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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 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.
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...
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.
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 tourism sector.
With the help of skills audit program, I have also identified that there are certain weaknesses that impact me in becoming successful entrepreneur. I have lack of work experience in the field of travel and tourism sector that affects my capability to perform activities within enterprise. However, I am also ineffective in dealing with the conflict situation arising within the enterprise. In addition to this, another weakness is that I have also lack of confidence while dealing with the business travellers and customers. Furthermore, another weakness that is identified is related with time management. Along with this, I have lack of stress management skills that results in affecting business activities and leads to enhance stress.
Certain threats have also been identified that affect me in becoming successful entrepreneur. The foremost threat is related with the availability of unsupportive members within the organization. However, another threat that is identified while enabling self-auditing is that it is very difficult for me to determine the changing preferences of travellers.
However, there are several opportunities that are available for me so that I can become successful entrepreneur. The opportunity is to amend the weak skills with the help of personal development plan so that I can enhance the skills that are required to become successful entrepreneur. Another future opportunity is to expand the business activities so that I can gain information regarding the new products and services that are preferred by the customers.
In order to set up a large successful organization, it requires an entrepreneur that initiates to take the risk and make decision regarding to start the enterprise and manage the different resources so that it may attain success in the competitive marketplace (Sigala, Christou and Gretzel, 2012). One of the famous entrepreneurs that has changed the scenario of travel and tourism sector is Thomas Cook who founded a travel agency that is popularly named as Thomas Cook Group. In the current marketplace, Thomas Cook is a leading travel agency that provides leisure and luxurious travel services to their customers and visitors. In the year 1841, Thomas Cook influenced Midland Countries Railway Company to trial the train for the passenger from Leicester and Loughborough. He has managed relationship with Railways that supports them in initiating the travel tours for the passengers. However, he has also introduced travel vouchers, cheques as well as guidebooks that assist in managing and enhancing the activities among the customers (Zhao, Ritchie and Echtner, 2011). Thomas Cook is a self-made man with the high confidence level that motivated him to set many ventures and business.
There are different qualities as well as skills that support the entrepreneur to respond to the external changes that mainly results the business to sustain in the competitive scenario. For example, common quality of a developing entrepreneur that is also of Thomas Cook is that he has strong belief in him that founding and setting the travel agency will be beneficial for him as it will act as pioneer for them and meet the leisure requirement of customers. Another major quality of Thomas Cook was that he was open to adopt any change that supported the travel agency to succeed in the long term (Sharpley and Stone, 2010). With adopting change, Thomas Cook has updated their services in an effective manner and through this, they provide leisure and luxurious travel services to different segment customers. In addition to this, Thomas Cook also possesses an effective ability to search new destination and place for their customers so that business can easily meet their needs and requirement. However, he has also planned three summer outings for the societies as well as school children. In 1845, Thomas Cook organized travel event for the party from Leicester to Liverpool that attracted large number of travellers towards their services.
Furthermore, there are different factors that lead to the success of Thomas Cook Group are:
The foremost factor that has led to the success of Thomas Cook group is that the founder of travel agency, Thomas Cook has taken initiative in setting up the enterprise that has changed the scenario of the travel and tourism sector within UK. Therefore, initiative factor is the one that has led to the success of travel agency.
Another factor that leads to the success of Thomas Cook Group is unique services and products that are offered by the agency in travel and tourism sector. Services and products offered by agency are effective enough in attracting the individual that leads to the success of agency. In addition to this, in the contemporary environment, Thomas Cook generally focuses on various services which keep attract their different segment customers and also result in enabling success of the enterprise within the travel and tourism sector.
Another factor which results in success of enterprise includes that Thomas Cook while rendering services enters into the legal contracts with the passengers that results in building legal relationship in between the business and passengers. However, Thomas Cook has make legal agreement with the railway company in which 1 shilling will be charged for a person that mainly includes train ticket charges with the addition of food charges that will be served in the train. Thus, it may result in avoiding the situation of conflicts and lead to the successful enterprise.
