Startups: Opportunities and challenges faced by entrepreneurs in tourism

and hospitality sector

*Anjali Kulabhi **Pratik jawale

2nd yr M. Sc. in Hospitality Admin., NCHM-IH, Noida

Email- anjali.kulabi45@gmail.com Mob- 8360912899
2nd yr M. Sc. in Hospitality Admin., NCHM-IH, Noida
Email- pratikjawale908@gmail.com Mob- 9130600768

ABSTRACT:
The economy of the country depends upon countrymen. Larger the number of working people
better will be economy. Government is well aware of the fact that its country has vast amount of
young innovative minds and ideas to work hard, all they need is support and right guidance in
which it is lacking. Many people dream of opening new venture of his/ her own but because of
challenges such as risk factor, infrastructure deficit and many other reasons one has to stop from
converting his aspirations into reality. Under the leadership of honorable Prime Minister
Narendra Modi, nation was gifted by scheme- “STARTUP INDIA”, which was launched by
finance minister Arun Jaitely in January 16, 2016. . A key area where there were tremendous
opportunities was textile, health. Media, Event Planner, Tourism etc. Among all the key areas,
representation from tourism and hospitality sector has been quite negligible. Lack of business
startup in this sector is matter of concern. Enhanced access to startup ecosystem and finance for
students and entrepreneur will result in successful outcome in terms of income generation and
employment creation. This paper discusses few challenges and opportunities faced by
entrepreneurs.

Keywords: Startups, Opportunities, Challenges, Hospitality and tourism

INTRODUCTION
A startup is a business venture founded by one or more entrepreneurs to develop a new product
or services and bring it to the market. It is initiated with an idea or thought or by discovering a
problem with a potential for significant business. This potentiality of certain idea gives an
entrepreneur a kick to start his or her business. And this is known as Opportunity. Opportunity is
always there but it need a person who sees it like so. Such person is called as Entrepreneurs.
This term was not that famous before the inauguration of “STARTUP INDIA” initiative which
being launched by hon’ble Prime Minister in 2016 with an aim to promote entrepreneurship,
generation of employments, wealth creation. Its purpose is to transform India from job seekers to
job creators. So past year has seen lot of new competitive Indian startups. Big business minds
came up with Flip kart, Ola, Paytm and so on which has gained much popularity. It seems to be

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Norm for all industries so, how tourism and hospitality sector hold back. Startups like OYO,
Zomato, Hotel cloud, hopper etc have rocked the list of startups in 2019. So it is rightly said that
coin has two sides , likewise discussing about opportunities one cannot avoid challenges
entrepreneurs has to face with regards of funding, intense competition, legal obligations,
infrastructure issues and what not. This paper discusses the. Scope of promoting startups in travel
and tourism sector in the emergence of new business models of startups in India with special
reference to Startup programme of Government of India. The paper explores various factors that
can encourage a large number of startups in travel and tourism sector.

OBJECTIVES OF THE STUDY

To discuss the life narratives of successful entrepreneurs in tourism and hospitality
industry
To examine an opportunity and challenges faced by entrepreneurs
To summarize the findings of the study and establishing as bench mark for
future entrepreneur to be successful

NEED OF THE STUDY

The main idea behind starting a startup business is to be own ‘s boss and lead a independent life
by being a job creators and not job seekers. Large population with largest middle class group ,
young minds with technology knowledge, high internet and mobile penetrations are some of the
drivers that create opportunities for youth to go for startup. In current scenario, tourism &
hospitality industry accounts for maximum participation. As one can see people from non-
hospitality background entering into market with such a unique and innovative ideas and
creating revolutionary change. Now it is necessary and our country’s economy calls for such
change. Therefore this study will be beneficial for those who want to create a change by be
one’s own boss.

SCOPE OF THE STUDY

The scope and opportunities of entrepreneurship is massive in the current climate of tourism
& hospitality industry. Startups are something which not only a step towards generation of
employment but it also leads to creation of wealth. In today’s scenario no one can deny that
tourism & hospitality has come up with a lot of startups but very less has been explored. The
increasing the number of entrepreneurs will definitely motivate future entrepreneurs and their
success stories boost up the morale of future job creators.

