Travel and Tourism Entrepreneurship: A Skills and SWOT Analysis Report

This report delves into the realm of travel and tourism entrepreneurship, exploring the essential traits and skills required for success in the industry. It begins by defining entrepreneurship and highlighting the significance of innovation in establishing and managing new ventures. The report then outlines key entrepreneurial qualities, such as confidence, determination, and a competitive spirit, alongside crucial skills like communication and self-management. A self-assessment section evaluates the author's strengths, weaknesses, opportunities, and threats (SWOT) in relation to starting a travel and tourism business. Furthermore, the report examines the entrepreneurial journey of Thomas Cook, analyzing his innovative approach and the factors contributing to his success. The report also covers sources of finance, business planning, and the development of potential for success in the travel and tourism sector, offering a comprehensive overview of the entrepreneurial landscape in this dynamic industry.

Travel and Tourism
Entrepreneur
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
A) Entrepreneur traits and skills required to be entrepreneur......................................................3
B) Self assessment.......................................................................................................................5
TASK 2............................................................................................................................................6
2.1 Thomas Cook and his entrepreneurial skills..........................................................................6
2.2 Factors that led to success of enterprise.................................................................................7
Task 3...............................................................................................................................................8
3.1 Sources of finance and supporting enterprise in travel and tourism......................................8
3.2 Developing potential for success of enterprise in travel and tourism....................................8
3.3 Persuasive business start-up plan...........................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCE.................................................................................................................................12
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INTRODUCTION
Entrepreneurship is an activity to taking risk and initiating through creating innovations.
It is helpful for establishing new entity and increasing efficiency of organization at high level. in
this regard, it is important for nation's growth as well implementing plans for improving quality
services leads to adequate resources and fund allocation. The present report is based on
understanding entrepreneur skills and traits to start-up a new entity as well creating innovations
is business operations. In this regard, role model of entrepreneur effectiveness in travel and
tourism sector of nation is to be described. Moreover, different tools and techniques are to
determined for increasing efficiencies in product services provided by organization. In
accordance to this, interesting and attractive entrepreneurship story of Thomas Cook who create
innovation in travel and tourism sector is to understood through this assignment. Including this,
self assessment as strength and weakness of self individual to analyze potential for
entrepreneurship is to expressed. However, key components for entrepreneurship and enhancing
efficiencies of organization can be explained. In this process, significance of entrepreneurship
activities and role model of innovations are to presented. Therefore, students are able to
understand significance of entrepreneurship and its role model for country's effectiveness
through studying this project report.
TASK 1
A) Entrepreneur traits and skills required to be entrepreneur
Entrepreneur is an individual who takes risk and initiate for establishing new entity or
operating it through innovative ideas. In travel and tourism sector, creating innovations through
applying different techniques. However, an entrepreneur has some qualities and characteristics
that presents his strength and working ability for accepting challenges and implementing actions
(Altinay, Sigala and Waligo, 2016). Therefore, some of the main traits and skills for an ideal
entrepreneur in travel and tourism sector can be understood as follows:-
 Confidence for taking risks:- An entrepreneur who initiates for creating changes and
setting up new entity must be confident about his innovations as well uniqueness.
However, it is needed for entrepreneur to have confidence regarding taking risk and step
towards business operations. In this regard, confidence is considered as trust on self for
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taking innovations as well remains able to improve several skills such as communication,
problem solving and increases potential for taking more risks (Daniel and et.al., 2016).
In this process, confidence is risk taking ability for initiating and applying innovations for
enterprise's effectiveness.
 Strong determination:- It is required ability for an entrepreneur to have strong
determination towards his goals. In this regard, having faith and never give up attitude
for is essential for applying entrepreneurship activity. However, it is needed to be focused
to meet set target. Including this, in case of problems and issues, determination for taking
initiative as well implementing planning for adopting challenges (Goh, 2015). Therefore,
strong determination towards goal setting is necessary for entrepreneur.
