Entrepreneurship refers to a person starting and owning his own business instead of being an employee at someone else’s business, organization or venture. For an entrepreneur to be successful it is imperative for him to be well aware of what he wants or otherwise his business could fail in short or long run. Nowadays, entrepreneurs are taught to have a clear direction, because very few entrepreneurs who did not have a track got successful in past, others seemed to follow their footsteps but doomed. Hence for entrepreneurship to be followed in its true essence, it is imperative to have a business idea, develop feasibility report, and have a budget and clear plan about where to get resources from and the predicted assumptions about the risk and return they would get along with the idea of how they would contribute towards betterment of society, all make the risk of failing the business idea less vulnerable.
Nowadays, Entrepreneurs are encouraged throughout the world because it is recognized that it is because of them people are getting employment opportunities, living standards are improved because of the innovative solutions they come up with to make lives easier and how they contribute towards the building up of the nation as a whole. Therefore, in developed economies, if entrepreneurs provide an exceptional business idea, they do not even have to worry about resources; venture capitalists provide them with capital on easy terms and also provide them guidance throughout the process of setting up the venture.
In developing countries like Pakistan, small entrepreneurs are one of the major reasons of growing economy and flourishing business industry. They provide employment opportunities to the poor people who have the skills but businesses are not ready to take them as the demand is less and unemployment is touching sky high. Keeping this in mind and the growing young generation in Pakistan which is unemployed but have the skills and mindset of starting up the business at small scale, the latest government started a full fledge youth business loan program, in which young students above the age of twenty were provided capital to start their own businesses after going through their qualifications and testing their potential.
Moreover, universities all across Pakistan have adopted the entrepreneurship programs and are teaching entrepreneurship as a separate course, in which the required skills are taught to the students to start their own businesses once they are graduated. Entrepreneurship is realized to be better than being employed at some organization as this helps students to make their own decisions and they do not have to wait for top management of organizations to realize their potential or be answerable to them for innovational changes they want to bring in the business.
Thus it is also noted that the upcoming young generation of Pakistan is tilted towards starting their own small businesses and get the required education and skills before staring their venture as they believe that having the responsibility of their own businesses is exciting, they are accountable to themselves, there is a sense of contribution to the development of economy and reducing unemployment while having flexibility and constant learning opportunity.