Assessing Own Travel and Tourism Entrepreneurial Skills

University: ITCM College London

  • Unit No: 11
  • Level: Undergraduate/College
  • Pages 12 / Words 3000
  • Paper Type: Assignment
  • Course Code: L/508/0477
  • Downloads: 39
Question :

Individual has to conduct self-analysis for assessing own travel and tourism entrepreneurial skills. Various topics relating to tourism and entrepreneurship are needed to be covered in report.

  • Evaluate skills and characteristics required to become a successful travel and tourism entrepreneur. 
  • Analyse development of travel and tourism companies. 
  • Develop a business start-up plan for introducing a new company in travel and tourism sector. 
Answer :

INTRODUCTION:

Tourism sector is one of the largest growing industries. It is due to the increase in range of services and facilities that are provided by tour operators both globally as well as locally. Many people have attracted towards building career in this industry because of its rapid growth and development (Carson,  Carson  and Eimermann,  2018) However, to build career in this, high level of skills and qualities are required. Besides this, there are several areas in which entrepreneurship can be carried out such as travel, accommodation, hotel, etc. Moreover, funds are easily available from bands and other resources. This makes it easy for people to start their career in this field. This report will describe the skills and traits that are required to become an entrepreneur. Also, how a business development plan is developed along with different sources of finance available will be explained. At last, a business plan is developed by doing market and cash flow analysis.

TASK 1

a) Discuss the entrepreneurial traits and skills required to be a successful travel and tourism entrepreneur

To become an entrepreneur in any field, a person must possess effective and proper skills and traits. These skills help the person to become a successful entrepreneur (Mottiar  and Boluk,  2017) In travel and tourism sector, it is essential that person must be open minded. This will help him to take proper decisions. Apart from that, there are many other qualities required. These are as follows:-

Self-confidence- It is the most important trait that individuals must possess. Being a self-confident person will help in bringing change in society. Also, it will help person to pursue towards his goals.

Open minded- An entrepreneur in tourism sector must be open minded. It helps in taking an effective decision. Also, it helps in expanding services in wide areas. Moreover, an open minded person is able to think positively on how to grow and develop business.

Innovative- It is necessary for an individual to bring frequent changes in business services. It is because; the tourism sector environment varies very often (Sheldon,  Pollock and Daniele,  2017) So, changes must be made in order to cope up with the same. Also, an innovative entrepreneur will look on how things can be modified.

Communication skills– This is the most crucial skill required in tourism business. Having an excellent communication skill will help in selling of products and services. Furthermore, it helps in building strong customer relations.

Determination power- Entrepreneur must possess strong will- power in order to survive in the critical circumstances. Also, failure and defats are part of business. So, individuals should be able to take effective decisions in order to pursue their goals (Nikraftar  and Hosseini,  2016) The will- power should not  be affected and focus must be on goals.

Strong ethics– It is also a trait that is required to become a successful entrepreneur. It means that individual should follow specific rules and regulations. They must perform their tasks and duties in an effective way. Also, if required, they must work on holidays to achieve their goals.

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b) Produce a self-appraisal of entrepreneurial traits and skills that you may possess and identify the strengths and weaknesses

Self assessment

Skill / trait

Rating on scale from 1 to 10

Evidence

Communication skills

9

I am having a good communication skills. I read articles and newspaper regrading any change in tourism sector. If needed I personally communicate with customer to solve their problems. I have communicated with foreign customers who do not speak English.

Innovative

7

I have applied innovative ideas in business. I have also mad changes in services in interacting with customers. This has helped me to analyse loop wholes so that it can be solved.

Self confidence

 8

I am confident enough that decision take by me are effective and will help to achieve my goals.

Open minded

6

I always think outside the box. This helps me in developing products and services.

SWOT analysis

Strengths

  • Motivation - This is my key strength. I always motivate myself to achieve my goals. I am always curious in exploring new place and getting information about that the same. This curiosity motivates and helps me in running the enterprise successfully.
  • Good relations- I can easily make healthy relations with others. This helps me to interact with customers and treat them well. It is the reason why I am able to retain them.
  • Good in organising and planningI am very good in making plans and organising tours. I analyse information about an area and then develop plan and activities of tour accordingly. This efficiency helps me in developing the attractive tour packages. 

Weaknesses

  • Managing financeI am not able to manage the finance in business. This affects the balance sheet of my business. It causes problems in preparing the budgets for packages.
  • Risk bearing - I am always having a fear of suffering from loss. This quality restricts me to take high risk in business. I am also not a good risk bearer.
  • Decision making - Sometimes, I am not able to take effective decisions. This is because; I am not able to evaluate the situations. This affects my performance as well as leadership. 

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