Innovation and entrepreneurship are becoming key concepts for economic sustainable development in today’s complex and dynamic business world. Economic, social and environmental sustainable development is significantly important for organization performance. Organizations need to respond to changing business environment, technological capabilities and customer demand. Open innovation is ‘the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation’. Information is generated in the present, much more than earlier, through research with regard to the entrepreneurial businesses and improvement of methodologies in social sciences. Measuring Business Performance (BP) through the impact of Entrepreneurial Orientation (EO), and Open Innovation (OI), in today’s economic environment is a critical issue for academic scholars and practicing entrepreneurs. In the recent years numerous disciplines have shown a keen interest in the three main constructs which have been used in many empirical research. Entrepreneurial orientation and open innovation can be considered as new tendency to evaluate the firm performance of ventures. The organizations are changing their business models from a traditional vertical integration model with internal research and development activities to an open business model.