Effectiveness of Entrepreneurship in Travel and Tourism Sector

1. Travel and Tourism Entrepreneur Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

2. TABLE OF CONTENTS INTRODUCTION..........................................................................................................................3 TASK 1...........................................................................................................................................3 A) Entrepreneur traits and skills required to be entrepreneur............................3 B) Self assessment...............................................................................................................5 TASK 2...........................................................................................................................................6 2.1 Thomas Cook and his entrepreneurial skills.......................................................6 2.2 Factors that led to success of enterprise.............................................................7 Task 3............................................................................................................................................8 3.1 Sources of finance and supporting enterprise in travel and tourism........8 3.2 Developing potential for success of enterprise in travel and tourism......8 3.3 Persuasive business start-up plan..........................................................................9 CONCLUSION............................................................................................................................10 REFERENCE...............................................................................................................................12 Sample Report on Travel and Tourism Entrepreneur To Buy Complete Assignment Help Writing Services Kindly Contact Us :- Toll Free: +61 879 057 034 Email - help@assignmentprime.com Website - www.assignmentprime.com Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

3. INTRODUCTION Entrepreneurship is an activity to taking risk and initiating through creating innovations. It is helpful for establishing new entity and increasing efficiency of organization at high level. in this regard, it is important for nation's growth as well implementing plans for improving quality services leads to adequate resources and fund allocation. The present report is based on understanding entrepreneur skills and traits to start-up a new entity as well creating innovations is business operations. In this regard, role model of entrepreneur effectiveness in travel and tourism sector of nation is to be described. Moreover, different tools and techniques are to determined for increasing efficiencies in product services provided by organization. In accordance to this, interesting and attractive entrepreneurship story of Thomas Cook who create innovation in travel and tourism sector is to understood through this assignment. Including this, self assessment as strength and weakness of self individual to analyze potential for entrepreneurship is to expressed. However, key components for entrepreneurship and enhancing efficiencies of organization can be explained. In this process, significance of entrepreneurship activities and role model of innovations are to presented. Therefore, students are able to understand significance of entrepreneurship and its role model for country's effectiveness through studying this project report. TASK 1 A) Entrepreneur traits and skills required to be entrepreneur Entrepreneur is an individual who takes risk and initiate for establishing new entity or operating it through innovative ideas. In travel and tourism sector, creating innovations through applying different techniques. However, an entrepreneur has some qualities and characteristics that presents his strength and working ability for accepting challenges and implementing actions (Altinay, Sigala and Waligo, 2016). Therefore, some Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

4. of the main traits and skills for an ideal entrepreneur in travel and tourism sector can be understood as follows:-  Confidence for taking risks:- An entrepreneur who initiates for creating changes and setting up new entity must be confident about his innovations as well uniqueness. However, it is needed for entrepreneur to have confidence regarding taking risk and step towards business operations. In this regard, confidence is considered as trust on self for taking innovations as well remains able to improve several skills such as communication, problem solving and increases potential for taking more risks (Daniel and et.al., 2016). In this process, confidence is risk taking ability for initiating and applying innovations for enterprise's effectiveness.  Strong determination:- It is required ability for an entrepreneur to have strong determination towards his goals. In this regard, having faith and never give up attitude for is essential for applying entrepreneurship activity. However, it is needed to be focused to meet set target. Including this, in case of problems and issues, determination for taking initiative as well implementing planning for adopting challenges (Goh, 2015). Therefore, strong determination towards goal setting is necessary for entrepreneur.  Competitive spirit:- In travel and tourism sector, it is required for risk taker to analyze other competitive entities' performance and market demand critically. Therefore, strength get enhanced to face competition and improving creativity of goods and services provided by organization. Along with this, an entrepreneur has skill to deal with all kinds of people and seek to fulfill their requirements related to traveling and accommodation services. In addition to this, his spirit must be competitive to face competition and making place potential to Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

