An Outlook On Entrepreneurship Challenges In Tourism Industry And It's Boosting Indian Economy

Abstract

In a country's economy, tourism plays a vital role in terms of generating revenue by selling goods and services to foreign and domestic tourists. Travel is inevitable in everyone’s life. One may travel to some other location for various purposes, such as official visits, medical facilities, enjoying their leisure time on weekends, schooling, or an educational conference or excursion, etc. Due to the visits of foreign citizens in India and local tourists to the tourist spots, local employment such as hotels, food products, cottage industries, etc. will increase to accommodate and provide facilities to the floating population. It is clearly understood that the previous study explored tourism and entrepreneurship from different perspectives. This study addresses how much impact there will be if we reduce the burden of entrepreneurship, which boosts the Indian economy. A pilot study was organised transversely in different states of tourist spots in India using a structured questionnaire across 234 participants. A simple random sampling method has been used to ensure unbiased results during data interpretation. Out of 200 participants, 183 responded. The primary data were collected, and simple percentage analysis, linear regression analysis, regression ANOVA, and factual analysis were carried out to provide more insight into the outlook on entrepreneurship challenges in the tourism industry and their impact on boosting the Indian economy. The results also show that when there is an increase in entrepreneurs, the burden is waived off in the Indian tourism industry by 1%, and the value of tourism boosts the Indian economy by 0.5278%. Further, the interpreted results are limited to the region of study only. The future research scope on this subject may be enabling entrepreneurs to equip themselves with AI and machine learning gadgets to increase their productivity and profitability.