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The requirement to contextualize research in the field of entrepreneurship has converted into the main theme from the last two decades. Therefore, this study bridges the gap by analyzing the relationship between the entrepreneurial activity in northern Europe and the Asian region countries in perspective of an individuals’ perception skills, attitudes, and the subjective norms. Based on our research, we propose a new conceptual framework to analyze EI in the context of entrepreneurship by using the theory of planned behavior (TBP) and the Global Entrepreneurship Monitor (GEM). We empirically examine the influence of key developmental differences on the entrepreneurial intentions (EI) model with structural equation modeling (SEM). In the studied GEM countries, our findings affirm the applicability of the EI model across countries confirming that entrepreneurial activities are the key drivers of economic growth. The findings also recommend that the progression from perception to intent is modified across the 23 European and Asian countries, though there exist several cultural differences to the extent of casual effects also including the differences of influential factors. This study contributes to the debate on entrepreneurship by analyzing key factors influencing the EI model and extends our understanding of entrepreneurship.