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CENTRE D’EXPERTISE ET DE RECHERCHE EN HÔTELLERIE ET RESTAURATION 3535, rue Saint-Denis Montréal (Québec) H2X 3P1 Téléphone : 514 282-5115 ou 1 800 361-5111, p. 5115 Courriel : [email protected] www.ithq.qc.ca/cer RESEARCH REPORT Traditional Restaurant Entrepreneurship in the Province of Quebec Submitted for consideration as a Refereed Presentation at I-CHLAR 2011 Christine Demen-Meier*, Ph.D. Professor of Marketing and Management of SMEs Food & Beverage Industry Chair holder École hôtelière de Lausanne – IFSOM Le Chalet-à-Gobet Case Postale 37 1000 Lausanne 25 Tel: +41 21 785 14 92 Fax: +41 21 785 11 21 [email protected] François Pageau M.Sc. Professor in hospitality management Institut de tourisme et d’hôtellerie du Québec 3535 St-Denis, Montréal, Québec, H2X3P1 (514) 282-5108 poste 4747 Fax : (514) 864-3182 [email protected]

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Page 1: Traditional Restaurant Entrepreneurship in ... - ithq.qc.ca · F&B companies: partnership or networking (e.g. Lettuce Entertain You, Chicago), blue-ocean (e.g. El Bulli, Spain) or

CENTRE D’EXPERTISE ET DE RECHERCHEEN HÔTELLERIE ET RESTAURATION

3535, rue Saint-DenisMontréal (Québec) H2X 3P1Téléphone : 514 282-5115 ou 1 800 361-5111, p. 5115Courriel : [email protected]

www.ithq.qc.ca/cer

RESEARCH REPORTTraditional Restaurant Entrepreneurship in the Province of Quebec

Submitted for consideration as a Refereed Presentation at I-CHLAR 2011

Christine Demen-Meier*, Ph.D.Professor of Marketing and Management of SMEsFood & Beverage Industry Chair holder École hôtelière de Lausanne – IFSOMLe Chalet-à-GobetCase Postale 371000 Lausanne 25Tel: +41 21 785 14 92Fax: +41 21 785 11 [email protected]

François Pageau M.Sc.Professor in hospitality managementInstitut de tourisme et d’hôtellerie du Québec3535 St-Denis, Montréal, Québec, H2X3P1(514) 282-5108 poste 4747Fax : (514) [email protected]

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22 MONTRÉAL, QUÉBEC, 9 MAI 2011CER - ITHQ

ABSTRACT

This research was conducted in the Province of Québec in 2010 using the same study framework and methodology than those used in the Lake Geneva Region in 2007. The goal of this study is to understand the correlation between the entrepreneur profile, his strategic decisions, and a restaurant’s net income results through qualitative and quantitative analyses. Results revealed that managerial competence is often linked with better financial results. Furthermore, we can identified two categories of entrepreneur discriminated by their strategic option and that the “partnership” category seems more efficient in generating profits than others.

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Traditional Restaurant Entrepreneurship in the Province in Quebec

Small and medium-sized businesses are characterized by a close relationship with their owners characteristics because of functional convergence, owners we can consider as “entrepreneurs” (Demen-Meier, 2007), and intuitive decision-making (Marchesnay, 1997). In the same line of thought, Storey (1997) denotes a holistic management approach based on personal experience. The particular trademarks of small enterprises elaborated by Marchesnay (2004), Torrès and Julien (2005), and Kotey & Meredith (1997) clearly establish the link between the enterprise, the entrepreneur’s profile, and the performance aftermath.

INTRODUCTION

This research was conducted in the Province of Quebec, in Canada, between June and August 2010 using the same research model and techniques as those used in the Geneva Lake Region, Switzerland, by Demen Meier (2007). Consequently, this study answers the question: What correlation exists between the entrepreneur profile, his strategic decisions, and a restaurant’s performance?

This article briefly presents the conceptual framework, taken from the Demen Meier’s (2007) study. Similarities in both restaurant industries from Switzerland and the Province Quebec, Canada, created an opportunity to use the same conceptual framework and collection tools, in order to compare results from each region.

Compared with the other provinces of Canada, where restaurant franchises are more frequent than independent restaurants, Quebec’s restaurant industry distinguishes itself by a larger ratio of local, independently owned restaurants with 70% of all restaurants and only 30% franchised, out of a total of approximately 21 000 restaurants in operation in 2009.

