DESCRIPTION

DESCRIPTION

ProgramBTEC Higher National Diploma in Travel and Tourism
Unit Number and TitleUnit 11 Travel and Tourism Entrepreneurs
QFC LevelLevel 5

Introduction

One of the largest industries which is growing rapidly because of global economic impact is the travel and tourism industry. Many cultural, political, social, economic factors affect the tourism industry both globally as well as locally. A carrier in tourism industry will always flourish because of the impact it has on the minds of people. Entrepreneurship in Travel & Tourism industry is very common along with the hospitality industry. Many opportunities for innovation of both product and process can be seen. The holiday packages, travel and accommodation services, food services are the areas in the tourism sector where entrepreneurship can be carried out. A successful entrepreneur can contribute to the economies both locally as well as globally. When funds are available for this industry, it is easy to start a business and provide good services to the people so that every process becomes easy for e.g. by online booking for tours and accommodation etc. Providing all the necessary information online and making it a user friendly Unit 1 Travel and Tourism Entrepreneursinterface should be the objective. Innovation in the food and beverage and hospitality services should be brought about. The concept of entrepreneur was given by Richard Cantillon (1759).

 

Task 1

(a) Self-assessment of entrepreneurial traits (characteristics) that you may possess and the entrepreneurial skills required to be a travel and tourism entrepreneur.

The role of an entrepreneur in travel and tourism sector deals with opening a new or working for an established tourism enterprise (Oosterbeek, Praag & Ijsselstein, 2010). Their main target is customer satisfaction. To be successful in the business an entrepreneur should have few traits as discussed below.
  • Passion: being passionate about their business is the most important trait. When extra efforts will be put in, the success of the business will bring more happiness then the wealth earned from it (Lee & Tsang, 2001).
  • Discipline: this is very essential to move towards your goal as every step taken will be counted. Strict discipline will take entrepreneurs closer to their goal.
  • Self-confidence: believing in one’s self is very important to bring about a change in the society. Practical and positive approach is followed by good entrepreneurs who are confident about success in the industry.
  • Open minded: this attitude helps entrepreneurs to be very sharp and observe everything around them. This will help them in bringing up innovative ideas and learn from their surroundings.
  • Innovation: innovative ideas are the need of the hour and good entrepreneurs always look at how things can be modified and improved in order to build a successful business.
  • Competitive spirit: an entrepreneur always believes that he is the best among all and has the capability to bring about a change. Striving for the best every time is the attitude of a successful entrepreneur.
  • Work ethics: ethics at the work place is very important and successful entrepreneurs are the once who come first to the office and leave last. They may also be required to work on holidays and other off days to achieve few goals.
  • Excellent communication skills: entrepreneurs need to have excellent communication skills to sell their product or services and also to keep their employees motivated.
  • Strong determination:defeats and failures are a part and parcel in the business and a good entrepreneur should not be affected by this and take it in a positive side. The word impossible does not exist in their dictionary (Altinay, Daniele and Gurel 2010).
The skills that an entrepreneur needs to possess in a travel and tourism industry is that they should be able to motivate themselves. Due to large amount of competition in the market, ups and downs in the business are seen regularly. This should not affect the determination of the entrepreneur and he should have a lot of self-confidence. Work ethics and morals also need to be maintained as one bad reputation might ruin the entire business. Time management is also an important criterion as every second is important and a good entrepreneur is learning every second (Baum & Locke, 2004). Improving their business is very essential and they should introduce new ways to increase the sale of their business and attract more customers to use their travel packages. While starting a business, the finance should be well understood and record of the expenditure has to be maintained. Out of the above mentioned traits and skills, I have few of the characteristics in me which would make me a good entrepreneur in the travel and tourism sector which is discussed in the next section.

(b) Rank each trait identified and the skills you possess on a 1 to 10 scale and provide a brief explanation on your judgment with some evidence.

The skill and the traits will decide how good an entrepreneur you are and how the business will progress in your leadership. On conducting self-assessment, I can say that I have the qualities in me to become a successful entrepreneur of the travel and tourism industry. In the traits listed above, the ranks which I would give to each one of them from 1 to 10 are Disciplined, self-confidence, work ethics, competitive spirit, passion, strong determination, innovative, good communication skills, open minded and finance.  Travel and tourism industry requires a lot of motivation of my fellow employees.

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Unit 1 Travel and Tourism Entrepreneurs

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