entrepreneurial orientation Due to the changing environment in which most firms are now competing, it is imperative to consider the importance of top managers from the standpoint of how their entrepreneurial preferences and values may impact strategic decision making. Hisrich and Peters (1992, 2) defined entrepreneurship as the process of “creating something different of value by devoting the necessary time and effort, assuming the accompanying financial, psychological and social risks, and receiving the resulting rewards of monetary and personal satisfaction.” Others suggest entrepreneurship is associated with innovative behavior coupled with a strategic orientation in pursuit of profitability and growth (Carland et al. 1984). McGrath and MacMillan (2000) further clarify this mix of innovative behavior and strategic orientation by defining the common characteristics of habitual entrepreneurs. These common characteristics (i.e., collectively referred throughout this paper as entrepreneurial orientation) include a desire to seek and create new opportunities through the incidence of innovative, proactive and risk taking behaviors (Covin and Slevin 1989; Miller 1983).