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The aim of this unit is to enable learners to gain understanding of skills and characteristics of entrepreneurs, the development of enterprises and gain skills to prepare business start-up plans.
This unit focuses on the entrepreneurs and their enterprises that have had an impact on the travel and tourism sector in recent decades. The unit provides opportunities for learners to examine the skills and characteristics required of a successful entrepreneur and to assess their own ability to be enterprising in the sector. Learners will investigate successful entrepreneurial enterprises to consider their development and the factors that led to their success. Learners will have the opportunity to demonstrate their own entrepreneurial skills by developing a concept that they have researched and by producing a start-up plan for its introduction.
Characteristics of entrepreneurs: features eg risk taking, opportunist, self-motivation, people person, goal setting, perseverance, dealing with failure, initiative, tolerance uncertainty, using feedback, flexibility, innovative, understanding of the business environment, vision, passion, obsessive commitment
Skills: abilities eg time management, financial and market awareness, commitment, assertiveness, communication, planning, target setting, problem solving, decision making, creativity, selling, leadership, entrepreneurial skills
Self-appraisal: personal SWOT; personal action plan to achieve objectives that relate to the personal skills and characteristics of entrepreneurs
Development of enterprises: back of an envelope idea; growth; competitors; opportunities; trends; diversification; exploiting new technology; Porter’s five forces; the vision; refugees from large companies eg downshifting; support; sources of funding eg family, friends, redundancy packages; buy-outs; venture capital; re-mortgaging; banks; grants
Start-up: description of the business eg micro-, small-, medium-sized business; aims and objectives; features; unique selling point; product and/or service; market analysis eg competition, target market, market segmentation; marketing strategy; operations; financial data; resources; ethics; persuasion; consultation eg experts; entrepreneurs; business links eg chamber of commerce; advisory/regulatory bodies; constraints; prototypes
Manage your own resources and professional development
Develop your personal networks
Develop and implement operational plans for your area of responsibility
Map the environment in which your organisation operates
Build your organisation’s understanding of its market and customers.