With reference to the existing literature, it is always difficult, though not impossible, to make a clear distinction between entrepreneurial firms and small business ventures. Carland, Hoy, Boulton & Carland, for example, tried to use the logic of Schumpeter (1934), Glueck (1980) and Vesper (1980) to conceptually distinguish the two groups in terms of the principal characteristics: innovative behaviour and strategic management practices (Carland, et al 1984). And, based on the same definition, they examined the characteristics of 77 small business owners and found that the two groups, i.e. entrepreneurs and small business owners, as identified by a panel of experts, were statistically distinct in innovative behaviour as well as cognitive styles (Carland, et al 1988). In another study, Begley & Boyd suggested to use founders to represent entrepreneurs as distinguished from non-founders, who are the chief executive officers of the small business firms, because they found the two groups are different in their persona] and firm characteristics (Begley & Boyd 1987). In fact, the way that we define the two groups of people differently are attributed to the different approaches we use in examining the characteristics of entrepreneurs. In other words, small business owner/ managers might also be entrepreneurial if they display all the characteristics of a typical entrepreneur. Similarly, organizational managers might be regarded as entrepreneurial if the same set of characteristics are found. One example of such definition could be referred to Pinchot’s concept of intrepreneur - “those who take hands-on responsibility for creating innovation of any kind within an organization” (Pinchot 1985). Pinchot did express explicitly that “creating innovation” is the main characteristics of entrepreneur and the only difference between intrapreneur and entrepreneur in general is whether this specific individual is within or outside the organization.