Driving youth entrepreneurship in Pakistan

(Massah Irshad, Lahore)

Entrepreneurship can be stated as the transformation of innovation into an economic good. Entrepreneurship is not only generates revenues for the government but also helps in fighting with the unemployment in the country. The most obvious form of entrepreneurship is that of starting a new business. Unfortunately, due to the political instability in Pakistan entrepreneurship couldn’t get much attention. On the other hand, bad law and order situation and energy crises have compelled many potential entrepreneurs to find secure jobs in reputable international firms. None of the previous governments has ever realized the importance of providing conducive environment and favorable policies for young entrepreneurs.

PMLN’s previous government’s positive steps such as distribution of yellow cabs and interest free loans couldn’t initiate a culture of entrepreneurship in Pakistan due to multiple reasons. First of all, those who received yellow cabs and loans did not deserve or need it. In other words, such people just availed the opportunity as a reward to their political affiliation with PMLN. Secondly, deserving candidates, although provided with the loans, were not capable of utilizing them in a best possible manner. The result, therefore, was disappointing where cabs were gradually sold and loan-money was either spent on luxury or eaten up by mismanaged businesses.

PMLN is once again back and have made promises of free interest loans in their pre-election campaign. Looking at the challenges ahead it is premature to say whether N’s government would be able to keep all of their promises. However, if they are determined to give interest free loan to youngsters, they will have to consider it from entrepreneurship promotion perspective instead of political one. Primarily, the yellow cab distribution strategy should be put on halt atleast in Lahore where the usage of taxi is lower compared to other big cities. As far as the interest free loans are concerned, such loans should be channelized through the institutions that can ensure maximum economic benefits to the society.

Upcoming government should devise strategy at two levels. First, they should channelize interest free loan through universities which have separate entrepreneurship development departments. At this level innovative ideas should be supported with such loans. At the same time other universities should be helped and encouraged in introducing entrepreneurship programs at master’s level. Secondly, the government should target both rural and urban comparatively less educated but deserving youngsters through the scholarship based short-term courses with the help of vocational institutes. Interest free loans at this level can be distributed on the basis of the performance of the individual candidate and the recommendation of institute.

Targeted and merit based initiatives would help in promoting entrepreneurship culture in Pakistan. Such initiatives would give birth to small and medium successful businesses which will eventually strengthen Pakistan’s rural based economy. Such businesses would not only exploit skills of unemployed labor and rural based agriculture but will also add revenues in the economy of Pakistan. At the end success of every initiative for society depends on the government’s commitment to the good governance. We should expect from the next government that it will utilize the enthusiasm and talent of youth for the betterment of the economy and the promotion of entrepreneurial culture in Pakistan.

Pakistani politics don't look interested in such policies which promote entrepreneurship in Pakistan, in spite of the fact that Pakistani youth is highly potential to do something on their own, they just need good opportunities which would lead them and pakistan towards better future.

“Youth have inherent risk-taking ability but do not have the tools and techniques. Our labour force is expanding by 1.5 per cent per annum and there is a great need for job creators rather than job seekers.” Dr Ishrat Husain – IBA Dean and Director

Although private sector is trying to incourage youth in this matter,
Global Entrepreneurship Week, is the world’s largest celebration of innovators and job creators who launched startups, bring ideas to life, drive economic growth and expand human welfare has really motivated youth to do something. It Targeted final year students and young entrepreneurs, the discussions focused on determining the obstacles to entrepreneurship that exist and how to go about creating solutions. Such activities, research projects and Entrepreneurship courses should be introduced in pakistan so it could benefit students.

Massah Irshad
About the Author: Massah Irshad Currently, no details found about the author. If you are the author of this Article, Please update or create your Profile here.