If one believes that Entrepreneurship is an engine of global economic development and a force for positive change in society then Howard Stevenson’s view Ëntrepreneurship is the pursuit of opportunity beyond resources controlled implies to current Economic Turmoil world is facing. A situation where entrepreneurial challenges have aggravated and are more demanding than before. The paper discusses the entrepreneurial potential in developing Economies, its problems related to success rate, the paper also touches upon the need of Entrepreneurial Training and Innovative Development Model especially in economic slowdown, similarly the tactics entrepreneurs can adopt to manage risk and mobilize resources is inscribed. The challenges faced by developing economies which are placed either in factor driven or efficiency driven economy is discussed. Finally the action oriented innovative approach is recommended for developing Economies to overcome the difficult time in the present economic crisis.