This study has attempted to answer the impact of entrepreneurial orientation on business performance of small hotels in Ghana; the moderating effect of industry forces and firms’ resource. Like any other empirical related study, four constructs, namely entrepreneurial orientation, industry forces, firms' resources, and business performance were used. The study adopted a survey research design that involves the use of quantitative sampling techniques for the primary data. A sample size of three hundred and ninety-six (396) owner-managers was emailed with a questionnaire to solicit for their responses. Analysis of the independent dimensions of entrepreneurial orientation showed significant correlations between each of the variables and hotel performance. The strategic use of firms’ resource revealed that it positively moderates the relationship between entrepreneurial orientation and business performance. Although the hotel industry is turbulent, the strategic implementation of firms’ resources neutralizes the strength of industry forces on the business performance. Again, strategic implementation of these resources increases business profitability, sales growth, customer retention, and customer satisfaction. The findings of this research contribute both to small business management and measurement theory, as well as providing a basis to guide small business policymakers, educators of hospitality management and hotel managers in general.