finance
Added on 2019-12-28
14 Pages4237 Words137 Views
Travel and TourismEntrepreneur1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Self-assessment of entrepreneurial trait (Characteristics) and skills required in the travel andtourism entrepreneur....................................................................................................................3Skills and trait audit for analysing strength and weaknesses.......................................................4TASK 2............................................................................................................................................6Development of an entrepreneurial enterprise and factors that have lead to the success of anenterprise......................................................................................................................................6TASK 3............................................................................................................................................8Sources of finance and support available to enterprises in travel and tourism sector.................8Potential factors which leads to the enterprise.............................................................................9CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................132
INTRODUCTIONEntrepreneur is the one who initiates setting up the business by taking all thefinancial risks with the main aim of earning profits (Charypar and Nagel, 2005). However,they are the only one that generally take all the crucial decisions of the organization andbusiness. The present report generally focuses on assessing and understanding the key skills aswell as characteristics that are required by the entrepreneur within travel and tourism industry sothat he or she can become a successful entrepreneur. Furthermore, the study will also evaluatedifferent sources of finance and supports available to enterprises in the travel and tourism sector. TASK 1Self-assessment of entrepreneurial traits (Characteristics) and skills required in the traveland tourism sectorTravel and tourism industry is considered as a highly volatile sector in the modernscenario which requires highly effective and skilled entrepreneurs in order to conduct businessoperations successfully. The main purpose of enterprise within the travel and tourism sector is torender tour and travel services to the visitors as well as tourists and attain higher profit within theindustry. However, there are different entrepreneurial traits and skills that I require within thetravel and tourism industry so that I can satisfy the requirements of tourists effectively. Different characteristics that are being required by the individual to render successfulactivities and services within the travel and tourism sector include-Ability to research: The foremost characteristics that I must require for establishing theenterprise within travel and tourism industry include ability to research the market, needsand wants of customers, competitor’s pricing and travel services that they provide to theirvisitors and travellers etc. so that business can easily create and design their travelpackages for attracting more customers. It is essential for entrepreneur to possess thecharacteristics related with researching and investigating the overall marketplace (Halland Page, 2014). Risk taking: Another characteristic and skill that I must require for enabling successfulentrepreneurship is that I must possess risk taking ability that support me in taking risk sothat I can successfully lead in the market. For enabling successful entrepreneurship, risk3
taking is the key trait that is required by the individual so that they can result in growth ofthe business organization. Goal setting: Another entrepreneurship trait that is needed for successfulentrepreneurship includes enabling proper setting of goals so that business within traveland tourism sector can sustain in the competitive environment (Mancini, 2012). Despite of the entrepreneurial traits (characteristics), there are different entrepreneurialskills that are required by the entrepreneur within travel and tourism sector. These are as follows:Communication skills- It is considered as a key skill that is required by the individual forenabling successful entrepreneurship. Communication is generally termed as two wayprocess that exchanges ideas and information from one person to another. With the helpof effective communication skills, I can easily communicate to the customers and visitorsin order to attract them towards packages. Within travel and tourism sector, verbalcommunication plays an effective role for the business as it requires to be in touch withthe customers (Peters and Schuckert, 2014). Management skill- Another skill that is needed for successful entrepreneurship iseffective management skills. With the help of these skills, entrepreneur can easilymanage and allocate resources within the business. However, with the help ofmanagement skills, I can also focus on managing the customer’s data and information aswell as financial management of the business. Skills and trait audit for analysing strength and weaknessesWith the help of personal audit, I can easily assess my personal skills and characteristicsthat support me in becoming an entrepreneur. Further, it also helps me in identifying the skillsand traits that I don't possess. Therefore, I can easily assess my individual strengths, weaknesses,opportunities and threats so that I can render effective services and become successfulentrepreneur. The personal SWOT is as follows- Strength- With the help of auditing, I have determined that I possess effective skills andabilities that support me in becoming successful entrepreneur. For instance; I haveeffective communication skills that support me to communicate with different segmentcustomers effectively. However, I also possess effective management skills that supportme in organizing and managing the resources properly within the travel organization so4
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