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Collective entrepreneurship is the synergism that emerges from a collective and that propels it beyond the current state by seizing opportunities without regard to resources under its control (Stevenson and Jarrillo 1990). This study provides a conceptual model of collective entrepreneurship and its relationship with leadership and team dynamics in the context of a small family business. It proposes two types of prerequisites for collective entrepreneurship: attitudinal and behavioral. The attitudinal prerequisite is family business members’ commitment to the family business. The behavioral prerequisite includes collaboration and task conflict among family business members. Further, the article argues that leadership behaviors directly affect the attitudinal and behavioral prerequisites, and indirectly affect collective entrepreneurship. Specifically, relations- oriented and participative leadership have positive, indirect effects on collective entrepreneurship. Task-oriented leadership has both positive and negative, indirect effects on collective entrepreneurship. An empirical study of 271 small family businesses in the United States confirmed most of the hypotheses.