Entrepreneurship and entrepreneur are interdependent and interrelated to each other. The existence of one depends and determined by the other. This interdependence brings the economic development of the nations particularly societies live in emerging towns. In emerging town there are different opportunities like grace period (six months to three years) to pay tax, free land (working place), credit facility, and training. On the other hand, access to capital, marketing information, management and technical skill, infrastructure and premises were the major challenges that hinder entrepreneurs from innovating and creating new ideas, products and markets. These were identified through the data obtained from primary (using questionnaires and interview) and secondary sources. Therefore, the study stabilizes the prospects/ opportunities and fills the gap based on the findings of the research. And also, the study will have considerable benefits primarily for emerging towns that were under the survey of the study as well as office whose primary task is setting policies in order to deal with the prospects and challenges in emerging towns.
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