The current entrepreneurial environment makes great demands on the people who are employed in company management at all levels. Managers are expected to have high-quality education, special professional qualifications in a given field of the company’s activity, and competencies in favor of company development for the future. To succeed in a large, competitive market environment, tourist industry must primarily be managed competently, not only at the highest level but throughout the organization, to the middle and lowest levels. In this article the authors have focused on managerial competencies that reflect the opinion of commercial sphere. Extensive research dealing with assessment of the significance of the chosen competencies and their relationship to changes, risk, and managers’ ethics, in tourism was carried out. The necessary data were acquired via inquirers who carried out the questionnaire survey within the Czech Republic. The competencies of hotel managers and managers of hotel chains at all levels of management that are essential for a managers’ work were evaluated at a level of significance. According to the research outcomes among the most important belongs Problem solving capability, Leadership, and Capability to deal with people. On the other hand, as for the least important, the respondents selected: Self-education capability, Capability to work in an international environment, and Capability to manage an international team. In their research the authors tested individual managerial competencies and tried to discover if and how they are crucial for them and if and how this fact influences a particular level of management. The authors have found out that the level of management influences the evaluation of individual competencies. This research might contribute to the effective preparation of employees at individual levels of management, as well as to the total entrepreneurial success.