Entrepreneurship in Pakistan
Entrepreneurship in Pakistan
The term entrepreneur is borrowed from French and was first defined by Irish-French economist Richard Cantillon. Jean-Baptiste Say is considered to have coined the word entrepreneur in 19th century. Entrepreneur is someone who is willing to take risks for launching a new idea and invest capital and time on newly embarked venture while bearing and being responsible for all the uncertainties. The entrepreneur shifts economic resources from lower into higher productivity
Entrepreneurship is viewed by economists to be a combination of innovation and risk taking. In Pakistan, innovation and risk taking is severely inhibited by the intrusive role of government of country. People mostly join the inherited business of their family or imitate already existing business ideas but they do not think to bring innovation or creativity which inhibits the growth of plant of entrepreneurship in Pakistan. In Pakistan €government is always right€ s policy is used which facilitates a certain lobby of Elite families instead of a common entrepreneur. On the other hand government is taking the advantage in means of corruption through bribe and nepotism. People try to make money by modifying the rules and laws in their own interest instead of being involved in productive activities by just focusing on increasing the size of their own share of pie.. In Pakistan, the policies have always been biased towards the high class of country. This is true of the economic policies which have been biased towards the high scale sector. Rather than entrepreneurship, policies are planned for investors and investments became the norm.There is lack of institutions for building entrepreneurial society. Organizations depend completely on Government for this that's why there is a huge lack of technical expertise and skill which is required to start one's own business. Creative mindsets and peoples with the innovative skills feel restricted to enter in the market because easy finance is not available to small businessmen. The cities are circular and bound for small commercial activities. People are compelled to start their business at a less developed place which restricts the growth of their business. Entrepreneur: As the name suggests, lifestyle entrepreneur places passion before profit thus combining personal interest with talent and ability to earn a living. Many entrepreneurs primarily choose business model intended to make immediate profits. On contrary, a lifestyle entrepreneur intentionally chooses business model which makes long term sustainable growth. Lifestyle entrepreneurs are mostly self-employed and may combine hobby and passion with a profession. They sometimes do not expand their business in order to keep only their control on the business. Common goal adopted by lifestyle entrepreneurs includes, earning through what you love, self-employment, achieving good work life balance etc. They are commonly found in creative industries. However, with rapid advancement in technology, it has become easier for people for becoming entrepreneurs. Younger lifestyle entrepreneurs, typically those between 25 and 40 years old, are sometimes referred as Treps.
The term entrepreneur is borrowed from French and was first defined by Irish-French economist Richard Cantillon. Jean-Baptiste Say is considered to have coined the word entrepreneur in 19th century. Entrepreneur is someone who is willing to take risks for launching a new idea and invest capital and time on newly embarked venture while bearing and being responsible for all the uncertainties. The entrepreneur shifts economic resources from lower into higher productivity
Entrepreneurship is viewed by economists to be a combination of innovation and risk taking. In Pakistan, innovation and risk taking is severely inhibited by the intrusive role of government of country. People mostly join the inherited business of their family or imitate already existing business ideas but they do not think to bring innovation or creativity which inhibits the growth of plant of entrepreneurship in Pakistan. In Pakistan €government is always right€ s policy is used which facilitates a certain lobby of Elite families instead of a common entrepreneur. On the other hand government is taking the advantage in means of corruption through bribe and nepotism. People try to make money by modifying the rules and laws in their own interest instead of being involved in productive activities by just focusing on increasing the size of their own share of pie.. In Pakistan, the policies have always been biased towards the high class of country. This is true of the economic policies which have been biased towards the high scale sector. Rather than entrepreneurship, policies are planned for investors and investments became the norm.There is lack of institutions for building entrepreneurial society. Organizations depend completely on Government for this that's why there is a huge lack of technical expertise and skill which is required to start one's own business. Creative mindsets and peoples with the innovative skills feel restricted to enter in the market because easy finance is not available to small businessmen. The cities are circular and bound for small commercial activities. People are compelled to start their business at a less developed place which restricts the growth of their business. Entrepreneur: As the name suggests, lifestyle entrepreneur places passion before profit thus combining personal interest with talent and ability to earn a living. Many entrepreneurs primarily choose business model intended to make immediate profits. On contrary, a lifestyle entrepreneur intentionally chooses business model which makes long term sustainable growth. Lifestyle entrepreneurs are mostly self-employed and may combine hobby and passion with a profession. They sometimes do not expand their business in order to keep only their control on the business. Common goal adopted by lifestyle entrepreneurs includes, earning through what you love, self-employment, achieving good work life balance etc. They are commonly found in creative industries. However, with rapid advancement in technology, it has become easier for people for becoming entrepreneurs. Younger lifestyle entrepreneurs, typically those between 25 and 40 years old, are sometimes referred as Treps.
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