January 07, 2018 / BY AKD

Entrepreneurship in Pakistan – The Real Deal

Since the world is going through major transformation and globalization many things have been reshaped. Mindsets are changing, the idea of a stable income and 9-5 corporate slavery is no more the benchmark for anyone who wants to do something with his degree or any particular specialization.

Entrepreneurship is all about the combination of innovation, experimentation and taking risks and is now becoming the latest high profile preference for the new generation. The structure of entrepreneurship in a young fresh mind constitutes the commercialization of a concept by structuring and strategizing a business idea into a working model where a group of skilled and energetic people combines together as a team. But this is not how it is seen, entrepreneurship is a complete process which involves a lot of risk management skills along with a strong investment and marketing approach.

Pakistan is a country with its economy under development. It has gone through a lot to reach wherever it stands today. A country that is strangled in many social evils like illiteracy, lack of business sense, uncertain policies and a giant of all, unemployment, has struggled a long way and now the new generation is looking forward towards a new road to recovery. We need new talents, new ideas and equally a lot of energy to implement them effectively. Entrepreneurs in Pakistan can play a key role in this regard. The two most significant challenges through this drive are the youth problems and the slow growth.

Pakistan is very rich in terms of resources, but the lack of laws, rules, and opportunities is what brings the development graph down. Hence, the awareness of the scope of entrepreneurship is important and needs to be highlighted to the youth.

 According to Global Entrepreneurship Report 2010, Pakistan is way slow with the start-up business. One of the main reasons for this is that the fresh graduates prefer to look for jobs instead of exploring the entrepreneurial career opportunities. Government's role in making rooms for entrepreneurship is a critical one, unfortunately, in past, this role was nearly negative. The idea of entrepreneurship in Pakistan is seriously impaired by the government policies, regulation, and legislation.

However, many start-ups such as Nest 1/0, JumpStart and many others have been introduced, serve as a learning curve for our entrepreneurs. And hence, the ratio of entrepreneurs have been gradually increasing year by year. To help it grow more we need to stay focused on the trends like early revenue, great production & sales execution. Also, we need to organize a large number of seminars and conferences all over the country to encourage our youth towards this approach. Events like these have a great impact on the entrepreneur market. The government should play its part by providing a policy framework. Also, efforts are required from all the sectors, like a change in the business attitude, an overview of the target market and an outlook of maximum consumer preferences.

However, it is yet to be seen how much the youth and young entrepreneurs contribute towards the progress and improvement of our economy. Nonetheless, this is a legitimate fact that the future holds unlimited prospects for all the big thinkers and risk takers!

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