1. LITERATURE REVIEW

1.1 The Concept of Entrepreneurship

With significant changes as of late the environment in which entrepreneurship
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creates ought to be founded on a pioneering soul that is the fundamental establishment to
fulfill the monetary, social, ecological and social needs of society. The unpredictability of
the idea offers ascend to a large number of definitions from alternate points of view. In
this manner, JB Say (1860) states that “the entrepreneur extracts economic resources in
an area with low productivity and introduces them in an area with high productivity and
yield". Schumpeter contends that advancement is the main thrust of free enterprise as
well as of monetary progress when all is said in done and that business people are
specialists of progress in the economy. In this setting, the capacity of the business person
can be characterized as a blend, in a creative way, of a few variables, to produce an
incentive for the client, unrivaled returns for firms, riches for the economy, through
making occupations and creating advancements.
Global Entrepreneurship Monitor characterizes business enterprise as "any attempt at
new business or new venture creation, such as self-employment, a new business
organization, or the expansion of an existing business, by an individual, a team of
individuals, or an established business". Business enterprise is additionally
characterized as an movement that "includes the discovery, evaluation and exploitation
of -opportunities to introduce new goods and services and ways of organizing, markets,
processes, and raw material through efforts that previously had not existed" (Hattab,
GEM Egypt Report, 2013).
Against this foundation, the presentation of a few start up business people in India has
been very promising. A "start up" is another undertaking began in a little scale with
novel financially achievable items, the necessary skill, both promoting and mechanical
and a dream for development and innovation.
India has for the most part two classifications of startup firms (1) new companies set up
With the help of incubators supported by Department of Science furthermore,
Technology, Government of India (2) new companies set up with the backing of business
incubation projects of privately owned businesses what's more, foundations. Startup India
is a Government of India flagship program to promote new businesses and support
innovation. This program includes various segments to enable startup dares to help
business with an attention on financial development and work age. This project gives
proactive help and motivating forces at various levels (http://www.startupindia.gov.in
).Various social media marketing has been done and platforms like tweeter is being used
for new announcements any to be made. Startup India yatra conducted in 220 districts
across 23 states impacting 78,346 enterpreneurs.4 –week course for startups and aspiring
entrepreneur According to recent NASSCOM report new India’s startup ecosystem is
growing rapidly of 12-15%. As per report 1300+ startups has been added till now. This is
a great sign to move forward with an idea of entering into entrepreneurship.

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2.2 Tourism & Hospitality Industry

Since ancient times individuals have traveled, with various inspirations, however the idea of
excursion or exploration showed up a much later. The substance of the term the travel
industry is a perplexing one, in literature it is viewed as a worldwide phenomenon, with a
multifunctional approach, a human experience, a geographic phenomenon, a business, a
mechanical sort complex, containing a set of activities, administrations and enterprises:
transport, convenience, providing food and café exchange, recreation and accommodation
benefits that are offered to address the need of travelers. "These days, the travel industry
shows as an unmistakable field of action with an undeniably progressively dynamic
presence of economic and social life, with perhaps the fastest advancement. Generator of
significant changes in social elements, the travel industry was likewise expressed to be a
factor of progress and civilization, as a promoter of international relations and, all the more
as of late, the contention of globalization and economical improvement". (R.Minciu 2004)

From different perspectives, tourism is defined as “the set of relationships and phenomena
resulting from the movement and stay of people out of their homes as long as they do not lead
to permanent establishment and are unrelated to any gainful employment”. (Hunziker and
Krapf, 1941), “a combination of services and attractive image” (Lanfa, 1980) “Temporary
movement of people to destinations outside their normal work and subsistence, activities
undertaken during their stay in those destinations and the facilities created to meet their needs”.
(Mathieson and Wall 1982), “The sum of the phenomena and relationships arising from the
interaction of tourists, business suppliers, host governments and host communities in the
process of attracting and hosting these tourists and other visitors”

