SMEs play an important role in the national economy and are crucial to boosting economic performance SMEs in Thailand are also primary business organisms that could help enhance and sustain the wealth of the economy (Tanwongsval & Pinvanichkul 2007). Nandan (2010) stated that SMEs tend to have independent ownership where owners/managers keep close control as the principal decision makers and provide the majority of the capital required for operations. In many ways, the entrepreneur or owner/manager is the organization (Chuang et al. 2007; Omerzel & Antoncic 2008) and seems to be a part of every business action (Hill 2001; Reijonen & Komppula 2007). Thus, the competence, characteristics, attitude and motives of the entrepreneur have a significant impact on the success of the firm (Reijonen & Komppula 2007). For survival and success of SMEs, owner/managers should develop knowledge and competence based on his/her comprehension of the job (Sandberg & Targama 1998; Bjurklo 2006). As Omerzel & Antoncic (2008) found, entrepreneurs‟ knowledge was positively associated with performance in terms of growth and profitability. Thus, an entrepreneur‟s knowledge influences company performance; companies with more knowledgeable managers are more successful. Highly educated owner/managers will also be more receptive to new ideas (Hambrick & Mason 1984; Omerzel & Antoncic 2008).