Based on recent calls by researchers to apply concepts established in entrepreneurship theory in the family business context in order to advance both fields of research, this chapter examines to what degree the EO construct explains business activity of trans-generational firms. In particular, we challenge the fundamental claim by entrepreneurship scholars that the more entrepreneurial the firm, the higher it scores in the five EO dimensions and the more successful it should be over time. Indeed, a wide stream of literature proposes that entrepreneurial attitudes and behavior are crucial antecedents for a company's short- and long-term success (Dess, Ireland, Zahra, Janney & Lane, 2003; Zahra & Covin, 1995).
