This article observes and studies the role and effect of entrepreneurship within the theoretical framework of resource-based view (RBV). It advances competitive advantage theory based on entrepreneurship by proving the distinctiveness of entrepreneurship. Distinctive cognition competence of entrepreneurs provides them with personal specific assets, which determines both the competence to explore new business opportunities and the competence to integrate resources for risk activities. The characteristics of such intangible resource as entrepreneurship, such as its distinctiveness, limitedness of competition, and incomplete mobility of factors, are the most important sources of competitive advantage of enterprises in the strategic management theory of RBV.