Entrepreneurship Project: Wanderer Business Plan for Germany Tourism

This document presents a comprehensive business plan for Wanderer, an entrepreneurial venture in the German tourism and events sector. The plan focuses on developing a mobile application and website to enhance customer services and increase profitability. It includes an executive summary, introduction, and detailed sections on the business's purpose, product/service offerings, market analysis (including STP and Porter's Five Forces), sales and marketing strategies, organizational and management plans, operational details, financial feasibility, risk assessment, and work breakdown structure. The plan emphasizes online booking, accommodation, transportation, and information services, targeting both local German residents and international tourists. The project assesses market competition, identifies strengths and weaknesses, and outlines strategies for achieving business goals and objectives. The plan also includes financial projections and a timeline, providing a complete overview of the venture's potential.

Entrepreneurship Tourism
and Events

EXECUTIVE SUMMARY
The development of mobile application and official website is being done in order to
increase the profits of the organisation as well to improve the services for the betterment of their
customers. The assignment will make its focus on the development of Business Plan with the
help of which the feasibility of the plan will be checked as such the financial feasibility and on
many more related concepts. It is done in order to make sure about successful accomplishment of
goals and objectives of the organisation. The benefit of this plan will help Wanderer to make
increment in their goals and objectives to also to make sure about successful expansion of the
business at global level.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
The business and purpose................................................................................................................1
Product or service............................................................................................................................3
Reach................................................................................................................................................4
Markets & competitors....................................................................................................................4
Sales and Marketing Plan.................................................................................................................8
Organisational Strategies...............................................................................................................10
Management plan:..........................................................................................................................10
Operations Plan..............................................................................................................................11
Financial feasibility and plan.........................................................................................................13
Time scale, risks and key issues....................................................................................................15
Work Breakdown Structure...........................................................................................................17
Risks...............................................................................................................................................18
CONCLUSION .............................................................................................................................19
REFERENCES .............................................................................................................................20

INTRODUCTION
Entrepreneurship can be defined as a process that helps an individual in meeting all the
requirements of target customers and on behalf of that entrepreneur charge a certain amount for
the particular product or a service which has been served. In other words, activity of setting up a
business or businesses, taking on financial risks in the hope of profit stated procedure of
entrepreneurship. In present time, travel and tourism business is carrying a dynamic nature,
which helps ample number of individuals to come up with various unique and creative vision-
based ideas to conduct the business and to earn profit in a huge amount. In the same way, unique
and creative idea which has been carried in this feasible report is to develop a professional
website for targeted clients in Germany. Report is going to be enclosed with a feasible plan
entrepreneur who is looking forward to start up a new business within the travel and tourism
industry with the help of e-commerce approach considering both application and official website
for the users.
The business and purpose
A business plan, is said to be one of a crucial element that can make or break the idea and
vision of an entrepreneur who is looking forward to do start-up. Entrepreneur has basically
decided to start a new business, present travel and tourism business named as Wanderer. This
application and official website is carrying all the information in regards to different sites of
Germany, transportation information and it also offers its clients with both food and
accommodation as well (Ateljevic and Page, 2017). Along with this, Wanderer is going to tie
up with ample number of hotels and restaurants where Wanderer will be offering clients with
services at their home as well. This could be understood example where executive of this
organisation will be offering customers with local products and considered travelling packages
locals of Germany that are looking forward to to visit excited and exotic places there are full of
adventure and peace. On the other hand, company is going to carry 5 employees that are
experienced from which 4 will be permanent and temporary.
Purpose of this study is to identify best approach for entrepreneur, in order to pull out
favourable outcomes and to carry forward the best policy i.e. to Run the in today’s dynamic
business environment. On the other hand, with the help of this study readers will get to know

about the possible alterations that can be made in order to gain competitive advantages in a short
span.
2

