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Innovation is a key to success in business. In this fast-changing world, entering into the market and survival for an organisation is very difficult. Creativity and Innovation both helps the person to become an Entrepreneur. It is very important for any economy to promote the entrepreneurial activities as it contributes to the GDP and overall development of the economy. It boosts the growth rate, per capita income of the population. The objectives of the study are to understand how different countries have different level of entrepreneurship in terms of perceived opportunities and capabilities and how population perceives entrepreneurship as a career choice. Comparative analysis has been performed by taking one developing country-India and one developed country-USA to deeply understand the situation in the type of economies. In addition, institutional framework condition has been taken of different economies to understand how economies support entrepreneurial activities. Institutional Framework includes many factors like Funds and access to funds, how much the government is supporting the different programs for entrepreneurship, ease of doing business, rules and regulations, entry burden and restrictions and so on. There are different levels of entrepreneurship which are different for different economies and different institutional framework that exists in the economies which are also different.