Report on Travel and Tourism Entrepreneurship: Skills, Analysis, Plan

This report delves into the realm of travel and tourism entrepreneurship, examining the crucial skills required for success, such as leadership, planning, and maintaining good relationships. It presents a self-appraisal, identifying strengths like innovative ideas and motivation, alongside weaknesses like risk-bearing and financial management, and suggests strategies for development. The report analyzes the development of an entrepreneurial enterprise, using Richard Branson's Virgin Atlantic as a case study, highlighting his leadership, bonding with staff, work ethic, and innovative approach. Furthermore, it evaluates sources of finance and support available in the travel and tourism sector and develops a persuasive business start-up plan, offering a comprehensive overview of the entrepreneurial journey in this dynamic industry.

Travel and Tourism
Entrepreneur

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Discuss skills needed for successful entrepreneurship.....................................................3
1.2 Produce a self-appraisal that identifies strengths and weaknesses and strategies for
development benchmarked to successful entrepreneur..........................................................4
Strategies for development benchmarked to successful entrepreneur -.................................6
TASK 2............................................................................................................................................6
2.1 Analyse the development of an entrepreneurial enterprise..............................................6
2.2 Evaluate factors that have led to the success of an enterprise..........................................7
TASK 3............................................................................................................................................9
3.1 Evaluate sources of finance and support available to enterprises in the travel and tourism
sector.......................................................................................................................................9
3.2 Develop and justify the potential for success of a concept for an enterprise in a travel and
tourism context.....................................................................................................................10
3.3 Present a persuasive business start-up plan....................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Travel and Tourism is the service sector in the economic system, and entrepreneurship in
Travel and Tourism is very common with the hospitality business enterprise. The main purpose
of this industry is to render the services to peoples by offering the facilities of accommodation,
travelling, sightseeing, etc. This is one of the fastest growing sector. The interest of peoples is
increasing day-by-day in the sector of travel and tourism, so this industry is also enhancing their
business growth (Ahmad, 2015) . This sector gives relaxation to the peoples along with
spending rest time. In addition with this, an successful entrepreneur directs and guide their
employees by their own for the profits of the organisation. The present report will going to
emphasize on the skills which are required for an entrepreneur, along with their strength and
weaknesses. This also describes about the development of an entrepreneurial enterprise and will
represent an business start-up plan.
TASK 1
1.1 Discuss skills needed for successful entrepreneurship.
An entrepreneur is the process of identifying and running a new business by having the
ability and skills of running it. A successful entrepreneur must have the skills so that it can be
able to manage all the activities effectively which is to be help in the group (Brooker and Joppe,
2014) . The one who is an entrepreneur must have the capability to face any issue and resolve the
problems which are arising while running and operating a business. There are various skills
which an entrepreneur must possess, these are as follows -
 Leadership Skills : An entrepreneur must have the ability to act as leader and takes all
the responsibilities on behalf of the organisation. This should be the one who has the
skills and ability to take all important decisions for the firm and control, directs, guides
their employees and make commitments on behalf of the company (Chaisawat, 2012) .
This is the one who keeps their employees together in a collaboration and makes a
integrity between them to run a business smoothly and in effective way, so this is called
the skills as a leader.

 Partnership Skills : This is the skills in which an entrepreneur must keep all their
employees together, it is his choice to join employees in his organisation or to do
business in partnership in the same industry. The main aim of this skill is to start a new
venture together and maximise more profits.
 Initiation Plan Skills : An entrepreneur must have the clear concept while running a
business, he mist know that what he have to achieve from this business and he must plan
all the things before performing the task, it is necessary to have the clear concept unless
no one can be able to move forward to start a new venture (Chaisawat, 2012) .
 Motivational Skills : The one who is an entrepreneur must have the skills to motivate
himself for starting the new business. He must have his own will to perform any task, he
must be motivated from inside to work. This self-motivation will give him the power to
attain the certain goals and objectives.
 Planning Skills : An entrepreneur must have the skills to plan his task before performing
it as the one does not focus on achieving the economic achievement but also this have
the the target to achieve the social and environment achievement. The planning is an
essential part to start an new business, and an entrepreneur must analyse the market
conditions to attain the internal and external factors of the organisation, so that they can
meet the aims and objectives.
 Maintain Good Relations : An entrepreneur can lead and able to run their business
smoothly by maintaining the good relations with their customers, employees and
partners as the healthy relationship with anyone can lead to growing and enhancing the
growth of the business.
 Goal-Oriented : An entrepreneur must planned to achieve the long term and short term
goals and should concentrate to attain that goal which can be beneficial for their
organisation.
1.2 Produce a self-appraisal that identifies strengths and weaknesses and strategies for
development benchmarked to successful entrepreneur.
As it is known that an entrepreneur must have the skills and qualities for running a new
business. In the similar way an self evaluation can be beneficial for analysing the own strength
and weaknesses, so that the weaknesses can be overcome and strengths can be utilized in an