Product or service
Wanderer is a start up business in travel and tourism sector. It provides the services to
consumers on its website or application related with the various attraction places of Germany,
about its transportation facilities, accommodation and food facilities (Brouder and Eriksson,
2013.). These all the information will be updated on its website so that consumers can not face
any kind of issue in travelling. With the help of this, tourists can check about the destination
places which are more attractive. In Germany, there are different attraction places such as
Cologne Cathedral, The Black Forest, The Ultimate Fairytale Castle, Miniatur Wunderland and
the Historic Port of Hamburg etc. It will offer its services to local people of Germany which are
looking for visit.
Determine the strengths and weaknesses of company are most necessary because it helps
in analyse the positive side of the business and the negative sides (Carlisle, Kunc, Jones and
Tiffin, 2013)
Chen, J.S. and Prebensen, N.K. eds., 2017. N). Through identifying the weaknesses, company
can focus to overcome from them in a better manner. Strengths and Weaknesses of services
which are provided through Wanderer mention below:
Strengths Weaknesses
 Wanderer is pioneer is providing
travel guides, accommodation, food
services and details about different
destination places.
 It will provide the security of
facilitating the payments.
 The major strength that possess by
them they are capable to bring new
strategies and tactics in the
marketplace as they invest lot of time
and resources in research and
development in proper manner.
 The main weakness of this company is
that it does not have large number of
employees.
 Theft of the email address from data
base develop insecurity between
consumers.
 High competition in travel and tourism
sector.
 As due to the recession in the economy
hinders their self interest in given their
one of best efforts to enlarge business
opportunities in positive manner. As
they sometimes not ready to pay
3

attention on unexpected events.
In developing the new services, Wanderer have the different resources such as
technological, financial resources and human resources. These all are helpful in conducting the
activities and operations in a better manner. The technological resources are helpful in updating
the websites, developing new features etc. Through financial resources, firm can buy new
technology, appoint employees and conduct the different business activities. Human resource
plays a necessary role in hiring the candidates for specific job roles. Through this, they can able
to give its contribution in performing the business activities and enhance business at large scale.
Reach
The mobile application which have been proposed by the organisation will be available to
the customers from play store and google app store with the help of which they will be able to
download the mobile application. Along with this, the regular updates which are to be made in
the application will also be provided to customers. This application will help customers to make
use of different services provided by the company such as online booking, enquiries, tour
destinations and on many more related concepts for the easiness of customers. The official
website of the company has also been developed so that not only people in the country could
avail but also to make the involvement of people who want to make use of services of the
company outside the country as well. It also provide option to the customers to make their tours
across different countries and to put their problems and feedbacks in front of us so that the
needed improvements to be made in the services could be put in front of customers as early as
possible.
Markets & competitors
Market is regular gathering of the people for buy as well as sale of the provisions and
some other commodities (Chen and Prebensen, 2017.). It is a area under which the commercial
dealing are to be conducted. The tour and travel industry of Germany is bigger and there are
several reasons to visit. From all over world, business people are attracted at the top destinations
of Germany for purpose of international trade fairs. Developing number of the tourists have since
long become most necessary economic factor. As Wanderer is a new organisation and it will
provide its services to people of Germany. Its main focus is on provide the high quality of
4

services to people by providing them better information related to the various attraction places,
accommodation facilities, transportation, foods and many others. By getting all information,
people can select the better destination places and can easy travel through taking the
transportation facilities.
In context to market, STP of Wanderer given below:
Segmentation- It determines how an organisation divide its consumers in to small groups
on the basis of their characterises for an instance income, behaviour, age and personality traits. In
context to Wanderer, market will be segmented on the basis of travellers which are looking for
online bookings.
Targeting- It is a strategy that break the large market in to the small segments in order to
concentrate on particular groups of consumers within audience (Dredge and Gyimóthy, 2017).
It includes breaking of market in to the segments and after then concentrating marketing efforts
in few segments including consumers whose desires and requirements which must close with the
services or products which are offerings. In market, target customers of Wanderer will be
Millennials and the business class people which travel for their specific purpose. The Millennials
travel for adventures and they like to explore the new places or things.
Positioning- It is marketing term that outline what the business should do to the market
its services or products to consumers. Marketing department develops image for goods which are
based on the intended audience. Wanderer positioned as trusted online booking potal and
travelling consultant.
In travel and tourism sector, competition is quite high. It is necessary for Wanderer to
conduct an investigation before conducting the business. There are many different competitors of
Wanderer which provides its services over an internet through using its applications and
websites. The main competitors of this company are Airbnb, TripAdvisor. These all
organisations provide its services through using websites and applications.
To analyse the competition of business, Porters five forces is one of the effective tool. It
determines as well as analyse the different competitive forces which can shape every sector and
helpful in identify the strengths and weaknesses of an industry. The Porter's Five Forces of
Wanderer mention below:
The threat of substitutions- Substitutes fulfil same need using various technology. In
this, threat of the substitutes is high low because Wanderer comes up with the new and unique
5

