Background: Small and medium-sized companies (SMEs) are major contributors to wealth,economy as well as society. In today’s uncertain times, the challenge for SMEs’ top managerslies in choosing the right strategic approach to generate a competitive advantage and wealth. Research Problem: Due to the ambiguous business context, the strategic approach of SMEs isof high importance to ensure a flexible, growth, and value-generating approach. Top managersare exposed to the difficulty of applying a strategy, which ensures performance and enables thecreation of newness. The concept of strategic entrepreneurship consists of advantage-seekingand opportunity-seeking and aims to ensure wealth creation. This is done by combining thesetwo dimensions to ensure strategic renewal within established organizations. Until now,especially in SMES, the concept of strategic entrepreneurship has not been studied substantialenough from a top managers perspective. We consider the field decisive to analyze, ensuring astrategic approach for top managers in SMEs to help manifest the competitive advantage intoday’s ambiguous business context. Research Purpose: To explore how top managers are managing the two dimensions, namelythe performance (advantage-seeking) and the entrepreneurial (opportunity-seeking) dimension,of strategic entrepreneurship in SMEs.Research Questions: (1) How do top managers engage in strategic entrepreneurship in SMEs?(2) How do top managers manage the relationship between advantage-seeking and opportunityseekingin SMEs? (3) How does the SME context impact top managers in managing SE? Method: Ontology: Relativism - Epistemology: Social constructionism - Research approach:Qualitative study - Methodology: Study based on exploratory qualitative interviews - Datacollection: In-depth interviews - Sampling: Purposive sampling with 10 SME top managers and2 SME consultants - Data Analysis: Content analysis with tree-diagram Conclusion: This study contributes by demonstrating the cognitive as well as the contextuallevel top managers are utilizing to engage in strategic entrepreneurship in the performanceorientedSME context. Moreover, our contributions are associated with various managerialsupport actions. To demonstrate these, we developed a model which outlines top managers’cognitive-oriented engagement towards the advantage-seeking and opportunity-seekingdimension of SE in SMEs. Managerial Implications: We present three managerial implications for top managers who areactive in SE as well as for aspiring top managers and SME owners. The practicalrecommendations can support top managers’ engagement in strategic entrepreneurship from anindividual as well as an organizational perspective.