Firms that act entrepreneurially might have to sacrifice short term financial performance in order to create sustainable competitive advantage in the long run (Zahra, 1993; Rauch et al., 2009). Most studies, however, have assessed the relationship between entrepreneurial orientation (EO) and performance based on short term financials (Wiklund & Shepherd, 2003; Lee et al, 2001; Covin & Slevin, 1989). The increase in articles on non-financial performance can be seen as an indicator of the growing importance attributed to factors which explain long-term sustainable success (Luo et al., 2010; Bolton et al., 2004). Besides analyzing EO’s link to financial performance, this article provides insights into achieving sustainable competitive advantage by exploring the dynamic effects of EO on two central non-financial performance dimensions, being innovation outcomes and customer satisfaction.