 Competitive spirit:- In travel and tourism sector, it is required for risk taker to analyze
other competitive entities' performance and market demand critically. Therefore, strength
get enhanced to face competition and improving creativity of goods and services
provided by organization. Along with this, an entrepreneur has skill to deal with all kinds
of people and seek to fulfill their requirements related to traveling and accommodation
services. In addition to this, his spirit must be competitive to face competition and
making place potential to present his views towards product services (Hallak, Assaker
and Lee, 2015).
 Work ethics:- It is needed for an entrepreneur to have strong work ethics and power to
operate business activities with strong determination. However, considering ethics as well
creating innovations on the behalf of legacy is essential for effective business operations.
Therefore, leading ethical considerations is required for proper entrepreneurship activity
(Hsu and et.al., 2016). Including this, work ethics related to focusing on customers and
employees' protection as well their welfare is needed for creating innovations and making
decisions regarding their working values.
 Deal with hurdles and obstacles:- The most essential characteristics of entrepreneur is
required to have potential for dealing with issues and further giving reactions smartly. In
accordance to this, it is necessary for innovator to take risks as well handling problems
with strong sense. In this process, having this trait for operating business activity is
needed to managing pressure efficiently (Komppula, 2014).
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 Self management:- An entrepreneur must have quality of stability and staying on his
words self. However, if he knows to manage his personal lifestyle, then he can manage
his team and all workers. Including this, creating environment of entity is also considers
in hand of entrepreneur for establishing entity as well improving it.
 Communication and listening skills:- To expressing ideas and views in front of
business partners and workers who are going to perform his work is required. Therefore,
clear communication and listening towards needs are required for establishment of entity
appropriately as well improving efficiencies of entity at high level.
 Travel and tourism skills:- It is needed for an ideal entrepreneur who is going to
establish a new entity in this sector. He must have knowledge of this field as well ideas to
implement innovations into activities. However, it is required for him to have market
knowledge of tourism sector as well skills related to starting up a new entity.
Characteristics of an ideal entrepreneur:- A perfect entrepreneur must have above mentioned
characteristics such as action oriented, risk taker, initiative and so on. Therefore, it is required for
him to be an ideal leader that can take leading role for implementing action plans. However, his
working ethics must be very strong that impacts of quality features of working efficiencies and
skills. Including this, he must has potential to face challenges. Therefore, an ideal entrepreneur
has problem solving abilities as well positive attitude towards his working performance.
 Risk taking:- It is one of the great trait of an entrepreneur to take risks and being
responsible for his activities. Therefore, he must be accountable for all activities and
ideas for setting up business to improve efficiencies of travel and tourism sector.
 Ambitious and confident:- An entrepreneur must be confident and ambitious towards
his actions for taking risks and handling all issues effectively. In this regard, his
ambitiousness and confidence trait will be able for reaching out set targets and increasing
effectiveness of tourism sector.
 Curious and discovering:- It is one of the great characteristic of an ideal entrepreneur
that leads him to feel confident and being excited about his working efficiencies for
establishing new entity. Therefore, he must be curious and discovering for travel and
tourism sector's effectiveness and also valuable for country's development ta high level.
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B) Self assessment
I am going to establish a new business entity in travel and tourism. Therefore, it is needed
for me to analyze my own strength and weakness so adequate balance between both aspects can
be gained. In this process, my skills' analysis can be expressed as below:-
 Strength:- I have self confidence to set up a new entity and following on prepared
strategies efficiently. It impacts on my working qualities to operate business activities as
well improves auto-motivated skill for dealing with problems. Including this, self
confidence increases strength for taking risk and getting adjusted towards obstacles.
However, I have attractive communication skills that is valuable for expressing views,
ideas to other people. It is beneficial for me to share my views and aware society with
new innovations. Moreover, I have ability to advertise and showing off regarding
innovations that is interrelated with strong working ethics. In this regard, these of my
strengths are helpful for being entrepreneur and making place in innovation lists for
travel and tourism sector. In addition to this, my strengths are useful for improving
working qualities as well able to increase different kinds of skills at high level.
