Entrepreneurial orientation and entrepreneurial experience are useful process variables in explaining the effect of self-efficacy on firm performance. According to upper echelons theory, entrepreneurs play a decisive role in strategically leading entrepreneurial ventures by channeling their personality traits to influence organizational dynamics in order to achieve performance outcomes (Carmeli, 2008). Prior studies have presented findings that self-efficacy positively affects firm performance (Drnovsek & Glas, 2002; Hmieleski & Baron, 2008; Westerberg, Singh, & Hackner, 1997), but they have limitations in that they fail to demonstrate through what processes self-efficacy enhances firm performance. The inability of entrepreneur characteristic variables to consistently explain firm performance has led to growing interest in entrepreneurial orientation (Moruku, 2013). Additionally, entrepreneurial experience has been presented as an important factor explaining firm performance (Lee & Tsang, 2001; Schiller & Crewson, 1997). Experiential elements of entrepreneurship serve as a critical factor providing entrepreneurs with direction and alternatives in uncertain and difficult-to-predict entrepreneurial environments. Research to date has analyzed only the direct effect of entrepreneurial experience on firm performance, overlooking the role of entrepreneurial experience in the relationship between entrepreneurial orientation and firm performance. Therefore, this study aimed to accurately predict entrepreneurial success by extending the existing research model in which self-efficacy predicts firm performance and developing a new research model incorporating entrepreneurial orientation and entrepreneurial experience. The purpose of this study is to investigate the role of entrepreneurial orientation as a potential mediating variable in the relationship between self-efficacy and firm performance, and to examine the role of entrepreneurial experience as a moderating variable in the process linking self-efficacy, entrepreneurial orientation, and firm performance. This study conducted path and regression analyses on the research model for hypothesis testing. Research data were collected through questionnaires from entrepreneurs operating 146 entrepreneurial firms. The analysis results showed that self-efficacy and entrepreneurial orientation were positively related to firm performance. Additionally, entrepreneurial orientation was found to fully mediate the relationship between self-efficacy and firm performance. In particular, entrepreneurial experience was found to strengthen the positive relationship between entrepreneurial orientation and firm performance. Specifically, firm performance was highest when entrepreneurial orientation was high rather than low and when the entrepreneur had entrepreneurial experience. This study is significant in presenting research findings that enable more accurate prediction of entrepreneurs' entrepreneurial success. Finally, theoretical and practical implications of the research findings were discussed.