“…Several studies in, among other places, Sweden Shepherd, 2003 and, Slovenia (Antoncic and Hisrich, 2004;Antoncic, 2006), South Africa (Goosen et al, 2002), China (Chen et al, 2005), Greece (Dimitratos et al, 2004), Finland (Jantunen et al, 2005), Germany (Walter et al, 2006), Vietnam and Thailand (Swierczek and Ha, 2003), Netherlands (Kemelgor, 2002;Stam and Elfring, 2008), United Kingdom (Hughes and Morgan, 2007) and Turkey (Kaya, 2006) identify a positive relationship between EO and business performance. Rauch et al (2009) in their study, which covers 51 journals, conclude that the entrepreneurial orientation of the owner/manager has a significant impact on business success.…”