© 2025 Emerald Publishing LimitedPurpose – The purpose of this study is to understand the nature of development and its various dimensions in today’s rapidly evolving global economy in diverse growth scenarios, which is crucial for policymakers. Entrepreneurship, a key driver of economic growth and prosperity, has garnered significant attention, yet there remains a lack of consensus on its definition and dynamics across different regions. This study examines the factors influencing entrepreneurship, a vital aspect of human development, using empirical data from the National Expert Survey (2008–2017), a component of the Global Entrepreneurship Monitor (GEM). Design/methodology/approach – The authors analyzed data across three groups of countries: developed nations, emerging economies (BRICS) and Latin America, using a combination of Bayesian networks and partial least squares structural equation modeling. Findings – The results reveal that while GEM effectively captures entrepreneurial determinants in developed countries, it struggles to explain these dynamics in other regions. Specifically, in BRICS countries, “Government Entrepreneurship Programs” are strongly associated with entrepreneurial activity, whereas in Latin America, factors such as “Government Policy, ” including discourse and tax regulations, are more impactful. Originality/value – This study combines theoretical framework together with statistical analysis to highlight the limitations of GEM in capturing the full complexity of entrepreneurial activity and its implications for policymaking, emphasizing the need for a wider understanding of the diverse factors influencing entrepreneurship across different national contexts.