While the notion of firm’s strategic orientation has received considerable attention in management literature, most research has been focused on one strategic orientation type. In this research, we investigate how multiple strategic orientations – entrepreneurial, market and learning orientations – are both individually and jointly related to firm performance, taking into account the peculiarities of external environment. The analysis of 221 Finnish and Russian firms suggests that firm performance is primarily driven by entrepreneurial orientation when strategic orientations are viewed independently. However, when strategic orientations are combined, their complementarity effect appeared to be larger than the individual effects and is positively moderated by environmental hostility.