Due to the inconsistent findings on the influence of entrepreneurial factors on the firm performance, the author therefore proposed a contingency model in which the effect of individual determinants, external factor and firm characteristics are to be moderated by location and culture.As a result of this, a cross - sectional study of questionnaire survey approach was conducted and data was generated from 182 entrepreneurs/owner-managers of small
firms in both manufacturing and service industries in Lagos through self-administered questionnaire procedure. The findings indicate that location and culture is insignificant in jointly moderating the relationship between individual determinants, external factors and firm characteristics, and firm performance