idea (Elena and Tatiana, 2015.). It provides the details and information about the all the facilities
related to tourism for an instance accommodation, food, transportation, attractive destination
places etc. Through using one website and application, people can get information about all these
things in a better way. In travel and tourism industry, there is generally more possibilities tp
initiate a new business as well as progress effectively. In this the firm appear in whole ranges of
price with variations within services level. In this, the regular challenges will always to acquire
more consumers to select their services over rivals.
Bargaining power of consumers- In this, bargaining power of consumers is high because
there are many different organisations which provide online services. The consumers are more
demanding and they want to purchase better offerings which are available through paying less
cost. The rivalry among the competitors enhances the bargaining power of consumer which
sometimes create the negative effects on the organisational benefits. As business people seek the
best prices for the best level of experiences and tendency to reduce the price level to gain
competitive advantages in positive manner.
Bargaining power of buyers:
In a business consumers are very much important, majorly in the travel and tourism
industry majorly are the savvy consumers in nature and businesses are at par that have the ability
to change (Hjalager and Johansen, 2013). In context of Wanderer they bring the online services
in the market that helps to consumers to avail services with the help of online source and conduct
survey about the best firm that provides online services to their consumers that ultimately helps
them to remain always competitive in the marketplace. The tourist are the major consumers of
the travel and tourism business and in context of Wanderer with the help of technological
advancement such as by internet they can access to large no. of consumers that have potential
impact on their business proceedings in positive manner. In travel and tourism business due to
the advent of the bargaining power of consumers they find out the various kinds of internet sights
that give them proper knowledge and information about emerging services that are must for their
business to remain always competitive in the marketplace. So bargaining power of the business
is high in that sector that they have large no. of options to get one of best opportunities in
positive manner. The tourist who majorly opting the tourism and hospitality industry are more
capable in making technological advancement in the means of communication as it enhances the
interpreter to increase their bargaining power that crating the fulfilment of organisational goals
6

and objectives. As bargaining power of consumers rises day by day they are finding out the
internet business websites to optimise one of best opportunities in global business environment.
The rivalry among existing competitors:
The rivalry among in the competitors are very much fierce in the travel and tourism
business that affect the business of wanderer to give all kinds of necessary information such as
about hotel line, food and beverages and adventure then the online sites are one of best option to
enlarge businesses in positive manner they provide all necessary knowledge and information to
them so that they can choose one of best services in from various competitors (Holden and
Fennell, 2012.). So it is very much potential for an organisation to build products and services in
best manner. The rivalry among the rivals within travel and tourism industry is fierce. When
potential clients know about this business, the internet minimises the difference among the rivals.
The business men tend to seek the effective prices for best experiences as well as tendency is to
minimise the cost to a competitive level. This sector covers the huge areas so that market is
broaden that enhances the number of rivals. Such as if any open who want to spend their time in
historic sites can easily select a tourist company in that particular city whose prices or amenities
are low.
Barriers to enter:
The initial level of entry is work as an barrier in that industry that hamper the self interest
of the industry in giving their best. With the help of sufficient level of communication channel
helps them to deliver right kind of knowledge and information at right place at right time to
remain always competitive in the marketplace. So in context of Wanderer they investing in an
innovative and by accessing the emerging needs and wants of consumers enter into the market so
that they can reach at large no. of people in positive manner. As in travel and tourism industry
the initial barriers develops a barriers to entry but particular barriers to enter into tourism market
are minimised through internet. Moreover, the barriers to entry within travel and tourism sector
is differentiation. Herein, company can effectively differentiate themselves through their
services, location, amenities and many more which have greater potential to grab the attention of
more customers.
So, whole company within travel and tourism industry can benefit from the porter's five
forces model as due to the application of this they can generate more value within the value
chain, the sector is dominated through some large firms.
7

