Economic growth has been relatively good over the last few years, and its sustainability is dependent on the entrepreneurship and innovation of people with business development ideas. One of the major and fundamental elements that is required for innovation and entrepreneurship to be viable or feasible is the existence of a business environment in which strong property rights are established. Entrepreneurship is the process of creating a new business. It can involve both the establishment of a start-up business in addition to the creation of new types of an existing business such as technology, merchandise or agricultural. Chile and Colombia are Latin American countries that lead the world in entrepreneurship. The Chilean method focuses on the issue of changing cultural norms towards entrepreneurship while Colombia has concentrated on creating a strong institutional framework for growing the number of ventures in business development.