Findings from 305 small tourism ventures in Israel showed that the entrepreneurial
human capital (HCR), particularly managerial skills, was the strongest contributor to small
venture performance from both short- and long-term perspectives. Venture type (PCR)
showed the second greatest contribution to venture performance. Attractiveness of venture
location (PCR), often viewed in tourism as a paramount resource, was found to have a
relatively minor effect on venture performance. Between the two establishment phase
variables, a written business plan, and planning and design characteristics, the role of the
planning index (PCR) in explaining performance is greater. Finally, the contribution of
external support, including financial and advisory assistance (OCR), was relatively minor.