Travel and Tourism Entrepreneurship: Skills, Strategies, and Analysis

This report delves into the realm of travel and tourism entrepreneurship, exploring the crucial entrepreneurial traits and skills necessary for success in the industry. It begins with a self-appraisal of these qualities, highlighting strengths and areas for development, such as risk-taking and adaptability. The report then analyzes the business development strategies of Mary McKenna, focusing on recruitment, business life cycle management, opportunity recognition, and client relationship management. It examines the entrepreneurial process, from identifying business ideas to securing funding and attracting customers. Furthermore, the report evaluates factors that contribute to the success of an enterprise, including effective promotional strategies and the use of social media for international recognition. Finally, it discusses sources of finance and the importance of a well-crafted business plan for aspiring travel and tourism entrepreneurs.

Travel and Tourism
Entrepreneur

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
A. Required Entrepreneurial traits and Skills for successful travel and tourism entrepreneur. .1
B. Self-appraisal of entrepreneurial traits...................................................................................2
and skills.....................................................................................................................................2
M1 Application of effective approaches to study and research the various................................3
entrepreneurial traits and skills to be successful T&T entrepreneur..........................................3
D1 Evaluation of conclusion on strengths and............................................................................3
weaknesses as well as potential for successful entrepreneur.....................................................3
TASK 2............................................................................................................................................3
A. Evaluation of business development strategies of Mary McKenna......................................3
M2. Identified and applied relevant theories or techniques to analyse
the development strategy of the entrepreneurial enterprise.......................................................5
D2 Evaluation of the factors that would
have led to the success of the enterprise....................................................................................6
TASK 3............................................................................................................................................6
A. Sources of Finance.................................................................................................................6
B. Business Plan..........................................................................................................................6
C.Persuasive Business Plan.........................................................................................................8
D3 Critically evaluation of the success of your proposed business project................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Travel and Tourism Entrepreneur is the one who provides innovative services in this
sector for travellers across the world.
Entrepreneurial Skills are very important in a person for becoming successful entrepreneur.
Travel and tourism is the sector where new business person are emerging with innovative ideas.
It has led to increase revenue generation of the industry by attracting large number of customers
to particular tourist destinations.
This report includes description of entrepreneurial skills which a person should possess
for becoming successful travel and tourism business person. A self-appraisal has been produced
which comprises of several required traits and skills. Apart from this, analysis of business
strategy is conducted for evaluating factors that are considered.
TASK 1
A. Entrepreneurial traits and skills for successful travel and tourism entrepreneur
Some of the entrepreneurial traits and skills which individual possess for conducting
victorious travel and tourism business are discussed below:
Opportunity Recognition- There are many opportunity for maximising tourism of
particular destination. Therefore it is important to seek and identify appropriate chance in order
to achieve desired outcome. As effective commercial trade is completely dependent on right
decisions and grabbing opportunity which can provide many advantages (Becker, 2016). For a
successful entrepreneur it is very essential to analyse all possibilities and to choose the one that
can provide required outcome.
Strategic developer- Strategies are important for developing an action plan for
achievement of long term goals and objectives. A successful entrepreneur has the ability to
formulate several tactics in order to improve commercial activities. Business person is known to
have this tendency for analysing every factor that can impact activities of trade. Effective
strategies provide direction to the completion of every task that ultimate leads to success. Apart
from this, efficacious adaptability is achieved by the business. As there major focus is on
improving several factors of particular tourist destination and it requires an entrepreneur to be
effective strategic developer.
Effective Analyser- Analysing skill of a travel and tourism entrepreneur helps to assess
various aspects which can influence the efficiency and efficacy of commercial activities inovled
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in tourism. There are certain factors that are needed to be analysed in order to formulate a
successful plan that can provide desired output for getting easily established in travel and tourism
industry (Boniface, Cooper and Cooper, 2016). All the future requirements are effectively
assessed in order to assemble every resources for avoiding scarcity or surplus of inventories for
functioning.