effective way to achieve the goals of new venture (Evans, Stonehouse and Campbell, 2012) .
Therefore, here the strength and weaknesses elaborated by an entrepreneur, outlined as below -
Strengths Weaknesses
1. Innovative Ideas : I have the ability and
skills to create and innovate always some new
ideas by which I can able to attract large
number of customers, as by new ideas an
enterprise can be able to offer always
something new to their clients and gain their
attention towards the products.
2. Motivation : I am self motivated, and this is
one of my biggest strength which always
encourage me towards establishing a new
business and can use my qualities to run a firm
in travel and tourism sector. I have the skills of
learning more and always try to find something
new and had the craze of create something new
which is impressive and attractive in front of
all the peoples.
3. Good relations : I am good in making new
relations and I have many contacts which can
help in the business of travel and tourism. The
social interactions and maintaining good
relations with peoples is necessary in today's
life to grow yourself with the time and achieve
your aim.
4. Planning and Organizing : As we all know
that planning is the first phase of doing
something, and I have the ability to planned
and organise the things in an effective way. For
example- if I am having any occasion at my
1. Risk Bearing : I have the drawback of not
able to handle all the problem or risk alone. As
it is know that all the activities of a business is
based on the risk and this risk is not bearable
by me alone as I m very weak in handing this
by own, which can be barrier in becoming a
good entrepreneur.
2. Maintaining Financials : As it is known that
financial part is very important in a business,
as this can help us to know how much we have
earn during a year or a month. I have the
drawback of having knowledge about finance
department as can not able to prepare a budget,
if any entry get wrong then this can affect the
balance sheet and budget plan of a business.
3. Leadership : I don't have the quality to lead
a team, as I m very bad in leading a team, I can
perform in team but cannot be a leader, as this
have too much responsibilities and I m not able
to perform all these duties in an effective way
(Hallak, Assaker and Lee, 2015) .

home, I start doing planning one week before
and organise the things of that occasion in such
manner that no difficulty can be arise at that
time which can help in successfulness of the
function, my this skill can help me in running
the business of travel and tourism.
Strategies for development benchmarked to successful entrepreneur -
1. An entrepreneur can attend the training sessions of improving the communication skills
and can learn to how maintain the good relations with others.
2. The one who is an entrepreneur and is weak in financial part then can attend training
sessions and can take classes from the professional of finance department and can learn to
make budget and prepare financial statement of the year.
3. The one who is not able to lead a team can improve this habit by talking to his own in
front of mirror and can fight with your inner fear. This can be possible if the one start
taking responsibilities (Komppula, 2013) .
Therefore, it is stated that from the self evaluation, the one can able to draw attention on
his strength and weaknesses, so that they can able to work on that and overcome those habits
which are becoming barrier for them in achieving the aim and objectives of the venture they are
planning to run, it is known by everyone that no one is perfect and strength of one can be the
weakness of the other so it is better to do self evaluation which can help and guides the
individual in developing their interpersonal relations and communication and leadership skills,
etc.
TASK 2
2.1 Analyse the development of an entrepreneurial enterprise.
One of the famous personality Richard Branson, was the entrepreneur who has
established his foot in the industry of travel and tourism by starting the business of Virgin
Atlantic (Komppula, 2014) . He was successful in achieving his aim because he possess all those
skills and abilities which an entrepreneur must have, and he had make his best efforts and work

