An Analysis of Entrepreneurial Challenges in Vietnam's Tourism Sector

This report examines the entrepreneurial challenges faced by tour and travel companies, particularly family businesses, in Vietnam. It identifies 15 key challenges, including overly conservative approaches, communication problems, emotional influences, lack of written strategies, and compensation issues. The report emphasizes the need for adapting to changing business environments, embracing technological advancements, and fostering systematic thinking to achieve sustainable growth. It also highlights the importance of training, effective operational control, and addressing issues like tunnel vision and role confusion to ensure long-term success in the competitive tourism sector. The report suggests entrepreneurial approaches and strategies to overcome these hurdles, offering insights into how family businesses can navigate the evolving landscape and maintain a competitive edge.

RUNNING HEAD: Entrepreneurship and new venture creation
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Executive summary
The report is regarding the entrepreneurial challenges faced by the tour and travelling
company in Vietnam. It illustrates the 15 challenges that are faced in a family business. . The
purpose of a family business is to establish effectiveness down the age with a purpose to handle
the policies. Overly Conservative: The business need to get rid of the conservative approach It is
necessary for managing the creative approach and aligning the goals. The business process is
therefore important enough to gain best possible result. It is necessary for managing the most
effective outcome that will ensure productivity. It is most importantly essential for gaining
effectiveness in order to manage the challenges.

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Contents
Introduction......................................................................................................................................2
Vision...............................................................................................................................................3
Growth.............................................................................................................................................4
Control of operations.......................................................................................................................4
Training............................................................................................................................................4
Paternalistic......................................................................................................................................4
Communication problems................................................................................................................5
Systematic thinking.........................................................................................................................5
Emotions..........................................................................................................................................6
Informality.......................................................................................................................................7
Tunnel vision...................................................................................................................................7
Lack of written strategy...................................................................................................................7
Compensation problems for family members..................................................................................8
Role confusion.................................................................................................................................9
Lack of talent...................................................................................................................................9
Conclusion.....................................................................................................................................10
References......................................................................................................................................11

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Introduction
Family business is the one actively owned and managed by the family members. If an individual
own a family business it is probably one of the most difficult part of to manage the different
opinion and to work continuously. It is evident from the point of view of gaining longevity and
gaining adequacy. The coming generation has to take up the challenges and to mend up according
to the existing situation. It is possible in the current situation to maintain a balance that will help
in managing the business situation(Bernardo,2014). It is progressive for a business to look onto for
gaining adequate results and accepting the changes that are taking place in order to gain better
results. The aim of this report is to focus on the challenges in the Tourism sector that a family
business might face looking onto the changing business environment. Further the report focus on
the 15 challenges and addresses them with a entrepreneurial approach. Tourism sector is playing a
major role in contributing to the Vietnam economy. Due to the change in the business style and
pattern it has become evident from the point of developing resources for the organization in order
to manage responsible growth. This is evident for matching up the expectation of people(Carland
and Carland, 2015). The new ways of doing a business are trending creating a long way for the
business the old business generally faces criticism due to their way of doing business. It is
important from the point of gaining effective resources and managing the role for maintaining
accuracy. It is evident for increasing the role and responsibility for maintain effective role. It is
necessary for maintaining a balance and supporting each other. This is necessary for achieving the
organizational goals. The most evident need of current scenario is to adopt the changes and
applying the effective space. It is necessary for maintaining a balance that will allow in gaining
accuracy (Dodgson, Gann and Phillips,2013).
Vision
The family member has a different vision while pursuing their dream. It is further important for
carrying out the business change in order to derive better results. The younger generation is more
focused on establishing a technology friendly environment. This will allow in maintaining a
balance in between the organization and dealing in achieving goals(Drucker,2014).

