With the rise of the “creative economy”, which is one principally driven by information and knowledge, enterprise value and national economic performance are attributed to the increased prominence of intellectual capital as a crucial economic input, including intellectual skills, intangible assets and an individual’s creative capacity. There is a significant body of research suggesting that intellectual capital is associated with improved outcomes in organizations across a wide variety of industrial sectors. However, it is argued that the performance could be dependent upon the entrepreneurial orientation of business people in creative industries, which is judged as an important knowledge-based field. The aim of this paper is to study the effect of both intellectual capital and the entrepreneurial orientation of the Korean performing arts enterprises with regards to their performance. This study used regression analysis on data collected from performing arts organizations in Korea. There are two main findings of this study: (1) more intellectual capital for performing arts organizations leads to increases in their levels of performance; (2) intellectual capital, when coupled with the entrepreneurial orientation of cultural entrepreneurs, leads to additional increases in performance.