Entrepreneurship has been considered the backbone of socio economic development of Country. It has been well established that the level of economic growth of a region to a large extent, depends on the level of entrepreneurial activities in the region. True entrepreneurs are resourceful, passionate and driven to succeed and improve. On the contrary it is also a fact that the majority of rural entrepreneurs are facing many problems due to not availability of primary amenities in rural areas of developing country like India. Lack of education, financial problems, insufficient technical and conceptual ability, it is too difficult for the rural entrepreneurs to establish industries in the rural areas. An entrepreneur is a business person who not only conceives and organizes ventures but also frequently takes risks in doing so. This paper focuses and provides an insight into the meaning, history, qualities required for an entrepreneur, opportunities and challenges faced by them in the development of rural areas and at last with a discussion on role and benefits of entrepreneurship in rural development.