 Weakness:- According to critical evaluation, it is analyzed that getting adjusted
according to problems is difficult for me. I used to hesitate by looking at problems and
hurdles occur during entrepreneurship. However, it is my weakness to loss determination
towards work performance and achieving goals. It impacts on my confidence and
working efficiency to staying on one decision ever. In my opinion, staying cool and
focusing on one determination is not an easy cake. Including this, it is also my weakness
to share business problems with all entrepreneurs and asking solutions, it lead me to be
confused. Thus, it necessary for me to overcome mentioned weaknesses therefore I can
become an ideal entrepreneur to enhance efficiencies of travel and tourism sector.
 Opportunity:- For a travel and tourism entrepreneur, there are several kinds of
opportunities obtained that are required to be grabbed. In accordance to this, by analyzing
other business performance through government publications and social networking site,
I can improve my competitive spirit. In this regard, reading articles, books and business
comics are useful for getting several ideas related to being ideal entrepreneur as well able
to gain additional knowledge regarding business activities. Moreover, taking advantage
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of creating good relationship with other business entities who work for travel and tourism
sector is efficient for setting up new entity as well applying different kinds of
innovations. However, by analyzing actual market demand and customers' views on
travel and accommodation services, I can generate different ideas for creating more
uniqueness in working efficiencies for travel and tourism sector. Therefore, by grabbing
these opportunities will be helpful for effective creativity and better quality services for
organization's effectiveness.
 Threats:- There are different kinds of threats obtained for setting up new business entity
as well operating unique business operations. In accordance to this, there is threat to loose
patience and confidence for determining on fixed goal. However, there is risk for
uncertain changes and continuous failing. It is difficult to invest fund and resources
where no guarantee for positive outcomes always. Therefore, competitive strategies and
business oriented activities are risky for me to implement action plans regarding
operations. In this process, it is required to reduce threats occur as well having patience
and being focused to reach out set goals.
SWOT:-
Strength
 Auto-motivation
 Self confidence
 Communication skills
Weakness
 Lack of determination
 Hesitation to look at problems
Opportunities
 Competitive strategies
 Market and business knowledge
Threat
 Risky to take risks
 Difficult to maintain self confidence
TASK 2
2.1 Thomas Cook and his entrepreneurial skills
Thomas Cook is one of the famous most attractive individual for initiating in travel and
tourism sector. He established his own business in this sector through facing so many obstacles
and struggling with enterprise's operations. Entrepreneurship characteristics are inborn traits of
Thomas Cook including sinceriety for work and trying something new always. However, he was
interesting from his school life for innovations and taking risks for trying new. Therefore, his
inborn qualities remains effective for making decisions and implementing business operations in
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tourism sector. In this regard, he became assistant for selling brouchers and further his story get
started for innovations. However, he used to visit various destinations for selling the item by
train and different resources. In addition to this, during destination, an idea came to his mind to
create a group and further starting up a new entity for effective travel and accommodation
services (Hallak, Assaker and Lee, 2015). Therefore, he made a group of people for innovating
in this field with creative ideas. For applying these techniques, due to lack of knowledge for
financial and resources, he some some obstacles as debt. But he did not give up ever and also not
falling down. He handled the situation very intelligently as well with effective self confidence
and self reliant. In this process, his never give and positive attitude proceed him to be such a
great entrepreneur. Including this, with having patience and learning attitude, he improved his
working styles and several skills for operating business entity in travel and accommodation
services.
