Innovation is the proposition of the times, whilst college students' entrepreneurship is a positive employment measure. Innovation thus will bring about good opportunities for college students. College graduates are the "products" of the higher education. To promote entrepreneurship among college students, in addition to implementing "supply-side reforms" and market-oriented operation mechanisms of the higher education, it is also imperative to expand the investment of human capital by the state and society and innovate personnel training based on the orientation of market demand. Research shows the promotion of college students' entrepreneurship should be strengthened with both internal and external measures. The internal measures aim to improve the comprehensive quality of university graduates' entrepreneurship, including professional knowledge and skills, broad knowledge, excellent entrepreneurial qualities, entrepreneurial skills and the market economy concepts, whilst the external ones, however, refer to giving full play to the role of entrepreneurship guidance and service institutions, improving the effectiveness of entrepreneurship education for college students, broadening their sources of entrepreneurship funds, advancing the auditing and tendering systems for their entrepreneurship projects, and consistently assisting college students’ established entrepreneurship projects.