Emerging countries as compared with developed countries are characterized by a lower level of economic development and possess relatively immature legal, political and financial institutions which results in an ambiguous and uncertain business context (Marcotte, 2014). Furthermore, it has also been observed that any kind of institutional and policy changes, including policies on innovation in the emerging countries often follow non-linear and unpredictable way (Hoskisson, Eden, Lau and Wright, 2000; Peng, 2001, 2003). As a result, these kind of changing and uncertain context in the emerging countries may theoretically increase as well as constrain entrepreneurship and innovation (Marcotte, 2010). It is also a fact that there is tremendous need as well as opportunities for entrepreneurship and innovation in the emerging countries to grow and survive. However, the research literature on entrepreneurship and innovation are very scant from the emerging markets which could be leveraged by the leader and the managers working across small and medium size entrepreneurial firms in this region of the world. The literature on entrepreneurship and innovation management is relatively new and skewed towards North America and Europe (Cetindamar, Gupta, Karadeniz and Egrican, 2012) and very little work have been published focusing on the Middle Eastern region (Chamlou, 2007) and the emerging markets of the world.