This assessment relates to identification of travel and tourism entrepreneurial skills through examination of strengths and weaknesses along with determining ways to start up a business in this sector.
Travel and tourism plays a significant role in the economy of a nation. They provide with the service of travelling, accommodation, sightseeing etc., where ever the travellers wants to visit. A successful entrepreneur is the one who manages and develop organisation so as to gain benefits and profit (Hallak, Brown and Lindsay, 2012). The assignment is all about travel and tourism entrepreneurial skills, and majorly focuses on the skills and knowledge along with strengths and weaknesses that is required to run a business in an effective manner. Managerial and professional skills is also discussed that is required by an entrepreneur so as to sustain in the market for a longer period of time is mentioned in the assignment. Lastly, business start-up and planning for launching a new business is explained in context with travel and tourism sector.
1.1 Skills needed for successful entrepreneurship
As compared to other sectors the industry of travel and tourism is a fast growing and many young entrepreneurs are attracted by this. It provides with lot of opportunities who are passionate about travelling. It can be said that travel and tourism sector has been divide into different areas such as accommodation, restaurants, transportation, entertainment etc., as this industry is all based on creativity of how to attract more and more travellers towards them and there are skills that are required for the same are given below:
Creative Thinker: It has been identified that travel and tourism sector is considered as one of the creative sector. Companies that comes under this provides best offers that have not being given by any other organisation. This enables them in attracting more and more travellers towards them. So, it is important for an entrepreneur to think out of the box with some of exciting ideas (Komppula, 2014).
Information Seeking: An individual who is working in this sector must have adequate information in order to start or provide relative information to its customers. This can be attained through various sources and it will help an entrepreneur in starting off the business properly.
Systematic Planning: Planning is determined as one of the essential skills that must be posses by an entrepreneur as this sector needs various things to be organised and carry out things properly. For this it is important that individual have set goals and targets so that it can be achieved in order to satisfy the needs and wants of customers.
Interpersonal Skills: Travel and tourism sector requires a lot of interaction with customers as well as employees who are working in an organisation. Thus, it is required that a person has interpersonal skills so as to influence it clients with attractive offers. Motivation and encouragement is one of the essential parts so as to keep their morale boosted (Xiang, Magnini and Fesenmaier, 2015).
Management Skills: An entrepreneur must have this skills so that he/she can manage and organise all the task in a better manner. This enable them in handling the situation in an effective way so that any kind of chaos can be eliminated.
Thus, points mentioned above should posses by an entrepreneur so that business can be run in an effective manner. Through this entrepreneur can get maximum benefits and growth in business operations.
1.2 Self-appraisal for identifying strengths and weaknesses
Self evaluation will help an individual about the strengths and weakness and the points on which he/she has to work. This will help an entrepreneur in incorporating things that are required and eliminating or finds a better way in order to overcome all the issues.
Motivation: This helps me to keep me boosted and assist me in enhancing by strengths. For example: Good knowledge of geographical areas always keeps me motivated and encourage me to explore some new areas so that I can enhancing my existing knowledge.
Better Understanding and good relations with other: As I have good interpersonal skills and it helping me in interacting with customers with consumers and clients. Thus, it is aiding me in becoming successful entrepreneur.
Filled with innovative ideas: New and creative thoughts is assisting me in planning an appropriate strategies so that it can pull attention of maximum number of people. For this, me and my company is taking feedbacks from travellers in order to know their choices and preferences.
Efficient in planning and organising: Planning is an essential factor for running a business in an effective manner. I am very good in planning at lower cost it is enabling me in organising trips at minimal cost price. As a result it is helping me in attracting more and more customers (Ramukumba and et. al., 2012).
Less efficient in maintaining finance: In terms of finance I am not so good as its my weaknesses in maintaining financial records on a regular basis. As a result wrong inputs are entered and its is affecting my balance sheet.
Risk bearing: Due to inefficiency in maintaining financial records it is creating lot of problem in running my business in an effective manner. Bearing risk alone is hampering my business operations.
There are various mediums through which an individual can enhance their skills and knowledge like for developing communication skills a person can join personality development sessions. Other than this, accounting classes will help me in improving my financial capabilities therefore, it will assist me maintaining all the records in an effective manner.
2.1 Analysing the development of an entrepreneurial enterprise
Evaluating someone's personality will always act as an motivational element for others. So, famous personality that has been discussed in this assignment in relation with travel and tourism is Richard Branson who has started his business named Virgin Atlantic. Therefore, skills that are possesses by Mr. Branson is mentioned below:
Innovative: Mr. Branson is very good in implementing innovative ideas in every new project which is assisting them in gaining maximum benefits in shorter period of time. He is sharing his thoughts and views in context with ticket fares with his subordinates and employees as a result it is helping them in making proper decision (Molz, 2012).
Bonding: As he is involving his employees in every decision thus, it is helping them in maintaining a strong bond between its workers. He is not discriminating amongst individuals because of the qualities he is possessing it is making him a hero in front of his staffs.
A good leader: It is important that a person acquire leadership quality as it helps them in operating its business in an effective manner. In case of Branson, this helped him in setting up a huge umpire named as Virgin Group. Along with this it assisted them in establishing its business chains in Hotel and tourism. Apart form this, he is maintaining a better relation amongst workers who are working in his organisation (Denicolai, Cioccarelli and Zucchella, 2010).
Obsession for work: Whatever work he does it is doing with full enthusiasm which is enabling him in performing all his task or activities in an effective manner. Therefore, this quality helps him in giving 100% in his business operations. As a result all the challenges are accepted by him and through this they are attaining a better position in market area.
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