While talking about the culture of entrepreneurship in Pakistan, one is bound to look at the problems and obstacles coming in the way of young entrepreneurs. For people who know Pakistan for its major issues, ranging from Taliban to Mullanas, where there is large scale corruption taking place in different sectors of the government and economy, a country whose currency is too low in terms of the US dollar, people often find it funny to even consider the idea of startup in Pakistan, that too at a young age. Yes, these problems do prevail in the country. Pakistan has been on the pages of media around the world, while referring to bad governance and economy.
Problems of doing business in pakistan
Pakistan’s business environment poses several challenges for entrepreneurs and investors, including a complex regulatory framework, high corruption, inadequate infrastructure, and political instability. Additionally, limited access to credit, a shortage of skilled labor, and terrorism also impede the growth of businesses in the country. However, the Pakistani government has taken several initiatives to improve the ease of doing business, including the establishment of special economic zones and the implementation of business-friendly policies. Despite these efforts, significant improvements are still needed to create a conducive environment for businesses to flourish in Pakistan.
With so much going on the minds of entrepreneurs, regarding the economic problems prevailing in the country, it has been made quite hard for them to focus on and helping out the young entrepreneurs of Pakistan. It has been a real struggle to attract foreign investors. When a new entrepreneur steps into the market, he/she has to go through a lot of issues that come their way. It is no piece of cake to start a new company in Pakistan, keeping in mind its present standing. Following are some major problems faced by the young entrepreneurs of Pakistan.
The first and most popular problem which is usually dealt with is the social constraint, or to be more precise, the sort of culture system which prevails in Pakistan. The youth is expected to be completely family oriented. Even though the society today supports education and is quite liberal in comparison with old times, but there are still some things which are not acceptable at any cost. This comes as a challenge for kids today. Parents have a say and not just a say, almost full control over the decisions in their children’s life, especially regarding their career choice. Since, they are the ones, who finance the startups of their children. The pressure to settle down early in their lives, in terms of marriage, kids and family, lessens space for taking any risks in life.
The n there is another issue which is called the education bureaucracy, faced by the emerging entrepreneurs of the country. Most universities in Pakistan are being maintained with the help coming from HEC. The teachers are not concerned with the possibility of a concept being commercially supported; rather all they care about is the theoretical standing of it. Professors lack the quality of recognizing and realizing the importance of competition among the students, in terms of entrepreneurship. Their major aim is to complete the course within the given time, practical implication of things do not matter to them. This stops possible young entrepreneurs to introduce new ideas and come forward with better innovations in the economic sector of Pakistan.
Lack of flexibility:
There is one other issue, which is that the young entrepreneurs go by a set of rules, which is formulated with the help of a business plan. This idea stops them from experiencing new waves, there is no room for risks, therefore flexibility is nowhere to be seen. This tends to put them in a state which is rather twisted. The thinking of most young entrepreneurs is usually what comes in their way to success; they spend so much time in thinking of ways to seem successful, rather than actually working towards and being successful.
Successful entrepreneurs not helping:
The people of Pakistan are very much busy and involved in their own lives, be it work or family. The different organizations which are present in Pakistan, and are so called helping to form new companies, are not really doing what they claim to do. The young entrepreneurs who are planning to introduce themselves and their startup in the market, are let down by some of the known names, signaling that they are not going to survive the market pressure. This leads to discouragement of a huge group of young people, who would have considered entering entrepreneurship. References work big time in Pakistan, if you want to get something done, or even if you want to bring about new things in the market, you have to have a link, otherwise get ready to head home disappointed. This is not the case in foreign countries, which are in true sense developed countries, they do take out the time to reply people who are in need of help, or who want to experience the life of an entrepreneur out of passion.
The young entrepreneurs are struggling every day in Pakistan for a number of reasons, all they need is a little attention and encouragement.