General Guidelines

• The work you submit must be in your own words. If you use a quote or an illustration from somewhere you must give the source.
• Include a list of references at the end of your document. You must give all your sources of information.
• Make sure your work is clearly presented and that you use correct grammar.
• Wherever possible use a word processor and its “spell-checker”.

This assignment will be assessed by 3 written task reports and a brief presentation.

Task 1 for LO 1:

Context and Scenario:
Task 1 of this assignment is about your entrepreneurial traits; 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 a start-up entrepreneur or as an entrepreneurial manager/owner of a travel and tourism business.

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 before carrying out the following tasks:

A. Identify and discuss what skills you would need to be a successful entrepreneur making relevant references to a business start-up in the travel and tourism sector (P1.1).
B. Using an appropriate format, produce a self-appraisal of your-self in terms of entrepreneurial traits and skills required leading to identifying your strengths and weaknesses. This requires you to do a skills and trait audit and analysis of your strengths and weaknesses as well (P1.2).

NB: 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.

• M1 Through effective approach to research using appropriate methods, identify and analyse the appropriate entrepreneurial traits and skills (related to both P1.1 and 1.2)..

Task 2 for LO 2:

Context and Scenario:

Task 2 is about entrepreneurial development and how one can start an enterprise and grow with the time to be successful, perhaps making into a large successful organisation. A successful entrepreneur possesses certain managerial and professional skills along with certain personal skills in order respond to change and sustain the business.

Identify and choose a few successful entrepreneurs and analyse their styles and methods of developing and managing businesses. You are urged to read biographies of a few entrepreneurs that might interest you.

A. Select a successful travel and tourism entrepreneur and analyse his or her business development strategy (P2.1).
B. Analyse the entrepreneurial process adopted by the chosen entrepreneur and evaluate the success of entrepreneur’s business (P2.2).

(It is about analysis. Avoid using cut and paste materials on the entrepreneur’s biography)

• M2: Use a range of methods and techniques to gather and analyse complex information in order to assess the business development strategy of the entrepreneur (related 2 A).
• D1: Draw conclusions through critical analysis and synthesis of ideas and justify your judgement of the entrepreneurial success (related 2 B).

Task 3 for LO 3 and LO 4:

Context and Scenario:

This task is about planning for starting up a business in the travel and tourism sector. You as an entrepreneur needs to having 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 customers 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.

As a start-up travel and tourism entrepreneur, consider the needs and wants of your target group of customers and develop a new idea or concept to start a business. Now screen the idea by discussing with your friends and family members if they would approve the idea. Carry out the following tasks:

A. Identify and evaluate the sources of funds for your proposed travel and tourism business (3.1).
B. Based on your analysis of the market, develop a specific product/service concept and justify its potential for success (you may use, suitability, affordability and feasibility criteria for this assessment: P3.2)).
C. Develop and present an effective 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 (3.3).

• M3: Use appropriate structure and approach to develop and test the new start-up product in the chosen travel and tourism sector (related to 3 B).
• D2: Through substantial activities, plan, manage and organise the development of the business plan (related to 3 C).
• D3: Apply innovative and creative thoughts in developing the new business concept (related to 3 B).