Travel and Tourism Entrepreneurship: A Comprehensive Analysis Report

This report delves into the realm of travel and tourism entrepreneurship, examining essential skills, success factors, and financial aspects. It begins by discussing the core competencies required for entrepreneurs in the hospitality sector, highlighting the importance of risk-taking, sales, financial awareness, interpersonal skills, self-motivation, and innovation. The report then evaluates the personal skills of the author, identifying strengths such as time management, planning, and financial awareness, while also acknowledging areas for improvement like communication and problem-solving. Furthermore, the report analyzes the development of entrepreneurial enterprises, focusing on Hexagon Travel and its founder, Mandy Nickerson, including potential funding sources and success factors. It also assesses the viability of walking tours in Greenwich, including a startup plan. The report concludes by synthesizing the key findings and providing a comprehensive overview of the key concepts in travel and tourism entrepreneurship.

Travel and Tourism
Entrepreneurs

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
(a.) Discussion on essential skills for an entrepreneur...........................................................1
(b.) Evaluation of personal skills for successful entrepreneurship.........................................3
TASK 2............................................................................................................................................5
(a.) Analysis of the development of entrepreneurial enterprise.............................................5
(b.) Evaluating success factors of Hexagon travel.................................................................6
TASK 3............................................................................................................................................8
(a.) Evaluation of finance sources which are available for new enterprises..........................8
(b.) Potential for success of walking tours of Greenwich....................................................10
(c.) Start up plan for Walking Tours....................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Person's who have the ability to perform in the competitive world and take challenges can
be stated as an entrepreneur. These persons are having some extra skills and talent to manage
their activities and to manage peoples to achieve their targets(McCormick, 2011). Travel and
tourism industry is having so much opportunities for an entrepreneur, they can make profits and
revenues by their efforts and management skills. In the present scenario most of the companies
and their owners are trying to be different and to make distinct packages towards their targeted
peoples. An entrepreneur is having a strength to make changes in the over all industry, cause
they are working in the industry which affects on the all the business of this sector. Tourism
industry is having so much risk related to the customer's satisfaction and their trends, so this is
the burden of the owner of a tourism company to manage their risk factor by their analysis of
their customers and their needs(Su and et.al., 2013). Many of characteristics is make them
powerful and strong to compete with customer's expectations and with competitive companies.
In the contemporary conditions females are leading in all sectors and in all over the world, this
report is having focus on three female entrepreneurs, that is, Mandy Nickerson, Julia Feuell and
Jessica Bain. Also, there is focus on characteristics, appraisal of skills and analysis of success
factors of Hexagon Travel. It is travel firm which offer wide range of services in regard to the
travel sector and Mandy Nickerson is the co founder of this travel and tourism company. Tour
packages are also being offered to the customer's.
TASK 1
(a.) Discussion on essential skills for an entrepreneur
Some skills and characteristics are essential to meet the standards of hospitality sector
which helps in improving the customer's satisfaction (Lew, 2014). The entrepreneur of travel
and tour firm has to make their packages in such a way that needs and expectations of customers
can be fulfilled. Some of the skills and characteristics of different female entrepreneurs are stated
as below:
Type of skill Female Entrepreneur
Risk Taking Jessica Bain
Selling products and services Jessica Bain
1

Financial and market
awareness
Jessica Bain
People Person Julia Feuell
Self-Motivated Mandy Nickerson
Innovative Julia Feuell
Risk Taking: This is a factor which boosts the power to implement new innovative ideas
in business and to fulfil the customer’s expectations (West, 2010). Entrepreneur are having a
skills for innovative works and impressive ideas which can decrease the risk factor of failure of
a tour package and tourism company. All the female leaders are taking a risk cause they are new
in this industry and now they are growing in the market. Some entrepreneurs like Jessica Bain
are having this quality by which she started her own tour and travel company named Latin
Routes.
Selling products and services: It is significant for business person to ensure that he or she
is capable to enhance the sales of product and services. By having an improved focus on
communication and negotiation skills the customer perception can be influenced. It is significant
to consider because it allows to make sure that business ideas are designed to increase the
number of sale. It also helpsmake grip on the targeted markets for sustainable development. .
Financial and market awareness: A business can run and grow when their business
owner is having the potential to analyse the market and financial changes (Dawson and et. al.,
2010). Some people are having analytical skills to calculate future possibilities and opportunities.
Jessica Bain has well used this skill in her work to attain the marketing targets in Trailfilders.
People Person: It is necessary for business person to make sure that key communication
skills are being taken into account. It is significant to make sure that recruitment and selection
process is being designed effectively in order to meet goals and objectives. In addition to this, it
can be said that individual must have interpersonal skills so that work activities can be managed
effectively. Along with this, business person is having an authority to recruit peoples in the
organisation and these is an essential quality to choose a right person for selected and required
job profile. Observation and other critical aspects also need to be referred effectively from the
management so that issues can be resolved. Work management and time management are also
2

