Conclusion
Inspired by Barney’s (1986) theoretical arguments two decades ago, this study argues that entrepreneurship and luck are the two strategic resources for SMEs to achieve competitive advantage through the lens of the resource-based view of the firm. Analyses on the primary data collected justify the claims of the study. The findings provide important indicators to formulate a robust framework to explain the competitive advantage of SMEs. In addition, this study can provide guidelines for policy makers and entrepreneurs to strengthen the development of SMEs, which will eventually benefit the country as a whole. It is recommended that policy makers in Malaysia revisit the curriculum of the national education system to balance between both knowledge-based learning and personality development of the students to enhance and promote the entrepreneurship culture in the country. SMEs are also advised to adopt a flexible and loose organisational culture to benefit from the uncertainties in the environment and to nurture creativity within the firm.