Nowadays, corporate entrepreneurship has been increasingly recognized as an important way to ensure the continuity and sustainability of the organization. This is important in creating the entrepreneurial culture of corporate entrepreneurship that is dynamic, flexible and competitive in order to cope with intense competition and challenging market. However, many organizations are not aware of when and how should an organization do any changes in order to develop and encourage corporate entrepreneurship. Moreover, corporate entrepreneurship often conflict with traditional management. Thus, this conceptual paper will be discussed about the definition of corporate entrepreneurship, corporate entrepreneurship model, relationship between corporate entrepreneurship towards organizational performance and recommendation. In this paper, the researchers just focus five (5) organizational internal factors (management support, rewards system, organizational structure, resource availability and work discretion) that can be supported the implementation of corporate entrepreneurship and thus can improve organization performance. The use of appropriate reward system and organic structure in organization may affect the implementation of corporate entrepreneurship activities. Besides that, the adoption of corporate entrepreneurship model for higher education in the public sector can help colleges and universities to build capacity and cope with a dynamic and challenging environment. Therefore, a holistic commitment to building the corporate entrepreneurship capability and organizational internal factors are needed to support the organization to become intrapreneur.