This empirical research is a pilot study which endeavours to identify a set of variables associated with successful small businesses. Seventy-four (74) small firms operating in Montreal responded to a lengthy questionnaire and an intensive interview. From this data three variables were initially identified. A replication study of seventy small firms located in Burlington, Vermont and Plattsburgh, New York, was carried out in order to observe whether the identified variables were duplicated beyond a certain geographical location. Using factor analysis on the data, the authors were able to delineate entrepreneurial behavior and managerial skills as key success factors in small business management. This finding underscores the role of entrepreneurship education in developing both the behavioral and the managerial skills in the owner/manager.