The process of starting and surviving a new venture is always a challenge, and this is aggravated by unfavorable conditions especially prevalent in less affluent, developing, and transitional economies. This study reviews and integrates the literature on different entrepreneurial dimensions in transitional economies and provides a case analysis, Kyrgyzstan. The review of the entrepreneurial motivations dimension indicated four major motives behind starting a new venture, and an examination of the entrepreneurial problems dimension underlined common problems prevalent in different transitional economies. Findings of the Kyrgyz case indicated that the entrepreneurial motives of local entrepreneurs are of the extrinsic type and related to push factors; difficulty with finding capital, existence of red tape, and high labor turnover rate are major entrepreneurial problems. There are favorable entrepreneurial opportunities in general, but exploitation of these is contingent on appropriate support. Based on the literature review and synthesis as well as the case study, transitional economies need more competitive, liberal, and transparent business environments to be supported by more developed financial systems and a more efficient labor force. Further, two future research areas on transitional economies are suggested and an update on Kyrgyzstan is included.