too hard in attaining his goals and objectives. The skills which are possesses by Richard Branson
are as follows -
1. Leadership – The quality of being a good leader, has helped him in achieving this aim of
Virgin Atlantic. He acts as a leader with all his staff members, he was the one who brings
all the staff members and makes integrity between them. He doesn't like to walk alone, he
always guides and directs his employees to work in collaboration.
2. Bonding – As the leader of the team, the Branson has the great bonding with his staff
members, as he maintain the good relations with his customers and employees. The
employees of Branson consider him as the great motivator and leader because he never
makes difference between his staff members and treat all of them with equality.
3. Obsession for work – This is true that work is worship, and for Branson also his work
was his worship, he always his work and never can bore and doesn't take any stress while
performing any task of his project (Nikraftar and Hosseini, 2016) . He always make his
100% efforts in attaining its goals, and his this enjoyment lead him with a great success,
Therefore it is true that if you worship your work then your work will reward you with a
huge success.
4. Innovative – The famous entrepreneur Richard Branson has the quality and ability to
create some innovative ideas and produce them in his new projects so that they can gain
the attention of more customers towards his product. He share his all ideas and thoughts
with his staff members and then after discussing with all, he takes a fare decision which
can be beneficial for the firm. He also offers and reward their employees with such
tourism offers by which customers and employees both are satisfied (Peters and
Schuckert, 2014) .
2.2 Evaluate factors that have led to the success of an enterprise
Factors which takes the innovation Virgin Atlantic towards the great success is by
implementing the various strategies which can be beneficial for both the entrepreneur and for the
organisation too. There are huge number of achievements which are to be gained by Richard
Branson. Firstly, the famous man has started his initial journey by running a business in the
travel and tourism in 1984, and named that business with Virgin Atlantic Airlines (Phelan and
Sharpley, 2012) . He personally taken the first trip with his family members and friends, relatives
in 1984, just to introduce his business of Virgin Airlines. Then in June, 1984 , the services for

public has started and the first flight for public was taken in the month of June. Later on, after
one year he expanded his business by opening the Hotel named as Virgin. After years ago, the
great success was achieved as in 1987, a huge revenue was generated by the flight of Virgin
Airlines by selling the total flight tickets to 1 million passengers. After this great success, the
business of Branson had run on large scale and never looked back, and that was the one of the
most amazing flight which offer the customers the sleeping coach seats in business class.
Richard Branson, also join his business with the partners of Singapore and Malaysia flight and
extended the business in partnership with the share of 51% and 49%, and achieved the great
success in the future also (Ramukumba and et. al., 2012).
There are certain strategies which are to be followed to meet the above achievements, these are
as follows -
1. Promotional Strategy : Richard Branson had used the different promotional strategies to
promote its business of Virgin Atlantic. This can be possible by dealing with those
companies who offer the customers with good tourism packages to attract them, by
giving them discount and offers at great cost, the Branson can able to gain the attention of
more customers.
2. Strategy of marketing the facilities – This marketing strategy was used to tell the
customers that there are many luxurious facilities which are to be provided to the
travellers during flight. By the facilities, the customers or travellers will feel relax and
can travel and enjoy their travelling in Virgin airlines with a very comfort zone.
3. Strategy of new Venture – The Branson has join the hands with the other hotel, airline,
and tourism companies so that they can be able to gain the attention of more customers
by rending the services of accommodation along with the airline tickets. The company
Virgin Atlantic has done the joint venture with the airlines of both Malaysia and
Singapore (Shaw, 2014) .
4. Strategy of increasing Sales – The Branson can enhance their business sale of Virgin
Airlines by providing some offers and discounts to the customers, they can offer the free
tickets of children, so that more and more customers can get attracted towards their
Virgin airlines and their sale can be increased.
SWOT Analysis of the Virgin Atlantic

Strength – For Virgin Airline, customers are
always on the top priority, as to satisfy the
customers is important for the company. To
innovate and compete with new ideas brings
the customers to the Virgin airlines. Along
with this, the joint venture has been done with
the other companies to enhance their business
growth and attain the motive to increase the list
of customers.
Weaknesses – In previous year it was
observed that the flights are restricted in
number of areas and can not go to that places,
so in that case when it come to see the financial
statement, Branson hides data of its share, so in
that case the hidden controversy is not
acceptable by the customers and this make the
business to go in loss.
Opportunities – As it is well-known that
Virgin Airlines has came with best goodwill
and reputation among the customers, so this
arises the opportunities for them to expand
their business by opening new venture.
Threats – Competition is the major threat
which causes the fear and creates the issue for
the entrepreneur to take any initiatives for the
betterment of the business. The risk can cause
stress such as risk of hijacking and plane clash,
etc.
TASK 3
3.1 Evaluate sources of finance and support available to enterprises in the travel and tourism
sector
Finance acts as an life blood for each and every type, size and sector of organisation
which ensure effective and efficient functioning of its growth. It not only strengthen company
overall efficiency but also aid in stimulating its growth at international market in well defined
manner. In order to conduct organisation activities in well defined and structured manner it is
essential for an organisation to frame beneficial strategies (Williams, 2014) . Along with this, it
is important for an entrepreneur to develop innovative and effective strategies and policies
related to finance and investments order to launch their business in developmental way. In
addition to this, in order to improve their business operations efficiencies. In context with travel
and tourism finance acts as an one of the most important part as to expand their economy as
whole. In relation to its, it is important for an entrepreneur in order to launch their business in
travel and tourism sector to find and evaluate major finance sources from external environment
as to maximise their business industry share in a marketplace. In order to find major financial

