SMEs play an important role in the national economy and are crucial to boosting economic performance (Ruzzier & Konecnik 2006; Omerzel & Antoncic 2008). 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).