With the community of inquiry framework, this study seeks to explore the relationship among forms of presence, self-efficacy, and training effectiveness. A total of 210 working professionals participated to the study via online survey and email communication with a valid response rate of 29.53%. The technique of partial least square was used to estimate the measurement and the structural models. The results show that the teaching presence has positive prediction on social presence, self-efficacy, and cognitive presence. Self-efficacy is a full mediator between social presence and cognitive presence. Cognitive presence predicts training effectiveness in the context of Small and Medium Enterprise E-learning School. The practical implications of these findings for small and medium enterprise training in general are discussed.