Entrepreneurial Skills and Business Strategies in Tourism Sector

This report delves into the multifaceted world of travel and tourism entrepreneurship. It begins by defining the concept and highlighting the essential entrepreneurial traits and skills required for success, such as leadership, communication, ambition, and risk-taking. A self-assessment tool is provided to evaluate entrepreneurial strengths and weaknesses. The report then analyzes a successful travel and tourism entrepreneur, Mary Mckenna, examining business development strategies like market research, professional development, high-quality products, customer value, and enhancing public image. Relevant theories and techniques are applied to analyze these strategies. Finally, the report discusses sources of finance for a proposed project and includes a business plan with market assessment, cash flow analysis, and a PESTLE analysis, critically evaluating the project's potential for success. The report offers a comprehensive overview of the key elements involved in establishing and growing a successful travel and tourism enterprise.

TRAVEL AND TOURISM
ENTREPRENEUR

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
A. Discussion on entrepreneur traits and skills required to be successful travel and tourism
entrepreneur.................................................................................................................................1
B. Self appraisal (self assessment) of entrepreneurial trait along with skills for identifying
strength and weakness for developing successful benchmark.....................................................2
M1 Application of effective approach of study...........................................................................4
D1 Specify range of measure for improving weakness ..............................................................5
TASK 2 ...........................................................................................................................................5
A. Selection of travel and tourism entrepreneur and analyse business development strategy
could led to success of entrepreneur business. ............................................................................5
M2 Identify and applied relevant theory or techniques to analyses the developmental strategy.
......................................................................................................................................................6
D2 Description on evaluation of factors that led to success of enterprise. .................................6
TASK 3 ...........................................................................................................................................7
A. Description on evaluation and discuss sources of finance avail for proposed project. ..........7
B. Develop business plan with market assessment, cash flow and business analysis. ...............8
C. present a persuasive business plan for travel and tourism. ....................................................8
PESTLE analysis...........................................................................................................................10
D3 Critically evaluation on the success of business project. ....................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
The travel and tourism entrepreneur may be defined as person and group of person who
works as to produce and managing the tourism products (Çakmak, Lie and McCabe, 2018). In
this process, entrepreneur must have the entrepreneur traits so that all things can be conducted in
better and efficient mode. In addition to this, travel and tourism industry is booming in all over
the world. The present report is based on business activities will be based on business activities
of tourism sector. In this report, the present business report will look over one successful
entrepreneur whose name is Mary Mckenna, who has win the award UK.
In addition to this, present report will include the following things as entrepreneur traits
to be successful travel and tourism, appropriate format and produce a appraisal, selection of
successful travel and tourism entrepreneur. Lastly, business plan is need to be drawn so that all
things can be undertaken in effective mode.
TASK 1
A. Discussion on entrepreneur traits and skills required to be successful travel and tourism
entrepreneur.
The term entrepreneur is practice of forming a new business and commercial enterprise
or the sector with the large capacity for economic growth. An entrepreneur generally have the
capabilities to bring the innovative services or products so that firm activities can get improvised
(Cetin, and Yarcan, 2017). In order to be a successful entrepreneur there are numerous skills and
traits that are need to be possessed by an individual. Thus, entrepreneur needs to have following
traits and skills which are defined below:
Leadership skills- The business enterprise meets their goal and enterprise with the capacity to
guide the business through differed amount of challenges. Being a great leader means employees
must work with you and with help of it they are able to ensure and reaches to its goals. This kind
of activities leads to gain competitive advantage so that all things can be done systematically.
 Excellent communication skill- The successful entrepreneur must have good
communication skill in terms to help them with use of effective and making the business
and employee better. In order to do this, communication skill is integral and with help of
it there can be possibilities in order to negotiate the deals under travel and tourism
(Shamir and Eilam-Shamir, 2018).
1

