This study proposes a conceptual model that explains the relationship between top management team (TMT) behavioral integration in the interaction with the entrepreneurial nature of small firms and the two dimensions of organizational ambidexterity (OA). Furthermore, it suggests that each of the two OA dimensions–balance dimension and combined dimension–has a different impact on firm performance. While the combined dimension of OA positively contributes to firm performance, the balance dimension of OA is more likely to have an inverted U-shaped relationship with firm performance. The present research, therefore, sheds more light on the conceptualization of OA as well as the relationship between OA and its managerial antecedents and organizational consequences.