Entrepreneurship in Pakistan Essay
Entrepreneurship in Pakistan
This report is based on the past, present and future of entrepreneurship in Pakistan and internationally worldwide. The essential part of this report is the issues that the female entrepreneurs are facing in Pakistan and what opportunities should be given to them because this will lead the country towards the prosperity.
Entrepreneurship is a way to carry out organizations, the organizations that are under development or reconstructing and some also included those organizations that are already in existence.Enterprenuership is an entirely different field involving entrepreneurs different personality traits such as an entrepreneur should have good communication style, patience, foresightedness and many more traits which make him different and able to handle the risks and enterprises. Many organizations usually face difficulties in different situations an entrepreneur have that ability and is capable to handle those difficulties.
HISTORY OF INTERNATIONAL ENTREPRENEURSHIP
Entrepreneurship got its origin from the famous inventor of Marco Polo Hirsh, Peter and Shepherd who revealed the real definition of entrepreneurship The Marco Polo definition was set in the 17 century when government finances the activities and pay whether it’s a loss or profit. In 18 century the entirely new theories revolved this was the period of Thomas Addison when entrepreneurs were trying to influence financial advancements in their businesses but there were lack of finances, So they start generating capital from different private sources to financed the experiments of implacing new technologies in the field of chemistry. Now in the 20 century Merriam-Webster’s online dictionary reveled new definition.
ENTREPRENEURSHIP IN PAKISTAN:
Entrepreneurship is being in a process of discovering, evaluating and exploring and exploiting opportunities. In Pakistan the women and men work under the same macro and institutional regulatory system in a free market mechanism. There are many gender biases in Pakistan which stops women at some extent but still the entrepreneurial activities are going a head. the development of entrepreneurship in Pakistan is a big push for industry.
HISTORY OF PAKISTAN ENTREPRENEURSHIP:
In 1947,industrialization begin to start in the new born state this era ends till 1958 during this era the exchange rates and export substitutions were the main source for industrialization. The 1958 1968 was also called the decade of development for Pakistan as the industries experienced high profits. In 1970 PICIC starts giving loan to upto 65 -70% for enterpreneural activities From 1972 -1977 was the biggest stain on the economy when Bhutto nationalize all the private sectors. Still banks continued to lend on govt basis but private entrepreneurial activities declined In 1977-88 the time of Zia ul haq encourages the private sectors and many foreign investments and entrepreneurs start doing investments and business in Pakistan This was the history of Pakistanis entrepreneurship.
PRESENT OF THE ENTREPRENEURSHIP IN PAKISTAN
Present of entrepreneurship in Pakistan has now a great importance. Now the new innovation of technological changes and trends leads the growth in an economy. Now the Government of Pakistan widely encourage the entrepreneurship and small businesses by making such policies that enhance economic growth and simultaneously also encourages entrepreneurs Most of the business graduates in Pakistan are choosing entrepreneurship as their career and after that they are starting their own interest business to reduce the unemployment of the country. Now the environment, situation and the policies and procedures are allowing the entrepreneurship to play a tremendous role in the economy by giving the support to every class of the country either it is lower class or upper class.
Most of the multinational or international firms are working in Pakistan due to the existence of cheap labor and most of the time the labor gets experience from the firm and then starting their own small business or expand it. the activities of entrepreneurship varies with the type of business people are operating now in Pakistan most of the population are keenly involve in small business. Entrepreneurship in Pakistan now creates wealth in the country and mostly women entrepreneur are promoting their businesses through the TV channels that is the best medium to run a business.
PRESENT OF THE ENTREPRENEURSHIP IN INTERNATIONAL WORLD
Entrepreneurship at the international level is dealing with new market technology and trends. They are now getting aware with the new challenges, tools, concept and skills and is require to run a businesses and overcome the obstacles. International entrepreneurship provides the wealth of different nation and provides employment to every individual. Now internationally entrepreneurship are too much competitive with each other they are adopting new marketing strategy to promote their businesses and products. Internationally businesses are running peacefully due to the political legal environment, cultural environment, technological environment and social environment. Internationally entrepreneurship is encouraging by providing government incentives, relaxation in rule and regulation, long term loans, healthy environment and market need. Some of the famous international entrepreneurs are MARK Zuckerburg, the foundean leading businessman in Pakistan spread the business worldwide
FUTURE OF ENTREPRENEURSHIP IN PAKISTAN
The future of entrepreneurship in Pakistan is to reform the pattern of production and economic stabilization to meet the competences. It seems important to develop and strengthen the development of entrepreneurs to create jobs by business ventures and by the resources. Government should eliminate the hurdles and barriers to entrepreneurs by giving them the environment, infrastructure, finances, education land and defense. Which enhance the small businesses effectively and globally.
