Entrepreneurship has been a key subject and field for development of the nation. With govt failing to cater to the army of unemployed youth one has look beyond the traditional role of job seeker and become a Job giver. Historically, the literature has often explained entrepreneurship as the product either of environments (like provision of venture capital., growing demand) or of personal attributes (like risk-taking propensity, need for achievement). This chapter aims to understand the evolution of Entrepreneurship studying their traditional role while exploring the changing dynamics in the modern era. We also look at the importance of entrepreneurship not only to the individual but to the society as a whole while studying the key factors that are essential to become an entrepreneur.