Entrepreneurship has been flourishing in the transition economies of Central and Eastern Europe, the newly independent state of the former Soviet Union, and East Asia. Entrepreneurs in these countries are characterized by their sheer energy, relentless strategies, and sometimes controversial practices. How can entrepreneurs rise to crate wealth in environmental traditionally hostile to entrepreneurial activity? What can be learned from such an experience? Focusing on these 2 key questions, this article draws on research from a broad range of transition economies to identify 3 major entrepreneurial strategies of prospecting, networking, and boundary blurring. It also delineates important lessons for entrepreneurs active in transition economies and foreign entrants interested in these emerging markets.