The subject of this paper is the definition of entrepreneurship, which all affects entrepreneurship as well as the emergence and development of entrepreneurship with a focus on the economic and social role of entrepreneurship. Entrepreneurship itself is defined as a set of organizational, innovation, and management skills. The paper shows how to apply business innovation in reality through ideas, market research and the application of marketing strategies. The origins of entrepreneurship date back to the 12th century as an organization and the paper shows how entrepreneurship has changed, from fierce competition, to the present day when entrepreneurship is the realization of ideas and the realization of dreams created by individuals. What are the strategies and what is business planning and what every entrepreneur must have in order to be as successful as possible is also elaborated in this paper. Innovation is the most important part of entrepreneurship because through the creation of something new, profit is generated and it benefits the entrepreneur as an individual and thus the state. The state has a great influence on entrepreneurship and the development of entrepreneurship because it greatly limits it, but any good idea in the market can succeed and be realized and thus create a profit and only the satisfaction of the one who creates. The main definition of entrepreneurship is the creation of something new, with the investment of time and effort and the acceptance of financial, social and many other differences and the realization of personal satisfaction. This leads to the social role of entrepreneurship, togetherness, patience and tolerance which are very important so that every entrepreneur and entrepreneurship as a whole can survive in today’s society and in the market itself.