skills which assist in sustainable development. (Shinde, 2010). New Frontiers is a tour and travel
company founded by the Julia Feuell and they have approximately 20,000 people and it is
showing their grip on this quality.
Self-Motivated: Mandy Nickerson is the managing director of Hexagon Travel Company
and she is highly motivated to have operation within organisation. Every sector is having their
targets and these can be attained by their employees. This industry is having many type of
challenges but the self motivation tool makes an entrepreneur strong and capable to complete
their challenges.
Innovative: New ideas and techniques are always helpful for a firm and thus, the owner
or entrepreneur of the same can put his/her new strategies and ideas to increase productivity of
business (Biggs and et.al., 2012). Julia Feuell has made an online portal for e learning and
training for marketing in tour and travels. Innovation is a key to resolve the issues and problems
regarding to their works and to increase the effectiveness of their tour packages.
(b.) Negative and positive aspects of personal skills for successful entrepreneurship
Successful entrepreneurship is based on characteristics which have to be there in an
entrepreneur. These elements support them to attain their goals and be a strong contender in their
type of market. Every business person have some strengths and weaknesses which put a huge
impact on their business and revenues. It is the most appropriate approach to make a self-analysis
to use their personal characteristics in business and to decrease the impact of their weakness on
their revenues (Lovelock and et.al., 2010). Here are some of the skills for successful
entrepreneurship which I have:
Time management: Every work has to be done on right time when it is needed to be. So,
it is having high importance for successful entrepreneurship. It directly impacts the personal and
professional life of an entrepreneur as both can be managed by proper time management only. It
is necessary to have proper allocation of work so that work can be accomplished in limited time
period and this is a factor which supports to perform every task on time and give relax and avoid
stress. Taking this own my behalf, I can have appropriate allocation of work so that goals and
objectives can be accomplished effectively. Daily basis to do list can also be taken into account
for sustainable development. I am using diary management to set my priorities according to do
work in a day which helps me a lot to done all activities in a day. It is enough to me aligned my
work and set my priorities according to needs.
3

Planning: It is highly a focused factor for meeting future needs. It is significant for me to
have appropriate planning of business activities so that work activities can be accomplished in
desired manner. Along with this, it can be said that planning must be according to key needs and
future changes so that sustainable opportunities can be advanced (Marchant and Mottiar, 2011).
This skill is helping me as a business personas planning helps in attaining the tasks in pre
decided time period as well as in desired manner. It is a part of my life to schedule all of my
work and to be progressive in my work. I have use this skill in my personal and professional life
equally to divide my work and make a balance in my life which can help me to develop
professional life and as well as to enjoy my personal life also.
Financial and market awareness: As I am a business person who is focused towards
activities to gain higher revenues, so, I have to be aware about market and financial conditions of
customers and economy. I am using this skill in my products and services promotion so that
better revenue can be advanced in critical manner. By having assistance of analysis of financial
conditions the better opportunities can be advanced. . A tour package is based on distinct type of
customers which have a difference between their economic conditions (Komppula and Gartner,
2013). It is giving me strength to analyse the customer's expectations and possibilities to go on
tour. All tour packages are based on the financial aspects of targeted customers. It is also
essential to have a brief detail of the market and about competitor’s activities. This skill is
helping me on personal level to know about the types of packages and facilities that have to be
increased in tour packages so as to gain more profits as well as increased customer base.
Communication: This is part in which I have need of a huge development because it is
my need to deal with my clients in a formal where I got failed. Formal communication is hugely
needed for me to communicate with out any kind of hesitation with clients.
Problem solving: It is a much needed thing, I face many problems in a day in my
professional life and it is essential for me to deal better with obstacles which can provide
assurance to get success in my business. I got stuck in problematic scenario which makes me
puzzled to take a right decision, first I took a lot of time to understand the over all scene and to
identify possible options for the problem. So I have to overcome on this also.
Some personal draw backs are here which have to be covered by making personal efforts:
PERSONAL DEVELOPMENT PLAN
4