sources it is important for an entrepreneur to conduct effective market research in travel and
tourism sector and develop plan and procedure in order to support their organisation functions.
Along with this, it is essential for an entrepreneur to effectively understand regulatory framework
of travel and tourism industry as to acquire funds from legal sources. Entrepreneur can take
advantage of facility like “Business loan finder” that has been started by United Kingdom
government as to get loan in both legal and ethical way. Along with this, entrepreneur can also
arrange funds by conducting programs. These programmes aid entrepreneur to get new investors
those who effectively made investments and acts as an major source to collect funds.
3.2 Develop and justify the potential for success of a concept for an enterprise in a travel and
tourism context
Potential of a company is can only measure from strength, weakness, opportunities and
threats etc. marketing mix includes in product, price, place, promotion and place which is
become an good quality for an organisation of travel and tourism. Market analysis can be done
through the comparison on the basis of company's strength in which an organisation is
misrepresent in the marketplace and how difficult competition company can give to its
competitors. It is very important to know about the target of market. Therefore, capability of
company based on the various points, which are given below:
Analysis the market: In this, company has to identifies the market position in order to
keep maintain their market. On the behalf of various customers they have the opportunity in
order to increase their budget and also they have to fulfil customer needs and wants.
Market approach: in this, company focuses on the segmentation of market as per the
preferences, age, taste and desires.
Marketing mix: Company apply this technique to promote their product in a effective
manner.
Product: In this, new ideas are adopted in order to increase the requirement of the
product and it is possible when market properly identified.
Price: This strategy based on the various price facilities which includes in tickets, tours
package and so on.
Place: It is based on the customers in which, where customer can well reach and get
information easily.

Promotion: In this, all arrangements offered through the company that can be promote
on the social networking sites like Facebook, Instagram, twitter and so on. It is very easy and
short way to reach customers in a effective manner.
3.3 Present a persuasive business start-up plan.
In order to frame a well defined and systematic business start-up plan strategies and
planning plays an key essential part. Travel and tourism industry effectively aid a country by
enhancing its national economy with a rise of 30% in its GDP. In context with this, it is essential
for an entrepreneur to set clear objective and frame formative plan in order to launch their
business in best effective manner (Williams and Shaw, 2013) . It is important for an entrepreneur
to develop business plan by considering various factors like, competition bearing, market
analysis, marketing mix, SWOT analysis and other related strategies in order to formulate a well
defined and efficient business plan. There are some certain factors which is required to consider
by an entrepreneur in order to launch their business in a travel and tourism industry:
Objective: In order to conduct business activities in best effective and systemic manner it is
important for an entrepreneur to firstly frame clear set of objectives. As to launch their business
in travel and tourism sector entrepreneur not only aim towards ensuring effective functioning in
airlines but also required to expand their development services in tourism and accommodations
sector. Along with this entrepreneur is also required to focus on their security, pleasure and
service in order to increase their share of economy.
Market analysis: After framing formative objectives next important step of an entrepreneur in
order to launch their business to conduct proper marketing research in well defined manner.
Along with this with the help of PESTEL analysis entrepreneur can effectively able to find
various opportunities in order to provide best effective services to their customers.
Strategy: In order to make proper strategy needs in fighting the competitors in the market. It is
possible or easy for entrepreneur that they should make good plan for achieving the objectives
and goals as well as customer attention.
Innovative ideas: Entrepreneur have the good quality of innovative other people in a effective
way. They can share their thoughts and implement their ideas according to the developed
strategy. Entrepreneur have main purpose is to meet objectives efficiently.

Differentiation: It plays a vital role in an organisation. It plays as the competitor for another
company. In this one condition should be followed that is cash made at the time of delivery
because candidates pays the money after getting their tickets.
CONCLUSION
From the above report, it has been concluded that Travel and Tourism company is the
service sector in the economic system. Their main aim is to offer services to the people through
providing facilities of travelling, sigh sheets and so on. Along with this various strategies are
followed to achieve the goals and objectives of the industry ans also to be a good entrepreneur.
Self motivation identified the strength and weakness of the entrepreneur. Apart from this market
evaluation is done from the analysed market which will helps the company in order to gain goals
effectively.

REFERENCES
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