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This paper reports on a study conducted to examine various entrepreneurship opportunities that exist among librarians and information science professionals. A survey was carried out among ongoing undergraduate LIS students in their second and third years, Master Degree students in their second year as well as LIS professionals who completed studies between 2012 and 2019, and who were working at various institutions at the time when the study was conducted. Questionnaires were distributed to a total of 20 purposively selected undergraduates and 10 postgraduate students while interviews were conducted among five LIS professionals as well as three heads of departments of LIS schools at the University of Dar es Salaam, Tumaini University Dar es Salaam and Open University of Tanzania. Results of the study revealed that most respondents acquired entrepreneurship skills through formal education during their LIS education and the fact that the most important skills that were potential to make librarians and information professionals entrepreneurs included information literacy training skills, information search, reference services and research methods. Challenges that would limit librarians and information professionals in exercising their entrepreneurship skills included lack of innovative skills, insufficient financial resources to start up business, inadequate ICT facilities and training as well as lack of confidence and encouragement. It was therefore suggested that LIS curricular should be improved to accommodate more relevant entrepreneurship skills, LIS institutions should prepare candidates to become entrepreneurs as well as provision of free entrepreneurship training during and after studies.