There is a general consensus among researchers that entrepreneurship has transmuted into a global phenomenon, thus demanding a global comprehensive understanding. Entrepreneurial concepts have metamorphosed over time and are inextricably connected with contemporary socio-economic development. The theoretical journey of entrepreneurship in relation to university-based entrepreneurial ecosystem development was traced and examined in this study using a sympathetic critical approach and the author plied a unique conceptual road map: Firstly, a broad spectrum approach was used to examine the conceptualization of the broad field of entrepreneurship as it evolves into entrepreneurial ecosystem. Secondly, criticism of entrepreneurship approach which aids in focusing and fine-tuning the substantive development of entrepreneurship is constructively significant for the development of ‘smart’ entrepreneurship. This study opens with the consideration and logical contemplation of the general entrepreneurship field, cardinal theories and current debates tailored to spur innovative entrepreneurial thought were dutifully delineated.