Quebec’s restaurant industry distinguishes itself by a larger ratio of local, independently owned restaurants with 70% of all restaurants and only 30% franchised, out of a total of approximately 21 000 restaurants in operation in 2009. Sadly, facts show that the Quebec restaurant industry is also characterized by a high bankruptcy rate, usually twice as high as the neighbour province of Ontario, the most populated province in Canada. The average net profit margin, before income taxes, is about 3 to 5%, in Quebec, depending on the year of reference and category.

In order to help to maintain a flourishing industry, and identify success factors, the purpose of this study was to investigate praxeological research data to delineate the relationship between the “entrepreneur profile”, including his strategic approach, and a financially successful in traditional foodservice business venture.

In order to clarify the question of SME’s, specifically independent restaurants, some hypotheses are proposed. These hypotheses were adapted to the Quebec context following a certain number of interviews with industry professionals in order to translate vocabulary, dimensions and variables. Statistical analyses were conducted to verify these hypothesis and discussions were elaborated. Two types of entrepreneur’s were distinctively considered and compared with performance, although a trend appears, confirming that the “modern-dynamic” ones obtain better financial performance than “traditional” entrepreneurs do. Managerial skills influence is demonstrated and the influence of partnership strategy as well. Conclusion will insist on management implications and academic outcomes from this study, for example the entrepreneur’s profile and his choices among different congruent strategies, such as “no intended strategy”, “singularity” or “Blue Ocean”, “partnership” and “mass customization”, influence the financial results of his enterprise.

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Framework

2.1 Conceptual framework

The conceptual references and analytical framework of this research are on the same model as Demen Meier’s (Demen-Meier, 2007, 2008) research. The three main theoretical concepts are the entrepreneur’s profile, the strategic decision process and the restaurant’s performance. In Demen Meier’s (2007) study strategic decisions are represented by two dimensions in relation with the strategic process, within small and medium independent restaurants: applied strategies and strategic intention. (Chappoz, 1991; Williams & Tse, 1995). The strategic choices advocated by several micro business specialists (Asquin & Marion, 2005; Boutillier, 2005; Chappoz, 1991; Collis & Montgomery, 1995; Kotey & Meredith, 1997; Marchesnay, 2002; Sirieix & Filser, 2003; Tarondeau & Wright, 1995) confirm the selection of three congruent strategies for small-scale F&B companies: partnership or networking (e.g. Lettuce Entertain You, Chicago), blue-ocean (e.g. El Bulli, Spain) or mass customization (e.g. La Lagune, Switzerland)”. As Demen Meier (2007) highlighted, the strategic stance of VSB owner/managers justifies to mention two categories of business owner/manager: the “traditional” and the “modern” (Asquin & Marion, 2005).” It is from this standpoint, i.e. strategic posture, that F&B managers can be labeled as either “traditional” or “modern-dynamic” (Demen Meier, 2007)”. Many SMEs specialists have confirmed the relation between the entrepreneur’s profile, his strategic choices and the sustainability of their organization. (Asquin & Marion, 2005; Billard, Boissin, & Deschamps, 2003; Covin, 1991; Dess, Lumpkin, & Covin, 1997; Kotey & Meredith, 1997; Marchesnay, 2000, 2004; Marchesnay, 2003).

Mignon (2000) identifies three types of “enterprise sustainability”: sustainability of “power”, linked to financial success, sustainability of the “organization” based on stability of the organizational values, sustainability of “activities” based on the transmission of the « traditional know how » and the survival of the traditional approach towards operations and products. Especially with SMEs, organization’s sustainability depends upon a good financial health and a minimal performance needed for survival (Demen Meier, 2007). As Jarvis et al. (2000) recommend it is preferable to choose a single indicator of financial performance, the annual “net profit”, after owner’s salary. This is the same indicator of success for the Quebec study, as well as it was in the Demen Meier’s (2007) study.

In order to measure success, the dependent variable is “financial outcome” in percentage of sales, after owner salary and before income taxes. Variables were divided in two groups: profile characteristics and strategic positions.