Visionary- It is very important for a travel and tourism entrepreneur to have a vision for
making correct direction for achievement of goals and objectives that can imprive sceanrio of
tourism at particulr place. Creative and perceptive business visionaries have the tendency for
twisting distorting reality and eventually introducing the chance through which people see
particular aspect of the market. This is a necessary skill which is needed to make big
breakthroughs that cannot be envisioned by a normal person.
Risk Taking- An travel and tourism entrepreneur needs to be a risk taker. Growth of a
tourism is dependent upon ability of diving into future where everything is uncertain. With
uncertainty there comes many challenges and problems that are needed to be resolved as they
can be threatening for business. A successful business man is always ready for risking time,
money and other resources. For dealing with these risks one has to set appropriate amount of
resources, bandwidth and other necessary plans.
B. Self-appraisal of entrepreneurial traits and skills
Following is the self-appraisal of entrepreneurial traits and skills.
Traits and Skills Already Developed Need to be developed
Goal oriented ✔✓
Self- Confidence ✔
Coping up with failure ✔
Sets own standard ✔
Strategy development ✔
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Commitment ✔
Risk Taking ✔
Far Sightedness ✔
According to self-assessment which is being conducted, there are three skills which are
needed to be developed such as coping up with failure, setting own standards as well as taking
risk.
There are many strength and weakness which is there due to these traits and skills which
are provided below:
STRENGTH WEAKNESS
 Setting realistic goals
 Self-Motivated
 Action Oriented
 Effective Management
 Change management
 Lack of confidence in decision making
M1 Approaches to various entrepreneurial traits and skills to be successful T&T entrepreneur
There are two major skills which must be possessed by every successful travel and
tourism entrepreneur. They must have strong neogtiation ability which is very important as it
creates several disputes which are needed to be tackled effectively for successful
business(Moutinho and Vargas-Sanchez, 2018). Apart from this, conflict resolution is another
essential trait as through this instant solution are provided to any kind of dispute that can affect
business.
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D1 Conclusion on strengths and weaknesses as well as potential for successful entrepreneur
It has been evaluated that following strength and potentials help to attain every goal in an
effective manner. There is a great amount of self-motivation that makes the individual to think
about new concepts and work on them. Action oriented approach has facilitated in developing
several strategies that can be beneficial for commercial trade. Management of resources can be
successfully done. But afraid for changes restricts from being an effective risk taker.
TASK 2
A. Evaluation of business development strategies of Mary McKenna
Business development (BD) is the process that is used to identify, nurture and acquire
new clients and business opportunities to drive growth and profitability.
She has started tour America and possess following business development strategies :
Recruitment of right candidate - It is very essential to follow this concept. As she
knew that complete utilisation of resources can be done when there is requirement of inventories
that must be available on time. Otherwise, it can be harmful for an organisation to maintain its
life.
Focus on Business life- There are three stages which she focused on maintenance of
effective sustenance of business. Mary McKenna handled theses phases in an effective manner-
Scouting- It is considered to be preliminary phase of an organisation. Within this she
identifies various sources for entry in target market. There are several points which were taken
in consideration by assessing all feedbacks related to analysis of market.
Testing- She made several deals for testing all assumptions which were made and all
inputs interpreted by findings of the investigation. This requires skilled employees for making
researches effective.
Scaling- Mary McKenna gather information from every deal that has been decided. With
this she created complete support system for future activities that would be needed to be
performed in the industry.
Grabbing Right Opportunity- While conducting research in market it is very essential
to identify every available possibility that can lead to enhance the business. She had that
potential to identify important chances which were needed to be grabbed in order to achieve
residential success to survive in market. She scanned market for finding fruitful associations that
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are regarded as vital (Xiang, Magnini and Fesenmaier, 2015). As skipping this strategy can
make the business to drain out. Clients who were regarded to be important were focused.
Establishing good relation with potential clients- It is very necessary to maintain
relation with existing customers. She made numerous strategies that can be used for engaging
them in order to grab their attention. There were many tactics which were used such as
conduction of warm calls that helped to assess current situation of organisation. It always
provides the idea whether company is proceeding in right or wrong direction. Also, assessment
of strength, weakness, opportunities and threat is also ensured. Follow up was the major decision
and is most crucial in order to retain or hold present client.
