The results for the multiple regression analysis in Table 3 and Table 4 confirm that, in isolation, entrepreneurship and luck can significantly explain the competitive advantage of SMEs. As argued in the preceding sections of this paper, in most circumstances, it is the mixture of entrepreneurship and luck, rather than entrepreneurship or luck alone that is able to predict the competitive advantage of SMEs. Therefore, Table 5 and Table 6 present the results of a multiple regression analysis using stepwise method to model the competitive advantage for SMEs based on the elements of both entrepreneurship and luck. The results in SPSS show four models that were loaded for differentiation and five models for lower cost. The best model is selected based on the highest coefficient of multiple determinants (R²).