The new arena of tourism entrepreneurship

What is exciting for the CEOs? 

The tourism and hospitality industry has been dynamic. We have witnessed changes from local taverns, serais, and animal-powered carts to Boeings, self-propelled aircraft, and luxurious new hotels, appearing to be a city. This has been possible with the young and enriched minds working tirelessly for the service of tourists.

With the lockdown opening and human beings hungry to socialize and explore, there are a plethora of opportunities ready to be explored. This Tourism, Travel, and Hospitality segment, in terms of new product development, and reincarnation of available products and services suiting the emerging demands are ready to be embarked upon. CEOs must enlighten and promote the concept of novel hotels, travel trade, tourism services, and products for the upcoming market demands. As a CEO cum entrepreneur in this domain ready to harness unlimited opportunities?

The CEOs imbroglio? 

The biggest challenge post covid-19 is that CEOs must ascertain innovations and global competitiveness in tourism entrepreneurship to get traction for their business. They must be ready to:

1. Explore the innovations available in product and service dimensions for the Tourism and Hospitality domain post-covid.
2. Analyze the innovativeness they can harness upon.
3. Craft newer tourist destinations that the hungry traveler is looking.
4. Examine the plethora of latent opportunities available in starting up new ventures in tourism, hospitality, and its allied fields.

This imbroglio may be wider in dimensions, referring to the geographical construct and business environment in which the incumbents are placed at. For example, it may differ in Asian, Southeast Asian, European, American, etc. perspectives.

What must CEOs think and explore?

While interviewing a series of CEOs and entrepreneurs from the travel, tourism, and hospitality industry, several questions emerged. Some of them had answers, yet most of them went off on debate. Maybe these are triggers to the reader and incumbents planning to embark in this field.

1. What innovative products may be launched looking at the post covid-19 scenario both for inbound and outbound tourists?
2. What could be plausible employment opportunities available in 2025 and beyond in this sector that can drive the business?
3. Do you think that the new forms of tourism, like nuclear travel and proximity tourism, will capture the market looking at the space constraint in many metropolitan cities?
4. Do you think the new hotels, like capsules, igloo, etc. will capture the market?
5. Will there be a shift in European tourists or Asians, and to which destinations?

The thought

CEOs consider that innovative products may be launched looking at the covid-19 scenario for domestic and international tourists. This will at the same time supplement upcoming employment opportunities available in 2025 and beyond. Due to constraints in metropolitan areas, nuclear travel may take a surge. 

New innovative methods were seen to have been introduced in this time of pandemic. For example, Thailand introduced an app for tourist, where they were asked to enter their information like passport number etc. Tourists were tracked in terms of their movement respecting the covid-19 dimensions. Earlier, obtaining a Dubai visa was time, but with intervention of technology it is quick. These interventions have attracted the starved traveller eager to explore and move ahead in life yet practice all requirements of a safe travel. 

The conditions are evolving. There is a large conference and event-based industry that attracts and promotes travelers, links them to tourism and hospitality sector. With limited movements and yet gaining confidence post covid-19 impact, supported by the commercial airline industry, the scenario is fast catching up. The events and conferences are fast catching up in the hybrid format. Though, it is still unclear to the scale it may surge, yet the signs are positive. Yet under al these uncertain, unexpected and unknown scenarios we are plagued, the signs of recovery are encouraging and that, the show must carry on.

Human beings require a physical interaction as a part of being a social animal. Slowly and gradually office-based assignments are fast returning and thus the ecosystem like airports, railways stations, hotels, conference rooms and attractive places to visit are back in action. The challenge is to stay competitive with safety on top priority as the new norm.  

The new arena

With the onslaught of dynamic changes as evinced in this tourism and travel industry, the opportunities for the changed mindset are plenty. These new age entrepreneurs can capitalize upon the hybrid version and craft the shorter versions of the business. Newer destinations can be branded that as of now have been unexplored but fall in closer vicinity of the traveler. As reiterated, man being a social animal needs to explore and socialize. This innate need can be explored and capitalized by the incumbents with a polished interest in adventuring into. The Makenna’s gold is here!

Written by Prof. (Dr.) Manoj Joshi.
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