Concept of entrepreneurship plays vital role in socioeconomic uplift of society with dynamic trends induced in nation’s progress and development. In simple word we may say it is creative, visionary idea to materialize a new business enterprise with achievement of profit generation. It is very attractive approach for ambitious youth. Technical advantage of entrepreneurship trend is it breaks the traditional inertia of trickle down policy which feeds elite class economy. Job creation and induction of new trends in technology are contours of this phenomenon. Integrity of creativity with product decides basic idea for an entrepreneur. An entrepreneur differs from businessman in form of new idea. So, it is pervasive actor of change and change is only permanent thing in universe.
Role of government is important to project and promote the idea of entrepreneurship because it can devise policies to facilitate the process. Resources and international relations of a state designs environment of small medium enterprise which is key for entrepreneurs. We may have a brief idea from three examples with reference of state policy. These three states have so me commonalities with Pakistan like technical backwardness, rural urban dual culture, economic crises, huge import bills, etc.
South Korea was a backward nation relied mainly on agriculture but after 1953 it was under US political umbrella. In 1961, General Park Cheng overtook the government and introduced his five year plan. Aim was to secure maximum enrollment for schools and technological development. Small scale medium enterprises were promoted with soft low interest loans and banking sector was reformed. In 1970s, Japan was ready for economic cooperation and government repeated the policies of 1960s. Result is , multinational corporations and groups like Samsung, Hunyadi, LG, Daewoo, etc. China opted for an open policy under vision of Den Xiaoping after 1978. He divided the economicide a into three parts, agricultural, business and technological spheres. Technical education was promoted with establishment of Economic Processing Zones where foreign investment in form of technology modernized China. Skilled labor and government support for small business made China a manufacturing Hub. Jack Ma, founder of Ali Baba. Com envisioned the fact that China is becoming manufacturing giant and can have lucrative offers for traders on the globe. He synchronized the facts and became an icon for entrepreneur. Third example is of Turkey which was facing economic crisis in 2000 but they fortunately had a visionary finance minister, Kamal Dervesh. He utilized aid packages for promotion of agricultural, services and industrial sectors. Whole banking sector was restructured with autonomy and low interest soft loans were offered for manufacturing of goods which were being imported. Subsidized manufacturing of imported goods worked like double edged sword, soon reduced import bills with promotion of innovative technologies and job creation. Resultantly, it can be said that low interest loans with efficient banking system, subsidized projects for technological development and promotion of innovative ideas change socioeconomic plight of a nation. It may bypass the inertial of trickle down strategy suitable for capitalist elite only. Small enterprises flourished in three states and existing efficient organizations reacted simultaneously by converting themselves into corporations. Furthermore, apolitical business leadership’s emerges as in India Ratan Tata, Azim Prem Ji, Dehrobhai Ambani, etc. all are considered as entrepreneurship mentors and no one indulged himself into politics. Apolitical nature of entrepreneurship eliminates politicized economic cultures.
We have to analyze culture of Pakistan now, for promotion of entrepreneurship. Balance of trade represents dilemma for local industry and business. There is myth prevailing in educated youth that job is only way to succeed in life after education. Uneducated business class cannot envision new creative ideas rather they promote ideology that education is not necessary for a business. Capitalist Barons and traditional businessman are reason for technological backwardness and change because they believe in status quo. Absorption of new ideas can be materialized only by creative and educated entrepreneur because he is able to take risks by implemented new ideas. Economic plight is not allowing transfer of technology in business, so the focus should be on already existing sectors. Unfortunately we are ignoring agriculture and business education at vocational training institutes. Engineering is nucleus for technical and vocational education affecting agriculture and business sectors. Agriculture is still a backbone of country and it can be transformed by developing industries and trade linked with it. There are following sectors which are suitable for entrepreneurship.
A- Agriculture related sectors: Seeds, live stock, fertilizers(micro), meet, dairy, vegetable , food, byproducts of sugar industry like alcohol, cereals, etc.
B- Industry: Pesticides,textiles,handicrafts, garments, cosmetics, paint, automobile parts manufacturing, renewable energy and traditional medicines
C- Services sector: Transport, pharmacy, real estate, hospitality management, etc.
Small medium enterprises(SMEDA) and other institution should be synchronized with banks, financial institutions. Government has initiated kamyab Jawan program for jobless youth to finance small business. Such opportunity need to cling with entrepreneurship. Most important technical point is entrepreneurship cannot be linked with ideas not conforming with indigenous conditions. Data bank comprised of information related to above mentioned sectors should be created because it is data which makes decision making easy. Chinese philosopher Sun Tzu says, know yourself and then know your enemy ,you will not be in peril. Devise thought like a dark night and then execute it like a thunderstorm.
It can be summarized that creative ideology in business with supportive financial assistance infrastructure assisted by government’s can engender entrepreneurship culture in Pakistan. Young graduates need to be preferred to transform new generation for visionary economic development.
Disclaimer: The views expressed in the article are the author’s own and do not necessarily reflect Dunya News’ editorial stance.