The past decade of organizational research has moved from an investigation of the organization as a static entity to an investigation of organizations as dynamic entities, much of it focused on strategy, and its formulation and implementation. This chapter considers strategy development issues addressing the role of entrepreneurs as the ultimate decision maker in entrepreneurial firms. It discusses the findings of the research on CEOs' perception of the importance of strategic management processes within the studied firms. The chapter examines the association between the establishment of a strategic management approach and selected organizational factors. It explores the role of senior managers in strategic management within the entrepreneurial firms. The chapter discusses the relationships between managerial characteristics and strategy formulation and implementation within the studied firms. Entrepreneurship is about creation and strategic management is about the process with which to achieve above-average performance via competitive advantage.