WEAKNESS HOW WILL I
COVER
THIS?
HELPING
RESOURCES
BY WHEN? SUCCESS
CRITERIA
COMMUNICATION By a training
session from a
professional
adviser who can
help me to
increase
professional
communication.
A person who is
having strong
communication
skills.
20 days When I can
effectively
communicate on
my points with
my personnel.
COMMITMENT A descriptive
knowledge of
my work.
Material related to
management like;
books and articles
based on same.
1 month Satisfaction of
consumers by my
business
activities.
PROBELM
SOLVING
Practical
situations at my
workplace and
views of
successful
business
persons.
Subordinates and
books on
leadership
1 month When I will
resolve my
customer's
problems easily.
TASK 2
(a.) Analysis of the development of entrepreneurial enterprise
Mandy Nickerson is a founder person of Hexagon Travel Company. Some factors of
development of enterprise are here as under:
1. Likely sources of start-up funding: A lot of spending arise when a business is running in
its start-up phase (Biggs, 2011). Most of the persons who want to set their business are
5

using their own property to mortgage to take finance. But a person can use funds from
their family and friends to set up their business. A person can use venture capital from
venture firms. Some venture firms are available in the market to give financial support on
some minimum margins. So, several types of funding are available if their business idea
is effective and positive.
2. The market opportunity: It is a highly necessary thing for a new business as entrepreneur
need to make analysis before starting an enterprise (McGehee and et. al., 2010). Every
market is having some threats as well as opportunities. It is based on the person to find
out needs and opportunities of their target market. As Mandy Nickerson analysed that the
tour and travel market is not having a female leader who can accomplish person's needs
and feel their actual demands. The entrepreneur can make their name in the travel and
tourism industry by their efforts regarding to explore their opportunities and they can
make profits by this.
3. Potential for growth: A company's future based on their activities so it have to be in
appropriate manner and this the responsibility of the entrepreneur to keep modifications
in their work regarding to the needs of the customers and their choices(Ramukumba and
et. al., 2012). Thus, it is needed to measure the market potential in the coming future. A
business person can set his mind and make plans for coming projects in the future.
Growth can be slow as well as fast which has to be judged by the entrepreneur to make
their activities and funds accordingly.
4. The competitive situation: Business is having competition with other competitive firms
and it helps businesses to ensure that objectives are being accomplished effectively
(Morrison and et.al., 2010). Business persons have to be prepared about the upcoming
opportunities and threats like competition. They have to use this in a positive way to
increase their production level and productivity of their services. Taking it into the
Hexagon travel, they are having a lot of competitors which create a issue for the
company. It is because they are offering almost same services to the customers. But they
are taking it in a positive way to make a differentiation in between their services and
packages.
5. The reason why enterprise existing at all: This is a the foundation quaote of any type of
business that why they are in this sector and how they can support to their society.
6

Hexagon travel Ltd is working in this sector to give a full satisfaction of travel as their
customers wants from them(Jaafar and et. al., 2011). the company is having a single
faced point to give relax feel in their tour in the fair price. This line determine a direction
of the business, market, services and prices. The Hexagon is having a single focus growth
with the customer satisfaction.
(b.) Positive and negative factors in the success of Hexagon travel
By having an improved focus on few aspects the business firm can have better
opportunities in the market. Company can have changes in operation according to the success
factors. Some components are there that can lead business of Hexagon Travel Company grow for
a long time. These are explained as below
1. Growth: This is the main element which can take business at higher level. By having
improved focus on the growth the company can gain advantages in the market. It
generate opportunities to make profits. This is the main motive for which a company
works but this is an essential part to convey services as per the growth. The Hexagon is
having a regular growth in their revenues and as well as in their services. They are
focused on their destinations and the company is making research to make them more
interesting and educational. Most of the time company is make their tours which is
having a huge difference from the other companies related to the foods and travel. So by
these innovative experiments they are having a regular growth in their business and
revenues.
2. Competitors: It has been noticed that challenges can be faced by business firm due to
high level of competition. Tourism sector is having a huge market competition which can
be an obstacle in the regular success of the Hexagon travels. Thomas Cook, Virgin Group
and other many more leading companies are also now providing small and very small
facilities to customers so Hexagon is having a tough market competition from these. So
they have to analyse their market effectively which can help to them to find out more
possibilities and opportunities to overcome on market rivalries. Better competitive
aspects are being designed in appropriate manner so that issues can be overcome. By
analysing the situations the positive work culture can be created effectively. It helps the
company to take favourable situation. It can be said that better chance to make changes
also need to be consider for sustainable aspect. Competitors have to be taken as a
7

