|Introduction and background notes||Assignment Context and the Scenario|
Related to Task 1:
Task 1 of this assignment is about your travel & tourism entrepreneurial skills; related to your skills and potential to be an entrepreneur in the travel and tourism sector. It is about self-assessing yourself that requires you to critically examine your strengths and weaknesses as well as your opportunities and threats as an entrepreneur.
Hint: Take a few minutes of your time and ponder whether you can be an entrepreneur and jot down certain points why you think you are or you could become a travel and tourism entrepreneur. Also, consider what skills you would need to be a successful entrepreneur.
Related to Task 2:
Task 2 is about entrepreneurial development and how one can start an small business enterprise and grow with the time to be successful, perhaps making into a large successful organisation. An entrepreneur needs certain managerial skills and professional skills along with certain personal skills in order respond to change and sustain the business.
Hint: Identify and choose a few successful entrepreneurs and their business practice and analyse their methods of developing and managing businesses. You are urged to read biographies of a few entrepreneurs that might interest you.
Related to Task 3:
This task is about planning for starting up a business in the travel and tourism sector. The entrepreneur needs to have certain goals and objectives as well as the understanding of the market potential. Good understanding of the product or services to be offered and the profile of the customer whom you aim to target are also important. Also, you as an entrepreneur need to consider the financial requirement as well as the sources of funds along with the cost of doing business.
Hint: You as a customer of travel and tourism consider your needs and wants and identify if you could come up with a new idea or concept to start a business. Now discuss with your friends and family members if they would like the idea. Avoid using cut and paste materials when writing and completing assignment.
The tasks in this coursework assignment are all based on the scenario provided above but your discussion should be supported by relevant theories and concepts.
Total recommended word limit is 2,500 for task 2 and 3
|Tasks||What you must do||Grading Criteria|
Using an appropriate format, carry out a self-assessment of entrepreneurial traits (characteristics) that you may possess and the entrepreneurial skills required to be a travel and tourism entrepreneur. This requires you to do a skills and trait audit and analysis of your strengths and weaknesses as well. You need to 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.
|P 1.1 P 1.2|
|Task 2:||LO 2:
Select a successful travel and tourism entrepreneur and analyse his or her business development strategy, marketing principles and the entrepreneurial process by evaluating the success of entrepreneur’s business organisation. (It is about analysis. Avoid using cut and paste materials on the entrepreneur’s biography)
|P 2.1 P 2.2|
|Task 3:||LO 3:
This task is about developing a business plan. You are required to develop a brief business plan that consists of the description of your niche travel and tourism business concept, product/service characteristics, market potential and business analysis, operational plan and financial projection and a brief cash-flow analysis.
|(P 3.1) (P 3.2) (P 3.3)|
|LO1 Understand skills and characteristics of a travel and tourism entrepreneur||
1.1 discuss skills needed for successful entrepreneurship
1.2 produce a self-appraisal that identifies strengths and weaknesses and strategies for development benchmarked to successful entrepreneur
|LO2 Understand the development of enterprises in the travel and tourism sector||2.1 analyse the development of an entrepreneurial enterprise 2.2 evaluate factors that have led to the success of an enterprise|
|LO3 Be able to prepare a business start up plan for niche market within a travel and tourism context||3.1 evaluate sources of finance and support available to enterprises in the travel and tourism sector 3.2 develop and justify the potential for success of a concept for an enterprise in a travel and tourism context 3.3 present a persuasive business start-up plan|
LO 1 Understand skills and characteristics of a Travel and Tourism entrepreneur
1.1 Discuss skills needed for successful entrepreneurship
Starting, establishing and developing a travel and tourism business can be referred to as entrepreneurship in Travel and tourism business. These types of businesses aim at maximizing the satisfaction of the customers and to earn maximum profits. (Ferguson, 2010). A successful entrepreneurship in the travel and tourism business requires several skills which are discussed below:
- Discipline: Discipline is one of the major skills which are required for entrepreneurship. It involves focus which helps in solving the hurdles of the business and setting up the plans and strategies which are used to achieve the ultimate goals of the business.
- Level of Confidence: For making the business successful, it is very important to carry confidence so that every goal can be achieved with full confidence and it increases the efficiency of the business too.
- Knowledge: Before setting up any business, it is very important to have knowledge about that area or sector. Knowledge with confidence doubles the efficiency of the business. (ICSI, 2012)
- Interpersonal skills: It is very important for the entrepreneurs to have interpersonal skills which include communicating with the team members, customers and other stakeholders and building up the motivation level of the employs. These skills also involve guiding the team and employees to work for the growth and prosperity of the business. (notredameonline.com, 2015)
- Passion: One of the significant skills in entrepreneurship is passion which means that an entrepreneur works very hard with all the dedication for the achievement in the business. An entrepreneur enjoys his work. (notredameonline.com, 2015)
- Skills of Self development: An entrepreneurship includes the management of time and resources for the successful operations of the business. It involves adopting the proactive approach for the future conditions and develops learning throughout the course of business. It also involves the self evaluation so that one can assess his/her own strengths and weaknesses.
- Cognitive skills: Successful entrepreneurship includes effective cognitive skills like the skills of reading and writing reports, giving the opinions and to handle various issues occurring in the management of the business.
- Skills of Leadership: leadership skills are required in the successful entrepreneurship. It includes the skills of solving the problems of the business and making decisions by identifying the problem, and making judgments on the problem.
- Competitive skills: An entrepreneur should have competitive skills so that he can develop his business to the level where the tough competition in the industry can be met. So, the competitive skills are necessary for an entrepreneur. (ICSI, 2012)
- Creativity: An entrepreneur is required to be creative in order to adopt the strategies which makes the business distinctive from others and so that the business can have a competitive advantage in the industry. (Ferguson, 2010)
- Open Minded: An entrepreneur must have open minded approach so that he can generate new ideas for the business so that the efficiency of the business can improve.
ReferencesFerguson. (2010). Travel and Tourism. Infobase Publishing. ICSI. (2012). Business Environment and Entrepreneurship. The Institute of Company secretaries of India . notredameonline.com. (2015). what makes an effective leader. Retrieved 12 10, 2015, from http://www.notredameonline.com/resources/leadership-and-management/what-makes-an-effective-leader/#.VnlQe_l97IU
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