 Ambition- In terms to change the world the entrepreneurship needs to come with
ambitious project so it will help to enhance travel and tourism industry. This kind of thing
will be inclusive of the ability so that proper interaction can be made and things can be
done in proficient mode (Gyimóthy and Meged, 2018). This will be helpful in terms to
change the way and ability to view thins, interact and label things effectively.
 Risk taker- The entrepreneur must have capability to conduct risk. The growth of
business is depends on ability to dive into the future and to embrace with the challenges
that help to perform business function effectively. In order to promote travel and tourism
he must have ability to take risk and plan the things in more effective manner so that
business function can be handled in better mode.
 Fearlessness- There are number of moments in which person has to be fear free and to
take the risk so that all things can be conducted in better mode. Thus, ability to be
maneuver and to win over the fear is ability to greater the heights. This kind of things will
be helpful in terms to organize the each things in the better and efficient mode (Ford and
Harding, 2018).
B. Self appraisal (self assessment) of entrepreneurial trait along with skills for identifying
strength and weakness for developing successful benchmark
Self assessment is referred as act or process for purpose of analysing and evaluating
one's individual actions. In simple words, it is assessment of any individual which could be
questionable self appraisal tool or test. In the present scenario, there are different factors for
selecting career or job about importance of self assessment. The entrepreneurs must possess
numerous characteristics for attaining success along with competitive advantage in the industry.
The entrepreneurial development has considered as very significant with context of economic
development as main goal of developing industry is related to regional growth along with
generating employee on basis of this particular development. Entrepreneurship is replicated as an
economic activity which engages in creation and operation of business entity with perspective
for creating wealth and value for ensuring about optimum utilisation of different scarce resources
(Hassan and Rahimi, 2017). As the activity of value creation is performed on continuous aspect
in middle of uncertain businesses environment hence, it is regarded as dynamic force. Further
most important feature for entrepreneurs, passion is mandatory for every business owner or to
work professional and to attain success (The Top Skills Every Entrepreneur Needs, 2018).
2

Self Assessment tool
Score series: 1 to 10 as top to bottom
(For example if self confidence is scored as 1 which is top rated)
Parameters 1 2 3 4 5 6 7 8 9 10
Self confidence
Problem solving
Patience
Accepting
feedback
Self discipline
Responsibility
Creative
Good people
judgement
Initiative
Aggressiveness
Work well under
pressure
Communication
Egoistic
Value of money
Motivated
Optimistic
The above self assessment way has been answered in appropriate format as it should be
followed where range has been specified where 1 to 3 belong to highly motivated, 4 to 6 comes
in middle range and 7 and so on undertakes in improvement stage. There is one key to attain
3

success for identifying the weakest trait and it should be implemented for approach of
improvement. On the contrary, this approach should be implemented in such aspect. Being an
entrepreneur these characters will directly help in attaining success and competitive advantage to
its business (Smith and et.al., 2018).
Range Characteristics
1 to 3  Self confidence
 Accepting feedback
 Responsibility
 Creative
 Initiatives
 Work well under pressure
 Egoistic
 Motivated
 Optimistic
4 to 6  Patience
 Self discipline
 Communication
 Value of money
7 to 10  Good people judgement
 Problem solving
 Aggressiveness
The above table shows about approach which should be improved that having too much
ego is not good for entrepreneur whereas judgement of good people and aggressivity should be
improved (Dlugosch and et.al., 2018).
M1 Application of effective approach of study
In this self evaluation there is categorisation of three ranges or it could be elaborated as
strength and weakness which should be undertaken. Self appraisal is performed on essential
characteristics which helps in attaining success and considered with measure for improving this
quality (Heng, 2018). The idle entrepreneurial skills are stated in column format and score out of
4

10 which is in decreasing order where 1 is top rated and 10 is low rated and then measures for
improvisations are focused for gaining competitive edge.
D1 Specify range of measure for improving weakness
In the present scenario, there are various measures which should be undertaken for
improving problem solving skills such as:
 Having right attitude
 Think Uniquely
 Lay emphasis on solution
 Focus on team
 Communication should be improved
 Frame appropriate understanding of business and requirement of too much reading
TASK 2
A. Selection of travel and tourism entrepreneur and analyse business development strategy could
led to success of entrepreneur business.
In addition to this, the selected entrepreneur is as Mary Mckenna and she has taken
various initiative in order to conduct the business activities effectively. The business
development strategy will led to provide success of the business enterprise and following things
are needed to be carried out to have growth in enterprise.
Market research- The market research activities are needed to be conducted in better manner. It
is very essential to understand current positions of the firm in market. With help of collecting the
each information and reduction in marketing intelligence efforts it is possible to gein leverage
over the available competition in market.
Professional development- In order to provide the customer extreme value it is essential to add
the thing in more effective and efficient manner (Krisjanous and Carruthers, 2018). In this, Mary
Mckenna is the lady who use to conduct the each things in the professionally manner and this
kind of activities has helped her in terms to attend the long terms goals in the enterprise.
High quality product and service- In this, one of the quick way to attract the customers is to
provide high quality products at the same prices. Quality is something that is helpful in terms to
have growth in business activities. In addition to this, there is need to spend time to plan,
organize the things effectively and to deliver quality products and services.
5

