In last decades, Corporate Entrepreneurship and Entrepreneurial Orientation have been considered as important sources of sustainable competitive advantages and economic growth. Most empirical studies show a high relationship between both concepts, and have attracted an increasing attention in the field of strategic management and entrepreneurship. This study is the preliminary conceptual research result of doctoral dissertation, toward developing the needed theoretical base in single case study design in a Colombian company of the automotive sector. The objective of this article is to analyze the relationships between two constructs and the impact on managing capabilities for innovation. Findings reveal the importance of institutional factors (strategy, structure and culture) in relation to entrepreneurial orientation (innovativeness, proactiveness, and risk-taking) as key elements that foster the ability to capture opportunities in entrepreneurial firms. Finally, results contribute to develop the existing literature and provide new insights to managers who make decisions to promote entrepreneurship within organizations.