Latest reports of the World Tourism Organization (UNWTO) show that travel industry is at
present the biggest business on the planet and the biggest boss, at the same time representing
a way (at times just) to prevalent capitalization of all asset classifications nearby and
particularly regular ones: the magnificence of scenes, remedial characteristics of thermal
mineral water, climatic conditions, having the option to guarantee the success of
disadvantaged territories. Huge buyer of manpower, the travel industry assumes a significant
job in the economy through the way that, having little possibility for motorization or
mechanization, the travel industry tasks make permanent new openings The hospitality
industry targets : food, recreation , accommodation for those who are away from their home
for short or longer period. The main purpose of hospitality services is to make traveler feel
home away from home, including hotels, restaurants, commercial activities such as Guest
houses, snacks-bar and fast-food establishments etc.Each year Trading Economics estimates
the number of tourist arrivals in India. Figure 1 graphically represents the tourist arrival in
India .Tourist Arrivals in India increased to 1091946 in November from 944233 in October
of 2019. Tourist Arrivals in India averaged 495037.91 from 2000 until 2019, reaching an all
time high of 1191147 in December of 2018 and a record low of 129286 in May of 2001.

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 Figure 1: Source – Department of Tourism, India

According to The Hindu, Foreign tourists in India, it is rising year after year which resulting
increase in foreign exchange earnings in all these years. The number of tourist increase from
8.8 million in 2016 to 10.04 million in 2017 and 10.56 million in 2018 . This statistics
shows how tourism and hospitality helping the economy grow as well as it needs to be
explore more.

2.3 Issues & Challenges

An effective startup cannot begin a business just with enthusiasm and a passion. A
significant level of administration aptitudes with away from of market, amazing relational
abilities, maturity to see things in right point of view alongside the capacity to face
determined challenges are required with respect to the entrepreneur(Aggarwal,2017).
Absence of mindfulness, different clearances, sloppy market, poor foundation in Tier 2/3
urban communities, absence of tutoring , stringent exit policies, debasement/formality,
technological hazard, regulatory obstacles and absence of changes keeping pace with the fast
developing business sector changes are a portion of the difficulties according to Rashmi
Guptey, Principal (Legal) of Lightbox India Advisors Private Limited. Some of the major
issues and challenges are discussed below:

1.) Financial Resources

Accessibility of money is basic for the new businesses and is constantly an issue to get
adequate sums (Mittal, 2014; Truong, 2016). Various account alternatives running from
family members, friends, loans, grants, angel funding subsidizing, financial
speculators, crowd funding and so on are accessible. The necessity begins expanding as
the business grows. Scaling of business requires timely mixture of capital. Appropriate
cash management is basic for the accomplishment of the new companies (Skok, 2016;
Pandita, 2017). An ongoing report paints a gloomy picture with 85% of new

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 organization's apparently underfunded demonstrating potential disappointment
(Iwasiuk, 2016)
2.) Revenue Generation
A few startups flop because of poor revenue generation as the business develops. As the tasks
increases, costs grow with decreased revenue constraining new companies to focus on the
financing angle, along these lines, weakening the attention on the basics of business.
Consequently, revenue generation is crucial, justifying productive administration of burn rate
which in like manner speech is the rate at which startup go through cash in the initial stages.
The challenge isn't to create enough capital yet in addition to extend and sustain the
development.
3.) Team Members
To discover and contract the correct sort of ability for the business with aptitudes to
coordinate growing customers expectations are perhaps the greatest challenge (Truong,2016).
Aside from founder(s), startups ordinarily start with a group comprising of trusted individuals
with correlative ranges of abilities. Typically, every partner is had some expertise in a particular
region of tasks. Gathering a decent group is the primary significant prerequisite, inability to have
one at times could break the startup (Skok, 2016). As indicated by a study, 23 percentstartup
failed on the grounds that individuals didn't fill in as a group. Chirag Garg, CEO, HyperDell,
feels that acquiring reasonable ability at the opportune time is a test. According to Nitin Sharma,
Principal and Founding part, Lightbox India Advisors Private Limited "Procuring and holding
excellent ability, particularly in the zones of item and innovation stays a key test"
(Choudhary,2015).
4.) Supporting Infrastructure
There are various support systems that plays an important role in the lifecycle of startup which
incorporate incubators, science and technology parks, business development centers focuses
and so forth. Absence of access to such support components expands the risk of failure
5.) Creating Awareness in Markets
Startups fail because of absence of consideration regarding restrictions in the business sectors.
The environment for a startup is typically more troublesome than for a built up firm because of
uniqueness of the item. The circumstance is increasingly difficult for another item as the startup
needs to fabricate everything from scratch.
6.) Exceed Customer Expectations
The following most significant challenge is checking the market requirement for the item,
existing patterns, and so on. Innovations plays a significant role, since, that the startup needs to
adjust the item contributions to suit the market requests (Skok, 2016). Additionally, the
business ought to have intensive information to counter challenge with suitable procedures.
Because of new technologies that are rising, the challenge to give well beyond a prior
innovation is appropriate. Namrata Garg, Director, SendKardo feels that the biggest challenge
is the need to constantly reinvent yourself and come up with a service to be able to match
up customer expectations and exceed them.
7.) Tenacity of Founders
Founders of new businesses must be intense when difficult situations arise. The excursion of
beginning an endeavor is laden with postponements, misfortunes and issues without sufficient
arrangements. The business person should be relentless, enticing, and ought to never give up till
he/she accomplishes wanted outcomes. History is loaded with startups who surrendered the

