Innovation and risk taking in Pakistan is severely inhibited by intrusive role of Government in the marketplace. People are extremely risk averse and that is the main reason they do not start up their new business ventures/ enterprise. Today entrepreneurship is most commonly viewed as undertaking innovation and bearing risk.
In practice, however, many people are entrepreneurial and succeed in implementing new ideas. It is publicly believed that the lack of entrepreneurship together with limited capital, skilled workers and technology have been the main important causes of relatively economic backwardness. Social attitudes, political practices, economic policies and the legal system must support creativity, risk-taking, and the implementation of new enterprises. Entrepreneurs find the new ways of manipulating nature, and new ways of assembling and coordinating people.
The central role that entrepreneurial ventures play in our economy varies from job creation, to innovation and improvements in our overall standard of living. Here a very basic question arises that why might we expect fewer companies founded during recessions, For example, First, entrepreneurs might decide to delay creating companies until the economy into which they anticipate selling products or services is more robust.
This argument applies most strongly to entrepreneurs in service industries where there is little lag time from company founding until first product/service sale.
In the last few years the entrepreneurial class in Pakistan has been on the rise for the first time. This trend has been recognized by the media both in Pakistan and abroad as well as by quite a few bloggers. The interesting thing is that the trend of rising entrepreneurship continues in spite of the growing political challenges and unstable business environment. A young breed of entrepreneurs has shown remarkablecontribution in technology, entertainment, businesses about lifestyle and many more fields. Examples of successful new companies include these US based companies and have their operations in Pakistan, Peanut Labs, Techlogix, TRG, Cavium Networks. Other successful startups are local to Pakistan NetSol, Rozee, Alchemy, Inov8, and BrightSpyre.
Pakistani entrepreneurs need to start inventing their own concepts. As a community we need to teach our young children to be risk taking and promote small adventures from childhood. Instead at present we force them into taking tuitions and memorizing text books so they get good scores in HSSE, SSC exams etc. Together, the committed capital chasing Pakistan is abundant. We need to make sure that we employ the latest cutting edge marketing strategies to look out for potential markets thus ensuring that the young Pakistani entrepreneurs get a chance to prove themselves in the International market.
An attempt should be made to initiate programs for management development of entrepreneurs in order to increase their skills. The university could create an office to promote the interaction with firms and to create mechanisms to facilitate the formation of strategic alliances and networks of knowledge.
There is a need to setup both general and specialist support organizations in the country at various levels. This will increase awareness of existing support programs among entrepreneurs. Also there is a need to support and promote campaigns to counter discrimination against members of the youth groups.
This can be done by financial institutions, business organizations and regulatory bodies. Unfortunately in our social setup women entrepreneurship is not given its due importance. Also social status is one the core cause for getting support from financial institutions regarding start-up businesses. To encourage business support and membership, organizations shouldrecord the age, gender and ethnic status of their clients/members so that equal opportunities may be monitored.
There are the numbers of different ways in which entrepreneurship can be approached. One definition of entrepreneurship sees entrepreneurs as the self-employed; based on the notion that a person can either be unemployed, self-employed, or in wage employment.
Innovation and risk taking in Pakistan is severely inhibited by intrusive role of Government in the marketplace. People are extremely risk averse and that is the main reason they do not start up their new business ventures/ enterprise. Today entrepreneurship is most commonly viewed as undertaking innovation and bearing risk.
In practice, however, many people are entrepreneurial and succeed in implementing new ideas. It is publicly believed that the lack of entrepreneurship together with limited capital, skilled workers and technology have been the main important causes of relatively economic backwardness. Social attitudes, political practices, economic policies and the legal system must support creativity, risk-taking, and the implementation of new enterprises. Entrepreneurs find the new ways of manipulating nature, and new ways of assembling and coordinating people.
The central role that entrepreneurial ventures play in our economy varies from job creation, to innovation and improvements in our overall standard of living. There is a need to setup both general and specialist support organizations in the country at various levels. This will increase awareness of existing support programs among entrepreneurs. This can be done by financial institutions, business organizations and regulatory bodies. Unfortunately in our social setup women entrepreneurship is not given its due importance. Also social status is one the core cause for getting support from financial institutions regarding start-up businesses. To encourage business support and membership, organizations should record the age, gender and ethnic status of their clients/members so that equal opportunities may be monitored.
There are several organizations that are developed in order to provide loans or funding to the small level firms or entrepreneurs. It includes: Small & Medium Enterprise Development Authority (SMEDA), Women Entrepreneurs Information Networks, Pakistan Industrial Development Corporation, Business Support Fund, Agribusiness Support Fund, National ICT And R&D Fund, IGI Funds, Abraaj Capital, Pakistan Dairy Development Company and Pakistan Software Export Board.
Let’s see how Media In our country, it is easier to start a business with an idea, but the difficult thing is to run that business successfully. The above mentioned organizations help the startups so that they can run their business successfully. And that business could be a milk shop or an IT company.
Media formats such as newspapers, TV and radio are important mediums to transmit cultural values and ideas. They can also help to structure people’s perception of entrepreneurship so as to foster an entrepreneurship spirit through society. Ten papers and book chapters dealing with these issues were found.
Human resource development and its capacity building are vital factors in support of competitive innovation and an entrepreneurial system. Keeping in mind the problems faced by Pakistani entrepreneurs it can be easily concluded that only about one-half of new business ventures offers job.
Innovation is about partnerships which entail advancing new and innovative ideas which are relevant to various communities. Partnerships create and promote entrepreneurship, the development of technology and its commercialization.
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