Purpose: The purpose of this study is to verify how Korean SMEs’ international entrepreneurial orientation and network capabilities affect the effectuation strategy and internationalization performance, and whether the effectuation strategy plays a mediating role in the relationship between international entrepreneurial orientation, network capabilities and internationalization performance. Research design, data, and methodology: In this study, the following research model was designed to examine the mediating effect of effectuation in the relationship between international entrepreneurial orientation and network capabilities with internationalization performance. The statistical processing of the survey data collected for empirical analysis in this study was conducted using the SPSS 26.0 and Amos 26.0 programs. The sample of this study was surveyed on managers working in small and medium-sized Korean exporters. The questionnaire was conducted from March 4 to April 12, 2023. A total of 152 questionnaires were used to verify this relationship. Results: In summary, first, international entrepreneurial orientation was found to have a partially significant positive (+) effect on effectuation and internationalization performance. Second, network capabilities was found to have a partially significant positive (+) effect on effectuation and internationalization performance. Third, effectuation was found to have a significant positive (+) effect on internationalization performance. Finally, the effectuation strategy was found to have a mediating effect on all sub-factors in the relationship between international entrepreneurial orientation and internationalization performance, but only in the relationship between network size and internationalization performance. Implications: These findings suggest the following implications: It is great academic significance in that it has verified the creation of unpredictable internationalization results in uncertain overseas markets with an approach to effectuation strategies. in addition to that, it is meaningful in that Korean SMEs can recognize the importance of international entrepreneurial orientation and network capabilities in entering overseas markets and give suggestions to implement internationalization strategies that are suitable for them through appropriate resource allocation.