This concept paper aims to conceptualize entrepreneurial orientation and collaborative orientation as approaches for small and medium enterprises to be sustainable in which economic, social and environmental values are concerned. Although entrepreneurial orientation is a valid construct for the success of the enterprises, it is insufficient for business sustainability. The orientation greatly explains sustained financial performance but less posits the benefits for non-economic ones. Built upon stakeholder theory and the philosophy of Sufficiency Economy, collaborative orientation, focusing on stakeholders and morality, is introduced as an additional approach to be integrated with the former one for business sustainability. The two orientations are disparate playing different roles on sustainability values but fulfill each other. Their interaction will also amplify the benefits for firm to strive for business sustainability. Therefore, small and medium enterprises should adopt entrepreneurial and collaborative orientation as a sustainable approach for long term success.