Entrepreneurship is a term that describes the activity that exists from the time of the "cave man". Even then the cave man were entrpreneurial by looking for an easier way of hunting animals and providing food. Every new way of doing business is an entrepreneurial activity. In order to fully understand the notion of entrepreneurship, it is important to consider the historical sequence of development of the theory and approach to it. The term of Entrepreneurship first appeared in the 12th century, since then concept itself evolves and forms of entrepreneurial behavior emerge. In the 17th century the name entrepreneur appears, introduced by Cantillon and describes the entrepreneur as a person who buys products by known and sales by unknown prices and links entrepreneurship with capital, uncertainty and risk. Furthermore, in the 18th century, Adam Smith links business to entrepreneurs solely with profit and wealth realization. In 19th century, the function of entrepreneurs is defined as an intermediary between the capital and the leased worker. It points to the ability to separate ownership and entrepreneurial functions. The term undertaker replaces the existing term entrepreneur and it represents the takeover of risk, which is one of the characteristics that distinguishes the entrepreneur from the manager. In the twentieth century, differences have been made between entrepreneurs and business owners as well as between entrepreneurs and managers. Entrepreneurship has changed through history from a person who was also the owner, manager and entrepreneur to the division of the above mentioned functions to separate persons. Entrepreneurship in the 21st century differs from that of the 18th, 19th and 20th centuries because today’s markets are fragmented and segmented. However, the belief that everyone should be entrepreneurial ( managers, owners, employees) is stronger than ever. Entrepreneurship has become a way of living, behaving and thinking and, as declared by European Union, one of the eight key lifelong learning competencies for every citizen.