Both Kazakhstan and Mongolia are Central Asian countries. The Republic of Kazakhstan was a part of the former Soviet Union, the country became independent in 1991. On the other hand, after the collapse of the Soviet Union, Mongolia transitioned from a centrally planned economy to a market-based economy in the early 1990s. Overall, both countries have started their economic development on the same wavelength about 29 years ago. However, if we look at how both countries are promoting “Entrepreneurship”, there are huge differences nowadays. To cite an example, Kazakhstan is ranked 25th, while Mongolia is ranked 81st in the “Doing Business” 2020 report by the World Bank and the research aims to reveal not only what caused Kazakhstan to be in a better position compared to Mongolia, but also studies the best practices of entrepreneurship around the world that other countries can learn from and explains the women entrepreneurship and small and medium-sized businesses growth in the both countries.