Building Your Business Skills Dreams Can Come True The Situation Arturo Juarez, who is ready to start his own business, has 14 years of experience in the travel industry as a manager at a high-end hotel and as a sales director at a large travel agency. His new business will be called Dream Vacations, and it will offer travel planning services to individuals and families. His company will research destinations, hotels, and activities and help its customers make travel memories by giving them top-notch services and creative solutions. To achieve this goal, Arturo is working to develop contracts with resorts in the Caribbean, South America, and the Mediterranean to get better pricing for his customers. He hopes that his business will grow at least 10 percent annually for the first five years as a result of advertising and referrals. Initially, Arturo plans to operate out of office space in Toronto, but his goal is to have offices in Victoria, Winnipeg, and Calgary within two years. Team Activity Arturo has asked for a team of students to provide him with assistance in getting his company going. Form a group of three to five students to provide guidance to Arturo. Action Steps 1. Working with your group, develop a mission statement for Dream Vacations. Why is developing a mission statement important? 2. Considering the mission statement you developed for Dream Vacations and the information provided in the case, state several key short-, medium-, and long-term SMART goals for the company. How should Arturo determine if the goals have been achieved? What types of correction action should Arturo take if the company fails to meet these goals? 3. What would contingency plans look like for Dream Vacations? What about crisis management plans?