Entrepreneur’s characteristicsModern dynamic /traditionalHistoryOrganization Standardization productionStandardization serviceAcademic backgroundPersonal aptitudes

Strategic positions• Blue Ocean• Mass customisation• Partnerships

Profits %

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55 MONTRÉAL, QUÉBEC, 9 MAI 2011CER - ITHQ

2.2 Hypotheses

Since the Quebec restaurant industry is composed with a large portion of independent restaurants, the framework inspired by Demen Meier study was considered relevant and appropriate. Based on Demen Meier (2007) researches on traditional SMEs we identified two main axes in order to choose our hypothesis.

• Entrepreneur’s characteristics and their relations with strategies and financial performance

• Relations between strategies and financial performance

The following hypotheses have been taken into account, from the original study, in order to represent the specific context of the Quebec restaurant industry.

H 1.1 Modern-dynamic entrepreneurs obtain better financial results than traditional entrepreneurs in independent restaurants do.

H 1.2 Entrepreneur’s managerial skills are associated with better performances.

From a different angle, strategies are considered an interesting reference to predict performance.

H 2.1 Partnership strategies are associated with better financial results.

3. Methodology

First, a qualitative research has been done in order to confirm dimensions and variables used in the Demen Meier study in 2007, in the “Lémanique Arc” of Switzerland. This first qualitative study confirmed the dimensions and variables and allowed a few adaptations on the original survey for the second phase. The second phase was a quantitative study oriented to the Association des restaurateurs du Québec (ARQ) members.

3.1 Qualitative study

The first part of the research was a qualitative exploratory study consisting of a compilation of twelve (12) interviews with “independent restaurateurs” doing business in different regions of the Province of Quebec.

3.2 Quantitative study

The second phase was a survey intended for independent restaurant owners, members of the provincial restaurant association, conducted in June 2010, all over the province. Total sample is composed of 378 restaurants (n) from the 3000 solicited and from 15 000 potential independent restaurants (N). Statistical tools such as linear regression analysis, crosstabs, Pearson Correlation R and Spearman’s RHO as well, were used for the analysis of collected data. A joint venture was concluded with the Quebec Restaurant Association (ARQ) which was involved in the solicitation of their members and receiving the questionnaires by mail. Data collection was made on an Excel spreadsheet for coding purposes, identical to the one used for the Swiss study. Statistical analyses were made with SPSS.

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4. Results

Each of the hypotheses will be approached with the most relevant analysis and statistical methodologies (figure 1).

Figure 1: Analysis methodologies

Hypotheses Analysis methodologies

H1.1 Modern-dynamic entrepreneurs obtain better financial results than traditional entrepreneurs in independent restaurants do

Cross tabulation and discriminant analyses

H1.2 Entrepreneur’s managerial skills are associated with better performances

Pearson, Spearman correlations and Backward regression

H2.1 Partnership strategies are associated with better financial results

Backward regression

4.1 Hypothesis 1.1

H1.1 Modern-dynamic entrepreneurs obtain better financial results than traditional entrepreneurs in independent restaurants do.

All variables were determined according to profile dimensions confirmed by Demen Meier (2007). The first set of hypotheses attempts to identify differences in performance in relation with the entrepreneur profile. Different variables, such as “process standardization”, “service standardization”, “entrepreneur’s academic background” and “attitudes” towards the industry served to distinguish the “modern-dynamic” entrepreneurs from the traditional ones. Crosstabs were used to demonstrate the distribution of the performance scores according to the entrepreneur’s profile. Percentages of total categories and performance levels show the horizontal distribution and the vertical distribution following the category we want to analyse.

“Modern-dynamic” entrepreneurs, most of the time, reach better results than “traditional entrepreneurs”, but in the “lose money” category where “modern-dynamic” are more represented with a larger proportion. Usually “Modern-dynamic” entrepreneurs are more numerous in the best two categories of performance; good (38,4% of the entrepreneur’s style group and 60,9% of the category) and excellent (17,1% of entrepreneur’s style group and 59,0% of the performance category). The traditional entrepreneurs are, on the other hand, more numerous in the low category, except for those entrepreneurs who lose money (profits≤0%).Inthe“Difficultsituation”category,4,8%ofthegroupare“traditional”comparedto 1,9% for “modern-dynamic” ones, and 66,7% of this lower performance category. Since the signification is poor, we can only assume a trend and the null hypothesis cannot be rejected.

A linear “discriminant analysis” was performed on the same variables. It is a robust method, less sensible to deviations from statistical postulats, with samples bigger than 100 observations (Desmet, Evrard, Pras et Roux, 2003). The Levene test (F distribution) verifies the variance equality of two sub-groups with an error margin of 5% (table 1).