Customer value- To provide the value to the customer is one of the essential aspect that helps to
bring long term success. With help of it, success of entity can be long lasting. The need and
wants of customers must be identifies so that altogether things can be handled in more better
manner.
Enhancing the public image- This is also one of the effective strategy that will be helpful in
terms to perceived by the differ stakeholders. Thus, enterprise is brand and it also influence
audience perception and in order to conduct the things in the effectuate manner there is need to
enhance the image of the enterprise with things as website, branding, office etc.
Enhancement in market exposure- With help of conducting the online presence it is essential
to develop brand in positive aspect (LIRA, 2017). By taking initiatives as conducting the
business activities with help of social media platforms, press releases, success stories and
ongoing training activities will all led to conduct the business activities in the effective manner.
M2 Identify and applied relevant theory or techniques to analyses the developmental strategy.
The business development is strategy that is helpful in terms to conduit the business
function in the effective manner. There are number of developmental strategy that is helpful in
order to stimulate the growth of the Enterprise. Thus, the product are need to be famous at the
market place so that this all can be conducted in better and efficient mode. The successful
entrepreneur use to adopts the various techniques and this all leads to perform the things in better
and attractive manner.
D2 Description on evaluation of factors that led to success of enterprise.
There are some key success factors of the enterprise that led to success to both
entrepreneur itself and enterprise as well. Thus, it is defined in the following presented manner
as are-
 The entrepreneur need to perform his business function in the appropriate manner so it
can led to high amount of success.
 He must be the person with the superior knowledge about the specific business issues so
that all things can be sorted.
 There must be continuous improvement activities of the enterprise and it can be done
with the help of creative approach. This all led to conduct the business performance
effectively.
6

 The entrepreneur must be self confident about the things he has to performed within the
enterprise. With help of becoming the confident he can able to take the risk and come up
with the innovative approach.
 Talent is the term that is relates with the inborn talent in the person. He is the person that
need to have enough skill and knowledge so that he can conduct the things in greater
manner.
TASK 3
A. Description on evaluation and discuss sources of finance avail for proposed project.
To set up the source of finance is one of the crucial that affects the all over working of
the enterprise. With help of sufficient finance the enterprise need to conducts the following
things in well appropriate manner. Thus, this is defined in following manner as are-
Internal source-
There are number of the internal sources of finance and it has been defined in following manner
as are-
Personal sources- Under it, there are the crucial source of finance that can be helpful in order to
give initiate to business activities (Ramos and et.al., 2018.). This are the saving that helps to
perform business function in more appropriate manner.
Retained earning- This are the case that is generated by the business at the time the trading
activities can be conducted effectively (Paulo, 2018.). This are the earning that will be useful in
order to have further expansion so that all things can be conducted in better manner.
Share capital- The founding entrepreneur can also decide to invest in share capital of the
company (Mugova, 2018). It is founded for the purpose of forming up of start up. This is one of
the common method for financing the business (Maula and Murray, 2017).
There are number of external sources and it can be defined in following manner as are-
 Loan capital can termed out as the most common kind of loan and this will help to make
the things effective and efficient (Wajdi, Ummah and Sari, 2017). Thus, it can be come
under bank overdraft.
 The another amount of source is in the start up company. In addition to this, business
angels are those who typically works as to invest their $10k to $750k. On the other hand
they put their main consideration in order to make investment in high growth perspective
(Cetin and Yarcan 2017).
7

