U14856 Business and Tourism Management Assignment Sample

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Introduction to Business and Tourism Management Assignment

The enterprise is about the initiative to manage and create novel businesses, primarily by taking on financial risks to achieve profit. On the other hand, entrepreneurship is the procedure through which individuals innovate, identify opportunities, and develop ventures that contribute to social and economic progress. Entrepreneurship and enterprise are major aspects of the dynamism and growth within the global tourism industry. Central to this process is the concept of Entrepreneurial DNA, a term that captures the inherent traits and mind-set that define successful entrepreneurs. These traits include innovation, risk-taking, a visionary approach, and resilience in solving problems. The major aim of this essay is to explore different contemporary issues within entrepreneurship in the tourism industry. By analysing these elements, the essay will highlight how entrepreneurs contribute to sustainability and evolution within the sector. This will also focus on evaluating the relevance of social entrepreneurship to contemporary society, with insights supported through Online Assignment Help UK resources incorporated meaningfully within the study. Furthermore, it will critically assess the impact and importance of social entrepreneurship within current societal contexts.

Impact of contemporary issues in entrepreneurship

Globalisation: Entrepreneurship within the tourism is majorly shaped by the effective globalisation; this has connected and expanded the distant cultures. The entrepreneurs is having the different opportunities to tap within the global market, this is providing the unique experiences which mainly supply for the international travellers. On the other hand, the globalisation poses the different challenges as well which includes the demand of the cultural sensitivity and increased competition (Mareque et al, 2019). For example, Airbnb has been developed into the global market by focusing on the interconnectedness via the globalisation, yet this directs the various cultural expectations and regulatory environments.

U14856 Business and Tourism Management Assignment Sample

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Sustainability: The sustainability is major issue in the tourism entrepreneurs as the tourism industry is having the high pressure to decrease the environmental impacts. The different entrepreneurs are more focused on the boost the sustainable practices. This includes the low carbon transportation and eco-friendly accommodations; these fulfil the needs of environmental conscious customers (Huertas-Valdivia et al, 2022). The organizations such as EcoCamp Patagonia within the Chile, this has developed the effective business model for the increasing sustainability to attract the consumers who are more focused on the sustainable travel options.

Digital transformation: The digital transformation is one of the main forces in developing the entrepreneurship within the tourism. The increase in the social media, digital platform and mobile technology has boosted and changed how the tourism business intact and operate with the consumers (Inkson and Minnaert, 2022). The digital transformation permits the entrepreneurs to customise marketing efforts, reach out the broader audience and boost the consumer engagement via the presence of social media and online review. For instance, The TripAdvisor has been an effective tool for the different travellers which are looking for the reliable reviews. This has offered the small businesses a platform to achieve the visibility.

Responsible tourism and cultural sensitivity: The cultural sensitivity is key issue within the tourism entrepreneurship. Along with the enhanced travel to the different destinations, the travellers can affect the traditions and local cultures. The different businesses are adopting the practices related to the responsive tourism. The organizations are developing the cultural sensitivity and preservation.

Health and safety concerns: In the COVID-19 pandemic, this has developed the whole tourism entrepreneurship, this is creating health and safety the major concern. The entrepreneurs face the different challenges to makes sure that their services can meet out the hygiene standard and also can maintain the guest experience.

Lifestyle entrepreneurship: This is where the different individuals develop the businesses which are majorly aligned with the passion and personal interest; this is majorly related to the tourism industry (Ivanović et al, 2020). Within the category the entrepreneurs purses the ventures which permits them to manage the needed lifestyles and also share their passions. This also includes running yoga retreats, boutique hotels and offers the guided tours of adventures (Contemporary Entrepreneurship Issues, 2023). For example, wellness and surf schools which retreat around the world are majorly founded by the different lifestyle entrepreneurs; this assimilates their own passion in the business model (Burns, 2022).

