This research study examined how university-based educational leadership preparation programs apply entrepreneurial principles to innovatively respond to a changing environment in preparing school leaders for the 21st century. The ever-increasing presence of the internet, coupled with evolving technology, has promoted a rapidly changing environment that impacts learning, work, and the global market of products and services. Currently, university-based preparation programs serve a key role in the preparation of school leaders. Higher education has often displayed evidence of risk adverse behaviors and high levels of self-satisfaction that create obstacles for new ideas or efficiencies. Over the past decade, an entrepreneurial vision of education has gained momentum in moving higher education institutions to more align with the modern-day global economy and society of the 21st. Additionally, innovation through entrepreneurship has enabled institutions to adapt more willingly in a constantly changing environment that is increasingly unpredictable and dynamic. Thus, many university and college-based educational leadership programs are challenged to re-think their programs by leveraging partnerships and networks along with embracing entrepreneurial principles and innovation in redesigning leadership preparation program efforts. This study employed a survey methodology administered to the population of institutions that prepare educational leaders for PK-12 service as school administrators. The data reviewed were derived from a total of 203 responses collected from a population of 565 institutions, producing a response rate of 36%. The discussion and interpretation of the results from this study were focused through the lens of an entrepreneurial framework in the following categories: (a) program innovation, (b) strategic relationships, (c) web-based innovations, (d) innovation in program curriculum, (e) program planning, and (f) anticipated trends. Findings indicated that significant numbers of educational leadership programs are making progress in applying innovative behaviors to rapidly respond to changing conditions, deliver programs, or control costs in offering their educational leadership preparation programs. It is also clear that there remains a significant number of institutions that are applying few innovative behaviors. Additionally, for-profit institutions tended toward early adoption of technology, which influenced nonprofit institutions to innovate. However, findings from this study indicate that nonprofit institutions may have an edge in being more adept at nimbly responding to changing market conditions.