| Summary: | Small and medium-sized enterprises (SMEs) play important roles in driving domestic economy. The purpose of this research was to examine the causal relationship model among factors that influence on operational performance (OP) in real estate business (REB), Thailand. The 555 samples of REB entrepreneurs were randomly selected by the multi-stage sampling method. A questionnaire was employed as a research tool for collecting data and analyzed with the structural equation model (SEM). The generated model is fit (χ 2 /df = .835, p = .993, GFI = .960, AGFI = .945, CFI = 1.000, RMSEA = .000). Findings revealed statistically significant that market orientation (MO) has positively influenced on operational performance, innovativeness (IN) and learning orientation (LO) ( p < 0.001). Learning orientation has positively affected to innovativeness ( p < 0.05) but non-significant affected to operational performance ( p > 0.05). Lastly, innovativeness has positively influenced on operational performance ( p < 0.001). Additionally, learning orientation has mediated between market orientation and innovativeness. The antecedent factors (MO, IN and LO) have cooperatively explained the causal relationship model that influenced on operational performance at 62.80%. Therefore, entrepreneurs in REB are able to achieve strategically their operational performance by consideration and implementation in mainly of the activities related with market orientation and innovativeness.
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