Sales and Marketing Plan
This is being considered as one of the crucial phase, for a company as it aid in promoting
products and services along with the name of firm in all over the world. A detailed, sales and
marketing plan is presented underneath:
Executive Summary :
Present document has showed that, an entrepreneur has developed an idea of opening a
whole new travel and tourism business organisation named as Wanderer. As a long term
sustaining goal of this company, marketing department has decided to consider social media as
one of the crucial marketing strategy for Wanderer as, it consists with ample number of benefits
like, organisation can target high number of customers in all over the world and so on.
Sales & Marketing Objectives :
Without developing the objectives, a business could not effectively main sales and
marketing objective of Wanderer is “To become a leading service provider in European Union
(EU) through enhancing sales by 10% every quarter.
Market Analysis :
In order to analyse the business market, Wanderer is going to perform the Pestle
Analysis, as this will aid in taking right decisions as per the situation that economic conditions of
Germany has in present time.
PESTLE Analysis :
Political : Brexit has carried high range of impact upon all the business organisations that
were dealing in countries of EU and in UK. This has given ample number of opportunities for
entrepreneurs who are looking forward to start their business. As UK one of the most popular
destination for the foreign direct investment and many business tycoons invest in variety of the
industries in the market of UK that helps to enhance the level of tourist in the country which
enhance the ratio of profitability for the organisation in gaining potential outcomes.
Economical :Changing customer's needs and preferences are providing many
opportunities to people. Like nowadays people especially youngsters are focussing on travelling
and recreational activities. For a company like wanderer this has widened scope of services they
are providing at affordable prices to its customer's. As UK is the fifth largest economy in the
whole world by nominal GDP but the recession in the year 2018 put the economy in trouble and
government took necessary steps to bring improvement in their economy. As sometimes the rate
8

of Pound decreases then by importing goods from the supplier and chain of other activities
influence their contribution in positive manner.
Social :Social environment can be understood in a way that company must be involved in
providing benefits to society as a whole .No product or service can directly or indirectly affect
society in a negative way. Like for example green washing act, in cosmetic industry
advertisements are focus on before and after effects. Which mostly show complete
transformations but practically this is not possible and this conveys misconceptions in people's
mind. In the market of UK as population suffer form various kinds of unexpected events that
hinders their self interest in purchasing products and services in proper manner.
Technological :Technological developments also help in growth and development of
business as a whole. As more such developments widens the area of operations of business. For
example with increase in usage of e commerce company can search for their prospective
customers through online sources. This will save time and cost of company as they will market
themselves only to required target market. Technological factor is one of the important sector as
it contribute in UK economy by applying various tactics and strategies to remain always
competitive in the marketplace.
Legal: There are many different types of laws in a country which must be taken care by
company. Every country has a different types of legal policies which are made by government.
Consumer law, laws for employees etc. these all must be adhered by all companies.
Environmental: factors of environment also have a bearing on company's growth and
productivity. Radiations from networks used by its customers are also harming environment. So
wanderer as a company must make tie ups with those companies whose radiations emittance is
comparatively low. Every organisation is surviving in external environment. Hence, it is very
important to protect and preserve it for long term growth and survival of business. As UK faces
some kind of challenges that the weather changes in rapidly that affects the business of
respective organisation in adverse manner to put one of best efforts in enhancement of their
market share.
Target Market : It has been analysed that, there are ample number of target sections that
can be undertaken by a business company like Wanderer, in order to sell developed local and
international packages in all over the world. Basically, targeting a product to a particular age
group or generational cohort is a way to concentrate company's marketing efforts and generate
9

product interest within that particular group. According to "Entrepreneur," extensive research is
necessary for age or generational marketing to determine the status and living situations of
consumers in potential target group.
Marketing Strategies : The management of Wanderer tourist company has adopted social
media as it's marketing strategy for promotion of their services like holiday packages among
different regions of Germany and it also helps the management in garbing the youth customer
from overall Germany. Presently, the youth, the age between 22-40 are actively participating on
social media, so the management can easily trap them by using social media marketing. Now a
days, the social medial is at boom and it is playing a vital role in each and every business
organization, which helps them in marketing and promotion of goods & services and for
business. The social media is a innovative tool that helps in attracting the customers.
Organisational Strategies
The business plan has not only been developed in order to end it here. But there are also
some other organisational strategies that have been made in order to make sure about future
development in the work and benefits could be made availed to both customers as well to the
company also. So some of the organisational strategies are provided as under:
Increase in Tour Destinations: It is also an important part of the organisational strategies as
with the help of this it will be possible to make an increment in the services of the company and
benefit will be provided to customers.
Training and Development: Continuous training and development programs could be provided
to employees with the motive of increasing their skills and knowledge so that they could
contribute towards the growth and development of the organisation.
Management plan:
To build the management plan that is very much necessary for an business before enlarge
business opportunities in positive manner with the help of some important that are as follows:
Description of an organisation:
The organisation is majorly a travel and tourism organisation that enlarge business
opportunities with the help of online market so that they can reach at large no. of consumers to
remain always competitive in market. So for an organisation it is very much obligatory to
prepare the management plan so that they can design each and every important attribute.
10