5. present his views towards product services (Hallak, Assaker and Lee, 2015).  Work ethics:- It is needed for an entrepreneur to have strong work ethics and power to operate business activities with strong determination. However, considering ethics as well creating innovations on the behalf of legacy is essential for effective business operations. Therefore, leading ethical considerations is required for proper entrepreneurship activity (Hsu and et.al., 2016). Including this, work ethics related to focusing on customers and employees' protection as well their welfare is needed for creating innovations and making decisions regarding their working values.  Deal with hurdles and obstacles:- The most essential characteristics of entrepreneur is required to have potential for dealing with issues and further giving reactions smartly. In accordance to this, it is necessary for innovator to take risks as well handling problems with strong sense. In this process, having this trait for operating business activity is needed to managing pressure efficiently (Komppula, 2014). B) Self assessment I am going to establish a new business entity in travel and tourism. Therefore, it is needed for me to analyze my own strength and weakness so adequate balance between both aspects can be gained. In this process, my skills' analysis can be expressed as below:-  Strength:- I have self confidence to set up a new entity and following on prepared strategies efficiently. It impacts on my working qualities to operate business activities as well improves auto-motivated skill for dealing with problems. Including this, self confidence increases strength for taking risk and getting adjusted towards obstacles. However, I have attractive communication skills that is valuable for Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

6. expressing views, ideas to other people. It is beneficial for me to share my views and aware society with new innovations. Moreover, I have ability to advertise and showing off regarding innovations that is interrelated with strong working ethics. In this regard, these of my strengths are helpful for being entrepreneur and making place in innovation lists for travel and tourism sector. In addition to this, my strengths are useful for improving working qualities as well able to increase different kinds of skills at high level.  Weakness:- According to critical evaluation, it is analyzed that getting adjusted according to problems is difficult for me. I used to hesitate by looking at problems and hurdles occur during entrepreneurship. However, it is my weakness to loss determination towards work performance and achieving goals. It impacts on my confidence and working efficiency to staying on one decision ever. In my opinion, staying cool and focusing on one determination is not an easy cake. Including this, it is also my weakness to share business problems with all entrepreneurs and asking solutions, it lead me to be confused. Thus, it necessary for me to overcome mentioned weaknesses therefore I can become an ideal entrepreneur to enhance efficiencies of travel and tourism sector.  Opportunity:- For a travel and tourism entrepreneur, there are several kinds of opportunities obtained that are required to be grabbed. In accordance to this, by analyzing other business performance through government publications and social networking site, I can improve my competitive spirit. In this regard, reading articles, books and business comics are useful for getting several ideas related to being ideal entrepreneur as well able to gain additional knowledge regarding business activities. Moreover, taking advantage of creating good relationship with other business entities who work for travel and Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

7. tourism sector is efficient for setting up new entity as well applying different kinds of innovations. However, by analyzing actual market demand and customers' views on travel and accommodation services, I can generate different ideas for creating more uniqueness in working efficiencies for travel and tourism sector. Therefore, by grabbing these opportunities will be helpful for effective creativity and better quality services for organization's effectiveness.  Threats:- There are different kinds of threats obtained for setting up new business entity as well operating unique business operations. In accordance to this, there is threat to loose patience and confidence for determining on fixed goal. However, there is risk for uncertain changes and continuous failing. It is difficult to invest fund and resources where no guarantee for positive outcomes always. Therefore, competitive strategies and business oriented activities are risky for me to implement action plans regarding operations. In this process, it is required to reduce threats occur as well having patience and being focused to reach out set goals. TASK 2 2.1 Thomas Cook and his entrepreneurial skills Thomas Cook is one of the famous most attractive individual for initiating in travel and tourism sector. He established his own business in this sector through facing so many obstacles and struggling with enterprise's operations. In this regard, he became assistant for selling brouchers and further his story get started for innovations. However, he used to visit various destinations for selling the item by train and different resources. In addition to this, during destination, an idea came to his mind to create a group and further starting up a new entity for effective travel and accommodation services (Hallak, Assaker and Lee, 2015). Therefore, he made a group of people for innovating in this field with creative ideas. For Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

8. applying these techniques, due to lack of knowledge for financial and resources, he some some obstacles as debt. But he did not give up ever and also not falling down. He handled the situation very intelligently as well with effective self confidence and self reliant. In this process, his never give and positive attitude proceed him to be such a great entrepreneur. Including this, with having patience and learning attitude, he improved his working styles and several skills for operating business entity in travel and accommodation services. In addition to this, Thomas Cook teaches such a great lesson for operating business activities and creating innovations. Moreover, his entrepreneurial skills are able to sustain its good reputation and continuous growth in travel and tourism. Along with this, by using effective strategies and smart innovative techniques he establishes several branches of entity in country and also in other nations. It impacts on other sectors of nation such as education, employment and so on. Thus, various positive outcomes are presented through Thomas Cook entrepreneurship in travel and tourism sector effectively (Altinay, Sigala and Waligo, 2016). It is useful for improving entrepreneurial skills and having patience as well positive attitude for regular growth. In addition to this, various strategies and strengths for carrying on business entity efficiently is determined through learning these quality skills. He is such a great entrepreneur for increasing efficiencies of travel and accommodation services that affects on nation's effectiveness. By reading his articles and interviews generates different ideas and guidelines for operating business entity continuously. Along with this, entrepreneurial skills encourages us for starting up new innovation as well applying different strategies for carrying on enterprise's effectiveness to make place for further business operations as well sustaining effective goodwill in travel and accommodation services (Komppula, 2014). In accordance to this, it is recognized that Thomas Cook Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

