There is now a clarion call globally for entrepreneurs to be socially responsible as this is the only way that entrepreneurship development can be sustained. The creation of small and medium sized companies is vital to the creation of jobs and wealth in developing countries such as Nigeria, and this can be championed by entrepreneurs and via sustained entrepreneurship activities. In doing this, however, there is also the need to clear out the general misconception that most entrepreneurs are seen as gangsters, Villains, thieves rather than heroes and champions of economic development (Starcher, 1997). This negative image and perception can be cleared out through socially responsible behavior at least in the interim. So there is an important link between social responsibility and entrepreneurship. This paper provides insight into the social responsibility actions that entrepreneurs have or have not been taking given the Nigerian context. In doing this, it adopts a theoretical and conceptual approach. Firstly, it explains what entrepreneurship is - looking at various definitions and refutes some of the myths which have grown up about entrepreneurs. Secondly, it explains the concept of social responsibility as well as look at the reasons why entrepreneurs must act in a socially responsible manner all through the entrepreneurship development process. Finally, it critically evaluates and highlights some of the benefits entrepreneurship can miss out if it neglects socially responsible actions and activities