Problem Statement: The concepts of innovation and entrepreneurship must be understood and adopted to ensure such transformation in the university after "Entrepreneurial and Innovative University Index" publication. The basic problem of this research is an analysis of how entrepreneurs define the concepts of innovation and entrepreneurship. Purpose of Study:This research is focused on how innovation and entrepreneurship concepts are defined by company and project owners making innovation, the types of innovation they work on, the challenges they encounter during the process, and the coping strategies they use Method: This study used a qualitative research pattern and phenomenological research. Data were collected through semi-structured interviews conducted with the owners of five companies who voluntarily