By refocusing the sub-components of innovative capacity of enterprise, it is necessary to identify casual relationship of entrepreneurship and management performance reconstructing sub-components. Sub-components of innovative capacity in this research are departmentalized as research and development, organizational management, marketing, strategic planning, production allocation, and knowledge management capability. 540 medium and small enterprises have conducted survey. Result of research hypothesis was that innovative capacity and entrepreneurship effects positively on management performance and it was confirmed innovative capacity has positive influencing relationship on entrepreneurship. It is also confirmed that Sub-components of innovative capacity and entrepreneurship are closely related to management performance, however, one of sub-components of innovative capacity which is production allocation capacity proved it had meaningless influence. Risk sensitivity as sub-components of entrepreneurship came out to be negative influence on management performance. The study may have created the opportunity to promote theoretical discussions on innovation managerial capabilities and entrepreneurship by suggesting and identifying the management's new implicit factors as corporate founders or business leaders from the aspects of business mindset, personnel management, and management capabilities. Theoretical and practical implications and limitations are discussed.