Purpose: Entrepreneurial orientation (EO) at the organizational level refers to the process which includes methods, practices and decision-making styles which enhance the company's approaches to business. At the individual level, EO is assessed using the individual entrepreneurial orientation (IEO: Bolton and Lane, 2012) scale, comprising three dimensions: risk-taking, innovativeness and proactiveness. The purpose of this paper is to evaluate and further validate the Serbian adaptation of the IEO scale among students. Design/methodology/approach: Two independent studies were conducted on total of 685 students from Serbia. In Study 1, participants completed the IEO scale, proactive personality scales, reinforcement sensitivity questionnaire and academic performance questionnaire. In Study 2, participants completed the IEO scale, proactive personality scales, HEXACO-60 and risky-choice decision tasks. Findings: Results supported the three-factor structure and satisfactory reliability of the IEO scale and its subscales. Omitting one item from the innovativeness scale led to better model fit, thus resulting in a nine-item solution. Convergent validity correlations were confirmed, showing that each IEO subscale obtained the expected correlations with similar constructs. Research limitations/implications: A potential problem with divergent validity is discussed from the aspect of the adequacy of the constructs chosen for its testing. Overall findings indicate that the Serbian adaptation of the IEO scale is a brief instrument with adequate psychometric properties, which makes it suitable for both research and practical purposes. The limitations of the study and the instrument are also highlighted and discussed. Originality/value: The study contributes to better understanding of the nature of EO and helps its accurate assessment.