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battle when things turned out badly. At times the item could be comparatively radical or may
require complimentary innovation/items for the utilization by the clients.
8.) Regulations
Beginning a business requires various consents from government organizations. In spite of the
fact that there is a recognizable change, it is as yet a challenge to register an organization.
Guidelines relating to labor laws, intellectual property rights, dispute resolutions and so on are
rigorous in India which takes around 30 days to consent compared with only 9 days in OECD
nations. Likewise, according to World Bank report, "World Bank Ease of Doing Business", India
positions 142 out of 189 economies (Mittal,2014).

2.4 Opportunities for startups

In spite of challenges and problems that startups are facing, Indian markets provide a plethora of
opportunities to find solutions tailored to solve them. Below is a list of few of the opportunities
that are discussed for consideration by startups.
1) India’s large population
The population in India is an immense resource for the nation. By 2020, it is normal that the
working age population would outperform the non-working population. This special segment
favorable position will offer an extraordinary chance to any startup. Different framework issues
and the base of-the-pyramid market would give enormous chances to the new businesses.

2) Change of mind set of working class

Traditional career path will be offering approach to Indian startup space. Challenging
assignments, great remuneration package would draw in skilled individuals to startups.
Additionally, it is seen that few prominent officials are quitting their jobs to begin or work for
startups. To fortify the pattern being seen, an overview led by Economic Times likewise
confirmed that the number of students joining startups and e-commerce business has increased
extensively in the recent years (Anand, 2016)

3) Huge investments in startups

Gigantic investment in Indian startup from foreign and Indian investors is taking place. In 2015,
more than 300 deals were finished by 300+ angel investors and funding/private value players
with around $6.5-billion (Rs 42,300Cr) speculations making India the most looked for after goal
for ventures. Some of the dynamic players are New York-based Tiger Global Management,
Russian organization DST Global, Japanese telecom mammoth Softbank,.

4) Government initiatives
There are numerous government and semi-governmental initiatives to assist startups.
Start-Up India
This initiative provides three-year tax and compliance breaks intended for
cutting government regulations and red tapism.
MUDRA Yojna
Through this scheme, startups get loans from the banks to set up, grow and stabilize
their businesses.
SETU (Self-Employment and Talent Utilization) Fund

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 Government has allotted Rs 1,000 Cr in order to create opportunities for self-employment
and new jobs mainly in technology-driven domains.
E-Biz Portal
Government launched e-biz portal that integrates 14 regulatory permissions and licenses
at one source to enable faster clearances and improve the ease of doing business in India.
Royalty Tax
Indian government has reduced the royalty tax paid by businesses and startup firms
from 25per cent to 10 per cent

2.5 Selection of start ups’ for case study: Tourism and hospitality industry includes:
Hotels, Food & Beverage sector, Car rentals, Airlines , cruises and so on. In this section, some
successful stories of entrepreneurs from various sub- sectors of industry has been listed and
narrated which will inspire all those who aspire to be future entrepreneur and will motivate
them by their opportunities and challenges being faced by them in their journey, which is
represented in tabular form.

