BTM5EIT Entrepreneurship in Tourism Assignment Sample UK

BTM5EIT Entrepreneurship in Tourism This module explains and explores the pivotal role that entrepreneurship plays in the development and growth of tourism. It addresses multiple theories on entrepreneurship and how these are applied in tourism-related organizations and contexts. It will give learners wide-ranging knowledge of the impact that entrepreneurial activity can have on the tourism sector, including in the UK and more widely internationally. In this respect, the students will critically discuss how innovation, risk-taking, and opportunity recognition are involved in establishing tourism businesses. On the other hand, it deals with the problem of what entrepreneurial activities could bring to tourism competitiveness, sustainability, and growth for the future. In their course, the students should be able to discuss and evaluate techniques whereby entrepreneurship can lead to success in this always-changing dynamic industry.

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Task 1: Review of the theories and concepts of entrepreneurship in tourism organizations

Entrepreneurship is a major factor for innovative drivers, growth, and competitiveness of the tourism industry. This section reviews some of the best-known theories on entrepreneurship: Schumpeter’s theory of innovation, Kirzner’s theory of entrepreneurship, and effectuation theory. These apply as well to organizations related to tourism. Theories and Concepts of Entrepreneurship

This is what, in Schumpeter’s Innovation Theory, is the source of increased economic efficiency. For example, it may exist in tourism as a type of travel experience (eco-tourism) or innovative technologies creating an interactive relationship between the client and the company (VR tours or AI-based booking systems).

The major characteristic that Kirzner’s theory attaches to the entrepreneur is alertness to market gaps or opportunities that are as yet untapped. Applied to tourism, this would mean tourism products and services that would be perceived by tourists as being distinct from others, such as adventure tourism, cultural heritage tourism, or food and wine tourism.

There is also the effectuation theory. This theory explains how entrepreneurs start from available things, then through different combinations of expertise and alliances/innovation, create opportunity. Smaller tourism ventures often start by exploiting local assets or by grouping with other local businesses or authorities that can expand offerings.

Tourism Organisations

Most tourism organizations take up these theories by devising new products and services, encouraging regional development, and thus becoming competitive. As such, the accommodation sector has been transformed in this regard when innovation entrepreneurship saw the filling of the markets left unoccupied in the conventional hotel industry.

Task 2: Evaluation of the Impact of Entrepreneurial Activity on the Tourism Industry: UK and international

Entrepreneurial Impact on the UK

Entrepreneurial activities have had tremendous changes on the face of rural and urban tourism in the UK. For instance, small entrepreneurs in Cornwall commercialized the concept of eco-tourism wherein one would expect to find the most environmentally friendly accommodation as well as activities. Digital innovation has seen an increase in tourist visits, owing to better destinations that are marketed to attract more tourists, thereby increasing employment and infilling the local community.

Impacts of Entrepreneurship on Tourism

Global tourism has been impacted by platform-based businesses such as TripAdvisor, Expedia, and Airbnb. The firm has enabled local entrepreneurs to reach the global market which will consequently impact the experiences of customers directly as more people get jobs. Entrepreneurship for tourism purposes brings about support for the development of the economy in developing countries through foreign investment, attracting it, and promoting cultural exchange.

Relevance and Growth Potential

Entrepreneurship is crucial for the tourism industry to sustain growth. Therefore, entrepreneurial ideas must be encouraged during times that favour sustainable and experiential travel in order to develop innovative solutions. As shown by the exponential growth of eco-tourism, well-being tourism and digital nomadism, these are examples where entrepreneurship remains relevant.

Task 3: Critically assess the various entrepreneurial activities below in the tourism industry

Several sectors of the tourism industry express the dynamic characteristic of entrepreneurship:

Sustainable Tourism Ventures: Sustainable orientation has become one of the new directions taken by businesses. It implies carbon-neutral hotels and traveling without harming the local environment. For instance, Intrepid Travel cashed in on that by selling the idea of responsible travel that leaves a local impact.

Tech-Driven Tourism Startups: In today’s day and age, tech entrepreneurs are reaching out to travelers by creating their applications-based solutions for the service offered to travelers. For instance, the GetYourGuide solution, would connect travelers with the product and local experience.

Social Enterprise in Tourism: The problem is to understand, as provided by the case G Adventures, as to what kind of entrepreneurial ventures can generate profit at the same time for the benefit of society; indeed social enterprises generate value for local communities.

Judgement of the Impact within the Tourism Sector

These business activities essentially support innovation, sustainability, and inclusivity for tourism. Resorting to responsible tourism together with local engagement helped in the transformation of such a diverse and socially responsible tourism ecosystem into responsible economic resilience for tourist destinations and local communities around the globe.

Task 4: Demonstrating Proper Academic Writing, Referencing and Teamwork

Academic Writing and Referencing

One would find several applications of the principles throughout this essay of clear and concise academic writing. I have ensured that all points referred to follow the Harvard Referencing Style so that I may cite all my sources justifiably to heighten the credibility of the analysis. For instance, the best practices are cited along with such authors as Schumpeter and Kirzner.

Teamwork and Oral Presentation Skills

As a group, we shared our research and divided jobs; worked cohesively to create a balanced analysis. As a team, it was agreed that the core entrepreneurial activities to be discussed were eco-tourism and digital platforms. Our oral presentations were crisp, interesting, and supported with relevant data demonstrating that we understood concepts of entrepreneurship and how they could be applied in tourism.

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