Exploring the Entrepreneurial Performance of Restaurant Business in the New Normal Era using Structural Equation Modeling.
Keywords:
Performance model, Restaurant businesses, New normal eraAbstract
The objectives of this research were twofold. (1) To study the variable levels of organizational culture, entrepreneurial potential, management innovation, food and service quality, and performance of restaurant businesses in the New Normal era, and (2) To analyze the influence of variables of organizational culture, entrepreneurial potential, management innovation, and food and service quality and their effect on the performance of restaurant businesses in the New Normal era. This quantitative research targeted restaurant entrepreneurs registered as juristic persons with the Department of Business Development (2022), Ministry of Commerce, operating as limited companies between 2002–2022, with registered capital of 2,000,000–5,000,000 baht. The sample size was determined by estimating the observation variables in the proportion of 1 to 20 for 460 persons. Multi-stage sampling was used and the data was analyzed by a structural equation. The results of the research showed that 1) all variables on organizational culture, entrepreneurial potential, management innovation, food and service quality, and performance of restaurant businesses in the New Normal era were of a high level and 2) the factors on organizational culture, entrepreneurial potential, management innovation, and food and service quality had a direct influence on the performance of restaurant businesses in the New Normal era with the statistical significance at 0.05 The model demonstrated that all variables collectively predicted 87% of the variance in business performance (R² = 0.87) and can be used as guidelines to develop strategies and policies that are suitable for restaurant businesses and relevant sectors in the future.
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