Enhancement of Company Image- She knew that it was very important to build up
effective reputation of the business in order to attract customers. Apart from this, it controls the
image of the company in stakeholders. Branding of an organisation is developed to enhance
corporate reputation of the business (Altin and et.al., 2018). Perception of potential customers
can be influenced which can provide several benefits. Effective promotional strategy was
developed in order to create awareness and to increase brand visibility.
The entrepreneurial process she adoptedwas having following steps :
Grabbing right business Idea – It is very important identify as well as evaluate right
opportunity. It is considered to be the first step for emerging as an entrepreneur. Innovative idea
is very important in order to hold the attention of customer towards new creative service. For
this, it is very necessary to conduct a market research for the industry one is preferring to enter in
order know its demands as well as needs or requirements of customers. Mary McKenna choose
travel and tourism industry to enter with a new concept.
Development of Business plan- This is the next step which includes dividing a plan that
includes every aspect to make the idea successful for practical implementation. A framework is
set up according to which adjustments are made. Whatever the anticipation is made, strategies
are formed to implement over that (Walker and Walker, 2016). She made a plan tho provide
tourism services to customers at affordable price according to travellers needs and wants.
Seeking for Sources of funding- Assessment of several sources is conducted in order to
choose the right one for raising financial amount for the business project plan. It is the most
difficult stage in entrepreneurial process because fund procurement is the most complex aspect.
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Attracting Customers- Promotional strategies are made to increase awareness among
customers in order to increase the sale. It is very necessary to influence potential buyers to buy
the services or product offered by business (Riley, 2014). Goal is acquire consumers at possibly
lowest cost and should make strategies for retaining them in most efficient way.
M2. Theories or techniques to analyse the development strategy of the entrepreneurial enterprise
One of the most important development strategy of Tour America can be increase in
market exposure. For this there are numerous steps which has to be taken in care in order to
accomplish the aim. It is necessary to optimise online presence through social media techniques.
Conduction of research has to be done on online reputation management.
D2 Factors that lead to the success of the enterprise
Effective strategies for promotion has made the enterprise to be more successful as it has
attracted customers that has persuade them to buy their services. This has led to increase their
sales. Due to it, business was expanded successfully in short time interval. Apart from this, social
media techniques were used for getting international recognition.
TASK 3
A. Sources of Finance
There are two types of sources which can be used for raising funds which are internal and
external. Internal Sources are opted when the required amount is less and external is preferred
when investment cost is very high (Lee and Yuan, 2018). Following are sources which can be
used for accumulating financial resources.
Banks- This is considered to be one of the traditional source from where funds can be
raised. There are various financial institution's that provides loan for new business ventures at a
low interest rate (Bruni, Cassia and Magno, 2017). There are various advantages of this source as
one can easily avail the amount and can return back within time enabled by institution.
Venture Capital- It is not necessary for every entrepreneurs. But from starting one must
be aware of venture capitalist seeks for those business that are technologically driven and have
high potential growth. That adopts information technology or communication in their
commercial activtities. They acquire an equity position in the organisation and helps the
business to grow (Cordinan and et.al., 2017). Apart from this, they expect a good amount of
return on their cost which has been invested.
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Government subsidies and grants- Many government agencies enables opportunities
for easy financing to many small business that includes subsidies and grants. There are some
criteria which everyone has to achieve in order to avail this privilege provided by regulated body.
B. Business Plan
Aim- To provide customised packages for travelling according to the need of customers.
Objectives-
 To provide personalised travel packages to leisure travellers
 To assess effective promotional strategies for promoting travel plans
 To increase the sales of services by 3% within 3 months
Market Assessment-
Political- This factor depends upon the political stability of various nations as it
influences the expansion strategy of business in that particular area.
Economical- There are various factors in an economy such as inflation rate, trade
barriers, recession or boom that affects financial stability of the company in that location.
Social- This factors affects the industry as different culture has views or perceptions that
varies. It is very important to consider this factor for preventing the sales of the company form
declining.
Technological- There is a requirement of advice technology for effective operation in a
business. Therefore, this aspect can affect potential of a company to deliver the services.
