The managerial Competency Development for Young Entrepreneurs in the Hospitality Industry in a World Heritage City of Luang Prabang, Lao PDR

Abstract

Background and Aim: In today’s fast-paced and innovative business world, managerial competency skills are essential factors to ensure the sustainability and quality of enterprises in various industries and companies. In Southeast Asia, the establishment of the ASEAN Economic Community and the Development of the Lao-China Railway have intensified economic activity among Asian regions, including the Lao PDR. In particular, the World Heritage City of Luang Prabang has increased its tourism and hospitality business sectors. This implies that Entrepreneurs must upgrade their management capabilities to elevate their potential and remain competitive in the face of globalization's demands. Thus, the present study aims to identify the managerial competencies of hospitality business entrepreneurs, to implement the training workshop about Management Competency Development, and to compare the management competencies of participants before and after the workshop.

Materials and Methods: The researcher utilized a quantitative-developmental study to identify the managerial competencies of young entrepreneurs of Luang Prabang, Lao PDR. There were fifteen (15) participants in this study, who were composed of graduates with various specializations. Further, the data collection method includes three steps: (1) designing pre- and Post-Test questionnaires; (2) organizing the training workshop on managerial competency development, and (3) comparing the managerial competencies of the participants before and after participating in the training workshop.

Results: In the initial assessment of competency, the pre-test results show that participants are at a low level with 1.98 (SD=0.18), including Policy and Law for Entrepreneurs, followed by Hospitality Entrepreneurship, Service Leadership, Human Resource Management, and Financial Management, respectively. After participating in the training workshop, the post-test result reveals that the competency level was at a high level and an average value with 3.77 (SD=0.17), including Service Leadership Competency, followed by Policy and Law for Entrepreneurs, Hospitality Entrepreneurship, Human Resource Management, and Financial Management, respectively. Before joining the training workshop, there was only an age factor difference, which implies a significant effect on the level of Managerial Competency of the participants at the 0.05 level, as to the gender, status, educational level, field of study, work experience, job position, knowledge, and experience in business administration.

Conclusion: the training workshop did not significantly affect the overall management levels of young hospitality entrepreneurs, as the competency results remained at a low level, with an average score of 1.98. However, in terms of individual factors, specifically age and gender, they have a significant influence on the participants’ competency levels before and after the training. Thus, there is a need to implement innovative training approaches to develop and enhance the capabilities of young entrepreneurs, particularly on Leadership Competencies, Policy and Law for Entrepreneurs, Human Resource Management, and Financial Management.