Generative Artificial Intelligence (AI) technology, for instance Chat Generative Pre-trained Transformer (ChatGPT), is continuously evolving, and its userbase is growing. These technologies are now being experimented by the businesses to leverage their potential and minimise their risks in business operations. The continuous adoption of the emerging Generative AI technologies will help startups gain more and more experience with adoptions, helping them to leverage continuously evolving technological innovation landscape. However, there is a dearth of prior research on ChatGPT adoption in the startup context, especially from Entrepreneur perspective, highlights the urgent need for a thorough investigation to identify the variables influencing this technological adoption. The primary objective of this study is to ascertain the factors that impact the uptake of ChatGPT technology by startups, anticipate their influence on the triumph of companies, and offer pragmatic suggestions for various stakeholders, including entrepreneurs, and policymakers. This study attempts to explore the variables impacting startups' adoption of ChatGPT technology, with an emphasis on comprehending entrepreneurs' attitudes and perspectives. To identify and then empirically validate the Generative AI technology adoption framework, the study uses a two-stage methodology that includes experience-based research, and survey research. The research method design is descriptive and Correlational design. Stage one of the research study is descriptive and involves adding practical insights, and real-world context to the model by drawing from the professional consulting experiences of the researchers with the SMEs. The outcome of this stage is the adoption model (also called as research framework), building Upon Technology Adoption Model (TAM), that highlight the technology adoption factors (also called as latent variables) connected with subset of each other and finally to the technology adoption factor (or otherwise). Further, the latent variables and their relationships with other latent variables as graphically highlighted by the adoption model will be translated into the structured questionnaire. Stage two involves survey based research. In this stage, structured questionnaire is tested with small group of entrepreneurs (who has provided informed consent) and finally to be distributed among startup founders to further validate the relationships between these factors and the level of influence individual factors have on overall technology adoption. Partial Least Squares Structural Equation Modeling (PLS-SEM) will be used to analyze the gathered data. This multifaceted approach allows for a comprehensive analysis of the adoption process, with an emphasis on understanding, describing, and correlating the key elements at play. This is the first study to investigate the factors that impact the adoption of Generative AI, for instance ChatGPT technology by startups from the Entrepreneurs perspectives. The study's findings will give Entrepreneurs, Policymakers, technology providers, researchers, and Institutions offering support for entrepreneurs like Academia, Incubators and Accelerators, University libraries, public libraries, chambers of commerce, and foreign embassies important new information that will help them better understand the factors that encourage and hinder ChatGPT adoption. This will allow them to make well-informed strategic decisions about how to apply and use this technology in startup settings thereby improving their services for businesses.