310 Copyright © 2015, IGI Global. Copying or distributing in print or electronic forms without written permission of IGI Global is prohibited. Chapter 22 DOI: 10.4018/978-1-4666-8259-7.ch022 ABSTRACT The essence of an entrepreneur’s efort lie in fnding solutions to challenges. Monetary proft is a by- product of entrepreneur’s success and not the main agenda or measure of it. This bare nature makes entrepreneurship a risky business. In spite of all the rigor and challenges, entrepreneurs never cease to exist; in fact now we are seeing an unprecedented surge in their numbers. This surge has changed the whole dynamics of the entrepreneurial environment. A study of changing norms, style and sentiment of entrepreneurs is in order. In this chapter we study changing times and style of entrepreneurship; the evolution of new age entrepreneurs and their approach. Is this trend lasting or will burst like a bubble? Is it increasing uncertainty at conventional jobs or people have developed a deep lust for entrepreneur- ship? With so many startups coming up these days, how to evaluate them? These are the few questions which have risen and await adequate response. INTRODUCTION As with the time people have evolved thus their needs. An entrepreneur is someone who works with the objective of bridging the gap of need and availability; hence it is natural that they also evolve with changing time. Entrepreneurs have been around since there was some need unfulfilled or some advance- ment seemed possible. They work with the idea of adding efficiency and simplifying life. To commence a discussion on entrepreneurship, it is necessary to answer two basic questions. Who is an entrepreneur Jugaad Inc: Evolution of Frugal Entrepreneurship and Lean Start Ups Neelendra Nath IMT Ghaziabad, India Somtirth Chaudhuri IMT Ghaziabad, India Parikshit Sarkar IMT Ghaziabad, India Sayantan Saha IMT Ghaziabad, India Bineydeep Singh IMT Ghaziabad, India Neha Bhardwaj IMT Ghaziabad, India