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The aim of this paper is to contribute to an increased knowledge of the cultural values and the entrepreneurial activity that are present in countries with different levels of development. Within the group of developing countries, we focus our analysis on the case of Latin America. The study uses data from the Schwartz Value Survey (SVS) to measure cultural values, and Global Entrepreneurship Monitor (GEM) for information regarding entrepreneurship. The results show that cultural variables, together with the rate of entrepreneurial activity, clearly distinguish developing countries from developed ones. Higher entrepreneurial activity is found in countries with lower levels of development; however, the cultural value dimensions of Autonomy and Egalitarianism are associated with higher development levels. In the specific case of Latin America, the results reveal the existence of two groups of countries. Firstly, Bolivia, Peru and Venezuela have higher rates of entrepreneurship and, at the same time, a greater prevalence of some cultural values (notably Embeddedness, but also Hierarchy). In contrast, another group of countries in the region—Argentina, Brazil, Chile, Costa Rica and Mexico—is characterized by the presence of opposing cultural values (Autonomy and Egalitarianism), more in line with those corresponding to developed countries. The paper concludes with a discussion of the results, including some interesting implications, from both academic and policy perspectives. In the case of Latin America, a certain combination of cultural values (Embeddedness and Egalitarianism) may be leading to higher start-up rates. Thus, promoting these values could contribute to entrepreneurship and economic development.