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Growth
Growth is directly dependent on developing business. It is necessary for arranging capacity and
providing with necessary measures. This is associated with the problem of gaining capital. Capital
in a family business is collected through own sources. In order to maintain a balance it is necessary
to match up with the expectations. This will allow in generating better resource and
growth(Glaeser, Kerr and Kerr, 2015).
Control of operations
The younger generation is largely focused on conducting business with less of outside
interference. In order to control the challenges it is evident to develop the managerial operations
that will help in balancing the control in a family business(Goffee and Scase,2015).
Training
This is important from the point of understanding business. Training of new people in the
business is important in order to approach customers accurately. This strategy is important from
the point of view of gaining accuracy. It is necessary for adopting the results and organizing the
effective purpose. This is important from the point of gaining effective role. These roles are
important for training and development in order to attain goals(Gündoğdu, 2012).
Paternalistic
The business is based on the paternalistic approach. This might hinder the growth while focusing
on real-time goals. . For a family business it is important to gain effective results by assuring that
the business is carried out in order to manage the issues for carrying out the operations. It is
manageable for a business to access the direct business support that has a potential to gain
adequacy. Through an effective business approach it is evident to look forward in order to gain
better results. This process is important enough for managing competency at different
level(Karlsson,2016). It is important for a business organization to develop critical issues. The
purpose of a family business is to establish effectiveness down the age with a purpose to handle the
policies (Kirzner, 2015).

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Communication problems
With the advent of the new technology, communication process has changed with an approach to
align organizational goal. It is necessary for maintaining the organizational goals and applying for
systematic results. It is necessary for managing the family business with a new and fair approach.
This is more or less important to run a business with a creative and innovative approach that will
allow in generating better facilities. It is however important enough to gain an approach that has a
direct focus on making innovative intervention. This approach is important from the point of
meeting the individual expectations in order to manage resources. It is creative from the point of
view of gaining roles and responsibility(Kuratko, 2016).
Systematic thinking
The methodical thinking will allow in managing the business in the best possible way. This will
help in putting forward the best solution. The purpose is to manage the resources for gaining
effectiveness. It is therefore important enough to maintain the regular results. This is evident from
the point of view of generating results and allocating best possible outcome for a family business.
It is effective for undertaking the necessary business growth and generating the possible results.
This will however allow in managing the changes and allocating the best outcome. The business
process is therefore important enough to gain best possible result(Read, Sarasvathy and
Dew,2016). It is necessary for managing the most effective outcome that will ensure productivity.
It is most importantly essential for gaining effectiveness in order to manage the challenges. It is
necessary for managing family business in detail and favouring the productivity. It is important
enough to manage effectiveness in order to generate better result. The new generation has a better
access to the way of doing business. It is most essential for a business to undertake different role in
order to generate a focus(Naudé,2013).
Emotions
The business is carried with lots of emotions. The family business has loads of emotions that have
helped in gaining accuracy. These factors are combined with the organizational value in order to
gain better results. For the purpose of gaining effective role and responsibility it is important to
manage a balance in between the challenges that hold importance in order to gain effective role.

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These roles are important for arranging the balance in order to achieve a balance. This is important
for maintaining necessary balance in order to attain effective roles(Shane and
Venkataraman,2000). It is necessary for achieving accurate results and disallowing the gap that is
been created by the mean of conducting business. In order to manage the changes it is evident to
position the organization at a favourable position that will allow in indicating the organizational
effectiveness. It is necessary for managing the resources and applying the best possible way to gain
effective role. The purpose is to maintain a balance that has to be dealt in order to gain effective
roles. The purpose is clear is to arrange the long elated growth and defining the purpose in order to
maintain the growth. It is necessary for maintaining the gap and securing the result in a family
business(Neubauer and Lank,2016). The main role regarding carrying a business resides with the
younger generation. It is important from the point of view of gaining supportive role and arranging
the most beneficial effective service. These factors are important for gaining long term
organizational results. It is necessary for maintaining a long term factors that is necessary for
organizing the factors in providing the services. It is subjective from the point of view of gaining
adequate results(Ward, 2016).
Informality
The purpose is to sync the balance and allocating the most essential requirements. The overall
requirement is to match up the expectations in order to attain goals. It is therefore necessary for
matching up the expectations of individual which is directly related to managing the wider
responsibility. It is necessary for maintaining the gap and allocating the most essential ways to
gather information. It is necessary for understanding the roles and responsibility in order to gain
accuracy and defining the actual market position (Gilding, Gregory and Cosson, 2015).
Tunnel vision
It is evident to match up with the customer expectations. This not only helps in creating better
results and matching up the expectations. There are long appealing challenges that are visible in
the tourism sector. Social media and technology has become the new way of doing business. It is
necessary for allocating the resources for the point of view of gaining effective role. The changes
taking place in the business environment are very well supported by the younger generation. This

