This century has seen a rise in the rate of unemployment around the world, due to the inability of governments everywhere to provide an adequate number of jobs to their “graduates with degrees”. This growth in unemployment has not only paved the way to a despondent youth, but has also had the unexpected bonus of encouraging entrepreneurship. Developed countries like the US, Canada, Norway, and Japan etc. have made most of their economic developments to date on the backs of their entrepreneurs.
Entrepreneurship involves taking a risk, in order to create something new and innovative. By supporting budding entrepreneurs, states could ensure that new jobs and industries are created in the country, reducing the rate of unemployment as a result. While it took a little time for Pakistan to embrace the notion of entrepreneurship, in recent years the government has invested a lot of time and money in order to push the youth into starting their own ventures, and encouraging growth from within the population.
Incubation centres have also been set up across the country, in order to encourage and help young entrepreneurs with their businesses. Universities have also been providing their students with real world, practical experience of starting their own enterprises and are even supporting them financially in order to supplement the growth of the industry in Pakistan.
One of the main arguments for supporting entrepreneurial activity in the country is its large youth population. According to new National Human Development Report launched by United Nations Development Programme (UNDP), 64% of the total population of Pakistan falls below the age of 30. Due to a lack of opportunities in the private sector, an increasing amount of young people are turning to their own ideas in order to make a living. As a result, we are presented with numerous examples of enterprising young individuals who have managed to turn their dreams into reality.
Incubation centres have also been set up across the country, in order to encourage and help young entrepreneurs with their businesses
These include Gulraiz Khan, a graduate of Lahore University of Management Sciences (LUMS), who opened a teahouse at the Karachi port with the objective of bridging the gaps between people. Another example is Dr. Seemab Latif, who, with the help of her team at the NUST Technology Incubation Centre, created a learning app called ‘Awaaz’. The app is designed to help children with autism learn how to communicate effectively with others.
A careful assessment of the country reveals that over 700 start-ups are currently operational in Pakistan. Recently the Ministry of Information Technology and Telecom (MOITT), and Ignite (a funding agency), established the National Incubation Centre (NIC) in Quetta. This project is a collaboration between LUMS and Balochistan University of Information Technology (BUITEMS) and is expected to aid the business sector in and around Quetta.
Recently, I had the pleasure of travelling to the northern areas of Pakistan with the social entrepreneurship team from Superior University. The institute we visited focused specifically on ventures related to social change, preservation of the environment, or public health and education. It even operated an incubation centre called Innovation District 92. While this endeavour has already helped many entrepreneurs with their respective businesses, they have also made entrepreneurship a mandatory subject for all their pupils. This will ensure that no matter which subject they study, they will have at least some knowledge of setting up their own company if they ever want to in the future.
Our government alone cannot solve the unemployment crisis. They are faced with numerous hurdles in this regard, and it seems that entrepreneurship might be the only solution left. By encouraging and supporting individual ventures, not only can they ensure job creation, but also the overall economic development of the region, as well as the country.
While local entrepreneurs are growing in number, Pakistan also needs international investment in order to aid this process. At the moment, there are many international brands that have directly or indirectly supported start-ups, while the number of venture capitalists in the country has also been steadily growing.
One section of our population, however, has been marginalised in the business sector, and for true growth to take place we need a greater contribution from them. I am talking about the women in our society, who should become part of the workforce in bigger numbers. They should be encouraged to take a greater role, and pursue any ideas that they feel might be profitable or helpful in the coming years.
If we as a nation want to progress and walk hand in hand with the rest of the world, then cultivating a culture of entrepreneurship around the country is absolutely necessary. This is because in the near future, the emphasis will not be on knowledge alone, anymore; it will instead be on imagination and creativity.
The writer is a lecturer at Superior University. He can be reached at [email protected]
Published in Daily Times, June 23rd 2018.