Management and Business Plan

Abstract

Abstract Purpose The aim of this chapter is to present an overview of how entrepreneurs’ management activity can be assisted by utilising business plans. The main purpose of this chapter is to guide prospective tourism entrepreneurs to make a reflection on management decision-making when starting up a micro-, small- or medium-sized tourism venture. Methodology/approach This chapter was built on a review of management literature and authors’ industry experiences. Findings This chapter suggests that a well-designed business plan can help prospective entrepreneurs to (1) facilitate their decision-making, (2) minimise their risk perception and (3) increase their venture’s success probability. Research limitations/implications This chapter is descriptive in nature to illustrate how business plans are useful instruments for decision-making in management and marketing areas. Practical implications The practical/entrepreneurial approach practical of this chapter contributes to highlight the utility and value of a business plan for any micro, small or medium tourism, travel, leisure or event venture. Originality/value This chapter is useful for prospective entrepreneurs who are planning to launch a venture but have not decided yet how to shape and start a tourism business venture.

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