Smart destinations and smart tourism:; The smart destinations are accessible, efficient, sustainable to make the informed decisions related to tourism development. On the other hand smart tourism is a destination which is facilitating the access to the tourism and hospitality services, products, and spaces. This is mainly functioned by advanced technology (Chen et al, 2022). The smart tourism uses the IoT, data analytics and AI to boost the effective tourist experience, boost the operational efficiency and enhance the resource management. The smart destinations use the different technologies to offer the customised, sustainable and seamless experience for the different visitors. For instance, the Barcelona developed the smart tourism by utilising the IoT to manage and monitor the tourist flows.

The relevance of social entrepreneurship to contemporary society

Relevance of the social entrepreneurship to the contemporarysociety: The social entrepreneur plays major role in resolve significance challenges which the contemporary society is facing. This includes inequality, social exclusion, environmental degradation and poverty (Down, 2010). By blending the different principles of the entrepreneurial to develop social enterprises and social values provides the innovative solutions to the issues. For instance, the organizations such as fairbnb cooperative provides the alternatives of social responsibility to the traditional rental, this makes sure that the revenue portion offer support in the projects based on local community.

Contemporary issues manipulating social enterprises: The different contemporary issues put major impacts on the sustainability and operations of the social enterprises. The main issues is funding, disparate the social enterprises and traditional businesses mainly struggle to protect the investment. Their major emphasise is not related to the exploiting the profits but main focus on gaining the social impacts (Charkina et al, 2022). The issues intensified by the fact which is that the different social enterprises need to balance their financial stability along with the community mission. Another issue is related to the regulatory uncertainty because the government are majorly enhancing the different policies to support and recognise the social enterprises. For instance, non-existence in legal and clear framework within the social enterprises within the different counties my affect the resources access and growth.

Distinction among the charity, profit and social enterprise: By understanding the role of the effective social enterprises, this is important to differentiate these from the charities and businesses which are profit driven. The different profit driven by organisations majorly emphasise on the creating the financial returns for the shareholder or the owners and the social impacts are mainly the second concern (Edgell, 2019). On the other hand, charities, this primarily relies on grants and donations to fund for the activities and emphasises on the environmental and social goals without any financial returns expectation. The social enterprises, this mainly comes under the middle ground, this majorly operates with the social mission and the effective commercial strategies, this helps in gaining the financial sustainability.

Benefits to the tourism industry: The social entrepreneurship majorly provides major advantages to the tourism industry, in terms of community engagement and sustainability. By focusing on the environmental and social goals, the social enterprises within the tourism provide help in reducing the negative aspects of the tourism (Rahmafitria et al, 2020). This includes cultural erosion and environmental degradation; this promotes the effective and positive outcomes such as community enhancement and job creation (The Importance of Social Entrepreneurship in Today’s World, 2023). For instance, social enterprise which is G adventures, this mainly focuses on the responsible travel experiences, cultural preservation and provide support to the local businesses. The charity offers the advantages in terms of community engagement, this mainly dependent on the grants and donations. This mainly boosts the environmental and social goals. Businesses, which are profit driven, can provide the financial return and increase the profit.

Sources of innovation for entrepreneurs within the tourism industry

The sources of innovation within the tourism industry: The tourism entrepreneurs boosts the innovative ideas via the different sources, this includes technological development, consumer feedback, competitive pressures and market research. For example, the feedback from customer is mainly irreplaceable for understanding the gaps among the development areas and market within the existing services. The different entrepreneurs such as Brain Chesky, this is co-founder of the Airbnb, this focuses on the insight into the customer to boost the platform which can transformed the accommodation sector via permitting the people to rent the houses to the travellers (Tuan et al, 2019). This resolving the needs for unique and affordable lodging experiences within the tourism industry. The development in the technology is another innovation source. The development of the virtual reality, AI and big data analytics within the tourism services can open up the novel avenues for optimising operations and also boost the consumer experiences.

