The potential of a state university for entrepreneurial university transformation is determined in this study by using the mixed method, specifically the concurrent triangulation design. Strengths, weaknesses, challenges and issues are highlighted based on the guiding framework for entrepreneurial universities by the European Commission – Organization for Economic Cooperation and Development (EC-OECD). Middle level managers of the institution served as participants providing data through survey instrument and interviews. Results revealed that generally the university is Going Entrepreneurial, particularly in leadership and governance; organizational capacity, people and incentives; entrepreneurship development in teaching and learning; and pathways for entrepreneurs. It is Almost Entrepreneurial in its business/external relationships for knowledge exchange, and as an internationalized institution; and only in measuring the impact of entrepreneurial university that it is described as Initially Going Entrepreneurial. Challenges and issues identified that may affect the internal system consist political leadership openness to support development plans and projects; presence of internationally-popular eco-tourism, farm tourism, cultural and heritage tourism potentials; booming business atmosphere in the province and the region; availability of local and international scholarships and fellowships for staff and students; presence of commercial banks offering loan credits; and presence of private colleges and learning centers. Recommendations for internal policy consideration include the revisit and inclusion in the strategic plan of an entrepreneurial agenda; appropriation of budget to support the entrepreneurial projects or start-ups by the faculty, staff and students; and exploration of functional engagements and linkages with external (local and international) stakeholders and willing business partners, experts and entities who could help put up or invest on incubators, science parks and the like.