There are different sources of financial support that are available to the entrepreneur so that they can easily establish successful enterprise within the travel and tourism sector. Finance is essential for establishing the enterprise as it is termed as an initial requirement that is being used by the entrepreneur to set up their business. Basically, there are different sources and support through which entrepreneur can easily collect the required cash and finance that would support them in establishing or starting new business. Different sources of finance are...
The foremost source through which enterprise within travel and tourism sector can easily arrange the finance is owner's capital. It is also regarded as an effective source of finance that includes no interest rate as owners invest their own money for establishing the business.
Another source of finance includes taking loan from the commercial banks. It is an easiest mode of collecting and accumulating the finance as for starting business, I can easily get the required fund. Taking loan from the bank, sometime may lead to the burden on the entrepreneur as they have to repay sum of money in instalment with the certain percentage of interest (Law, Cheung and Lo, 2004).
Another effective source of finance includes issuing share in the market so that entrepreneur can collect capital from the market. Issuing share is an effective source for the entrepreneur as through this, they can borrow finance from the investor by issuing shares and in the return, they are liable to pay dividend and interest on the share that are purchased by the investor.
In order to establish successful business within travel and tourism sector, there are several potential factors that need to be taken into consideration for the success of enterprise (Hollick and Braun, 2005). Different potential factors for the success of enterprise in travel and tourism context are-
The foremost potential for the success of enterprise in travel and tourism sector is related with their goals and objectives. The key goal of enterprise within such sector is to meet the leisure and luxurious needs of customers as well as travellers. While, the objective of enterprise is to deliver outstanding services to the business travellers. Therefore, it acts as a major potential which leads to enhance the success of enterprise.
The potential success of enterprise is their concept of business that is unique and creative as it will focus on providing better travel services to their customers so that they can have pleasant stay. For the success of business, I can also concentrate on assessing the demand and requirement of customers so that business can meet their travel related needs. According to the modern scenario, I must focus on eco-tourism packages, adventurous packages as well as honeymoon packages in order to attract more customers. All the packages designed by the enterprise must include all the charges related with accommodation, transportation as well as food (Charypar and Nagel, 2005).
Another factor that focuses on the success of enterprise includes description of travel products and services that are offered by the management. Products as well as services that are generally offered by the enterprise include adventurous packages as well as eco-tourism packages for the customers because these are commonly preferred by them. However, prices of products and services will be initially low so that customers can easily avail the services of enterprise that results in success of the enterprise.
In the contemporary environment, travel and tourism industry is highly successful as it contributes more than 8% of income to the GDP of UK economy. In order to serve eco-tourism and adventurous packages, business can target young and school going students as they are fond to visit such adventurous and eco-tourism places in order to have pleasant stay (Peters and Schuckert, 2014).
The foremost step in the operational plan includes the process of researching the market which will determine about different segment customers to whom enterprise will render travel services. With the help of market research, they will also come to identify different travel products and services that are offered by the rival tour operators and agencies.
After enabling the market research, entrepreneur will analyse the research outcome so that they can plan services in accordance with the rival companies and needs of customers. This in turn will help company to easily sustain its position in the market.
Another step within start-up plan consists of selecting effective source of financing through which they can easily set up and start their business in the competitive market (Pritchard and Howard, 2015). At the time of selecting the source of finance, management also needs to consider the cost that is associated with that source.
After financing, tour operator will plan different tour packages for the customers according to their requirements. Therefore, travel operator generally focuses on creating tour packages related with adventurous and eco-tourism destination (Charypar and Nagel, 2005).
From the above report, it can be concluded that travel and tourism sector is highly potential that contributes its major portion within the economy so that government can further develop and amend the destinations to increase demand within industry. Furthermore, the report has also concluded that it is essential for entrepreneur to select effective source of finance through which they can easily manage business operations for setting up new business organization. Lastly, it has also prepared business start-up plan as well as financial projection for the enterprise within travel and tourism sector.
Hospitality Management, Resort Management and Spa Management, Restaurant Management, Travel and Tourism Management, Accounting and Book keeping, Business Economics, Business Finance, Business Management and Operations, Business Marketing
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