Superior Long-Term Business Performance Factor of Digital Entrepreneurship in Small and Medium-Sized Enterprises in Thailand

Small and medium enterprises (SMEs) are crucial drivers of Thailand's economic development, representing 99.5% of all businesses. However, the country faces a "missing middle" phenomenon - a shortage of high-potential medium-sized enterprises capable of significant GDP contribution. This study develops a structural equation model to evaluate superior long-term business performance of digital SMEs in Thailand, addressing the gap between current SME growth and national strategic targets for new entrepreneur development. The study employs a mixed-method approach, combining qualitative data from 21 experts (analyzed via electronic rough set Delphi) and quantitative data from 910 SME entrepreneurs (online surveys). Analysis uses structural equation modelling (SEM). The findings identify new critical success factors for long-term business performance and demonstrate the mediating role of social media adoption in enhancing business outcomes. The study contributes to new theoretical advancement through a comprehensive structural equation model specifically designed for Thai digital SMEs. The insights offer practical guidance for policymakers and entrepreneurs in developing effective business strategies and policies to support digital business growth, facilitating Thailand's transition to a high-income economy.