Entrepreneurial development is universal. However, it may vary from culture to culture in the different region of the world. The social cultural and political system of course influences the entrepreneurial development of country. It also influences the academic debate. Adaption of the modern concept to suit the sociocultural circumstance is practical but it may become a hurdle in actualization of the objectives of the entrepreneurial development. This paper deals with the concept of the entrepreneurial development in the country during the third quarter of the twentieth century.