The concepts of nanotechnology were initiated and first discussed in 1959 by renowned physicist Richard Feynman. Nanotechnology has then become a new wave of technology which is speculated to replace most of current technology. It is due to nanotechnology new products for future lifestyle with high efficiency, high speed and environmental friendly services. Market researchers are predicting the world market volume of nano-optimised products to be up to 3 trillion US Dollars in 2020. This would correspond to about 15 percent of the entire global production of goods. Even though nanotechnology offers many benefits to the future technology, it may lead to few social issues which are still under debate especially about the safety, environment, health and misuse. In order to establish nanotechnology awareness and acceptance, the assessment from the society is an important factor to be discussed. In this paper, a feedback on nanotechnology from a group of undergraduate business students in Universiti Teknologi MARA is presented. The level of awareness has been divided into five categories which are no feeling, alarmed, concerned, hopeful and exited. The highest percentage of frequency of awareness is in the concerned level, by which possible side effects and usage safety are the critical issues raised. In addition, the analyses capture the characteristics which potential consumers of nanotechnology products based feel very important. Based on the awareness and perceived usefulness score, Model of Nanotechnology Acceptance for nanotechnology research and initiatives is proposed. The model would serve as a foundation for determining the best approach of creating better awareness and offering nanotechnology products without violating the sustainability requirements of the environment, society and economy.