This article explores how the concept of entrepreneurial orientation (EO) has been portrayed and assessed in prior research. The challenges and decision criteria associated with formative versus reflective measurement approaches are reviewed. It is argued that, as a latent construct, EO exists apart from its measures and that researchers are free to choose whichever measurement approach best serves their research purposes, recognizing that unidimensional versus multidimensional EO measurement models are consistent with fundamentally different conceptualizations of the EO construct. Recommendations are offered regarding potentially appropriate formative and reflective measures of EO.