Innovation and change are not new in education. Good educational leaders are constantly innovating as they strive to meet the needs and demands of the century. In recent times, unemployment situation is causing a lot of problem in terms of youth restiveness in all dimensions. Universities are beginning to respond to the unemployment situation in the country. To this end, many of them are beginning to look at entrepreneurship education as a way of sensitizing youths on the need to have entrepreneurial spirit that can ignite opportunity to meet the needs and demands of the business world. Students need to understand business, money and how to work for economic growth through self-reliance. This is to say that there is a close relationship between education and enterprise. Entrepreneurship can be taught in universities through business and entrepreneurship experiences within and outside the universities. This paper looks at the university environment, and the 21st century beyond academic discipline and content towards creating entrepreneurial spirited students and thinkers through the efforts by some university to generate revenues. It calls for universities to re-inventing themselves for the knowledge-based economy by engaging government and industries to support knowledge production and creation, through formal and informal interactions from different forms of knowledge exchange. Universities produce knowledge, industries apply it productively, and government provides enabling policy guidelines for industries to strive and grow. If industries strive and grow, very many employment opportunities will open up for many timing population of youths and many may be business entrepreneurial minded.