A multi-factor structural equation modeling analysis of entrepreneurial readiness in hotel industry post COVID-19: The case of Pattaya city, Thailand

Abstract

This study sets out to unveil the core drivers of Entrepreneurial Readiness
among hotel entrepreneurs in Pattaya City, aiming to (1) develop and validate
a multi-latent SEM framework that gauges readiness; (2) explore how key
competencies shape resilience; and (3) offer strategic recommendations
to fortify the hospitality sector’s sustainability in the post-COVID-19 era. Using
a robust quantitative design and stratified sampling of 300 hotel entrepreneurs,
this analysis employs Partial Least Squares-Structural Equation Modeling
(PLS-SEM) to reveal critical insights. Strikingly, Financial Capability emerged
as the most influential factor in entrepreneurial readiness, underscoring that,
above all, financial resilience is the bedrock for navigating uncertain times.
Contrary to prevailing theories, competencies such as Strategic Management
Competence, Technological Innovation, and Customer-Centric Strategies
showed limited direct impacts, suggesting that practical financial stability is
prioritized over adaptability or innovation in crisis recovery. Further, Market
Adaptability and Regulatory Compliance played minor roles, hinting that
entrepreneurs’ primary focus in Pattaya’s tourism-dependent economy remains
on securing financial foundations. This research offers a unique, context-specific
perspective, highlighting financial capability as the cornerstone of resilience
and redefining entrepreneurial priorities in one of Thailand’s most vital
tourism hubs. These insights serve as essential guidance for both entrepreneurs
and policymakers striving to future-proof the hospitality industry.