THRIL
LOPHI
LAA
WOW
MOMO
S

OLA OYO
CABS HOME
S

Figure 2: Summary Framework

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 TABLE: 1 ANALYSIS OF CASE STUDIES

YEAR NAME OF STARTUP & BACKGROUND OPPORTUNITIES & FUTURE

FOUNDER CHALLENGES PLANS

2009 THRILLOPHILIA- -This deals with adventure related -Thrillophilia emerged The desire to
Abhishek Daga, Chitra activities on pan-India level out of mutual passion make it the
Gurnani , Sanket -It addresses all adventure needs under for adventure and biggest
Tondare &Vikram one roof i.e. website adrenaline adventure
Arora -Huge database of more than 12500 -Their freaking sports
listed activities across 125+ interests in adventure company in
destinations activities resulted with sub-continent
the formation of this
idea
- Not having a fall back
plan was their biggest
mistake

2008 WOW MOMOS- -An Indian chain of fast food -It came up with idea -Wow Momos
Binod Kumar restaurants headquartered in Kolkata, that if we can have targets 500
Homagai, Sagar India specializing in momos outlet for pizzas and stores in 20
Daryani -Started from scratch ,duo has no burgers then why not cities in 3
resources and began with borrowing momos years
of 30,000/- as initial capital from -First momos sells for - It steaming
parents Rs. 40/- after that they up its plan to
-First approached supermarket chain came up with deep-fry go global
Spencer with6*6 kiosk momos with Rs. 10/-
- Second location was Kolkata’s south extra, pan-fried for Rs.
city mall with7*7 kiosk 20/- extra
-Operates 130 outlets in 9 cities

2010 OLA CABS- -Ola Cabs is the first cab aggregator -Couple of challenges The company
Bhavish Aggarwal, company in India in the year 2012 , is planning to
Ankit Bhati -Instead of buying and renting out company faced website launch IPO in
their own cars , Ola partners with a failure which was like next two years
number of taxi drivers and owners, nightmare for founder
add a touch of modern technology to - With their success
whole set up and perseverance, they
- Its mission is to build mobility for came out of situation
billion people, with staying in line to and launched their first
its mission, Ola also started off auto , mobile app
bike booking services. -In 2016, faced strong
-In 2017, Ola started off bicycle competition from

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 sharing service called “Ola Pedal” TaxiForSure and
-Also introduced “Ola Money” acquired same and
continued its
dominance
-Although it is facing
competition from Uber,
still it is rulling the
charts

2012 OYO HOTELS & -OYO HOTELS & HOMES , the -After securing funds , -It has
HOMES- Ritesh young and rapidly expanding India – he worked on his idea announced its
Aggarwal based hotel startup and also presented his plans to invest
-The idea is to provide idea at Thiel $ 300 million
accommodations at affordable prices, Fellowship-a global into
standardized rooms and technology contest under age 20, increasing the
driven there he managed to be company ‘s
-Because during his travel days he top ten winners and footprint in its
realized and identified the problem received over a sum of ‘newest home
that budget hotels in India didn’t meet $ 100,000 market’of U.S
basic needs -A mixed reactions
from friends and family -OYO has
were some stepping grand plans to
stones dominate the
- They tied-up with world of
hundreds numbers of hospitality,
hotels , and doing which means
amazing as they the expansion
planned plans are
-Top competitors like broad as they
AirBnb, MakeMyTrip are deep
Source: https://yourstory.com

3. RESEARCH METHODOLOGY
The study adopted here is exploratory and qualitative design in analyzing the opportunities and
challenges faced by Indian startups in tourism & hospitality industry. The primary data has
been collected by online questionnaire and analyzing of case studies. Secondary data has been
collected through journals, magazines, books as well as internet

3.1 Data collection method:

.A structured online questionnaire were circulated through mail to respondents. Survey

questionnaires consists of six close- ended questions on ranking basis Questionnaires has been
circulated to students who aspires to open up their startups and some of startup employees.