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Table 1: Covariances equality test

F Test de Levene on equality of variance T-test on means equality

F Sig. T df Sig. (2 tailed)

Variances equal 1,750 ,189 -,288 104 ,774

Non equal variances -,299 64,5 ,766

The homogeneity hypothesis is rejected since the error is higher than 5%. The T-test also confirms a poor link between performance and entrepreneur’s style.

Wilks’Lambda is a ratio for covariance. In this case, with lambda = 0,995, this function is not very useful to discriminate performance from the entrepreneur’s style. In that matter, the hypothesis is “not validated” and that a “modern dynamic profile” is only associated sometimes with good and excellent financial results especially with those restaurants that don’t lose money.

4.2 Hypothesis 1.2

H1.2 Entrepreneur’s managerial skills are associated with better performance.

In the case of hypothesis H1.2, we tried to identify the importance of the variable “managerial skills”, which was based on an evaluation of knowledge in the fields of accounting, marketing, human resources and legal, on the independent restaurant performance. Pearson’s R correlation scores were used to measure the relation between different dimensions of the entrepreneur’s profile. It turned out that managerial skills are the most important variable explaining the level of performance. Among important profile variables, size (collaborators) sales, and managerial skills are considered important for performance. Personal aptitudes are relatively linked with performance like physical strength, stress tolerance and creativity. In order to identify the profile variables with significant influences on performance, a linear regression, was performed, using all the preceding variables. The output presented 13 models. The 13th model (table 2) retained the following variables: “Process standardization”, “managerial skills”, “sales”, “personal aptitudes” and “opening hours”, as final and most influential variables. Since Linear adjustment is measured with the R2 multiple factor. The performance variation is explained for 14,6%, by the variables used in the regression.

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Table 2 : Regression Model of profile variables and performance

Model Unstandardized Coefficients

Standardized Coefficients

t. sig.

Collinearity Statistics

B Std. Error Beta Tolerance VIF

13 (Constant) -,100 ,034 -2,943 ,003

Opening hours

-,027 ,010 -,135 -2,726 ,007 ,952 1,051

Sales ,004 ,001 ,239 4,680 ,000 ,898 1,114

Managerial skills

,009 ,003 ,149 2,860 ,004 ,856 1,169

Personal aptitudes

,008 ,004 ,108 2,117 ,035 ,899 1,112

According to the ANOVA analysis, F test (global test) shows that the null hypothesis, based on “no global” influence of the independent variables on performance, are rejected for these variables. In these models, the F test are statistically significant since p-values are equal to 0,000. Collinearity or multi-collinearity is the undesirable situation when one independent variable is a linear function of other independent variables. A formal detection-tolerance or the variance inflation factor (VIF) for multi-collinearity were calculated in table 2 : Tolerance = 1- R 2 ; Vif = 1/(1 - R 2 ). Since tolerances are not less than 0.10 and VIF indicator are less than 5, results indicates no mult-collinearity problems. The relation between variables « opening hours”, “sales”, “managerial skills” and “personal aptitudes” with « performance » is relevant with p-values of 0,007, ,000, ,004, and ,035. This shows that their regression coefficient is significantly different than 0, with standard error of 5%. It seems possible to determine a linear relation between « performance » and these specific profile variables, including “managerial skills” with the second coefficient.

In that matter, the hypothesis that managerial skills influence performance in independent restaurants is validated and the model equation is: performance = -0,100 - 0,027 (opening hours)+ 0.004 (sales)+ 0,009 (managerial skills)+ 0.008 (personal aptitudes).

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4.3 Hypothesis 2.1

H2.1 Partnership strategies are associated with better financial results.

The second set of hypotheses explores the relation between strategies and performance. Among the many possibilities of cross-relations, the singularity strategy and the partnership strategy seemed of higher interest for the independent restaurant owners. “No strategy”, “singularity strategy”, “Mass customization strategy” and “Partnership strategy” are measured according to different actions taken in the past and present in order to develop the organization. Intensity of strategic action was evaluated with a progressive scale presenting from modest to extended use of the specific strategies. Potential for future action with these different specific strategic options is considered as “strategic position” and will be addressed in future analysis and research.

