The promotion and implementation of appropriate actions for entrepreneurship contribution to economic and social development in Latin America seeking a positive result requires an understanding of entrepreneurship as a broad concept. This leads to a conceptualization of the term that goes beyond the mere creation of companies, with emphasis on developing entrepreneurial skills that contribute to social mobility and the generation of entrepreneurial organizations. This paper shows how the lack of a strong cultural and institutional basis, the identification of entrepreneurship with business creation and the misappropriation of foreign models has entailed the implementation of wrong and short sighted policy instruments in the promotion of economic and social development in Latin America. On this basis, we propose a model for economic and social development of Latin America through entrepreneurship. Our model suggests that the transition from one stage of economic development to a higher one requires improving the cultural, institutional and surroundings in which the actions and instruments must be carried out. In this context, we show how the university as entrepreneurial organization can contribute, through the promotion of entrepreneurship and entrepreneurial skills to improve these conditions, strengthen the foundations As a result a positive influence on economic and social development and the promotion of social mobility of individuals will be achieved.