3.2 Sampling method & Sample size

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Sampling Method adopted here is stratified random sampling. As 50 entrepreneurs has
been selected for survey. Data from respondents has been collected for primary sources

4. ANALYSIS AND DATA INTERPRETATION:

Questionnaires were circulated through mail, where the summary of survey is analyzed below:

1.Types of Respondents

Founder-
Investors 56%
8%
StartUp
Corporate
employee-
10%
26%

Inferences: In above figure, maximum type of respondents showing at 56% that is more than
half of total number of respondents, after that start up employee stands at 26% , corporate at
10% then investors at 8%

2. Entrepreneur’s Ambitions

i) Gaining Independent living or self-employment ii)To make money iii) To gain

social prestige iv)To fulfill the desire of the family social prestige iv)To fulfill
the desire of the family

32.6% 34.8%

21.7% 10.9%

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Inferences: As per questionnaire, 34.8% says “gaining independent living or self –employment
as their ambitions, 32.6% says “to make money: as their priority , while 21.7% go for
“social prestige” and only 10.9 % gave importance” to fulfill desire of family”as priority

3 Reasons compelling an entrepreneur to enter an industry.

i) Unemployment ii)To make use of idle funds iii)Dissatisfaction with previous
jobs iv)Diversification of existing product/services

39.6%
27.1%

22.9% 10.4%

Inferences: A s per entrepreneurs, maximum number of respondents that is 39.6% believes

“dissatisfaction with previous jobs” as reason to enter an industry, 27.1% respondents chose” to
make use of idle funds” as a reason, 22.9% says “ diversification of existing products/services”
while only 10.4% feels unemployment results into entering into entrepreneurship

4. Factors affecting entrepreneurship.

i) Success stories ii)Encouragement of family members iii)Previous experience
in same industry iv)Acquired inherited professional /technical skills

8% 48%

14% 30%

Inferences: In above figure, 48% respondents says “previous experiences of job affects
entrepreneurships, 30% respondents were in the favor of “encouragement from family

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members” as the factors, while 14% chose “success stories “ and only 8% of respondents
feel” acquired inherited professional /technical skills” affects the entrepreneurship

4 Expectations of entrepreneurs
i) Support of dependable partners ii)Financial/Technical assistance from govt. /Non-
govt. agencies iii) Availability of skilled labor iv) Ancillary relations with large firms

14% 32%
24% 30%

Inferences: According to above figure, 32% has gave importance to financial/technical

assistance from govt./Non-govt. agencies as major expectation of entrepreneurs, 30% for
availability of skilled labors, while 24% for ancillary relations with large firms and only
14% says, support of dependable partners are equally important.

5 Challenges faced by entrepreneurs

i) Gender-biasness ii) Lack of family support iii) Lack of funding iv) Change in
technology

36%
14%
20% 30%

Inferences: As per figure, “ lack of family support” is chosen maximum by respondents at 36% ,
30% of respondents believes “lack of funding” as a challenge, 20% of respondents says “ change
of technology” as a challenge, while only 14% believes “Gender –biasedness prevails.

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 5. FINDINGS :
It has been found out that while analyzing the result from survey, maximum
number of respondents wants to start their business and want to be job
creators rather job seekers
The purpose of starting own business s to be own ‘s boss and live an
independent life , money matters but major objective is to gain inner peace by
self-employment
Unemployment could be the reasons for compelling an individual to start
something from his own but majority it has been noticed that dissatisfaction
from previous jobs made them to take such steps
A lot of opportunities and challenges one has to face in the path of becoming
entrepreneur but what most affects it is previous job’s experience. A person
needs to have some experience in order to have some idea
It has been found out that entrepreneur expects a support in return from
govt,/non-govt. agencies because without it success stories or any other kind of
motivation won’t helpful on practical grounds
With the changing time, gender discrimination is reducing because whether its
man or women doesn’t matter rather women entrepreneurs are getting more
facilities from govt. but other than that lack of family support, funds does work
as hindrances.

