March 23, 2018 / BY Humaira Adil
How is entrepreneurship changing the future of Pakistan?
There’s been a lot of talk lately about the importance of entrepreneurship in everything. From an individual’s perspective we have seen and discussed how beneficial it has proved to be. But how does entrepreneurship benefit the economy and the future of a country? It’s quite straight. Entrepreneurship plays the role of a catalyst in the economic development by creating jobs, strengthening the market competition and increasing the productivity to the maximum. It brings about innovation and growth and drives the economy towards success. Let’s take a closer look at how exactly is entrepreneurship shaping the future of Pakistan.
Employment Opportunities in bulk
To begin with, our country has major unemployment issues. In every other corner of the street you will find at least one man who is unemployed out of ten. It has become a growing concern and has very negatively affected the country too. But when individuals engross themselves with brilliant startup opportunities, they open gates for employment chances which reduce joblessness.
Many nig names such as Aqeel karim Dhedhi also support and help entrepreneurs for the sole purpose of creating employment opportunities for the mass public.
When an entrepreneur exports goods and services for his business, it directly affects the earnings and the productivity of the people living in the nearby regions. This makes strong the entire population’s wellbeing and eventually the economy is also affected positively. When a new product or a service is introduced by entrepreneurs, it creates a whole new market and hence new wealth is created.
When employment opportunities are created, the national income of the country is helped. All the revenue created with it can be used up by the government in other areas which need much attention and finances.
Entrepreneurs can help in the development of the community by nurturing other ventures. This will help them back in their own business. Not only this, but innovation creates competence and effectiveness. Specifically the innovations made in agriculture have proved to be very beneficial for the socioeconomic issues by encouraging economic growth and other such efficiencies. An excellent example of it is the role played by AKD Group in the development of certain communities.
Entrepreneurs pay taxes
The business created by any entrepreneur be it a small startup or a comparatively larger business, each has to pay taxes to the federal government. The money derived out of the taxes paid by the entrepreneurs is used by the government to give basic services to the people such as transportation, health services, education, construction and other such services.
One of the best things about entrepreneurship is that it opens the door of technological advancements. It brings about so many innovations to the table. Entrepreneurs bring new products, services and innovative ideas which work in the increase of a country’s national income. Hence it is safe to say that in order to positively change the future of a country, there should be an increase of entrepreneurial practices by its citizens.