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Prevailing global economic processes since the second half of the 20th century can be understood as a departure from the industrial era of Taylor’s management theory, thus paving way for the emergence of intensified roles of knowledge economies. Existing literature in the field of economics and management have witnessed intensified studies in Knowledge-Based Approaches to enterprise management. Although Knowledge-Based Approach is considered a derivative of the Resource-Based View Theory, often associated with large/ or multinational companies, it is being increasingly applied in reference to small and medium scaled enterprises (SME) due to their increasing propensities towards innovation. Small and medium scale enterprises are, undoubtedly, key players in national as well as international markets in our intensively globalized economy. They contribute immensely to national GDPs, generate employment and bring about social developments in their local communities. Data sourced from the Annual Report on European SME 2015/16 indicate that the sector accounts for as much as 99.8% of all enterprises in the non-financial sector of the EU-28 [2015].The SMEs catered for about 67% of employments in the nonfinancial business sector and an overwhelming 92.8% [EC 2016: 6] of these were micro enterprises. The data from the USA is equally imposing as SMEs accounted for 98% of all manufacturers, employing two-thirds of the workforce in 2000 [Hsu, C-C. et al. 2011: 2]. This unquestionable role of SMEs in both national, regional and international economies unequivocally calls for studies intent on the identification and greater understanding of factors that contribute to the increased performances of enterprises. Existing literature in enterprise management, especially in terms of SMEs, abound with various definitions and explanations of what constitutes core competencies in general and if there exist a single across-the-board model of such competencies. There also seem to exist inconclusive reasons for the diversity of opinions regarding competency constituents. One of the objectives of the paper is, therefore, to present a critical literature review of current research findings to ascertain the existence of core competencies, including their constituting elements, that SME owner/ managers should possess and develop as the need arises for efficient enterprise performance. The paper will also identify if there exist differences of competency types regarding job / role responsibilities.

Owner/Manager Core Competencies in Enterprise Performance in SMEs – Selected Competency Models