“…In this paper, it is proposed that CE-performance relationship is contingent on external environment. External environment has both direct and indirect effects on business activities and performance (Gaur, Vasudevan, & Gaur, 2011;Sebigunda, 2013;Ting et al, 2012). As pointed out earlier, it is argued that entrepreneurial activities will have more positive impact on business performance if external environment is highly dynamic and competitive (Covin & Slevin, 1989, 1991Miller, 1983).…”