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Entrepreneurship is an act of being an entrepreneur, one who undertakes innovations, finance and business intelligence in an effort to transform innovations into economic goods. It may result in new organizations, revitalizations of mature organizations in response to a perceived opportunity.
According to Schumpeter, an entrepreneur characteristically innovates, introduces new technologies, increases efficiency, productivity, or generates new products or services. He acts as a catalyst for economic change and research indicates that entrepreneurs are highly creative individuals who imagine new solutions by generating opportunities for profit or reward. Entrepreneurial activities vary vastly depending upon the creativity, type and nature of the business. It ranges from solo projects to major undertakings creating many job opportunities.
Importance of an Entrepreneurial Economy:
The characteristics of an entrepreneurial economy are high levels of innovation combined with high level of entrepreneurship which results in the creation of new ventures as well as new sectors and industries. An entrepreneurial economy allows individuals to establish their own earning business setups even on different scales (small or huge organizations) and so for staying in the market everyone tries to come up with new and innovative products and services. Thus promoting more of research and development in the business sector which ultimately results in more competitive offerings internationally and globally. Hence, keeping the country’s offerings valuable in the international market.
Entrepreneurship has been assumed to be of super importance for accelerating economic growth both in developed and developing countries. It promotes capital formation and creates wealth in country. It is hope and dreams of millions of individuals around the world. It reduces unemployment and poverty and it’s a path way to prosper. And these days, globally the awareness regarding it has been so wide spread that governments have made agencies , NGOs and angel investors are there, business incubators, science parks etc who finance these new entrepreneurial opportunities filling the needs gap of society.
Entrepreneurship in Pakistan:
Here I have tried to highlight the barriers in path of entrepreneurship in Pakistan, and have mentioned a few solutions for its implementation to achieve higher economic growth in Pakistan.
Entrepreneurship is of vital importance for any economy’s growth because it involves the majority of the population that varies from the rich to the poor. Thus, providing opportunities to all individuals to flourish and prosper. But the major issue or hurdle is the state policies. Like rent seeking, inhabitation of innovation, product development and consumer preference based markets and preferring developmental projects more. Government has always not been very keen in improving the SMALL AND MEDIUM ENTERPRISE (SME) industry. Entrepreneurship promotion is thus critical as this can provide a better uplift to the Pakistani economy.
The foul policies of the government of Pakistan that has just served a few elite and powerful people and rent seeking culture has crippled the innovation of products and almost ended the trend of research and development in Pakistan. After globalization the entrance of cooperate sector to Pakistan and the support by government to them has increased the competition and has made difficult for SME industry to prosper. As due to energy crisis the cost of production here has raised up so much that Pakistani producers fail to provide products at competitive prices in markets (domestic and international).
By ensuring rule of law, removing the instruments of rent seeking, new growth strategy based on researched knowledge and overcoming the energy crisis are the major factors that if implemented correctly in Pakistan, can bring prosperity in economy while rescuing many from the poverty and deprivation trap. I suggest the strict review of government and its policies regarding SME industry. SME should be protected to a healthy competition where there is an environment of innovation and research and development keeping the consumer preferences in mind.
There remains no doubt that promotion of SME industry is worthy enough to be promoted as it focuses on collective benefit of the society, as well as the whole country.