Travel and Tourism Entrepreneurship: Traits, Skills, and Plan

This report delves into the dynamic world of travel and tourism entrepreneurship, examining the essential traits and skills required for success in this competitive industry. It begins by identifying key entrepreneurial characteristics, such as competitiveness, self-starting ability, open-mindedness...Read More

Travel and Tourism
Entrepreneur

Table of Contents
INTRODUCTION...................................................................................................................................3
TASK 1...................................................................................................................................................3
A)The entrepreneurial traits and skills required for successful travel &............................................3
tourism entrepreneur..........................................................................................................................3
B)Format for measurement of Entrepreneur's traits and skills that may help to identify strengths
and weaknesses for development benchmark to be successful-.........................................................5
Task 2......................................................................................................................................................8
A)Travel & tourism entrepreneur.......................................................................................................8
Task3.......................................................................................................................................................9
A) Sources of finance that will support the entrepreneur to execute the proposed project plan-.......9
B)Business plan including market assessment, business analysis and cash flow analysis.................9
C) Persuasive business plan for Travel and tourism start-up...........................................................11
Conclusion.............................................................................................................................................13
References.............................................................................................................................................13

INTRODUCTION
Travel and Tourism industry is the world's largest commercial industry. The industry consists
of providing travel facilities, accommodation, sightseeing and various services to their customers.
Tourism can be of International tourism or domestic tourism. Tourism industry is one of the fastest
growing industry in the current years, as 1.2 billion tourists arrivals in 2012 to 1.5 billion tourists in
2017. Tourism is the short term movement of people to various destinations from their home. Any
person travelling for purposes of recreation, holidays, health, sports, family reasons etc., and staying
at-least 24hours and not more than one year is termed as tourists. Travel and Tourism industry is is
managed by United Nations World Trade Organisation. The report will highlight on entrepreneurial
skills and traits needed to be an successful Travel and tourism entrepreneur and the business plan
needed to start the Tourism Business.
TASK 1
A)The entrepreneurial traits and skills required for successful travel &
tourism entrepreneur
Entrepreneurial traits
 Competitiveness
Entrepreneurs of travel and tourism got succeed by highlighting the track record. As this sector is
facing huge competition. So, for being a successful entrepreneur they need to be in a spirit of
competitiveness(Timothy, 2016).
 Self starter
Every entrepreneur has to follow to get a successful business. An entrepreneur need to start any task
by own. They need to be self motivated and active enough to accomplish any task. They do not wait
for any other person for start task.

 Open minded
Entrepreneurs should have an attribute of open mindedness. For new businesses and enhance skills of
people new and innovative ideas continuously came in mind of entrepreneur. For this they need to be
open enough so that they can stay focused to accomplish goals and objectives.
 Confident
An entrepreneur to attain success always stay confident and focus towards their goals. Travel and
tourism successful entrepreneurs have enough knowledge that they can help their business to grow.
Generally, businesses indulged in conversation with other people for which an entrepreneur need to
be confident.
 Disciplined
A successful entrepreneur is always self disciplined because they need to mange functionality of the
service industry. They inspire others to stay disciplined in premises. The entrepreneur regularly make
innovative steps to accomplish goals.
 Creativity
The main trait that should be in entrepreneur is creativity. By creativity, entrepreneur come forward
and bring new ideas which help their businesses to grow and attain profitability. Successful
entrepreneur is capable enough to solve unrelated problems all alone. Like, customer satisfaction and
workforce turnover solved by payment and reward system(Vellas, 2016).
 Strong work ethic
An Entrepreneur should be first to visit workplace and last to leave. They stay dedicated with their
working and towards business. The entrepreneur keeps an eye on their business so that they can
properly interpret their outcomes with expectations.
Entrepreneurial skills
 Leadership skills
The way to become successful in businesses, entrepreneur have an ability to handle staff members.
For attainment of coordination and discipline an entrepreneur should have quality of leadership. By
this, staff members listen to them and coordinate work accordingly. Leadership skill is helpful for
entrepreneurs of travel and tourism which ensures business to reach towards their goals.
 Communication skills
Apart from leadership skill an entrepreneur should develop strong two way communication skill.
Communication is very essential in entrepreneurship business like travel and tourism because they
need to communicate with customers as they are providing services to them. Also, an entrepreneur
should be a good listener too. By good listening skills an entrepreneur can contribute good and
innovative suggestions for problems of staff members.
 Risk taker

