Considering the broad thematic areas of entrepreneurship development, this research has drawn upon livelihood capitals of tribal women in Sylhet region of Bangladesh. The study was carried on exploring and assessing different livelihood capitals i.e. human, natural, physical, financial and social of tribal women involved in entrepreneurial activities. It has also been analyzed the changing livelihood capitals of tribal women through entrepreneurship development. Primary data has been collected from 180 tribal women entrepreneurs in two districts namely Sylhet and Moulvibazar. For examining livelihood capitals, the research conducted four tribal women groups such as Garo, Khasia, Monipuri, and Patro who have started different enterprise activities for improving their livelihood capitals respectively. Multi-stage random sampling technique was used within a methodological context of participatory action research at individual, household and community level. Based on sustainable livelihood framework, asset pentagon for before and after situation of entrepreneurship development and Pearson’s correlation were systematically used to determine the relationships between livelihood capitals. The research finding revealed that remarkable differences of livelihood capitals were found between women entrepreneurs after entrepreneurship development. Financial assets were generally higher in Patro (about 89.4%) while lower in Garo (about 68.6%), respectively. The overall natural capital was poor (51.2%) due to poor contribution of land holding (49.6%), respectively. Thus, it was found that entrepreneurship development has been changed their livelihood capitals and had a positive and significant relationship between livelihood capitals of entrepreneurs. It was therefore, recommended that formal and informal education, government intervention on hilly land settlement law, training, marketing and importing facilities could be required to facilitate human, natural and social capitals of tribal women entrepreneurs.