Abstract: Entrepreneurship is the process of starting a business organization. The entrepreneur develops a business model and acquires the human capital and other resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship ecosystem. The term entrepreneurship was first used in the year 1723. Today the term entrepreneur implies a person with many qualities such as leadership, initiative, management, decision making and innovation. Entrepreneurs contribute to the development of the society and generate employment opportunities. According to Robert Reich, team-building, leadership, and management abilities are essential qualities of an entrepreneur. An entrepreneur is a factor unit in micro economics, and the study of entrepreneurship dates back to the works in the late 17th and early 18th centuries. In the early periods, Richard Cantillon and Adam Smith were the pioneers in entrepreneurship studies. Entrepreneurship can be considered as a tool for the employment of educated unemployed. Entrepreneurship helps to increase national income and bring about social change.