An entrepreneur should not be fearful in taking risk in any market segment. Risk taking is one of the
quality which differentiate entrepreneurs from other businesses. They are ready to make quick
decisions and also aware of all the preventive measures that could be taken for situation under risk.
 Financial management
The travel entrepreneurs have an ability to manage money which is provided by customers. They
should be enough capable to manage it at minimum cost. Consumers get satisfied by great experience
but at efficient cost. This skill of entrepreneur helps them to succeed and their business will grow by
proper management only. Their profitability is depended on efficient management of finance by
entrepreneur(Schänzel and Yeoman, 2015).
B)Format for measurement of Entrepreneur's traits and skills that may help to identify strengths and
weaknesses for development benchmark to be successful-
Traffic lights model is being used to make an observational study on entrepreneurial traits and skills.
Need to work on it. Not totally sure Confident
TIME AND SELF MANAGEMENT (Traits)
Performance of the operations before deadline and ability to organise time for
different tasks.
Timely attending business meetings and appointments.
Preparing timely notes and reminders to attend meetings, seminars and other
business activities.
Finding Optimum solution at the time of difficulty in task.
Making Long term goals and designing short term objective oriented activities
to achieve these goals.
To know the value of time and avoid its wastage while performing the task.
CRITICAL THINKING AND PROBLEM SOLVING (Skills)

Application of alternative methods while solving the problems and considering
everyone's views and ideas.
Using the best optimal solution out of all the available alternatives.
Differentiate the complicated tasks in smaller ones.
Ability to influence team to work more efficiently in critical situation.
Ability to find his own output and contribution in a specific task.
ORAL COMMUNICATION (Traits)
Acceptance of the counter views of subordinates and employees in relation to
his own decision, during a voluntary discussion.
Confidence in placing different opinions and his own views in an important
discussion with company members.
Able to ask counter questions to the people on their expressed views and
thoughts.
Presentation of new concept in a confident manner to the members and
employees.
Good presentation and communication skills.
WRITTEN COMMUNICATION (Skills)
Ability to place the highlighted points from a particular assignment through
structuring meaningful sentences using appropriate symbols to make
communication more easier and effective.
Making notes that include important key points from a presentation.
Appropriate writing style for his own subject.
Avoiding grammatical errors and spelling mistakes while writing an assignment.

Ability to plan and structure the information and data that has to be written.
Using references for the written assignment to avoid plagiarism.
Acquiring a complete information on matter of concern so as to make his own
argument convincing and being considered as valid.
Ability to write business letters and reports in an appropriate format and formal
style of articles.
INFORMATION LITERACY: READING (Traits)
Ability of conducting research through different sources of information, collect
those information and be able to analyse it accordingly.
Correct observation and understanding a required article or information from
data sources, before implementing any further step of solution.
Able to analyse and convert the bulk data into easy informational notes while
completing a particular project assignment.
Ability to identify key aspects of author's argument and applying them to
supporting examples and references.
NUMERACY (Skills)
Able to design a statistical format containing data figures in numbers that
represents the goals and objectives of the business.
Able to study the graphs, tables and charts and understand the information
denoted in it.
By the observational study of above traits and skills being used in the traffic light model, the
strengths and weaknesses of the entrepreneur has been mentioned further-
Strengths.
1. Timely performance of activities.
2. Management of time.

3. Target oriented on goals and objectives of the firm.
4. Believe in team efforts while task completion and consider every team member's opinion.
5. Interpret complex problems into simple ones.
6. Good presentation skills.
7. Appropriate writing skills and ability to structure words and sentences in an assignment.
8. Ability to draft letters and reports based on correct format.
9. Research skills and skills of making an systematic plan from the conducted research of
information and data.
10. Good knowledge on statistical analysis and statistical transformation of data that represents
the goals and objectives and converting them into numerical figures.
Weaknesses.
1. Lack of setting up reminders for important dates of business meetings and tasks.
2. Unable to find out his own contribution to business output.
3. Unable to consider other's opinion if it does not match his own.
4. Unable to cross question his subordinates on their opinions.
5. Lacking himself in finding appropriate methods to help his employees(Gmelch and Kaul,
2018).
Task 2
A)Travel & tourism entrepreneur Mary McKenna a travel entrepreneur owns Tour America. She builds Tour America as one of
the best company of Ireland. She employed 50 people in her company Tour America. Mary
studies the competition at first, that what rivalries are adopting. Then after she launches the
company and become tour operator. She manages to adopt according to feedback of
consumers. Tour America start to make arrangements regarding feedback they get from the
customer. By the implementation of adaptation strategy help Mary to grow her business. The
company able to earn a turnover of 22 million euros for which she was awarded in UK at
women of the year at Every woman awards. This motivation helps the company to grow and
attain popularity as well. Now, The company Tour America is renowned enterprise of
UK(Boniface and et.al., 2016). Mr. Paul Metselaar owns a travel company Ovation Travel Group in UK. The company
provide their clients a great travel experience with saving. The exceptional saving offers the
company towards growth as their consumers feel satisfaction from the services availed by

