The study aims to understand the role of Large Language Models (LLMs) in entrepreneurship. The study systematically explores the need, application, opportunities, and challenges faced by entrepreneurs by implementing large language models in their ventures. The study was undertaken on 48 papers through the SPAR-4-SLR process. The study will contribute to the entrepreneurial research in the theoretical as well as the practical perspectives. The theoretical perspective is mainly in the expansion of the current state of the art of knowledge and practical implications are generating insights for entrepreneurs, practitioners, academicians, and policymakers to mitigate the challenges and accelerate the adoption and utilization of LLMs. The study lacks the advantage of exploring with the primary data. The inherent drawbacks of the methodology and the type of research are other limitations. The study identifies the following; the advent of Open AI, GPT, and LLMs opens the door for opportunities. Entrepreneurship is also a widely adopted trend for brainstorming, discovering new ideas, better decision-making, data analytics, operational efficiency, market evaluation, and customer support for sustaining in the competitive world and it is an AI assistant for startups for natural language processing and multimodal tasks, speech recognition, and natural language processing. The potential avenues for the application of LLMs in enterprises are; to boost the scalability through the ability to handle tasks, global reach, and continuous improvements. There is a chance for problems in safeguarding and protection-sensitive data, over-dependence on LLMs affects human creativity and innovation.