<p>This article investigates the role of different types of entrepreneurship (opportunity and necessity) in advancing multidimensional human well-being, specifically in achieving Sustainable Development Goal 3 (SDG 3) in 30 developing countries. Using the system Generalized Method of Moments model, we examine how political, economic, and institutional governance influences the impact of both entrepreneurial behaviors on living standards and quality of life. Findings reveal that opportunity entrepreneurship positively contributes to well-being by enhancing living standards and quality of life, while necessity entrepreneurship shows a weaker or negative effect. Good governance strengthens the positive relationship between opportunity entrepreneurship and well-being but moderates the impact of necessity entrepreneurship, suggesting a threshold where necessity-driven entrepreneurship can also contribute to well-being under strong governance. These results highlight the critical role of effective governance in maximizing the benefits of entrepreneurship for human well-being. The study emphasizes the need for policies that support governance improvements, encourage opportunity-driven entrepreneurship, and provide safeguards for necessity entrepreneurs, ultimately contributing to enhanced well-being and progress toward SDG 3 in developing countries.</p>