them. Further, company pursue expansion by launching subsidiaries like Chart-well travel
limited, Commonwealth Travel Advisor's. Initially the company covers only a small market
segment but after launching subsidiaries they increase their market segment to attain growth.
Also, the company maintains liquid cash within business to address in difficult times. These
strategies adopted by Paul makes him a successful entrepreneur.
 Debbie Marshall owns a website of travel advisor's named silver travel advisor. She employed
older people who knows how to deal with customers. This strategy is following by the
company helps them to succeed. They get attraction because they suggest people about
different places in their budget. This is an innovative strategy that is implemented by Debbie
which helps them to grow in new market segment. She analysed the competition then operate
website which helps them to grow in a competitive market. The company is enough flexible
that they can survive in changing phase. They implement every possible feedback received on
website which helps them to understand need of customers and they are attaining growth from
this(Crotti and Misrahi, 2015).
Task3
A) Sources of finance that will support the entrepreneur to execute the proposed project plan-
 Personal Investment and capital- In order to start a new business, entrepreneur must be
ready with his own savings and assets and other securities. He must use his personal
investment initially, this will convey the risk taken by entrepreneur to other investors and
banks. This will show them how committed the entrepreneur is to his business and serve as
financial backbone of the new start-up business.
 Bank loans- Entrepreneur may approach banks and acquire the required amount of finance as
loan for his new business start-up. This can be done by presenting the project file and business
documents to banks and initiating the required amount of capital and finance, from the bank.
 Venture-capital- These is the best source of finance in recent times. Here a person proposes
the idea and can get financed by the venture capitalists- the person who invest money in
different business in return of being a partner in business profits, this process is for short term
period. Here entrepreneur gets easy source of finance to conduct his new business activities
and execute the plan(García and et.al., 2015).
B)Business plan including market assessment, business analysis and cash flow analysis
Market assessment- These trends are being faced by Travel and Tourism industry recently-

 Increase in last minute bookings- According to the 2018 Tourism survey, 39% of participants
prefer to choose last minute bookings and hence this factor is considered as common trend in
the Tourism industry. This makes difficulty for the Tourism industry to plan out the activities
and resources in advance.
 Demand for ecological and educational tours- These types of tour are in great demand in
recent trends of Travel and Tourism industry. This tour refers to visiting a specific destination
and getting a deep knowledge and education regarding that destination. Also Growing concern
regarding the environment and nature, travellers prefer to travel at forest destinations and
pollution free areas.
 Travellers enjoy a local experience- With an growing interests to enjoy destination spots,
travellers are nowadays choosing to become more familiar in the local culture of their
destination place. They want to what locals do, eat what locals eat and hence be part of the
local culture as well(Korstanje, 2018).
Business analysis- The following factors are being analysed in order to understand their impact on
Travel and Tourism industry.
Political factors- The political factors play an important role in existence and growth of Travel and
Tourism industry. Political issues such as terrorism, violence and other criminal activities reduce the
arrival of tourists in a country and accordingly create complications on Travel and Tourism sector
industry.
Economical Factors- Travel and Tourism industry is one of the largest commercial industry in the
world. The industry has been earning great revenue and has a strong economic position. Its
employees are also highly paid revenue as compared to any other industry. Economic factors such as
consumer disposable income and exchange rates of currency have more impact on the functioning
and growth of travel and tourism industry.
Social factors- Social factors such as drug usage, crowd behaviour and criminal activities. These
factors affect the thinking and attitudes of the tourists to visit that particular destination and thus
impact on Tourism sector industry.
Technological factors- Technology plays an important role in efficiency and uniformity of tourism
industry. As industry is completely dependent on technology- which includes activities such as online
ticket booking, hotel booking, flight bookings, reservations and many more activities.
Environmental factors- These factors consists of best use of fuel and oil wastages during travelling.
Also, mentioned in the above trends that people prefer to visit nature oriented and pollution-free
locations. Hence these factors affect the industry.