In addition to this, Thomas Cook teaches such a great lesson for operating business
activities and creating innovations. Moreover, his entrepreneurial skills are able to sustain its
good reputation and continuous growth in travel and tourism. Along with this, by using effective
strategies and smart innovative techniques he establishes several branches of entity in country
and also in other nations. It impacts on other sectors of nation such as education, employment
and so on. Thus, various positive outcomes are presented through Thomas Cook
entrepreneurship in travel and tourism sector effectively (Altinay, Sigala and Waligo, 2016). It is
useful for improving entrepreneurial skills and having patience as well positive attitude for
regular growth. In addition to this, various strategies and strengths for carrying on business entity
efficiently is determined through learning these quality skills. He is such a great entrepreneur for
increasing efficiencies of travel and accommodation services that affects on nation's
effectiveness. By reading his articles and interviews generates different ideas and guidelines for
operating business entity continuously.
Along with this, entrepreneurial skills encourages us for starting up new innovation as
well applying different strategies for carrying on enterprise's effectiveness to make place for
further business operations as well sustaining effective goodwill in travel and accommodation
services (Komppula, 2014). In accordance to this, it is recognized that Thomas Cook
entrepreneurial skills and business techniques inspire other entrepreneurs for taking risks and
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creating innovations in effective business performance to enhance efficiencies of travel and
tourism sector.
Entrepreneur experience:- By studying above mentioned story of Thomas Cook, it is
determined that his experience is quite attractive also encourages us for creating innovations and
operating business activities by facing challenges and do not hesitate towards issues occur at
workplace. In this process, it is able to teaching us for carrying on innovations with risk and also
taking initiate for business operations effectively.
Porter's five factor theory:- This theory is related to creating new innovations in
business operations through comparing organization's performance. However, different kinds of
strategies are implemented for making position in competitive market.
ANSOFF matrix analysis:- It is considered as strategic planning tool that is useful to
create framework to top level managers of organization as executives, CEO, COO and so on.
Therefore, future growth can be achieved through this process that implements organization's
growth in future time. In this regard, various tools are presented including foreign markets, price
determination and acquisition of market etc.
By applying both of the above mentioned theories on Thomas Cook business
organization, it is recognized that influences competitive and business strategies effectively. In
addition to this, strategic planning procedure and decision making for future time period is
recognized that is valuable for effective entrepreneurship activity.
Business value:- it is responsibility of any enterprise to work ethically for proper
business operations by focusing on several tools strongly. However, by focusing on this factor,
great awareness of society can be gained for business activities.
2.2 Factors that led to success of enterprise
Different factors are applied for succession of enterprise including having ability to
operate business activities as well setting up new entity. In this regard, different tools affected for
entrepreneurs' ability to handle the situation (Drucker, 2014). However, it is required to analyze
positive and negative aspects for business operations that are interrelated with decision making
and planning procedure for implementing action plans. Including this, succession of business
enterprise can be obtained through applying innovative ideas for better quality services. It is
needed for entrepreneur to have several kinds of skills to enhance efficiencies of firm as potential
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to handle the issues and strong working power to make decisions for better quality services.
Hence, different factors are to be used for sustaining enterprise at high level. Including this, any
business entity can get succeed through creating innovations and making plans according to
working style and efficiencies to face risks (Kuratko, 2016). Therefore, various kinds of factors
are suitable for succession of enterprise that includes accepting challenges and preparing
strategies for better quality services as well operating business activities effectively.
Skills:- According to Thomas Cook story, it is presented that an entrepreneur must have
following skills as:-
 Self management:- An entrepreneur must have quality to managing risks as well
obstacles occurred in business organization. However, self management is an required
ability to innovate any work and it is helpful for making implementing innovative plans.
 Managing time effectively:- Time punctuality is one of the great skill an entrepreneur
must have. Therefore, time management and accomplishing any task in determined time
is needed to reach out set target effectively.
 Communication and interpersonal skills:- It is great quality of an entrepreneur to
expressing his views and ideas in front of team and co-workers. However, effective tem
leading helps to accomplish any task efficiently.
Traits:-
Entrepreneurial: An individual to become an entrepreneur must have entrepreneurial
quality and must be willing to do something new and different. Such kind of things make an
individual perfect businessman. Risk taking: An entrepreneur always believe in taking risk because it is the risk that
ensure that business will sustain in the competitive environment and will grow at fast
rate. Self-sacrificing: An individual become entrepreneur if same have self-sacrificing nature.
