The uncertainty is of great significance to the entrepreneurship. The existence of the contradictory views about the nature of uncertainty makes it an ambiguous construct in the entrepreneurship. The presence of uncertainty proves to be a catalyst in creating innovative products or niche markets or leads to missed opportunities. The choice of entrepreneurial decision-making method is thus crucial. Therefore, it is imperative to investigate if the effectuation decision-making method is an appropriate method to manage under the uncertainty. Effectuation claims to bestow the appropriate tools and guidelines to the entrepreneur to use the uncertainty to create new possibilities from extant realities. Thus, the aim of this thesis is to understand and analyze the role of uncertainty in the effectuation theory and how it aids the entrepreneur to create an economic opportunity. This research study adopts the qualitative and descriptive approach to investigate the research problem. The objective of this study is to provide a complete review of the uncertainty construct as discussed in the entrepreneurship literature and the role of uncertainty in effectuation decision-making process.