FUTURE OF ENTREPRENEURSHIP IN INTERNATIONAL WORLD
Entrepreneurship is the asset of the global economy and in globally it revolutionize with new jobs by creating new companies. Implementation of GEP to give the opportunities to the skilled people in developing nations. By creating stable relationships and by creating markets.
By encouraging the best practices and celebrating the success of those who take the risk and utilize the opportunity to control their own futures.
ISSUES OF FEMALE ENTERPRENEUR IN PAKISTAN NO FAMILY SUPPORT:
There is no family support for women In Pakistan especially in rural areas. Their background would not be supportive and they do not boost up their ladies so it may be very difficult for the women working in small town.
BURDEN OF WORK:
As there is work load engaged in doing any business so it is difficult for women to handle the business as well as to take care of children and family.
LACK OF RESOURCES:
Lack of capital resources like money or land etc. financial institute like banks has long term and conditions especially for those women whose does not have male backing power. Women who belong to a lower class family do not have a enough to start a business. Even they do not know how much budget is required to start a small business.
SCARCITY OF SELF CONFIDENCE:
Scarcity of self confidence also creates trouble also a big issue for women in Pakistan. At this era the issues like female gender cannot do a technical work is just like a myth.
LACK OF TRAINING INSTITUTE:
Lack of training institute in Pakistan. The government and the concern NGOs has to work to establish the training institute where the women get trained to the upcoming market trends and technology.
BAD LAW AND ORDER SITUATION:
The main issue of our country is the law and order condition of Pakistan which is very unfavorable now a day. The case of discrimination has also rising day by day so there is a big question to the security of women in Pakistan.
UNAVAILIBILITY OF BASIC FACILITIES:
In Pakistan many entrepreneur operate in home where basic facilities are not be available to them such as electricity
MYTH ABOUT STAGNANT GROWTH AND SALES:
It seems that a Pakistani woman is unable to reach growth especially the sales and profit growth.
Women have limited ideas because majority of them are restricted to their own home. and womens don’t have enough knowledge regarding to the promotion and product marketing. They mostly rely on word of mouth advertising.
It seems that male is dominant in doing business in market while women are unable to deal with new business because there is shortage of links and communication skills.
OPPORTUNITIES FOR FEMALE ENTERPRENEUR IN PAKISTAN
Strengthen the skills of women in universities colleges by conducting seminars , by giving them the internships and by arranging visits to industry to make them understandable what is going in the world.
PROTECTION OF INTELLECTUAL PROPERTY:
Strengthen and equips the intellectual property rights by providing the complete information of branding, packaging, labeling and scaling of things and the information of protecting their intellectual property.
Providing women the information on technological innovations with the machinery and tools. Give them the training on product launch, business plans, legal issues and financial management.
ASSISTANCE IN MARKETING:
Government should provide assistance in marketing and should develop the women network to promote them.
BUILDING OF TALENT CAPABILITIES:
Empowering women economically by providing good environment, by this there is an enhancement of skills and talent capabilities.
Providing women the platforms of financial institutions to speed up the capital generation.
Establish Business Growth Centre for women entrepreneurs.
PRIME MINISTER WOMEN LOAN SCHEME:
Present prime minister of Pakistan providing the loan to the women of Pakistan for starting their businesses.
Through social networking women are starting their businesses by face book, twitter, and advertising on different sites. That is the convenient medium through which women are running their businesses.
WOMEN BANKING SYSTEM:
First women bank has started through which the women can borrow and lend money with providing many facilities and terms and conditions.
FLOWCHART FOR THE WOMEN ENTERPRENEUR
In Pakistan the ratio of women is 52%. If they are not educated or trained growth of Pakistan economy will not be boost up. The government and the concern NGOs should participate to provide the world best training and facilities because this will lead the country towards the prosperity