Unit 11 Travel and Tourism Entrepreneurs Sample Assignment

Travel and Tourism Entrepreneurs Sample Assignment

Unit 11 Travel and Tourism Entrepreneurs Sample Assignment

 

Programme

Diploma in Travel and Tourism

Unit Number and Title

Unit 11 Travel and Tourism Entrepreneurs

QFC Level

Level 5

Unit Code

H/601/1750

 

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TASK 2

Select a successful travel and tourism entrepreneur and analyse his or her business development strategy and the entrepreneurial process by evaluating the success of entrepreneur’s business organisation

Entrepreneur and his organization: The entrepreneur which I chose for this section is Susie Fitzgerald. She is the founder of Frontiers International Traveller. Susie along with her husband Michael founded this company long back in 1969. Now his son is heading the travel company but she is still a very active member. The first experience for her inn travel and tourism sector was to work as a stewardess in an airline. She used to be on flights for 18 hours and travel at different location in Europe. This was the time when she actually got influenced towards tourism and gained interest in travel industry. Susie and her husband had great passion towards travelling, they used to plan vacations very frequently with their kids (Ateljevic & Doorne, 2000). On one such vacation trip, she was not told about the license for fishing which really made her upset and that was the point where she was inspired for Frontier Travels. According to her it is responsibility of the travel and tourism company to ensure that all the preparations are done before going for an excursion on vacation trip. She never believed in the concept of “travel agent” who will just book the tickets, according to them is more a “travel consultant of role” where the customers could get all the information about the destination as well as other details.
Development of the entrepreneur: As the time past, Susie along with her team expanded her business. Now they have focussed team working on various sports like shooting, fishing and safari line-ups. As per the data, Frontier Travel sent around 1500 people to African safari in 1972-1976. There was an elegant journey department which handled all the luxury trips to various destinations. The best part of Susie as an entrepreneur was that her love of travel had made her to travel in almost all the parts of world. Due to this she was able to tell all the details of the destination to the clients very well. Also she has checked most of hotels and lodges at that location which make it very easy to give the best to the clients (Bennett & Gordon, 2007). As mentioned earlier in this essay, an entrepreneur in travel and tourism industry needs to be sensitive and open to other, this quality of Susie helped her a lot to make good relationships with the customers as well as the supplier. She used to lot of market analysis in order to have a complete and in-depth knowledge of the place so that the customers going for safari at various locations do not face any problem.
Factors for the success: The most important factors of success for Frontier Travel was the team-working and the personal management skills of Susie. She was able to manage and motivate her team so well that they treat the customers in best possible manner. One things famous for Frontier Travel is that people usually go there for either fishing or shooting but due to the kind of services they get, end up in taking both the options and enjoy both the sports. Also Susie was able to motivate the workers to serve the guests in the most appropriate way. One of the other factor for success is research and investigative skills and creativity of Susie and its team. First thing was that she along with her team do the full research of the destinations of safari which make customers happy as they have all the information before going there (Evans et al, 2003). The second things is to investigate about the likings of the customers. A successful entrepreneur is one who give the best solution to the needs of customers. At Frontier Travel, the team realised that in heli-skiing trips — off-trail skiing there is more demand of helicopter instead of ski lift. It is true that ski lift was cheaper in comparison to helicopter option but it is not always money which counts, interest of the customers should also be met. 
Challenges and Responses: The biggest challenge in front of Frontier Travel and tourism was to get the trustworthy operators at different locations. It is the most important as they are the one who will handling the customers. In order to make sure that the operators are functioning properly, Susie made sure that the team members visit the locations regularly and check the arrangements personally (Hollick & Braun, 2005).This also helps them to look for new opportunities because this was also a big challenge for them. Since they operate at different location, it was the biggest challenge to explore the new opportunities.
Entrepreneurial Strategies: Susie’s only strategy from the very beginning was to make sure that the customers are best served. There should be information which is not given to customers. All the important information should be given. The itinerary for a guest should be planned as per the requirements of the guest not just for the benefit of the company. Secondly she did an extensive market research before getting into the business which helped her a lot in future.