Legal factors- These factors legal procedures and formalities such as Visa extension, obtaining visa
of several countries etc. All these factors affect Travel and Tourism industry (Knežević Cvelbar and
et.al., 2016).
Cash flow analysis
year 1 Year 2
cash inflow (£)
sales 25000 29000
total cash inflow 25000 29000
Cash outflow(£)
market research 4000 4000
salary 5000 8000
rent 7000 8000
total cash outflow 16000 20000
net profit 8000 9000
Justification-
From considering the above factors it is to be justified that following components are needed
for success of Tourism business-
1) Technological advancement- As been growing trend of digital trend, people have turn up the
habits to use internet in their daily routine. People want the work been done on the tip of their
fingers, so the Tourism industry has to remain advance in automation of its services and come
up with upgraded technology functions to make the work easier for tourists.
2) Innovations- As being discussed above, people choose to be familiar with the culture of their
destination they visit. So the Tourism industries should come up with innovative ideas of
designing packages of tours, that include the complete feeling for the culture of a particular
destination. This can attract more customers turn up to your business.
3) All in one services- Tourism business firms must contain all the components in its package,
that a traveller will require in his journey, this will help the business not only generate more
revenue but also make the package look attractive and satisfying to the customer(Brondoni,
2016).

It is also observed from the cash flow analysis, that the revenue of the industry is increasing in the
upcoming year, resulting to its increase in net profits.
C) Persuasive business plan for Travel and tourism start-up
Executive summary- Start up plan is being designed for the 'Dream Trip Travels' which is Travel
and Tourism industry.
Mission- The mission statement of company is to acquire maximum part of Europe and most of UK.
Vision- Vision of 'Dream Trip Travels' company is to locate its existence in more than 100 countries.
Aim and Objectives- The company aims at reaching 15% of total market share of Tourism sector
industries in UK and rest of Europe by the end of 2020.
Company background- The company functions on software based application that includes whole
of components such as Ticket and hotel bookings, cabs service etc., that is needed for a traveller. The
company is UK based company.
Marketing mix strategies – Marketing mix strategies consists of (4PS)
Product- Product will consists of various travelling packages in its software such as accommodation
facilities and ticket booking services, according to the requirements of people.
Price- 'Dream Trip Travels' will adopt Price skimming strategy in order to earn more revenue
initially.
Promotion- 'Dream Trip Travels' will promote its business by providing different discount vouchers
to people and subscribers on their first travel and also earnings for their referral to new subscribers.
Place- 'Dream Trip Travels' will have its initial presence in UK and its other branches in rest of
Europe as to execute their mission statement.
Situational analysis (SWOT)
Strengths-
1. A distinct feature containing all components related to traveller's requirements.
2. Effective promotional strategy to attract the travellers.
Weaknesses-
1. High prices of packages may create negative impact.
2. Totally dependent on Technology and software.
Opportunities-
1. As being tremendous growth in the tourism sector nowadays, 'Dream Trip Travels' can
achieve its break even point in short time.
2. Opportunities from different markets.
Threats-
1. Competitors.

2. Political and Legal issues.
Segmentation Target Positioning
Segmentation- 'Vacation Diaries' will adopt Demographic segment of market.
Target- 'Vacation Diaries' will target youngsters, Middle aged as well as Old aged group of
population.
Positioning- The company will position its business through its promotional activities and various
advertisement activities that will describe the uniqueness of the company.
Budget-
Basis Amount (in £)
Software development expenses 15000
Infrastructure and premises rent and expenses 10000
Employee's salary and other expenses 8000
Total 33000
Monitoring and controlling
1. Timely Observation of its expenditures and revenues.
2. Monitor the changes and fluctuations in business.
3. Feedback by customers.
Conclusion
From the above study it is noted that what characteristics and skills are needed to be an
successful Travel and tour business entrepreneur, measurement of traits and skills, market assessment
and cash flow analysis of the business will be observed. Lastly the report concludes through
systematic plan for business start-up Travel and Tourism firm.
References
Books and Journals
Timothy, D.J., 2016. Relationships between tourism and international boundaries. In Tourism and
borders(pp. 29-38). Routledge.
Schänzel, H.A. and Yeoman, I., 2015. Trends in family tourism. Journal of Tourism
Futures1(2).pp.141-147.
Vellas, F., 2016. The international marketing of travel and tourism: A strategic approach. Macmillan
International Higher Education.