The valorisation of the business models overlooks the conservation management of the heritage assets and deals mainly with it as semi-customised products. Thus, it could lead to competition rather than collaboration endangering the intangible cultural heritage expressions and authentic cultural knowledge, including Indigenous/local communities. This study aims to develop a people-centred heritage entrepreneurial approach that ensures profitability, conservation, and an enriched sociocultural experience for both a community and visitors. It focuses on enhancing Dhofari heritage assets by investigating Koofan Heritage Lodge as a living heritage-based entrepreneurial project. The case study showcases the reuse and socioeconomic viability of these assets as cultural tourism attractions. It assesses 20 semi-structured interviews qualitatively to comprehensively understand the socioeconomic impact of cultural identity. Interviews were supported by a short survey towards the overview of the community’s and visitors’ needs. Thus, the findings contribute to a perception of the cultural significance of Dhofari architectural heritage and shed light on how it influences cultural tourism entrepreneurial business ventures dedicated to preserving this cultural legacy.