Entrepreneurship in Pakistan
LAHORE – Entrepreneurship is all about undertaking risk and bearing risk. Innovation requires entrepreneurs to take calculated risks and with the help of this it is important to achieve economic growth in Pakistan. The nationalization period in Pakistan has affected innovation adversely and in subsequent years very little of it could place because planning system has been unable to understand it. As a result, the entire essence and the spirit of innovation were strangled. Without the required educated and skilled workforce, Pakistan cannot attain innovation threshold and economic growth. It is not just a matter of insufficient resources or ill-conceived policies but more of an unsupported culture. Excessive government interventions have directed investment towards rent seeking rather than innovation.
A report of KSE shows an insignificant number of listed entrepreneurship and in this age, Government enterprise remain among the large listed companies. It is no wonder that Pakistan’s investment rate is low. Actually answer to these problems is not more regulations but de-regulations.
Government cannot produce entrepreneurs but provide a regulatory and policy framework. Not all the responsibility for economic success lies with changes in the Government, A change of business attitude is also needed recognition that changes are expected and reliance on Government is minimal. Businesses must satisfy consumer preferences. There is a need of promoting youth entrepreneurship and self-employment is the key to deliver for young people as far as their livelihood is concerned. Rather than jumping onto country-wide innovation entrepreneurship reforms, such an exercise should be launched as pilot project.