This paper examines the nature of entrepreneurial orientation-Performance relationship, addressing two key limitations in the literature: First, while several studies have found that firms demonstrating more EO perform better (Wiklund,1999; Zahra, 1991; Zahra & Covin,1995), others have found either no significant relationship or even a negative effect (Wiklun&Sheperd,2005). These conflicting findings urge us to further explore and understand the missing link that may play an important role in this regard. Second, prior research tells us that entrepreneurship is a process of learning (Minniti&Bygrave, 2001), but relatively little organizational learning research has been explored within the entrepreneurship tradition, and the entrepreneurial context has not informed much of the organization learning literature (Harrison&Leitch, 2005). To address the above-mentioned challenges, this research explores the process of entrepreneurial learning and how this process fits in the EO-Performance relationship.