This article uses an integrated analytic framework to evaluate the performance of small business owners (SBOs) in China.We interviewed 20 SBOs to examine industry-based,resource-based,and institutional factors affecting their performance as assessed by the business owners themselves.The results of the 20 cases from a highly competitive market reveal an interesting finding.Specifically,we dont find evidence that factors relating to industrycompetition affect the performance of SBOs.As for the resource-based factors,SBOs with good-quality outside suppliers and previous education or training experience perform better in their business overall.We also find that the regulatory environment in the market is largely adverse to the performance of small businesses.