Why is Entrepreneurship Still Not Working in Pakistan

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The world is changing, and changing fast. Technology, health, eating habits, education - there is hardly anything in life which is not changing. Rapidly changing-world creates gaps, to see and act to fill it helps the world to work smoothly. These gaps are filled by people who can take action and mostly are entrepreneurs. Entrepreneurs are ordinary people, who can identify the void and create the opportunity to start a business and take financial risks.

Fall of Entrepreneurship

As compared to the thriving world Pakistan's pace is slow due to several reasons. Pakistan for the last two decades was knee-deep in Terrorism, and International politics due to its strategic geographic location, it all affected the economic situation of Pakistan for such a long time. During this time entrepreneurs could not make it big, Entrepreneurs who were starting their businesses got affected by the wave of terror, later this wave killed upcoming entrepreneurs and to take a risk was the last thing in people's mind so steady income was the goal which choked the entrepreneurship in Pakistan.
Major all-out operations were conducted by ISPR to eliminate the roots of terrorism from Pakistan in June 2014 and many intelligence-based operations are still in action to end terrorism. Pakistan after getting itself out from blacklisted countries improved its economic situation and business from the thriving world started flowing in mostly by China in the form of CPEC.

Reasons for Failure in Entrepreneurship 


  • Now, Entrepreneurs are coming out in every field of life in Pakistan, but there is a major problem for entrepreneurs in Pakistan of capital for taking a financial risk. Dark time of two decades have changed people's perspective around business and simply cannot accept the void which entrepreneurs want to fill, because entrepreneurs need capital to start business and take financial risk, and people of Pakistan are now used to hoarding of money and only invest in mainstream businesses such as construction or real estate, which is not bad given that population of  Pakistan is 216 million majorities of it living in just a few major cities. In a nutshell society of Pakistan is molded in such a way people are not more visionary or cannot accept the concept given by a few visionary people who are entrepreneurs and want to fill the gap. To prosper Pakistan has to nourish its entrepreneurs.



  • Moreover, psychological training of the young mind to take risk and action is nowhere to be found in Pakistan's education system. Different programs and workshops are being held in major cities for Initiatives, Leadership Skills, and Entrepreneurship but these approaches should be taught in time when young minds are in the development stage so that from student life a person should be able to tell what he would be able to do in future. This approach will not only have a positive effect on the mental state of entrepreneurs but of persons with different motives in their life. Businesses that are making the profits that are to the level of state-stake are multi-national companies. Local businesses have not yet met this level, so there is no outline to follow in the recent history of the modern world for young entrepreneurs to follow.

State to the rescue

Different schemes for entrepreneurs being launched by the Pakistani government to give startup capital to upcoming entrepreneurs, which is giving confidence to entrepreneurs. Just by giving away capital can lead to disaster if not proper training and outline be given because in Pakistan the concept of entrepreneurship is yet again new. The state has to come up with a solution
because Pakistan is the country with 70% of its population under the 40s, as the modern world says 40 is the new 30s so Pakistan has a young population which is energetic and want to prove their abilities to achieve which they could not in last 20 years. 

How to catch-up

Society as a whole has to step up to stop hoarding cash and liquidate the idle resources so entrepreneurs can prosper and hence Pakistan can catch up with the thriving world. Potential entrepreneurs are freelancing or letting themselves use as outsourcing due to no liquidation in the market.
 
 These reasons cannot be overlooked if Pakistan wants to prosper their upcoming entrepreneurs. When entrepreneurs are filling the gaps within society only then society can change its perspective and will be able to see its results in the long run. 

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