The regression analysis estimates the influence and weight of variables, by taking away one variable at a time from a full model, integrating, at the start all the potential influential variables. The next linear backward regression is composed of the four congruent strategies. The regression retained only one model. Linear adjustment is measured with the R2 multiple factor. The analysis shows a factor of 0,035 and adjusted factor of 0,025. The performance variation is explained by 2,5% by the variables considered in the model (table 3).

Table 3: Regression model results

R R2 Adjusted R2 Std. Error of the Estimate

,187 0,035 0,025 74615,5a. predicted values : (constant values), mass customization, singularity, no intended strategy, partnershipb. dependable variable: financial performance

F test (global test) shows that the null hypothesis, based on no global influence of the independent variables on performance is rejected. For this model, the F test is statistically significant since p-value is equal to 0,010. So the model explains a global linear relation between performance and strategy variables. Partial regression coefficients (table 4) show the estimated regression equation and predict performance when X data are introduced.

Table 4: Linear regression (a) stepwise backward for strategic choices and performance

model Unstandardized coefficients Standardized coefficientst sig.

A Standard error Beta

(Constant) 43660.764 7894,981 5,530 ,000

No intended strategy -2900,811 2042,666 -,073 -1,420 ,156

Singularity Blue Ocean -4446,346 2136,349 -,107 -2,081 ,038

Partnerships 5803,283 2052,954 ,147 2,827 ,005

Mass customization -4277,663 5061,460 -,044 -,845 ,399a. dependable variable : performance

The model equation is: performance = 43660,764 + 5803,283 (Partnership strategic choice) – 4446,346 (Singularity strategic choice) – 2900,811 (no intended strategy)- 4277,663 mass customization.

But even if the relation between variables « no intended strategy » and « performance » is not relevant with p-value of 0,156, and the same with variable « mass customization » with p-value of 0,39, we can validate hypothesis 2.1 . This shows that their regression coefficients are not significantly different from 0, with standard error of 5%. It seems impossible to determine a linear relation between « performance » and « no intended strategy » and « mass customization » choices.

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5. Validation of hypotheses

Based on these results we have reached the following conclusions in regard to each hypothesis.

Restaurants from the Province of Quebec, Canada

H 1.1 Modern-dynamic entrepreneurs obtain better financial results than traditional entrepreneurs in independent restaurants do

NOT VALIDATED

H 1.2 Entrepreneur’s managerial skills are associated with better performances VALIDATED

H 2.1 Partnership strategies are associated with better financial results VALIDATED

Hypotheses were divided into two groups. The first group includes hypotheses regarding profile variables in order to explain or associate performance with different entrepreneur’s profile, such as Modern-dynamic type (hypothesis 1.1), entrepreneur’s managerial skills (hypothesis 1.2). The second group concerns effects of strategies on financial performance. Only one hypothesis was considered in this particular research. Partnerships are regarded as a interesting potential option for independent restaurants in hypothesis 2.1.

6. Findings and contributions

This research allows a useful analysis of entrepreneur’s styles, similar to the Demen Meier (2007) study. Differences exist between the two styles “modern-dynamic” and “traditional” entrepreneurs in the specific context of independent restaurateurs. Analyses were done on different profile variables to demonstrate these differences and some have shown significant differences.

Although most independent restaurants in the Province of Quebec obtain generally poor financial performance in terms of financial outcome, “Modern and dynamic”, entrepreneurs sometimes tend to have better management skills than “traditional entrepreneurs. Overall, we cannot confirm that this first group of entrepreneurs is more often associated with a better performance. Furthermore, the “modern and dynamic” style of entrepreneurs in the high performance categories where they more often associated with a better financial performance, than “traditional entrepreneur”. But in the “lose money” category they are also more numerous.

Results also revealed that managerial competences are often linked to better financial results. This implicates that potential and actual restaurateurs should pursue acquisition of knowledge and competences (skills) relevant with restaurant management, especially in marketing, human resources, legal and accounting fields, that may help to improve financial outcome.