Legal- Rules and regulations of various areas affects functioning of business. Strict laws
hinder the performance of the company.
Environmental- Infrastructure of company must be established at such place which is
easy accessible by the customers. Easy accessibility leads to win customer preferences.
Business Analysis-
Strength
 Options for customising travelling
packages
 High Affordability
Weakness
 Only Leisure travellers are targeted
 Low cost in process may establish
inappropriate perception of poor quality
Opportunities
 Increasing interest in people for
Threat
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travelling
 Minimisation of strict laws in several
countries for enhancing tourism
 Strong and established Competitors
Persuasive Business Plan
Segmentation- It is done on the basis of psychographic basis as leisure customers seeks for
aspect of affordability in travel and tourism processes..
Targeting- Leisure customers are targeted through effective positioning through
effective promotional strategies. Traditional strategy of advertising that is broadcasting on
television or radio can be conducted and apart from that social media techniques can be used as
the modern strategy which can provide effective recognition on international basis and great base
of foreign customers.
Marketing Mix-
Product- Customised travelling packages can be provided to customers.
Price- It is according to the affordability of the buyer.
Place- Branches will be open up in almost every city
Promotion- It will be done through television and radio broadcasting as well as social
media techniques
Process- Customer can avail service through mobile application or web based program.
Physical Evidence- Offices will be established in order to provide services
People- Employees will be attending every queries and demands of the customer
through chatbots and different section of Customer care that completely focuses on queries,
compliance and grievances of buyers.
D3 Critically evaluation of the success of your proposed business project
This business idea will be providing opportunity to all leisure travellers who cannot
afford high prices travelling packages and might not opt for travelling. Therefore, with
personalised service one can afford travelling as per own choice (Relationships between the
hospitality and the tourism industry, 2013). Apart from this, there is a disadvantage that it would
lead to loose other types of travellers that can provide them a huge amount of profitability.
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CONCLUSION
It has been concluded that for being an entrepreneur in travel and tourism industry there
is a requirement of special skills and traits which makes them successful in their business. Some
of them are, opportunity recognition, strategic developer, effective analyser, visionary, risk
taking. Apart from this, self-assessment of entrepreneurial skills was conducted in which several
traits were analysed belonging to different category of tourism whether these are needed to be
developed or already possessed. Also, business plan was made in which customised travelling
package services will be provided to customers.
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REFERENCES
Books and Journals
Altin, M. and et.al., 2018. Performance measurement and management research in the hospitality
and tourism industry. International Journal of Contemporary Hospitality Management,
(just-accepted). pp.00-00.
Becker, E., 2016. Overbooked: The exploding business of travel and tourism. Simon and
Schuster.
Boniface, B., Cooper, R. and Cooper, C., 2016. Worldwide destinations: The geography of travel
and tourism.
Bruni, A., Cassia, F. and Magno, F., 2017. Marketing performance measurement in hotels, travel
agencies and tour operators: a study of current practices. Current Issues in Tourism.20(4).
pp.339-345.
Cordina, R. and et.al., 2017, September. Performance measurement systems: does market
focused learning and entrepreneurial orientation improve travel agency performance? In
7th Advances in Tourism Marketing (ATMC) Conference.
Lee, K. W. and Yuan, J. J., 2018. Hospitality and Tourism Industry Segments: Toward a New
Taxonomy. e-Review of Tourism Research.14(1/2).
Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI
Tourism Texts. Cabi.
Riley, M., 2014. Human resource management in the hospitality and tourism industry.
Routledge.
Walker, J. R. and Walker, J. T., 2016. Introduction to hospitality management. Prentice Hall.
Xiang, Z., Magnini, V. P. and Fesenmaier, D. R., 2015. Information technology and consumer
behavior in travel and tourism: Insights from travel planning using the internet. Journal of
Retailing and Consumer Services.22. pp.244-249.
Online
Relationships between the hospitality and the tourism industry. 2013. [Online]. Available
through: <https://prezi.com/wyfz2b81xyk7/relationships-between-the-hospitality-and-the-
tourism-indust/>
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