Emphasizing the learning aspect of entrepreneurship in international business contexts, this chapter illuminates both the differences between the effectuation of entrepreneurial competencies by individuals and the capabilities developed in multi-national firms and the interrelationships between these two processes. Based on an integrative perspective that combines Dunning’s international business paradigm with Sarasvathy’s dynamic model of effectuation, two parallel levels of entrepreneurial learning were posited to occur as enabling mechanisms for the process of reverse-transferring learning from foreign affiliates in developing markets in Asia to the firms’ respective headquarters located in developed economies. Cases of reverse knowledge transfer in three multi-nationals (Amway, Panasonic and P&G) with integrated operations in China and India, were analyzed and shown to support the developed integrative perspective on entrepreneurial learning, reverse knowledge transfers and firm performance, presented in the earlier part of the chapter.