Finally, in terms of strategies, “partnerships” seem more efficient in generating profits than product “singularity” or “mass customization” or even “no intended strategy” options. There is a significant link between this specific strategy and a better performance. Partnership is often identified as the best of the three strategies observed in terms of financial outcomes. Implications promote different and original ways to create partnerships, in order to initiate joint ventures and strategic alliances for example, with other restaurants or professional associations. This implication supports also the potential benefits of purchasing groups, group ventures, sharing resources. Partnerships could be approached from two points of view. The first point of view could be to minimize the cost and the second to increase the revenue. This increase could be done through by accessing to extend resources or developing new activities. “Singularity” or “Blue Ocean” strategy is the most popular strategy used by independent restaurateurs, but, according to our findings, this particular strategic action didn’t have any influence on the outcomes. Analysis has showed that the choice of singularity strategy is very often confused with a small competitive advantage strategy and in this perspective well known and recognizable in many organizations.

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6.1 Managerial contribution

Our findings eventually lead to interesting and potentially beneficial recommendations for independent Quebec restaurateurs. On a managerial perspective, restaurant owners should pursue a better knowledge of business management principles in order to be able to implement a strategy planning process aimed at improving financial performance. Partnership options should be considered, since they may lead to better results than other strategies. Partnerships could take different forms, such as group buying, addition or acquisitions of other restaurants or related businesses, shared market analysis, education in different fields of management or professional topics. Creativity is welcome in contract negotiations with competitors in the same area or market. A majority of restaurant entrepreneurs think that they put it in practice, but, many of them still demonstrate poor and low financial performance. Maybe it’s the reason why we are not able to validate the link between the Blue Ocean strategy or singularity strategy and the restaurants’ performance.

The purpose of this study was to clarify the opportunities and threats associated with different strategies. While most of the studies are large scale enterprise oriented, this study is intended for SMEs in the restaurant industry and may take into account regional specificities. Professional associations may have a better understanding of the different variables that influence performance and therefore play a better role in the industry progress.

6.2 Academic contribution

The most valuable contribution of this study is the confirmation of the findings of the Swiss study made by Demen Meier (2007). We can confirm new definitions for the traditional independent restaurant, as well as new approaches for strategic options for SMEs, analysis models and diagnostic models for traditional independent restaurants.

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7. Conclusion

The context for this research is the Province of Quebec restaurant industry, characterized with a larger proportion of independent restaurants than the other Canadian provinces, a high bankruptcy rate and low revenue and net profit level compared to other regions. This study demonstrates the relationship between the entrepreneur’s profile and his independent restaurant performance in Quebec. His entrepreneur’s profile and his choices among different congruent strategies, such as “no intended strategy”, “singularity” or “Blue Ocean”, “partnership” and “mass customization”, influence the financial results of his enterprise. In this study, the performance is measured through the financial outcome, based on net profits.

Entrepreneur’s styles analysis confirm those observed in the original study conducted by Christine Demen Meier Ph.D. in Switzerland, in 2007, which inspired the present one. “Modern-dynamic” and “traditional” entrepreneurs were distinctively identified and the demonstration was made that “traditional” entrepreneurs are less inclined towards strategic action compared to “modern-dynamic ones”.

Entrepreneur’s profile and organizational characteristics were analysed and results proved that “managerial skills” is one of the most influential variables associated with performance.

Finally, among the strategic options considered in this study, analyses concerning the partnership options are decisive and have some impact on restaurant performance.

These findings will bring a significant message to “independent restaurateurs” in Quebec. To improve performance we can recommend acquisition of managerial skills and the use of partnership strategies. These improvements in management should receive some consideration by actual restaurateurs and future entrepreneurs as well, before opening a new independent restaurant.

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8. Bibliography

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Boutillier, S. (2005). Le potentiel de ressources du dirigeant de TPE dans une région industrielle en reconversion. Paper presented at the Les TPE artisanales en devenir, Montpellier.

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Covin, J.G. (1991). Entrepreneurial versus conservative firms: a comparison of strategies and performance. Journal of Management Studies, 28(5), 439-462.

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Demen-Meier, C. (2007). Les TPE d’un secteur en difficulté, stratégies et performance : la restauration de l’Arc Lémanique Suisse PhD Sciences de gestion. Université de Caen- Basse normandie, Caen. Demen-Meier, C. (2008, October). Entrepreneur de la restauration artisanale: Caractéristiques, stratégies, performance. Paper presented at the CIFEPME 9ème congrès, Louvain la Neuve.

Desmet, P., Evrard, Y., Pras, B. & Roux, E. (2003) Market : Études et recherches en marketing. Dunod, Paris.

Julien, P. A. et Marchesnay, M. (1996). L’entrepreneuriat. Gestion/Poche, Economica, Paris.

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