This research paper attempts to explain the newly emerging concept of 'Librapreneurship' in its simplest form , in analogy with the term 'entrepreneurship'. It further describes the meaning and definition of the newly emerging terms like 'Librapreneur' and 'Librapreneurship'. It focusses on the factors responsible for the emergence of 'Librapreneurship', revealing Librapreneurial process and Librapreneur in the changing ICT based LIS environment, finally, it throws light on the barriers likely to overcome for the successful implementation of the term Librapreneurship.