The Resource-Based View (RBV) (e.g. Wernerfelt, 1984), a prominent theory within Strategic Management, has recently attracted renewed theoretical attention in entrepreneurship (e.g. Alvarez & Busenitz, 2001; Alvarez & Barney, 2004). Yet empirical work is in its infancy – in part due to a lack of well developed instruments for measuring RBV constructs within the entrepreneurship arena. Our objective is to address three limitations of current empirical measures: (i) Few studies directly measure the characteristics of resource configurations that deliver competitive advantage, such as Barney´s (1997) well known Valuable, Rare, Inimitable and Organizational framework. (ii) Measures for resource characteristics commonly linked to competitive advantage of entrepreneurial firms. (iii) While traditional RBV focuses on competitive advantages, measures should also consider competitive disadvantages often faced by newly established firms.