Introduction to Travel and Tourism Entrepreneur
An entrepreneur is the one who initiates setting up the business by taking all the financial risks with the main aim of earning profits (Charypar and Nagel, 2005). However, they are the only one that generally take all the crucial decisions of the organization and business. The present report generally focuses on assessing and understanding the key skills as well as characteristics that are required by the entrepreneur within the travel and tourism industry so that he or she can become a successful entrepreneur. Furthermore, the study will also evaluate different sources of finance and supports available to enterprises in the travel and tourism sector.
Self-assessment of entrepreneurial traits (Characteristics) and skills required in the travel and tourism sector
Travel and tourism industry is considered as a highly volatile sector in the modern scenario which requires highly effective and skilled entrepreneurs in order to conduct business operations successfully. The main purpose of enterprise within the travel and tourism sector is to render tour and travel services to the visitors as well as tourists and attain higher profit within the industry. However, there are different entrepreneurial traits and skills that I require within the travel and tourism industry so that I can satisfy the requirements of tourists effectively. Different characteristics that are being required by the individual to render successful activities and services within the travel and tourism sector include...
Ability to research
The foremost characteristics that I must require for establishing the enterprise within travel and tourism industry include ability to research the market, needs and wants of customers, competitor’s pricing and travel services that they provide to their visitors and travellers etc. so that business can easily create and design their travel packages for attracting more customers. It is essential for entrepreneur to possess the characteristics related with researching and investigating the overall marketplace (Hall and Page, 2014).
Another characteristic and skill that I must require for enabling successful entrepreneurship is that I must possess risk taking ability that support me in taking risk so that I can successfully lead in the market. For enabling successful entrepreneurship, risk taking is the key trait that is required by the individual so that they can result in growth of the business organization.
Another entrepreneurship trait that is needed for successful entrepreneurship includes enabling proper setting of goals so that business within travel and tourism sector can sustain in the competitive environment (Mancini, 2012).
Despite of the entrepreneurial traits (characteristics), there are different entrepreneurial skills that are required by the entrepreneur within travel and tourism sector. These are as follows...
It is considered as a key skill that is required by the individual for enabling successful entrepreneurship. Communication is generally termed as two way process that exchanges ideas and information from one person to another. With the help of effective communication skills, I can easily communicate to the customers and visitors in order to attract them towards packages. Within travel and tourism sector, verbal communication plays an effective role for the business as it requires to be in touch with the customers (Peters and Schuckert, 2014).
Another skill that is needed for successful entrepreneurship is effective management skills. With the help of these skills, entrepreneur can easily manage and allocate resources within the business. However, with the help of management skills, I can also focus on managing the customer’s data and information as well as financial management of the business.
Skills and trait audit for analysing strength and weaknesses
With the help of personal audit, I can easily assess my personal skills and characteristics that support me in becoming an entrepreneur. Further, it also helps me in identifying the skills and traits that I don't possess. Therefore, I can easily assess my individual strengths, weaknesses, opportunities and threats so that I can render effective services and become successful entrepreneur. The personal SWOT is as follows-
With the help of auditing, I have determined that I possess effective skills and abilities that support me in becoming successful entrepreneur. For instance; I have effective communication skills that support me to communicate with different segment customers effectively. However, I also possess effective management skills that support me in organizing and managing the resources properly within the travel organization so that I can create and design effective plan for the travellers. In addition to this, my major strength is that I possess risk taking ability that supports me in initiating business within travel and touri