Entrepreneurial orientation has been gaining increasing attention over the years. However, the conceptualization of entrepreneurial orientation construct has evolved over the time and there are continuing debates about the applicability of the construct into various research settings. Two prominent debates that revolves around this construct include the individual versus firm level perspective and the independence and dimensionality issues about this construct. Both streams have provided empirical evidence and are highly valid and reliable in many studies for these varying arguments. This article addresses this varying opinion, drawing on prior theory and research and provides a clear distinction about conceptualization of entrepreneurial orientation construct in the future research.