Risks and bankruptcy of business structures in the tourism and hospitality industry
A key feature of entrepreneurial activity in all sectors of economic activity is the presence of risk. The sphere of tourism and hospitality is also subject to the influence of many factors that generate risks for business structures. The tourism and hospitality industry is in a difficult situation due to the COVID-19 pandemic and the aggravation of the political situation in the world, which has led to a sharp decline in tourist flows around the world. In this regard, the study of risks in the tourism and hospitality industry is currently an urgent problem. Based on a systematic approach and a historical and logical method for analyzing the development of entrepreneurial activity in the tourism industry, the main types of risks were identified and their classification was presented. The main approaches to risk management are described, including risk redistribution, their diversification, and others, and examples from the tourism sector are given. The article considers the main reasons for the bankruptcy of business structures in the field of tourism. It is shown that one of the reasons for the financial instability of tour operators is the difficulty of synchronizing the company's cash flows, which gives rise to the so-called cash gap. One of the effective tools for regulating the tourism market can be the development of self-regulation, which is already successfully used in various industries, for example, in construction, advertising. It is expedient to develop self-regulation in the field of tourism. Directions for improving the mechanism of financial guarantees for tour operators are proposed, which will reduce the risks of their bankruptcy.
Morozova, N. S. (2022), “Risks and bankruptcy of business structures in the tourism and hospitality industry”, Research Result. Business and Service Technologies, 8(2), pp.
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