The first concept use of the term “entrepreneurship” relates to the seventeenth century in France, while the research on it has its beginnings with Schumpeter linking it with the innovativeness of business organizations. Entrepreneurial orientation as a concept is related with business organizations performing entrepreneurial actions and activities. Nowadays importance of entrepreneurial orientation research has increased due to its recognition as a critical success factor of business organizations. This study aims to provide a literature review on the relations between entrepreneurial orientation and business organizations and the impact that this orientation has as a performance promoter.