The Entrepreneurial Approach to Hotel Operation

Abstract

Entrepreneurial hotels in Asia recorded better performance than their more-conservative competitors, according to a study of 164 hotels in mainland China and Hong Kong, Malaysia, and Singapore. The study defined an entrepreneurial approach as involving innovative, proactive, risk-taking actions. Entrepreneurial hotels were significantly more likely to be high performers, while conservative operations were more likely to be low performers. The entrepreneurial hotels were significantly more likely to agree with questionnaire statements that their operations were proactive, that they always seek new market opportunities, that they are the first to introduce new products, and that they constantly seek to improve their products. On the other hand, low-performing, conservative hotels were significantly more likely to agree that they are preempted by competitors and attempt to maintain the status quo rather than attempt risky new strategies. While this conclusion must be limited to the Asian hotels in the study, in the aggregate, entrepreneurial activity carried substantial rewards.

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