Services:
The major services that provided by Wanderer that it is one of travel and tourism operator
and give best of services under one roof such as accommodation, food and beverages and
adventure to get desirable objectives (Marques and Cunha, 2013). In order to they are one of
important service provider in the field of travel and tourism industry to remain always
competitive.
Market strategy and analysis:
Before bring new product and services into the marketplace it is very much necessary to
build strategies and tactics that helps to accord with them. In context of Wanderer they with th4e
help of Porter's five force model, operational plan with the help of management plan coordinate
each and every attribute properly.
Financial plan:
Financial planning and its projection is one of important aspect for an business to plan
and implement in positive manner (Moscardo, 2014.). To come out with a new project which is
Wanderer that bring its services online for that they have to prepare the cost analysis and balance
sheet so that gaps should be eliminated in positive manner. As this financial plan is based on the
basis of future after conducting the research on the market in future and their strategies to remain
always competitive in the marketplace by put one of best efforts to enlarge business
opportunities.
So after all these necessary attributes it is very much potential for an organisation to
determine each and every important attribute such as consumers taste and preferences and
required money to forecast and relate with the project to get important insights and knowledge to
get optimum outputs.
Operations Plan
Operational program consisted the functioning of the business and many factors consist
in it that helps to business in taking important decisions. In that regards the major inventory and
the suppliers regarding products and services should be included in it. The major inventory
portion of the wanderer that they provide wide range of services under one roof and give orders
as per the consumers needs and demand to remain always competitive in marketplace. In that
regards it is very much potential to plan and accord with changes that occurs in the environment
of business to get desirable goals and objectives. In operational plan consist of the requirements
11

of the licensing so that any one can not steal or copy the products and services of the Wanderer
and they can remain always competitive in the marketplace (Mosedale, 2016.). Their location to
serve the people is major locations in the city of Germany and also the online websites on which
they can reach at large no. of consumers in positive manner to get potential outcomes. In
operational plan the requirements of the special kind of insurance should be measured so that
rights of the organisation should be protected in proper manner. In context of Wanderer they not
require any kind of licence to save their products and services to get optimum outputs. In that the
planning regarding the employees should be coordinated so that potential employees should be
hired by organisation and they can give their best in organisational development and
enhancement to get optimum outputs. So in context of Wanderer before the launch of the new
services in the market they select one of best and competitive staff members so that they can
contribute one of best efforts in positive manner.
Supply chain:
That is one of most important part of the operational plan in which the major suppliers of
the product and services with the terms and conditions that they have to follow while producing
the products and services. In that regards it is very much potential to plan and accord with
necessary changes that occurs. In context of Wanderer they use the large supply chain in which
products passes through a long chain and reach at last.
Quality control:
Quality control is one of major attribute that helps to build products and services which is
important for an organisation by adopting various measures such as ISO 9000 that helps to
accomplish goals and objectives in positive manner.
In operational plan the cost, material and level of inventory with the cost consisted with it
(Ngoasong and Kimbu, 2016). In order to the operational plan is very much important to know
each and every minor information about the new project to accord with the time and money so
that important kind of results should be occurred to remain always competent in the market. In
that regards organisation have to with help of break even analysis, sensitivity analysis and cost
analysis give proper knowledge that project proved beneficial for them and they are able to take
important decision regarding it.
12

Financial feasibility and plan
Income statement: It is company's core financial statement that shows profit or loss for
specific period of time. It contains all revenues and expenses form operating and non-operating
activities of business processes. It provides current performance which is used by investors to
evaluate value of company as it indicates profits. They aimed to enlarge business opportunities
by introducing new products and services into the marketplace. They enlarge business
opportunities by understand the competitors strategies and tactics so it is the income statement in
proper manner.
Income Statement
Particulars 2018 2019
Revenue
Total revenue 1069820 1062200
Cost of revenue 674560 662930
Gross profit 395260 399270
Operating expenses
Selling general and
administrative 332470 334860
Others 4950 6320
Net profit 57840 58090
Interpretation: From the above income statement of Wanderer, it can be depicted that
gross profits after deducting total and cost of revenue for 2019 will be more than first year, 2018
which represents that cost of revenue will be less in 2019 although total revenue will be less
from first year. This shows that efficiency of resources employed to generate services will be
higher in second year. Net profits will have slight increment by £250 due to rise in selling and
other expenses, from this it can be interpreted that indirect expenses are expensive in 2019 as
compared to first year.
Balance Sheet: It is financial statement of company that reports assets and liabilities and
provide basis to calculate rate of return and evaluation of capital structure. It shows summary of
13

