Identifying performance measures of small ventures - The case of the tourism industry

Drawing on the goal theory to effectiveness, the current research study attempts to identify performance measures of small ventures by focusing on the tourism industry and by doing so develops a conceptual model of small-venture performance in a service industry within its unique conditions. After reviewing theory and research on small venture performance measures in general and in service industries in particular, we propose that performance measures of small tourism ventures constitute a combination of short- and long-term measures. Furthermore, both types of measures include both objective and subjective dimensions. The findings, based on a cluster sample of 305 small tourism venture owner-managers that were interviewed face to face, generally supported the research proposition. The study emphasizes the importance of mapping the venture's achievements, allocating resources, and developing managerial skills to improve its performance and ability to survive in the long run.