This paper reviews three strains of recent empirical research on entrepreneurship in developing countries: the relationship between entrepreneurship and economic growth; the importance of individual characteristics in entrepreneurial choice and success; and the impact of the business environment on entrepreneurial activity. It identifies policy design as a fourth, neglected area of study and explores issues of magnitude, sequence, and speed. It conducts an empirical test of the impact of speed of reform on new firm entry across 97 developed and developing countries and finds that speed matters more in poorer countries. The results enhance our understanding of entrepreneurship policy in developing countries.