Means that one must work with full zeal and dedication in its work. Such kind of
behavior ensure that all things will be performed perfectly by an individual in its
business.
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 Time management: Time management is the one of the main skill that every
entrepreneur have. Time management skill help one in completing all activities on time
when same is limitedly available. Leadership skills: Entrepreneurs have good leadership skills and they lead their
subordinates in better manner and make best use of same in the business. Creative and innovative: Entrepreneurs are creative in nature and always do anything in
innovative way. This is the reason due to which entrepreneurs even face huge challenges
successfully operate their business.
 Curious and discovering: One of the important characteristic of the entrepreneur is that
same are very curious to know about things that are occurring around them. Thus, they
remain update about every change that is happening around them and by formulating
strategy capitalize opportunity. s
TASK 3
3.1 Sources of finance and supporting enterprise in travel and tourism
Entrepreneur of the organization can allocate fund from different sources as internal and
external that is useful for implementing business operations. In accordance to this, for
establishment of entity and creating innovations in business activities are able to investing and
fund as well getting sources for business expansion. However, taking advantage of loan facility
from financial institutions bank and other companies is able to allocate high level of fund that is
able to operating business activities (Bae and et.al., 2014). In this process, using cash reserved as
personal saving lead to make creations for expansion as well enhancing efficiencies of
enterprise. Including this, getting support of family and friends regarding financial aid is helpful
for increasing quality services and creating innovations for organization's effectiveness. In this
regard, it is useful to make decisions for fund allocation regarding business operations.
Moreover, financial sources by applying venture capitalist as taking aid of other entity is also
useful for implementing action plans related to enlargement of organization and increasing
entrepreneur abilities for better quality services. In accordance to this, fund can be allocated
through different sources that are valuable to operate business activities. Hence, financial sources
can be used for supporting enterprise in travel and tourism sector. It is helpful for preparing
strategies and making decisions related to enterprise's effectiveness.
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3.2 Developing potential for success of enterprise in travel and tourism
Getting success in enterprise's effectiveness in travel and tourism sector leads to
encouraging entrepreneurs for better quality services as well improving efficiencies at large
scale. In this process, potential for performing better is gained through this process that is useful
for creating innovations and applying different strategies for expand business entity (Coviello,
Jones, and McDougall-Covin, 2015). Moreover, various quality skills are increased through this
system that is helpful for increasing efficiency of travel and tourism sector. However, deep
knowledge related to operating business activities more effectively is created that is valuable for
taking risks in future time. Along with this, effective strength is increased for facing challenges
and following on implemented action plans at large scale. In this process, problem solving skills
are improved to overcome the issues occur at workplace. Therefore, for succession of enterprise
and projecting, different quality tools and effective planning procedure is obtained for
enlargement of entity. In addition to this, implementing action plans for business plans are
efficient for decision making process as well increasing potential to sustain good position of
organization and quality services are presented through this system. In travel and tourism sector,
enterprise increases its efficiency as well quality services for social welfare as well effective
employment. Including this, setting up of new entities and creating innovations in business
operations lead to make decisions related to developing potential for better quality services.
Moreover, enhancing number of entities is helpful for expansion of business organization as well
effectively contributes in country's effectiveness in different sectors as financial, education,
employment, production and distribution of goods and so on (Frese and Gielnik, 2014). In
accordance to this, implementation in travel and tourism sector is valuable for nation's
effectiveness also helpful for other countries' development worldwide. Therefore, developing
potential for better quality services leads to create innovations in country's growth as well able to
planning for implementing business plan efficiently.
3.3 Persuasive business start-up plan
Establishment of business plan leads to get succeed through applying different
procedures and decision making tools. However, through analyzing current market position and
making decisions for enhancing efficiencies are useful for business operations. In accordance to
this, entity is start up through creating and implementing planning procedure for better quality
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