 The venture capital is another kind of share capital and investment and it is managed and
made by the funds professional investor (Gyimóthy and Meged, 2018 ).
 It is also one of the popular way of financing a start up. With the use of credit cards the
small business can able to enhance their capital and can promote activities in more
effective and efficient manner.
B. Develop business plan with market assessment, cash flow and business analysis.
The cash flow and market assessment will be based on the following estimates and it
defined in the following manner as are-
 Balance sheet- It must be include and assumed and anticipate business financial and that
must be inclusive of the financial, including asset, liabilities and equity (Çakmak, Lie and
McCabe, 2018.). This kind of the things can be effective in order to run the all function in
effective and efficient mode.
 Cash flow analysis- In this, the over view of the cash flows will estimates the sale
forecast o the business and this can be effective in terms to financing the nee of the
enterprise (Shu-Liang, Hao and Ang, 2017.). In this, cash expenses are need to be
protected so that business can able to operate its activities effectively.
 Profit and loss analysis- In this, from the income statement the subtracts of cost of
business from the earning over the specific period of time (Chang, Takahashi and Yang,
2017).
 Break even analysis- This is the analysis that demonstrate the point in which the cost of
doing business can be fully covered by the sales.
C. present a persuasive business plan for travel and tourism.
Executive summary- The Overseas tourism is situated in the UK and being the tour
coordinator they provide best service to customers. It has newly opened and to get the
competitive advantage the firm is providing various offers so that services can attracted to
customers. In this, Overseas tourism being tour coordinator is planning to provide adventurous
tour package to the adults with some amount of discounts. They have set up their Tour
coordinator business newly so that decided to offer some discount offers to customers. In this,
the travel and tourism industry has undergone with the rapid amount of growth from the last may
decades. This kind of the things has happened due to advent of border less performance. The
marketing strategy is based on to have right customer so that business activities can be conducted
8

in the better manner. Thus, the marketing will convey the sense of quality in every promotion,
integrating advertising, events, personal selling etc.
Vision- There are number of developmental strategy that is helpful in order to stimulate the
growth of the Enterprise. The vision of the overseas tourism is to provide the standard services to
the customer so it can be possible to become the number one Tour coordinator UK. Thus, the
product are need to be famous at the market place so that this all can be conducted in better and
efficient mode. The successful entrepreneur use to adopts the various techniques and this all
leads to perform the things in better and attractive manner.
Mission- The successful travel and tourism entrepreneur will works as to create and nurture a
healthy, respectful and enjoyable environment in which the employees can be encouraged to
respect the consumer and to take step that can satisfy their needs (Sotiriadis, 2018). Thus, this
kind of the services will be helpful in order to be fair and responsible profit.
Objectives- This kind of the undertaken with the personal recruitment of professional team and
to provide the good quality custom designs as travel package, catering too client particular needs.
Thus, this all kind of the facilities will be helpful in order to have enjoyment, reliability and
good image.
Service and amenities-
in this, this Tour coordinator is set to provide the standard services to the customers. Thus, there
are services and amenities has this has been defined in below context as are-
 Lodging
 Meals
 Self service Business center
 Mini mart
 Better accommodation facilities.
Competitor analysis- This is one of the critical part of company marketing plan. With the help
of undertaking the better evaluation there must be establishment product and services in the
unique manner. There are number of competitor as Thomas cook group etc are playing the major
role in tour operator services. Thus, overseas tourism group should also make marketing
objectives, cost structure effective strategies so that the each things can be carried out in the
better and efficient manner. By having the social media integration with customer they can able
to attract the customers. The competitor analysis will be helpful in terms to compete with the trip
9

adviser and there must be better and effective services must be provided so that all things can be
done in better mode.
SWOT analysis-
The success of the entity is depends on the larger extent for this, firm need to conduct the SWOT
analysis in the following context as are-
 Strength- The Overseas tourism is global leading brand and it provides effective services
to customers. It is is in the middle area of city. The management team also have robust
experience in this field.
 Weakness- The one of the threat is that the firm is new and and the travel package is
offered for the first time to customer and being new in market there is some issue relates
with financial.
 Opportunity- The London is one of the major tourist attraction, there are load of tourist,
business executives and travelers can visit to London. The United Kingdom is the world's
6th biggest tourist destination, with 36.115 million visiting in 2015. US$22.072 billion
was spent in the UK by foreign tourists (Heng, 2018).
 Threat- The threat to business is unfavorable government policies, downturn in economy
and this all affects the working of the enterprise in the huge context.
PESTLE analysis
This is framework that provides great detail about the operating challenges to Overseas
Tourism of UK. Thus, there are following factors as are-
 Political- This is the factor that plays one of significant tool in order to determine the
profitability in certain market. Thus, UK is one of highest tourist destination in Europe.
This kind of industry has to faces several amount of noticeable changes in United
Kingdom.
 Economical- There are number of factor as inflation rate, saving rate interest rate and
foreign exchange rate and all other factor determine the aggregate demand and aggregate
investment in an economy.
 Social- There are number of tour operators that predicts the choice of customers as per
the future trends in market. In UK, there are number of the cultural and entertainment
attractions. Thus, it can be said that the investment in cultural heritage will help to
develop the tourism sector.
10