Types of innovation: The innovation within the tourism take the different forms, this includes innovation process, product innovation, organizational innovation and marketing innovation. The product innovation particularly includes the development of significant and novel experiences and improved services (Braue et al, 2019). The innovation procedure emphasise on the developing the operational effectiveness. This includes utilisation of the automation to boost consumer services and booking. The marketing innovation involves the new and effective approaches to develop the tourism services, this includes utilising the marketing campaigns which are data driven.

Fostering the innovation culture: To boost the innovative culture, the tourism entrepreneur apply the strategies, this can boost the collaboration, creativity and on-going learning within the tourism organization (Kryshtanovych, 2020). The main strategy is related to create the effective environment in which the workers can feel motivated and ready to take risk. For instance, the founder of the Virgin group which is Richard branson, this is known for the encouraging the team and promoting the experimentation culture.

Challenges and solutions within the innovation: Apart from the significance of innovation, the tourism entrepreneurs face the major challenges; this includes change resistance, resources constraints and evolving nature of tourism industry. The financial limitation hinders the investment ability in the R&D and novel technologies. To reduce the challenges the entrepreneur adopts the approach based on the lean innovation (Ali et al, 2019). This includes testing and developing the novel ideas based on the small scale. This can be helpful in decreasing the financial risk within the tourism industry.

One of the major example related to the successful innovation within the tourism sector, this is related to the development of Elon musk’s spaceX. It has visualizing the future in which the commercial travel space majorly accessible.

The future trends in entrepreneurial innovation particularly in the tourism industry.

Future of the entrepreneurial innovation within the tourism industry majorly influenced by the development of technology, global development and changing customer preferences.

Technological development VR, AI and AR: AI is in the demand and getting used to automate the consumer services, travel experience and optimise the operations. For instance, the chatbots powered by the AI can offer the assistance 24/7, this offers the quick responses to the booking services, inquires and offer the customised recommendations which are based on the data of user (Cooper and Hall, 2022). For instance the organizations such as Expedia and Booking.com utilises the AI algorithms to evaluate the consumer preferences and consumer behaviours. On the other hand AR and VR technologies are mainly developing by the method based on trip experience and traveller plan (Lussier, 2020). VR permits travellers to explore the different destinations virtually, this providing the experience based on “try before buy”. For example, Marriott hotels enhanced the travel experiences and VR postcards which permit the potential consumers to visit the various destinations from the homes. However, AR boosts the real world experience via digital information on the physical environment.

Changing consumer preferences and global developments: The customer preferences within the tourism industry is changing, this is mainly driven by the need for sustainable, customised travel experience (Aquino et al, 2022). In the current time the travellers are mainly looking for the experiences which are align with the different values, this includes community based tourism, eco-friendly accommodations and cultural immersion (Morrison et al, 2016). The regular changing preferences are mainly pushing the entrepreneurs to boost the innovation by increasing the services and products. The global development, this includes geopolitical instability, impact on the climate change and different health crises which include COVID-19 pandemic are affecting the future of tourism. The AI also provides the customised tour plans in which the travellers can schedule and personalise their plans. The VR permits the travellers to explore the different destinations via virtually, this can develop the consumer experience. The AR applications, this includes the real world experiences which mainly overlying the effective digital platform into the real world environment.

Recommendations

• The tourism business needs to regular invest in the VR, AI and AR technologies to boost the operations, consumer experiences and develop the novel revenue stream. For instance, developing the customisation via AI within the booking can retain and attract the consumers. Similarly, by adopting the AR and VR differentiate the business via offering the immersive experiences.
• The entrepreneurs need to prioritise the sustainability within the business models, provides the sustainable services and products which can meet the increasing needs of the responsible tourism.
• The tourism industry needs to be responsive and agile to the global development; this includes the health crises and climate change. It majorly includes the investing within the strategies of crisis management; diversify the revenue stream and developing the products which can cater the novel trends such as digital nomadism.

