The noun ‘entrepreneurship’ is a French term which was first coined by Jean-Baptiste Say and published in the dictionary during 1723. The English word “adventurer” refers to the same meaning, so the character of an entrepreneur is considered to be one of a risk taker; someone who is un-divertible, socially engaging and possessive of an optimistic personality. French legends define entrepreneurship as the risky process where resources are deliberately allocated to exploit opportunities, in order to maximize financial return. Companies such as Apple.inc, Microsoft Corporation and alphabet.inc make impact have especially taken part in the entrepreneurship process and emerged as tech giants. Indeed, the reasons behind the successes of many developed countries are the entrepreneurs who work as pillars in their nation’s development.
The Islamic Republic of Pakistan is a south Asian country, declared as independent since 1947. Pakistan is the sixth largest country in terms of population and 33rd largest in term of area. Since independence, this country has been in the monopoly of politics which has made many of its national citizens wary and uncertain about Pakistan’s near future. Whilst a regular eight hours on-duty job for either some national or international company may be sufficient for some workers, for others it is not. There has been a fashion of doing a good job rather than creating jobs until in recent years, the students of some local universities started to think of and emerge ideas for future. With sound ideas and proper guidance, some startups hence bloomed and the culture of entrepreneurship began to rise in the ‘underdeveloped’ country of Pakistan from 2010 onwards.
The NUST technology incubation center has seeded young student entrepreneurs and become the threshold for likeminded people. In 2012 Plan9 was founded by Dr. Umar Saif, an incubation center to run under the Government of Punjab, Pakistan to facilitate initiatives from around the country. Between 2012 and 2015, many big startups initiated such as daraz.pk (old name Kaymu.pk). The first and now the largest e-commerce platforms of Pakistan, Rozee.pk and Pakwheels are other big names to consider. Now that the seed has been sowed, the national educational institutes have started to nurture the idea of “MAKING JOB CREATERS.” Universities such as NUST, LUMS, UMT, and the superior group of colleges have played an important role in emerging the entrepreneurial spirit in students, by motivating them and bringing their ideas from an abstraction to reality.
In the past few years a significant change in the number of startups has been observed, the growth demands attention as startups from every field are filling flaws in their sector of service. These startups will go on to shape the country’s small and medium scale enterprises (SME), which will contribute 40 percent of the country’s GDP annually and create more than 70 percent job opportunities in Pakistan. A great number of incubation centers and accelerators have been attracting investors towards emerging entrepreneurship in Pakistan. This is due to the fact the rise of potential startups is on the way, whom are seeking funding from potential buyers, as well as cultivate grants.
In nine years Pakistan has become a big market where ideas are executing and market flaws are being overcome with small/big idewith higher and higher potential. Tech startups in the field of the Internet of Things, Artificial intelligence and Block chain technology are prominent. The mindset of students is changing from job seekers to job creators. Interesting ventures are being made, incubation centers have been placed and accelerators are ready to work. GDP is improving and the emerging entrepreneurship rate in Pakistan is seeking out more and more opportunities as time goes on.