February 17, 2018 / BY AKD
The Future of Entrepreneurship in Pakistan
With the world transformation and globalization many things have been evolved and reshaped. The idea of a sustained or fixed income and 9-5 jobs is no more the bench mark for anyone who wants to do something with his degree or any particular specialization.
Entrepreneurship – the combination innovation, experimentation and taking risks is becoming a new high profile preference for the new generation. The structure of entrepreneurship in a young fresh mind constitutes the commercialization of a concept by strategizing a business idea into a working model where a group of talented and energetic people combine together as a team. But this is not how it is described, the process involves a lot of risk management skills along with investment and a marketing approach.
Pakistan, a country with an under development economy, has suffered 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. After struggling with all such, the generation is looking forward towards a new road to recovery. We need new talents, new ideas and a lot more 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 bulge and the slow growth.
Pakistan is undoubtedly very rich in resources, but the lack of rules, laws, and opportunities is what brings the development bar down. Thus, the promotion of the scope of entrepreneurship is important and needs to be highlighted to the youth.
According to Global Entrepreneurship Report 2010, Pakistan lags in the start-ups. One of the main reasons for this is that the fresh graduates from universities prefer to look for jobs instead of exploring the entrepreneurial career opportunities. Government's role in enabling entrepreneurship is a critical one, unfortunately in past this role was more or less negative. Entrepreneurship in Pakistan is seriously impaired by the government policies, legislation and regulation.
However, many start-ups such as Nest 1/0, JumpStart and many others that are being flourished serve as a learning curve for our entrepreneurs. Thus, statistically the ratio of entrepreneurs have been gradually increasing year by year. To help it grow more we need to get focused in the trends like
Early Revenue, Great Production & Sales Execution. Also, there is a dire need to organize large number of seminars and conferences all over the country to encourage our youth towards this approach. Events like these have a tremendous effect on the entrepreneur market. Government should play its part by providing a policy framework, which is as important. Efforts are required from all the sectors, like a change in the business attitude, overview of the target market and an outlook of maximum consumer preferences.
It is yet to be seen how much the youth and young entrepreneurs contribute towards the progress and improvement of our economy. Nevertheless, this is a fact that the future holds unlimited prospects for all the big thinkers and risk takers!