Travel & Tourism Entrepreneur Assignment
Added on 2020-12-18
14 Pages4501 Words389 Views
Travel & Tourism Entrepreneur1
Table of ContentsTASK 2............................................................................................................................................8A) Development of entrepreneurial enterprise.............................................................................8Evaluation of factors leading to success of organisation.............................................................9TASK 3...........................................................................................................................................10A) Sources of finance and support for proposed project............................................................10B) Development of a business plan with market assessment, business analysis and cash-flowanalysis along with Justification of potential for success...........................................................11C) Persuasive business plan for Travel and Tourism start-up....................................................12CONCLUSION..............................................................................................................................142
INTRODUCTIONTravel and tourism industry is one of the largest sectors which is growing at a rapid paceowing to the global economic influences of environment. The major function of this industry isto render assistance to individuals by providing them the facilities associated withaccommodation, sight-seeing, travelling etc. Travel and tourism entrepreneur is the key tosuccess and growth of this industry and makes use of their effective and efficient skills and traitsin order to ensure excellent customer service and optimum service delivery (Ahmad, 2015). Thisindustry possesses a vast scope to incorporate innovation within products and services so as tomeet the demands of people. The following report is divided into three tasks. The first task willtake into account the skills required to become successful entrepreneur along with a selfappraisal of entrepreneurial traits. The second task explores entrepreneurial development andidentifies the factors which lead to success of a venture. Third task comprises of a business planfor gaining entry into travel and tourism industry.TASK 1A) Traits and skills to become successful travel and tourism entrepreneurAn entrepreneur has an important role while bringing up a new venture project. Theeffectiveness and efficiency of an entrepreneur largely depends upon one's skills and traits whichthey utilise to achieve the organisational short-term as well as long-term goals and objectives(Cassel and Pettersson, 2015). Their major goal is to undertake activities which ensure maximumcustomer satisfaction. In order to become successful in travel and tourism sector, one must havethe following skills and traits:-TRAITSPassion: A travel and tourism entrepreneur must possess immense passion towards theventure project and this paves the way for encouraging them to take such efforts which ensuresuccess and growth of business enterprise (Carson, Carson. and Eimermann, 2018).Innovation: This is the key to success of a business organisation. An entrepreneur shouldpossess an innovative mind and comes up with unique and creative ideas which can ensuredevelopment of solutions to economic and social problems being faced by population in relationto travel and tourism sector (7 Essential Skills Required to Succeed as An Entrepreneur, 2019).3
Competitive spirit: An entrepreneur who is employed within travel and tourism sectormust possess confidence in one's abilities and undertakes such activities and processes whichhave the capability to bring about a positive change within society. Taking strategic decision anddevising effective strategies to gain an edge over competitors is the key trait of a successfulentrepreneur.Goal oriented: In order to become a successful entrepreneur within travel and tourismsector, it is essential that one devises the short term as well as the long term goals. This helpsthem to measure the variances between actual and desired performance at a later stage andundertake steps which can assist in reduction of these variances in future context.SKILLSLeadership: It is essential for an travel and tourism entrepreneur to possess leadershipskills as this provides assistance to one while taking important decisions independently(Bredvold and Skålén, 2016). They are the ones who are responsible for assuming all the riskswithin the project. Thus, effective leadership assists them in building communication with otheremployees so as to ensure that activities and processes take place within the venture projects inaccordance with the set targets.Constant planning: It is imperative that an entrepreneur does constant evaluation andanalysis of travel and tourism market in order to make plans which are aligned with the strategiesof competitors and ensure maximum customer satisfaction. It is post the evaluation of marketand competitors that entrepreneurs are able to devise effective strategies which can render theupcoming project a strategic edge over rivals and assists it in gaining a higher stake in market.Risk handling: A successful entrepreneur assumes all the risks that act as hindrances forthe upcoming project and takes steps so as to overcome or reduce the damage caused by theserisks. By undertaking risks in case of a new travel and tourism company, the scope for growthand success of business enterprise enhances as the implementation of an emerging technology orprocess may assist the entity in increasing the stake in market as well as the profitability levels.Effective communication skills: It is significant that an entrepreneur possesses optimumcommunication skills so as to build healthy relationship with clients, suppliers and other keystakeholders. This skill renders competitive advantage to travel and tourism entrepreneur as theypossess the capability to persuade people to buy the products or services delivered by company4
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