Factors influencing entrepreneurial orientation of ethnic minority small- and medium-sized hospitality enterprises

Authored by: Levent Altinay , Fevzi Okumus

Handbook of hospitality strategic management

Print publication date:  July  2008
Online publication date:  September  2008

Print ISBN: 9780080450797
eBook ISBN: 9780080914343
Adobe ISBN: 9781136439520

10.4324/9780080914343.ch20

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Abstract

Small and medium-sized enterprises (SMEs) account for over 95% of businesses in Organisation for Economic Co-operation and Development (OECD) countries and 60–70% of employment and generate a large percentage of new jobs in most countries (OECD, 2000). For example, there were an estimated 4.3 million small business enterprises in the United Kingdom at the start of 2005 employing approximately 22 million people (more than half of the employment—58.7%). They had an estimated annual turnover of £2400 billion (National Statistics, 2006). However, SMEs continue to face major problems including lack of financing, difficulties in exploiting technology, rapid changes in the business environment, lack of management skills, and poor HR management skills (OECD, 2000). Perhaps because of such challenges, it is claimed that a small percentage of new SMEs survive for more than 5 years (OECD, 2000).

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