Managing Stress and Building Resilience in Tourism and Hospitality Entrepreneurship: The Power of Psychological and Social Capital

Abstract

The aim of this study is to examine how psychological and social capital might help entrepreneurs in the tourism and hospitality industry manage stress and develop resilience. This study follows a unique approach aiming to determine the social and psychological characteristics that can alleviate stress and promote resilient behavior. This study investigates the impact of psychological capital (PC) and social capital (SC) on perceived entrepreneurial stress (PES) and entrepreneurial enterprises’ resilience (EER). Also, it examines the mediating role of PES. The study focuses specifically on owners/managers of fast-food outlets and travel agencies in Egypt, using purposive sampling to select enterprises that exhibit varying degrees of entrepreneurial resilience. PLS-SEM was used to analyze 411 genuine surveys from respondents who dared to delve into tourism and hospitality entrepreneurship and experienced uncertainties.  All of the direct interactions, along with the indirect link between PC and EER via PES, were significant. Nonetheless, the indirect association between SC and EER via PES was not supported. Theoretically, this study fills a research gap by examining how psychological and social factors contribute to enhancing resilience among small businesses in the tourism and hospitality industry. Additionally, it advances the COR theory by underscoring the significance of individuals' access to valuable assets in stress management and resource resilience. In practical terms, it is important for entrepreneurs to practice the synthesis of different personality qualities that help them understand and adapt to the unique aspects of their industry. Additionally, Egyptian policymakers need to provide entrepreneurs with training in personality development.