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not only allows in adding value to the company but allow in putting extra efforts. This is necessary
for gaining better results in order to organize factors that are important in minimizing the excess
cost.
Lack of written strategy
The challenge is to meet the responsibility and develop certain roles. This is important to manage
the changes that are most important for gaining high-end accuracy. The primary focus is to
maintain coordination and gaining roles in term of gaining effectiveness. It is necessary for
managing the resources in order to gain effective purpose. This is more or less necessary while
bridging the gap in between the generations. The only strategy is to maintain a necessary balance
in order to meet the goals. The purpose is to maintain the gap and allocating the resources and
establishing the necessary program. It is therefore necessary for matching the gap and coordinating
the results for arranging business functions. It is necessary for understanding the tourism sector. In
the recent time the changing business pattern has helped in synchronizing the necessary roles and
responsibility.
Compensation problems for family members
The problem is related to the payment of remuneration. It is evident from the point of paying
them as per their calibre. In order to generate effective roles it is important for the tourism industry
to gain better outcome. It is effective from the point of view of gaining better result. It is necessary
for managing different role that are evident for matching expectation of new generation. It is
mostly important for the business for marking a better outcome. In order to match up with the
expiations it is necessary for arranging organizational results and applying the possible tools.
These tools are important enough for arranging effectiveness and establishing the role for focusing
on attaining a better market position. The changes in market growth and opportunity for accessing
result. It is helpful in managing the best possible result in order to manage the effectiveness. It is
more or less possible for arranging organizational needs in order to match up with the
expectations. Travel and tourism industry is one of the most growing industries. With such a
wider market option and changing marketing options it is possible to manage the growth. It is

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possible for maintaining a balance and approaching the most effective way. This is most necessary
in the case of generating better results for assessing result.
Role confusion
In order to manage the changes it is important to generate productive results for the family
business. It is however evident for the business to achieve a business policy that can help in
matching up with the expectations. This process is evident from the point of view of effective
result. It is necessary for maintaining different aspects that are gearing up with different
opportunities. This is necessary for possessing the family resources and setting up the
organizational resources. It is matching up with the customer’s expectation and allowing different
approach.
Lack of talent
Tourism business has lot of potential in Vietnam. From the point of view of growth and
development of family business it is necessary to focus upon the different aspects that will allocate
resources in better way. In previous time the possible way to achieve market opportunities is
through advertising technique.
Exit strategy
There is no proper exit strategy in a family business. The family member who does not wish to
join the family business can leave it. It is evident from the point of view of expanding the business
opportunity. In order to gain growth it is necessary for managing the best opportunity. It is related
to expanding better roles that has aim to deliver result. The purpose is for generating better
outcome in order to gain better outcome.
Conclusion
To conclude, It is hence necessary for a business organization to deploy effective resources that
can be managed in order to balance the needs. The overall purpose is to create a balance and
synchronizing growth. It is important for gaining effective roles and applying the knowledge in a
correct way. This will however allow in meeting the correct way that will certainly allow in

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balancing the organizational responsibility. It is evident from the point of view of gaining
effectiveness. It is therefore necessary for the business organization in order to maintain a
necessary balance. It is therefore necessary for managing the effective roles in order to balance
accuracy.

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