The purpose of the paper is to examine the performance of firms in Peru in relation to entrepreneurial orientation and involvement in open innovation. Data were acquired through a survey of middle and senior managers employed in Peruvian companies. Firms achieving higher sales growth did not exhibit more of an entrepreneurial orientation or utilize a double loop learning style. More entrepreneurial firms appear to have adopted a double loop learning approach to knowledge acquisition. Peruvian firms involved in open innovation reported higher sales growth and indicated greater reliance on the use of double loop learning. The practical implications of the study are that firms in emerging economies do not have to be reliant on entrepreneurial behaviour to sustain business growth. Nevertheless involvement in open innovation can be beneficial. The originality of this paper is that although the results are only for companies in Peru, the findings may suggest that firms operating in emerging economies need not necessarily rely on entrepreneurial behaviour to sustain business growth, although involvement in open innovation may enhance business performance. © 2012, Emerald Group Publishing Limited