challenge and entrepreneur has to use his/her new innovative ideas to defeat the existing
competition in market. Due to presence of numerous firms, tour and travel sector is
having intense competition. It also helps in creating a positive work culture so that goals
and objectives can be attained effectively. Hexagon is making competition in the market
and offering sustainable aspect so that goals and objectives can be accomplished
effectively. They are promoting new types of tours packages like technological tours,
eco-tourism, etc. which their competitors are not offering.
3. Opportunities: It is necessary for business firm to make sure that better opportunities can
be created for the business by considering customer needs. Along with this, improvement
in sales is also necessary so that objectives can be accomplished effectively. By having
an improved focus on the opportunities the competitive situations can be promoted. It
also allows to improve the profit margin ratio effectively. This has to be analysed by the
entrepreneur that how they can use the market opportunity to attain success. It makes a
chance to increase their scope and number of customers. Mandy Nickerson is using her
experience to analyse the existing market opportunities and she is using the same to make
the conditions better for them. This behaviour can lead this company for a long time and
they can survive and defeat their competitive companies. It is essential for the company
to find out their opportunities in a faster manners so they have to conduct regular market
analysis which can help to them to find out more scope where they can work. Hexagon is
having a lot of opportunities and they have to work on it. These can be related to the
customers, new markets, new destinations and new type of tourism on which they have to
work. Mostly, they are using opportunities of new destinations and thus, they are working
on finding out new places which can attract their customers and can satisfy them.
4. Trends: These factors are having a regular changes and it have to be adopted by the
company (Thomas and et.al., 2011). Hexagon Travel Company is facing a lot of changes
related to their services, destinations, customer’s choices, foods, packages and type of
tours. These changes have to be adopted by company and by this, they can survive for a
long time. Because these all changes make a direct impact on the customers and a
company can make an attraction by adopting this. They can make differentiation in their
services and increase their level. Mandy Nickerson is having a vision and they are having
8

a skill to analyse customer's demands which is helping them to adopt the latest trends of
market. In most of the segments, they are using the latest trend to satisfy their customers.
5. Exploiting new technologies: Travel industry is totally depended on technology, most of
the part of this industry. Travel companies are using new technologies to attract
customers and promote their new packages and destination in their targeted customer
area(Komppula, 2014). Internet is the latest technological change which can be used by
Hexagon to attract and communicate with customers. In the present world scenario,
company is using website to make their presence in the market. In the first, company has
made their account in social networking sites to make followers and to promote their new
packages and facilities for customers. After this, they make their trade by websites and
online portal. Hexagon travel is using new technologies to make their activities and to
promote and enlarge their field (Hallak, Brown and Lindsay, 2012).
Above given factors are helping Mandy Nickerson to grow the market by which company will
become successful and run for a long time.
TASK 3
(a.) Positive and negative aspects of finance sources which are available for new enterprises
Funds and financial support are to be considered as basic or ground pillars of any of the
business organizations. Capital is the most significant asset of firm and required for carrying out
all types of business operations and activities. Financial support is a significant task and an
essential element in smooth and flawless running of business functionalities (Paget and et.al.,
2010). There are number of financial resources and supports are available for tour and travel
sector among which some are like: -
1. Funds from Ministry of Tourism: The governing bodies or ministry does not provide
financial support to tourism sector but have many types of tourism demand subsidy
schemes and plans which help the small communities and groups to invest in
infrastructure so that tourism industry can sustain in the long run. The MOT provides
discretionary funds for non-commercial facilities to bring an increase in the overseas
tourism and travellers. It is not easy to get benefits from these kind of government
policies for an entrepreneur to start up his business in the tourism sector. A lot paper
9

formalities are needed in this which get puzzled to person so it is a negative aspect of the
government funds and subsidies.
2. Development banks: There are number of banking institutions which provide funding and
financial support to the tourism sector (Kayar and Kozak, 2010). For example: Inter-
American Development is a geo-tourism initiative which provides funding services to the
firms in this sector. There are many other banking institutions that offer financial support
to the sector and also helps in development of projects which are related to travel and
tourism. These kind of banks provides loans and finance facilities to those enterprises or
entrepreneurs which pass their set criteria. These banks are having set criteria to give
loans and financial support so in the first it is very crucial to get the standards which they
want and second thing is that banks are having a long list to provide their financial
benefits.
3. Foundations: There are a number of foundations which provide funding help to the
tourism in the development of the industry (Hjalager, 2010). For instance: Planeterra
Foundation institution is there which helps helps to empower the destinations
communities and also aids to strengthen the wellbeing while making long-term
promotions and taking care of the social responsibility of environment.
4. Government: It is the source of finance which assists in providing the funds so that they
can make a program. Along with this, they are supporting in providing stewardship to the
destination (Croce and Perri, 2010). Sources can be national, state or local funding
programs which include the development of small business, marketing, economic
development, social development and job training. Along with this, it helps in historic
preservation. It assists in the development of minority. They provide appropriate
education to the public. Regulatory bodies help in providing funds so that they can do
improvements or developments of the urban area.
5. Crowd funding: It is that platform which enables the person to travel by that they support
the local tourism. Management of the tourist places have to take fair charges from the
tourists so that they can do developments of places and provide facilities to visitors. By
the same, many tourists will get attracted by which they can earn huge revenues (Butler
and Russell, 2010). They can provide shades and rest areas to visitors by the crowd
10