Pakistan’s start-up market: challenges and Suggestions
Pakistan’s current corporate culture is characterized by constraints and challenges faced by young entrepreneurs. This article explains some of these challenges and offers some simple Suggestions to overcome them.
First, social constraints, mainly related to Pakistan’s collectivism and family culture. Most of our society has made great progress in education, but it is still closely related to the old cultural and family values inherited from our ancestors. Parents have a big impact when it comes to funding their children’s career decisions. The first social pressures to address the promise of a child’s marriage, especially women, stand in the way of adventurism. Therefore, it hinders the innovation ability of young people’s thinking, which is the main obstacle to the growth and development of Pakistan’s entrepreneurial market.
To overcome this constraint, young entrepreneurs need to establish the confidence of family members to build a small start-up company. Education institutions can create a good entrepreneurial environment for students and play a key role. In addition, the media can play a key role by inviting young entrepreneurs to share their experiences with their families.
The bureaucratization of education is another major constraint for young entrepreneurs in Pakistan. Universities in Pakistan are managed mainly by the BBB 0 commission (HEC) and its subsidiaries. Professors evaluate student projects based on the theoretical application of the concepts they teach, rather than analyzing their commercial viability. Professors and other university teachers lack the practical ability to instill a vision of entrepreneurship among students. They focus on completing course content to address the needs of employees in the job market rather than entrepreneurs. This interferes with the way students think, vision and related entrepreneurial skills in the field of entrepreneurship.
Also, the start-up entrepreneurs in our market usually develop a business plan and follow it. This creates a feeling of rigidity and distortion. The business competition for entrepreneurial entrepreneurs is also ineffective because it focuses on how they “seem to be successful” rather than “actually successful”.
An entrepreneur with low management and executive ability and poor performance is likely to win these business competitions. Therefore, it is necessary to replace these commercial competition with young entrepreneurs, with customers as the judge’s commercial exhibition. One example is the Lahore Eat in Lahore in March, and the holiday for food entrepreneurs in Chatkhara, Karachi. In addition to the exhibition, the panel of judges invited to review these enterprises should be in all walks of life to ensure humility, wisdom and maturity, and to eliminate the prejudice against the real talents of entrepreneurs.