Entrepreneurship is one of the key elements in Indians economic and socio-economic growth. In an effort to discover a new dimension to the entrepreneurship process transforming an idea to reality, the study attempts to discover new dimensions of the entrepreneurship process. The study finds that non-availability of the level playing field, opportunity relationship and inadequate tapping of skill set plays a significant role during an entrepreneurial action. The final outcome is contingent to trust and mutual understanding within the entire process. Keywords: Entrepreneurship; Indian context; Venture creation; Phenomenology.