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The article aimed to explain how general and specific managerial competencies relate to business success of small and medium size enterprises (SMEs). This study was conducted among 264 SMEs managers. SME success was measured as subjective assessment of economic growth indicators in comparison with competitors on the market. General and specific competencies were significant predictors of success in running a business. Specific managerial competencies proved to be a mediator between generaldoi:10.18267/j.cebr.25 fatcat:b6qfnh2h4nfcvltwkgqgtj3sru