Conclusion

Conclusively, it states that the different contemporary issues within the entrepreneurship within the tourism industry. The different contemporary includes the sustainability, globalisation, digital transformation, entrepreneurship lifestyle and smart tourism smart destinations. These factors majorly affect the tourism industry. The social entrepreneur is important in resolving the major challenges which are mainly faced by the society. The various contemporary issues affect the operations and sustainability initiatives of the social enterprises.

References

Books and Journals

• Ali, F., Park, E., Kwon, J. and Chae, B., 2019. 30 Years of contemporary hospitality management: uncovering the bibliometrics and topical trends. International Journal of Contemporary Hospitality Management, 31(7), pp.2641-2665.
• Aquino, R.S. and Porter, B.A., 2022. Contemporary issues in tourism management in the Philippines. In Tourism in the Philippines: Applied Management Perspectives (pp. 3-19). Singapore: Springer Nature Singapore.
• Brauer, R., Dymitrow, M. and Tribe, J., 2019. The impact of tourism research. Annals of Tourism Research, 77, pp.64-78.
• Burns, P. 2022 Entrepreneurship and small business: start-up, growth, and maturity. London. Red Globe Pressng. •
• Charkina, T., Pikulina, O., Zadoja, V. and Tsviliy, S., 2022. Improvement of the tourism industry management due to introduction of new trends and types of tourism.
• Chen, S., Xu, Z., Wang, X. and Škare, M., 2022. A bibliometric analysis of natural disasters and business management in tourism. Journal of business economics and management, 23(2), pp.305-326.
• Cooper, C. and Hall, C.M., 2022. Contemporary tourism: An international approach.
• Down, S. 2010 Enterprise, entrepreneurship, and small business. Sage. • Kimball, D.C. and
• Edgell Sr, D.L., 2019. Managing sustainable tourism: A legacy for the future. Routledge.
• Huertas-Valdivia, I., González-Torres, T. and Nájera-Sánchez, J.J., 2022. Contemporary leadership in hospitality: a review and research agenda. International Journal of Contemporary Hospitality Management, 34(6), pp.2399-2422.
• Inkson, C. and Minnaert, L., 2022. Tourism management: an introduction. Sage.
• Ivanović, O.M., Đeri, L., Stamenković, P. and Ilić, A., 2020. The Necessity of Using Social Networks in Contemporary Tourism Industry and the Tourist Organization of Serbia. Economic Analysis, 53(1), pp.94-104.
• Kryshtanovych, S., Kindzer, B., Goryn, M., Kravchenko, A. and Frunza, S., 2020. Management of socio-economic development of tourism enterprises. Business: Theory and Practice, 21(1), pp.420-426.
• Lussier, R.N. 2020 Entrepreneurship skills for new ventures. Routledge.
• Mareque, M., De Prada, E. and Pino-Juste, M., 2019. Creativity among business and tourism management university students: determining sociodemographic factors. Creativity Studies, 12(2), pp.258-279.
• Morrison, J., Rimmington, M. and Williams, C. 2016 Entrepreneurship in the hospitality, tourism, and leisure industries. 1st edition. Routledge.
• Rahmafitria, F., Pearce, P.L., Oktadiana, H. and Putro, H.P., 2020. Tourism planning and planning theory: Historical roots and contemporary alignment. Tourism Management Perspectives, 35, p.100703.
• Tuan, L.T., Rajendran, D., Rowley, C. and Khai, D.C., 2019. Customer value co-creation in the business-to-business tourism context: The roles of corporate social responsibility and customer empowering behaviors. Journal of Hospitality and Tourism Management, 39, pp.137-149.

Online

• Contemporary Entrepreneurship Issues, 2023. online, Available, through https://www.worldscientific.com/worldscibooks/10.1142/12045#t=aboutBook
• The Importance of Social Entrepreneurship in Today’s World, 2023. online, Available, through https://theglobalcollege.com/blog/the-importance-of-social-entrepreneurship-in-todays-world/