This study was carried out to investigate entrepreneurial development and socio-economic growth in rural communities of Lagos State. To achieve this objective, four research questions and two research hypotheses were formulated to guide the study. The data was collected from both primary and secondary sources. The primary data were collected with the help of a well-structured questionnaire of two sections administered to the respondents in Odi Olowo Local Government Area of Lagos State. The collected data were analyzed with tables and simple percentages to analyze the research questions while Chi-square statistical tool was used to test research hypotheses using SPSS statistical package. The study reveals that there is a significant relationship between the role entrepreneurs and economic growth of rural communities in Lagos State and there is a significant relationship between entrepreneurship and economic growth of rural communities in Odi Olowo Local Government Area. The study concluded with some recommendations that the government and the organized private sector should increase their support for entrepreneurial/vocational training programs as part of the tertiary education system and government should continue financial support to be available to expand the depth and reach of small scale businesses and be impactful to entrepreneurial development programs.