6. CONCLUSIONS:
The current scenario of tourism & hospitality industry is on expansion mode. Vast changes from
introduction of Artificial intelligence to digitization, everything has been welcomed. In order to
be advanced, one has to come up with something unique idea or thought to enter
entrepreneurship world. Especially, in this industry one needs to have a preservance to remain
in the business. By going through the previous startup case studies, one might get an inspiration
as well as motivation to work harder without fail. All those success stories are meant to inspire
future entrepreneurs as well also to give them a fair idea of expected opportunities and
challenges in the path of becoming an entrepreneur. Irrespective of the factors such as gender,
money, social class etc, not taking into an account one should not stop dreaming. This should be
an ultimate purpose. Let’s not forget that government has also done so much in its part. From an
inception of “Startup India” Initiative, a lot much has changed. The goal of making India a
place of job creators and not seekers will only be possible with the support of government.
Technical/ financial assistance from govt. and non-govt. agencies, support of partners, learning
and development programme from NSIC, MSMEs etc will definitely boost the morale of an
entrepreneur. If we compare this to last few decades, not much knowledge , or will could have

14
been seen among the youths of that time as one can notice in today’s era. This is all because of
the environment we live in. Therefore, this study concluded that challenges and risk should not
deter the ambition of an individual rather he/she should fight against all odds, and always look
for an opportunity. Anybody can do business with little business mind but very few dare to
risk by choosing to be an entrepreneur and brings revolutionary change in the society.

7. REFERENCES:
[1.] Aggarwal, V.K.,(1975) ,Initiative, Enterprise and Economic Choices in India,
Munshiram Manoharlal, New Delhi
[2.] [13] Anand, Paramjit,(2016) “ Opportunities for Startups in India”, Acreaty
Management Consultant (P) Ltd ,The Entrepreneur
[3.] .] Chaudhary, Varnana,(2015),“The Biggest Roadblocks Faced by Startups in
India”,2015http://www.iamwire.com/2015/10/biggest-roadblocks-faced-
startups-india/124312. Accessed on 24.02.18
[4.] Derek ,Iwasiuk ,(2016), “Key Challenges, Opportunities for Tech Startups in
Emerging Markets,” Moneycontrol.com
[5.] Hattab, H. (2013). GEM Egypt 2012 Report. GEM - Global Entrepreneurship
Monitor, viewed at http:// www.gemconsortium.org/docs/3005/gem-egypt-2012-report
[6.] Hunziker Walter,(1973) , Le tourisme: caracteristiques principales, Berne: Eds. Gurten,
[7.] Minciu Rodica,(2004) Economia turismului, Ediţia a III-a, revăzută şi adăugită
Bucureşti, Ed.Uranus, 2004,
[8.] Mathieson și Wall,(2015), Tourism: change, impacts, and opportunities, 2nd edn. Harlow:
Pearson Prentice Hall, mylibrary (online),
https://books.google.ro/books?id=jisvn9n9aesc&client=firefoxa&source=gbs_citation
[9.] Mittal, S. Arora, S. and Gupta, A.,(2009), Handbook of Business Plans, Guru Gobind
Singh Indraprastha University, Excel Books, New Delhi
[10.] Pandita ,Shivani, “ 10 Financial problems faced by startups and their possible
remedies”,Knowstartup.com,2017.
[11.] Skok, David ,(2016), “5 Reasons Startup Fail “,Matrix Partners.
http://www.forentrepreneurs.com/why-startups-fail/

[12] Startup India, (2016), http://www.startupindiagov.com

[13] Truong, Alice,(2016), “ After analyzing 200 founders’ postmortems, researchers say these
are the reasons startups fail” https://qz.com/682517/after-analyzing-200-founders-
postmortems-researchers-say-these-are-the-reasons-startups-fail/
[14] Trading Economics, (2019), “Tourists arrivals in
India”fromhttp://www.tradingeconomics.com[14] Your Story, (2013), “Top 50 Inspiring and
most read startup stories” from http://yourstory.com

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8. ANNEXURE

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