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Companies want recruits who “think like an owner”; that is, managers who demonstrate entrepreneurial aptitude and skills, think on their feet, and possess good problem-solving abilities. This exploratory study sought to identify the characteristics important for ownership-like thought in the hospitality industry. A questionnaire based on a review of entrepreneurship literature drew responses from 182 hotel and restaurant industry operators, executives, and owners. Results suggested six factors or characteristics that lead to ownership-like thought or behavior.