9. entrepreneurial skills and business techniques inspire other entrepreneurs for taking risks and creating innovations in effective business performance to enhance efficiencies of travel and tourism sector. 2.2 Factors that led to success of enterprise Different factors are applied for succession of enterprise including having ability to operate business activities as well setting up new entity. In this regard, different tools affected for entrepreneurs' ability to handle the situation (Drucker, 2014). However, it is required to analyze positive and negative aspects for business operations that are interrelated with decision making and planning procedure for implementing action plans. Including this, succession of business enterprise can be obtained through applying innovative ideas for better quality services. It is needed for entrepreneur to have several kinds of skills to enhance efficiencies of firm as potential to handle the issues and strong working power to make decisions for better quality services. Hence, different factors are to be used for sustaining enterprise at high level. Including this, any business entity can get succeed through creating innovations and making plans according to working style and efficiencies to face risks (Kuratko, 2016). Therefore, various kinds of factors are suitable for succession of enterprise that includes accepting challenges and preparing strategies for better quality services as well operating business activities effectively. TASK 3 3.1 Sources of finance and supporting enterprise in travel and tourism Entrepreneur of the organization can allocate fund from different sources as internal and external that is useful for implementing business operations. In accordance to this, for establishment of entity and creating innovations in business activities are able to investing and fund as well getting sources for business expansion. However, taking advantage of loan facility from financial institutions bank and other companies is able to Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

10. allocate high level of fund that is able to operating business activities (Bae and et.al., 2014). In this process, using cash reserved as personal saving lead to make creations for expansion as well enhancing efficiencies of enterprise. Including this, getting support of family and friends regarding financial aid is helpful for increasing quality services and creating innovations for organization's effectiveness. In this regard, it is useful to make decisions for fund allocation regarding business operations. Moreover, financial sources by applying venture capitalist as taking aid of other entity is also useful for implementing action plans related to enlargement of organization and increasing entrepreneur abilities for better quality services. In accordance to this, fund can be allocated through different sources that are valuable to operate business activities. Hence, financial sources can be used for supporting enterprise in travel and tourism sector. It is helpful for preparing strategies and making decisions related to enterprise's effectiveness. 3.2 Developing potential for success of enterprise in travel and tourism Getting success in enterprise's effectiveness in travel and tourism sector leads to encouraging entrepreneurs for better quality services as well improving efficiencies at large scale. In this process, potential for performing better is gained through this process that is useful for creating innovations and applying different strategies for expand business entity (Coviello, Jones, and McDougall-Covin, 2015). Moreover, various quality skills are increased through this system that is helpful for increasing efficiency of travel and tourism sector. However, deep knowledge related to operating business activities more effectively is created that is valuable for taking risks in future time. Along with this, effective strength is increased for facing challenges and following on implemented action plans at large scale. In this process, problem solving skills are improved to overcome the issues occur at workplace. Therefore, for succession of enterprise and projecting, different Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

11. quality tools and effective planning procedure is obtained for enlargement of entity. In addition to this, implementing action plans for business plans are efficient for decision making process as well increasing potential to sustain good position of organization and quality services are presented through this system. In travel and tourism sector, enterprise increases its efficiency as well quality services for social welfare as well effective employment. Including this, setting up of new entities and creating innovations in business operations lead to make decisions related to developing potential for better quality services. Moreover, enhancing number of entities is helpful for expansion of business organization as well effectively contributes in country's effectiveness in different sectors as financial, education, employment, production and distribution of goods and so on (Frese and Gielnik, 2014). In accordance to this, implementation in travel and tourism sector is valuable for nation's effectiveness also helpful for other countries' development worldwide. Therefore, developing potential for better quality services leads to create innovations in country's growth as well able to planning for implementing business plan efficiently. 3.3 Persuasive business start-up plan Establishment of business plan leads to get succeed through applying different procedures and decision making tools. However, through analyzing current market position and making decisions for enhancing efficiencies are useful for business operations. In accordance to this, entity is start up through creating and implementing planning procedure for better quality services effectively. Therefore, entrepreneur follows all determined strategies to reach out set target also remains able to make decisions regarding business operations (Hornsby and et.al., 2016). In addition to this, start up plan for business operations are able to enhance quality services as well making decisions for business operations effectively. Moreover, business start-up plan is efficient for effectiveness of country and increasing quality Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

