Problem statement: Brazil and Mexico, the two largest emerging economies of Latin America, have undergone significant transformation in the past decades providing unique business opportunities to international entrepreneurs. To take advantage of the business opportunities in these emerging markets, however, entrepreneurs need a basic understanding of the economic and regulatory developmental patterns that have characterized each country. Conclusion/Recommendations: This study provides a preliminary review of economic and regulatory factors affecting the business environments of Mexico and Brazil. Emphasis is given to the developmental path taken by each country in its economic liberalization and the implications of these differences for international entrepreneurs interested in pursuing business opportunities in these emerging markets.