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Unilever, Procter & Gamble, Engro, Pepsi and Lux; few big names of multinationals that every student wants to get into. Every student’s dream is to lead a blissful corporate life in a big MNC with every luxury available. A shiny new car, a fancy house in a posh locality, shopping without bothering to look at the price tags…. Sounds good doesn’t it but fantasy doesn’t always play out well does it?
The reality of the matter is that the youth of this country is wasted. Pakistan is the seventh largest population in the world with close to 200 Million Pakistanis and 2/3rd are under 30 year of age.
Many of these will be unable to find jobs in the area of their choice. However, they can choose to change their destiny. According to the government’s annual plan 2020-21, Pakistan has the 9th largest labour force in the world which is increasing every year. However, unemployment rate hovers at a high 10% unemployment rate ( Labor Force survey). The sordid fact is the there just aren’t enough jobs to go around. And there aren’t enough companies to create these jobs.
It is predicted that should the number of jobs created annually be increased at the same rate, 50% of our graduates will remain unemployed , at least half of our university graduates are not even included in the labor force. Clearly the market is saturated to the extent that an over-production of university graduates has occurred. An alarming situation to be in as with no ideal job prospects the youth’s future is in turmoil. Added to that gurus who study job markets claim that those jobs that will be in most abundance have not even been created/envisaged by the world.
In this scenario it is important that all students build the capacity to be able to build their own careers – entrepreneurship being more attractive. The blatant truth is that while all of us may study to our fullest at university 50% of us will still go to waste. In times like these it is important that we inculcate confidence in our graduates to become entreprenurs and not only expand the economy,but create new jobs. Entrepreneurship may be viewed as risky but its returns are even higher. A student who is educated and innovative can serve the industry need but also work towards the international market. It is this youth which can actively and constructively shape the country’s economy towards a prosperous reign and entrepreneurship is the key to it. If they can provide problem solving frontiers with their innovations and formulate ease then that is the right way to move.
Entrepreneurship teaches many a valuable skill-set. It provides not only monetary gain but a sense of pride, freedom and self-confidence. While those doing jobs get a stable salary, it cannot be compared to the satisfaction of being their own boss.
The second part of the equation is that universities should encourage student startups, however small. To learn to become an entrepreneur – one must do – there is no short cut. Students must be able to take risks so that they are able to increase their risk appetite. The practical experience will also help improve their overall personalities and polish their business skills needed – critical thinking, problem solving, team work and marketing. This practice will prepare them better whether they plan to start up a venture or even if they eventually join a corporate.
The millennial generation lives in unpredictable times. Students are the future pillars of society. Their entrepreneurial efforts will shape the forth-coming decades of economy and corporate ecosystem. Sir Richard Branson recently remarked, for instance, that “Starting young is good, you can either learn through failing, like I did, or you can learn by being successful.”
“Starting young is good, you can either learn through failing, like I did, or you can learn by being successful.”
Richard Branson
