Entrepreneurial orientation (EO), reflecting an organization’s innovative, proactive and risk- taking behavior, may enhance firm competitiveness and performance. Although prior studies proposed a number of contextual influences such as internal and external factors as antecedents to EO, a growing body of research has tended to only examine the relationship between EO and firm performance, and less attention has been given to the investigation of the antecedents of EO. Further, due to methodological difficulties, research results examining the impact of EO on firm performance have generally been less robust than the normative view suggests. In this study we examined both the antecedents and consequences of entrepreneurial orientation among a sample of technology-based SMEs employing longitudinal approach.