Entrepreneurial orientation (EO) describes firm-level strategic processes that firms use to obtain a competitive advantage. The dimensions of EO include innovativeness, risk taking, and proactiveness. The following chapter describes the conceptualization of EO and its underlying dimensions. Moreover, we summarize the empirical evidence relating to the relationship between EO and venture performance. We suggest a contingency approach and suggest moderator variables that affect the relationship between EO and venture performance.