This article provides an updated review and synthesis of the empirical literature of the determinants of business performance, and discusses directions for future research aimed at developing better theories and advancing knowledge of the specific influence of ethnic minorities on firm financial achievements. The review is intended to overcome the weaknesses in previous reviews by focusing exclusively on studies that concentrate on ethnic minority-related determinants of business performance. This article suggests that future research should take a more holistic approach to analyzing the impact of a multicultural workforce on the performance of medium-sized enterprises (SMEs). This article proposes a tentative research model that links six different ethnic-related concept groups directly to the financial and export performance of the firm. (Contains 1 figure.)