Social competence is seen as a critical aspect of academic and social success; however, the construct is often minimized to a set of social skills or the absence of negative behaviors. The current study aims to broaden the understanding of social competence by incorporating the factors associated with the development of social competence and the outcomes associated with social competence into one model. Additionally, the multifaceted construct of positive social competence included in the model is entirely positively framed. Participants in the current study were 153 sets of parents and children attending preschool in a large suburban preschool program in Colorado. Structural equation modeling was used to simultaneously examine how early risks and protective factors relate to social competence and how social competence relates to outcomes (social school readiness and self-concept/self-esteem). Data resulted in a well fitting model overall. Significant pathways were found between Child's Self-Regulation and Positive Social Competence and between Positive Social Competence and the two other endogenous variables in the model (i.e., variables explained by other variables in the model), namely Social School Readiness and Self-Concept/Self-Esteem.