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Among the core values of development communication (DevCom), entrepreneurship is the least explained in literature and least studied by DevCom scholars. This study was conducted to determine how entrepreneurship was understood in the context of DevCom by selected students, faculty members, and alumni of the College of Development Communication (CDC) of the University of the Philippines Los Baños (UPLB). Guided by the qualitative research framework, this basic interpretive study gathered data through in-depth interviews with 11 participants, who were selected using the theoretical sampling method. Data were analyzed using the grounded theory approach of Corbin and Strauss (2008). The participants' notions of entrepreneurship centered on three aspects: economic, communication, and social phenomenon. These notions were shaped by external influences, internal realizations, and personal experiences. As a core value of DevCom, entrepreneurship was viewed as an important component of development, communication, and branding. Generally, their practice of entrepreneurship was through production and use of communication media, research, and application of entrepreneurial mindset.