This paper evaluated the relationship between corporate entrepreneurship and organizational performance in selected telecommunication firms in Rivers State.  Innovation, risk taking and proactiveness were used as proxies for corporate entrepreneurship while efficiency, effectiveness and goal attainment were used to measure organizational performance in this study.  Using survey research design a population of 200 employees of telecommunication firms in Port Harcourt and a sample size of 133 was derived from the population using Taro Yamane’s formula. Well-structured questionnaires were designed and used to obtain responses from the respondents on the research questions. 90 out of the 133 distributed questionnaires were correctly completed and used for the analysis for the study. Spearman Rank Correlation Coefficient on SPSS at 0.05 was applied to test the hypotheses. From the study it was revealed that key dimensions of corporate entrepreneurship; innovation, risk-taking, and proactiveness positively correlate with organizational performance. These findings suggested that telecommunication firms in Rivers State that embrace innovative practices and are willing to take calculated risks, and act proactively in their business strategies tend to perform better. Hence, telecommunication firms should encourage and support innovative thinking and practices at all organizational levels.