Our generation needs an ENTREPRENEURIAL REVOLUTION.
As I stated earlier, I went on a tour with the family. We went to a popular tourist destination. We did not exactly get a bargain for the tour; but we were did in by the cheap promo plane fare by Cebu Pacific
Traditionally, the travel guide/agency company make money on the fee they charge for the tour, plus probably commissions on the plane fare etc. However, this travel guide operator in the destination had new revenue sources:
l. Foreign exchange. Their rates were higher by say 0.30 compared to the airport fx exchange rate; but slightly lower than the bank rate (which charges a fee for all foreign currency transaction) Now travel guide operator would take away business from banks and money changer?
2. Bottled mineral water sale. I suppose eventually they would venture into snack sale. Bottled mineral water is a precious commodity here; the bottled water price could be exorbitant at tourist spots and other destinations. They charge $2 less than 7ll outlets.
3. Well this is an extension of their old revenue model. The city tour took us to factory outlets that are not well known. They are probably getting better commissions from these outlets.
But look at the above example: a travel guide operator understanding its business model and innovating on it; adding value to the travelers and to their bottom line.
That is entrepreneurship; that is innovation.
That is why this island nation is unbeatable and they are tops world wide always.
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