company which displays what it owns and what other owns from business. It is used with income
statement and cash flows to conduct analysis of financial ratios.
Balance Sheet
Particulars 2018 2019
Current assets
Cash and cash equivalents 20770 46860
Net receivables 14480 13780
Inventory 78100 75850
Other current assets 1090 16770
Total current assets 114440 153260
Long-term investments 4360 5150
Property plant and
equipment 439390 483780
Goodwill 7740 7840
Intangible assets 52180 63060
Other assets 119560 97090
Total assets 737670 810180
Current liabilities
Accounts payable 87290 96750
Short/current debt 12530 51760
Other current liabilities 22260 22430
Total current liabilities 122080 170940
Long-term debt 162290 166340
Other liabilities 109940 106240
Minority interest -250 -590
Total liabilities 394060 442930
Stockholders' equity
Common stock 40620 40620
Retained earnings 656040 661760
Treasury stock -442630 -428390
Capital surplus 41640 41640
14

Other stockholder equity -442630 -428390
Total stockholder equity 295670 315630
Net tangible assets 811810 929500
Interpretation: From above balance sheet of Wanderer total assets will be more in 2019
as compared to first year due to increase in currents and other assets of company. Cash in hand
will be increased in 2019 along with inventory, investments, Property, and Goodwill of
company. This shows that business will gain competitive advantage in sector and productivity is
increasing.
Besides this, current liabilities like accounts payable and short debts are also increasing which is
negative indication for Wanderer that is should control debts and creditors. Retained earnings are
showing positive signs with increase and there is overall increase in net assets in 2019.
Sensitivity Analysis: This analysis is used to determine different values of independent
variables which affects dependent variables under given assumptions. This model is also refer as
what-if analysis that helps in making estimation about share prices, interest rates using past and
valid data.
Sensitivity Analysis
If sales increased by 5% per annum, the profit
would increase 2% per annum
Year Particular Amount
2019 1062200 399270
2020 1115310 407255
2021 1171076 415401
2022 1229629 423709
2023 1291111 432183
2024 1355666 440826
2025 1423450 449643
2026 1494622 458636
Time scale, risks and key issues
Gantt Chart
15

It is the bar chart which is used in project management. This was developed by Henry
Gantt in 1917 that shows dependency relationship among current schedule status and activities.
This is the most useful tool which shows activities against time (Pernecky and Lück, 2013). The
list of activities and time scale is shown in this chart which is presented through bar diagram.
This chart is used in tracking project schedules. It is represented through horizontal and vertical
axis of project work. Wanderer has to prepare Gantt chart for their project work so that they can
complete it in given time period. With this they can know about different activities to be carried
out in proper manner.
16

17

Work Breakdown Structure
It is defined as dividing complex work into manageable and simple tasks. This is key
project deliverable which organise work of team into manageable sections. WBS is regarded as
deliverable oriented hierarchical decomposition of work which has to be executed by project
team. The top level management has to final deliverable project and which should not exceed 10
days of duration. It also helps in estimation of time, risk and cost of project work. It assist in
assigning responsibilities to project team members. Wanderer has to prepare WBS for their
project work in order to complete given task in stipulated time period. The work is divided
among all employees working in respective organisation for proper management.
18

Risks
There are various types of risks which are faced by respective organisation while coming
into online business (Ratten and Ferreira, 2016..). As it was dealing in traditional approach but
with change in time, it has come up with modern or online business which leads to faced
different risk in terms of following:
19