12. services for optimum fund and resources allocation at high level. Including this, entrepreneur uses prepared strategies related to business operations that leads to make decisions in travel and tourism sector's efficiencies. However, business start up plan is helpful for making decisions and improving efficiencies of organization as well nation's development. Including this, contribution of enterprises' expansion or enlargement is helpful to improve quality services of business enterprise's tools. It is interlinked with nation's different tools as economic, employment, export-import sector and so on. Therefore, setting up business start up plan is useful for entity and nation's effectiveness at high level. In this regard, entrepreneur who desires to establish new business entity in travel and tourism sector remains helpful for various sources and implementing strategies effectively. Thus, according to current market demand and recent trend, making decisions for better quality services impact on resources and fund adequacy (Drucker, 2014). However, business plans and making decisions for implementing action in respect of social welfare and creating innovations leads to develop efficiencies of quality services as well nation's financial and other sectors' growth at large scale. CONCLUSION The report is concluded that entrepreneurship in travel and tourism is essential for country's effectiveness. In this process, different entrepreneurs' skills and traits are determined that leads to create innovations in business operations. However, different planning tools and systematic implementation plans are obtained for increasing number of business entities for setting up and creating uniqueness in business activities. Including this, significance of entrepreneurship activity for financial and other sectors' growth of organization is presented through this assignment. Moreover, Thomas Cook entrepreneur's story is considered who created innovations in travel and tourism sector. Including this, several tools and techniques for Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

13. entrepreneurship and quality skills to be an ideal entrepreneur is identified. Moreover, for start up business and crating uniqueness in business operations is introduced that impacted on nation's growth. However, effectiveness of entrepreneurship in travel and tourism is recognized that is valuable for improving quality services and making decisions for enhancing quality services at high level. Thus, entrepreneur and entrepreneurship role model for nation's effectiveness is presented that leads to increase efficiency for travel and tourism as well other sectors' efficiencies at high level through this project report. Sample Report on Travel and Tourism Entrepreneur To Buy Complete Assignment Help Writing Services Kindly Contact Us :- Toll Free: +61 879 057 034 Email - help@assignmentprime.com Website - www.assignmentprime.com Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime

14. REFERENCE ● Altinay, L., Sigala, M. and Waligo, V., 2016. Social value creation through tourism enterprise. Tourism Management. 78(5). pp.404-417. ● Bae, T.J. and et.al., 2014. The relationship between entrepreneurship education and entrepreneurial intentions: A meta‐analytic review. Entrepreneurship Theory and Practice. 56(2). pp.217-254. ● Coviello, N.E., Jones, M.V. and McDougall-Covin, P.P., 2015. Is international entrepreneurship research a viable spin-off from its parent disciplines. Rethinking entrepreneurship: debating research orientations. 90(5). pp.78-100. ● Daniel, A.D. and et.al., 2016. Tourism Education: What about entrepreneurial skills?. Journal of Hospitality and Tourism Management, 30, pp.65-72. ● Drucker, P., 2014. Innovation and entrepreneurship. Routledge. ● Frese, M. and Gielnik, M.M., 2014. The psychology of entrepreneurship. Annu. Rev. Organ. Psychol. Organ. Behav. 5(1). pp.413-438. ● Goh, M.L., 2015. The Challenges And Success Factors In Tourism Entrepreneurship: Case Study Of Entrepreneurs At Jonker Street, Malacca. Tourism Management. 7(6). pp.36-37. ● Hallak, R., Assaker, G. and Lee, C., 2015. Tourism entrepreneurship performance: the effects of place identity, self-efficacy, and gender. Journal of Travel Research. 5(1). pp.36-51. ● Hornsby, J. and et.al., 2016. Entrepreneurship Everywhere... Across campus, Across communities and Across borders. Rethinking entrepreneurship: debating research orientations. 78(5). pp.8-10. Get Up-to 40% OFF onTravel & Tourism Assignment Help at Assignment Prime