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The present study aimed to investigate the relationship between entrepreneurial orientation (EO) and small and medium-sized enterprise (SME) performance. The sample consisted of 180 SMEs located in Kuala Lumpur, Malaysia. A structured questionnaire was used to collect data from the business owners or managers of these SMEs. The results showed that EO had a significant positive effect on SME performance. Specifically, the dimensions of EO, namely innovativeness, proactiveness, and risk-taking, were found to be positively associated with SME performance. The findings suggest that SMEs that exhibit a higher level of EO tend to perform better in terms of financial and non-financial measures.

The study also examined the moderating role of environmental dynamism on the EO-performance relationship. Environmental dynamism refers to the rate of change and unpredictability of the external environment in which a firm operates. The results indicated that environmental dynamism strengthened the positive relationship between EO and SME performance. In other words, the beneficial effects of EO on SME performance were more pronounced in highly dynamic environments compared to more stable environments.

The implications of the findings are twofold. First, the results highlight the importance of cultivating an entrepreneurial mindset and behaviors within SMEs to enhance their performance. SME owners and managers should actively foster an entrepreneurial orientation by encouraging innovative thinking, proactive decision-making, and a willingness to take calculated risks. Second, the findings suggest that SMEs should closely monitor and adapt to changes in their external environment to capitalize on the benefits of their entrepreneurial orientation. In highly dynamic environments, SMEs can leverage their EO to outperform their competitors and achieve superior performance outcomes.

In conclusion, the present study provides empirical evidence on the critical role of entrepreneurial orientation in driving the performance of small and medium-sized enterprises. The findings underscore the need for SMEs to embrace an entrepreneurial mindset and adjust their strategies based on the level of environmental dynamism to achieve sustained competitive advantage.

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