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TASK 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

Executive Summary

A coffee shop has a lot of potential because it not only serves the demand of the many of the coffee addicts in the town, it also makes a perfect place to meet and spend time with people and discuss daily things over coffee. It has huge margins and great chances of growth. It is one of those businesses which are growing at a very fast pace and the clientele of this business is increasing day by day. With the people getting busy in their work there is less and less time for a friendly chat and coffee shops are an ideal place for them to get together and have a casual talk over coffee. This is the main reason why we are seeing so much growth in this field. Apart from casual chit chat many people prefer to meet their clients and other business prospects over coffee at a much neutral location. Hence coffee shops are becoming a good get together and business meeting points. (Hornaday & Bunker, 1970).
Looking at the good prospects of starting a business in this field of coffee shop, below is a business plan which discusses the business, required capital, expected profit generation, resource and  logistics requirements. At start we have planned to give the services of simple coffee for the customers and then going ahead we plan to include eateries, internet surfing and small game parlor in the shop. We have planned to start with a small number of experienced people in our staff and as and when required we would increase the staff. We would be focusing more on the quality service and marketing of our shop (Koh & Hatten, 2002). Good service and a good marketing strategy could help us attract more customers.  
Sales Projections: The sales projections within the first three year of starting our coffee shop is as below:

unit 11 Travel

 Business start-up plan
Objective:
The objectives of the business management is to become the most running coffee shop in the town. The shop has to break even in the first six months of the start and has to start making profit. The profit margin should be at least 65%
Keys to Success: The key factors for the success of the coffee shop would be the services given by our employees to the customers (Lerner & Haber, 2001). The ambience of the coffee shop should be both comfortable as well as appealing to the customers. The marketing strategies should focus on achieving the profits as well as the loyal customers.
Mission: The mission of our coffee shop will be to provide a relaxing and comfortable place to the customers where they can enjoy their coffee and relax. Also the shop has to reinvest the profits for employee satisfaction and getting bigger returns for the stakeholders.  
Startup Summary: The start-up expenses including marketing, consultation, insurance, legal, rent deposit, stationary, phone and renovation of the premises is estimated to be around 150000$. The funding will come from the investment from the owners, investors and the bank loan. The distribution will be in following manner:

unit 11 Travel and Tourism

Shop Location:  The location of will be in the heart of the city. The exact location is yet to be decided. We will try to get a place which will be easily accessible by all. It will be commercial area with enough space for storage, kitchen and customer sitting area.
Products: As mentioned above initially the coffee shop will have espresso, brewed coffee, filter coffee and tea. There would also be option of cool refreshing drinks. The shop would also have some snack to go with the drinks. Later we will also introduce internet facilities and game zone for children coming with their parents. 
Market Segmentation: The analysis shows that the market segmentation for the coffee shop would be as following:

unit 11 travel and tourism assignment

Financial Plan: The financial plan for any business start-up is the most important planning. For the shop which we have planned we would try to pull in money from all the possible sources. We would like to attract a lot of investors and promoters who could help us to provide us with the capital required to start this shop. Some of the part of this would also come from personal savings and bank loans. However majority of the finance would be coming from investors (Shaw, 2014). We would make sure that proper cash flow is maintained for at least six months to 1 year so that the business would get a chance to grow. The expected sales for one month would be as following:

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Implementation Strategy:  The implementation of the business strategy plan would be done taking the quality of service into account. The customers would be the most important entity and no compromises would be done in providing them with the highest quality of service. This would help us to build the brand. The next important aspect would be that initially we would try to start the shop at a local level (Hollick & Braun, 2005). This means that we would first deal only with the locations which would be near to shops. Being familiar with these locations would help us to plan things in a better way. Once this becomes successful we would open some branches at other locations too.

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References

Ateljevic, I., & Doorne, S. (2000). 'Staying Within the Fence': Lifestyle Entrepreneurship in Tourism. Journal of Sustainable Tourism, 8(5), 378-392.
Bennett, J., & Gordon, W. (2007). Social capital and the Indigenous tourism entrepreneur. Striving for Sustainability: Case Studies in Indigenous Tourism Research, 333-370
Evans, N., Campbell, D., & Stonehouse, G. (2003). Strategic management for travel and tourism. Routledge
Hollick, M., & Braun, P. (2005). Lifestyle entrepreneurship: the unusual nature of the tourism entrepreneur. Proceedings of the Second Annual AGSE International Entrepreneurship Research Exchange, Swinburne Press, Melbourne, 10-11.
Hornaday, J. A., & Bunker, C. S. (1970). The nature of the entrepreneur. Personnel Psychology, 23(1), 47-54
Koh, K. Y., & Hatten, T. S. (2002). The tourism entrepreneur: The overlooked player in tourism development studies. International journal of hospitality & tourism administration, 3(1), 21-48
Lerner, M., & Haber, S. (2001). Performance factors of small tourism ventures: the interface of tourism,
entrepreneurship and the environment. Journal of business venturing, 16(1), 77-100
Lordkipanidze, M., Brezet, H., & Backman, M. (2005). The entrepreneurship factor in sustainable tourism development. Journal of Cleaner Production, 13(8), 787-798
Rimmington, M., Williams, C., & Morrison, A. (2009). Entrepreneurship in the hospitality, tourism and leisure industries. Routledge.
Shaw, G. (2014). Entrepreneurial cultures and small business enterprises in tourism. The Wiley Blackwell Companion to Tourism, 120-131.