Financial Risk- It is defined as risk which involves financial loss to firms. This usually
occurs due to instability and movements in interest rates and others. Wanderer has to face
financial risk because of change in prices of packages of holidays. As it is coming into online
business so various risk has to be beard by respective firms.
Legal Risk- There are various legal regulation which will disrupt business and its
activities. In case of travel and tourism sector, it is very important to follow proper rules and
regulations in order to run business in effective and efficient manner. Wanderer has adopted
online business where there is high chances of legal risk in terms of regulations, policies and
strategies.
Apart from these above, the other risks which can be faced by organisation are
competitive risk, economic, operational, reputation, project and others. These risks are faced by
each and every organisation while running their business in market.
Key Issues
There are different key issues which are faced by respective organisation while adopting
online business. The major key issues are as follows:
Policies and Standards- In order to implement online business, there are various policies
and standards which has to be followed by respective organisation (Robertson and Wardrop,
2012.). In case of failure to adopt it can leads to rise in issues and problems.
Lack of Communication- In case of online business, there is no interaction between
buyer and seller which lack to create effective relationship among each others. This create issues
of trust and honest among each other.
CONCLUSION
From the above report it has been concluded that for an organisation it is very much
necessary for an organisation to expand its business to enlarge business opportunities in positive
manner. In that aspect organisation have to evaluate each and every attributes in positive manner
that are financial plan, management plan and operational plan that give major knowledge and
information about the business that helps in major decision-making to remain always competitive
in business environment. In order to organisation have to check about the feasibility of the plan
by using the various tools and techniques to get optimum kinds of output for an organisation.
20

21

REFERENCES
Books and journals:
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Brouder, P. and Eriksson, R.H., 2013. Staying power: What influences micro-firm survival in
tourism?. Tourism Geographies. 15(1). pp.125-144.
Carlisle, S., Kunc, M., Jones, E. and Tiffin, S., 2013. Supporting innovation for tourism
development through multi-stakeholder approaches: Experiences from Africa. Tourism
Management. 35. pp.59-69.
Chen, J.S. and Prebensen, N.K. eds., 2017. Nature tourism. Taylor & Francis.
Dredge, D. and Gyimóthy, S. eds., 2017. Collaborative economy and tourism: Perspectives,
politics, policies and prospects. Springer.
Elena, C. and Tatiana, S., 2015. Event tourism in Russian region: Opportunity for small-scale
business growth. Procedia Economics and Finance. 26. pp.183-187.
Hjalager, A.M. and Johansen, P.H., 2013. Food tourism in protected areas–sustainability for
producers, the environment and tourism?. Journal of Sustainable Tourism. 21(3).
pp.417-433.
Holden, A. and Fennell, D.A. eds., 2012. The Routledge handbook of tourism and the
environment. Routledge.
Kimbu, A.N. and Ngoasong, M.Z., 2016. Women as vectors of social entrepreneurship. Annals of
Tourism Research. 60. pp.63-79.
Marques, L. and Cunha, C., 2013. Literary rural tourism entrepreneurship: case study evidence
from Northern Portugal. Journal of Policy Research in Tourism, Leisure and Events.
5(3). pp.289-303.
Moscardo, G., 2014. Tourism and community leadership in rural regions: Linking mobility,
entrepreneurship, tourism development and community well-being. Tourism Planning
& Development. 11(3). pp.354-370.
Mosedale, J., 2016. Neoliberalism and the political economy of tourism. Routledge.
Ngoasong, M.Z. and Kimbu, A.N., 2016. Informal microfinance institutions and development-
led tourism entrepreneurship. Tourism Management. 52. pp.430-439.
Pernecky, T. and Lück, M. eds., 2013. Events, society and sustainability: Critical and
contemporary approaches. Routledge.
Ratten, V. and Ferreira, J.J. eds., 2016. Sport entrepreneurship and innovation. Taylor & Francis.
Robertson, M. and Wardrop, K.M., 2012. Events and the destination dynamic: Edinburgh
festivals, entrepreneurship and strategic marketing. Festival and Events Management,
pp.115-121.
Sheldon, P.J., Dredge, D., Daniele, R., Sheldon, P. and Daniele, R., 2017. Social
entrepreneurship and tourism.
Viken, A. and Granås, B. eds., 2016. Tourism destination development: Turns and tactics.
Routledge.
Voigt, C. and Pforr, C. eds., 2013. Wellness tourism: A destination perspective. Routledge.
Williams, K., Laing, J. and Frost, W. eds., 2013. Fashion, design and events. Routledge.
Yeoman, I. And et.al ., 2014. The future of events & festivals. Routledge.
22