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Considering the current improved situation, it wouldn’t be incorrect to assume that the number of opportunities for career growth is increasing gradually. On the other hand, the entrepreneurship domain is gaining momentum over time, regardless of the existing challenges in Pakistan. According to i2i’s Pakistan Entrepreneurship Ecosystem Report 2016, “In 2016, entrepreneurship has become even more localized and indigenized, with new initiatives launched by Pakistanis on the ground.” According to the report, around 23% of Pakistani youth want to make their moves into the entrepreneurial domain. We can say that trend of entrepreneurship in Pakistan is in its initial stages, but things are changing and more steps are taken to nurture the entrepreneurial landscape among youth.
Youth is a period of multiple transformations, and each transformation brings risks and opportunities, which carve young people’s future and career. But Pakistan is a risk-averse country, and that was one of the main reasons our nation lagged a bit behind in entrepreneurial orientation. However, the time has changed, and entrepreneurship has emerged as a dynamic domain of paramount importance.
In this regard, Pakistan has a large number of activities – business plan competitions, startup events, incubation and acceleration services, and entrepreneurial education at local universities – which are contributing to foster the entrepreneurial domain. Even Government of Pakistan also has “Vision 2025” that aims to “channelize and streamline the energies of Pakistan’s large youth population and realize their immense economic potential,” and youth’s “strong digital potential to develop a knowledge-based industry fostering innovation and entrepreneurship.” Corporate sectors, including renowned MNCs, also play their part in nurturing young minds by initiating startup programs to support and giving their ideas a more refined shape.
According to i2i’s Ecosystem report 2016, around 23% of Pakistani youth wants to make their moves into the entrepreneurial domain, but are unaware of further procedures. This particular point indicates a need for more specified entrepreneurial education and training to polish unique ideas and support them.
Besides every effort to nurture entrepreneurial orientation in Pakistan, there are still few crucial areas where Pakistan is still behind, and which proved to be inevitable obstacles among entrepreneurs, specifically youth. A research says that entrepreneurial education reduces chances of failure in initial stages. Today emerging youth entrepreneurs need mentoring and education to nurture their minds according to the demands of the entrepreneurial domain. Though HEC has modified the curricula of educational institutions by adding a separate subject for entrepreneurial, much work is needed to bridge the gap.
Another issue is finance. Financing startups is a real challenge, and Pakistan still lacks in that front. Many young entrepreneurs in Pakistan take a step back due to lack of enough financial resources. According to a research study, around 70% respondents give up their idea of starting a business due to no startup capital.
Though young Pakistani professionals have strengthened their existence globally, their number is very low. Indeed Pakistan has some rich talent and human resource, all we need is to have a proper guidance to encourage and support young leaders and ideation.
