Recently, there have been fluctuations in the business market of Pakistan since 2018. The Incubation centers reported that mainly half of the startups have no intention of reviving their business longer than 3 months. They are merely investing all the money to test the scope of their business but propose no such solutions that could support their business in the long term.
It is evident that every startup has to face certain difficulties during the initial phase of investment. The entrepreneurial eco-system of Pakistan consists of such economic and social factors that are necessary to examine in the early phase. As much as the system demands the need to generate effective business solutions and facilitate the emerging entrepreneurs, it still lacks the adequate amount of resources to serve society.
The bitter truth behind the Entrepreneurial Eco-system of Pakistan can’t be neglected. Many young entrepreneurs are struggling to revive their business or to satisfy their target audience because they are still in their recovery phase leading towards a dead-end.
The lack of practical centers in Educational Institutions
Apparently, universities and colleges are teaching entrepreneurship to young students but aren’t creating any opportunities for them to practice the subject. Without any practice or research centers, one could not expect to bloom or show any advancement related to the particular field.
Lack of Qualified faculty staff
Most people are discouraged at the early stage of their business with nobody to guide them properly. The qualified staff is relatively less when it comes to the subject as most professors from different backgrounds are considered eligible to supply the required amount of information.
No room for ideas
This is a huge drawback of the Pakistani system as they fail to appreciate ideas from the newcomers and tend to judge abruptly or provide negative feedbacks. The lack of support demotivates such ideas that could actually prove to be beneficial for the eco-system of Pakistan.
Lacks Vision
Before starting any business, it is necessary to highlight the strategy of the business with respect to its vision and objectives. Poor knowledge creates future complications leaving the business in a critical state.
Views of Usama Khan – CEO of BuySense
Usman Khan, who is a founder and CEO of BuySense, shared his views on social media account about Pakistan’s Entrepreneurial Eco-System.
” Ok so I have taken enough that is why I am posting this, in this Pakistan, I saw many places where judges are giving startups advises on entrepreneurship and they never started their own venture, all of their life they spent doing jobs and know nothing about risk-taking and survivals of businesses. And then comes our investors pretending that they have lots of money to invest but they ended up just by criticizing founders all they want is innovations and something new that nobody is doing, numbers are good but after showing numbers the next thing we hear is that “its not enough numbers”, and then they give examples of valley blah blah blah, Oh common man I’ve to watch shark tank, dragons den, elevators pitch all seasons and I have seen so many startups that have nothing to do with tech and innovation they have a typical businesses and investors invest in their business and just for consideration if ones comes with really innovative idea that requires a lot of money initially then our investors are not interested to invest just because of its on idea stage WOW. Nobody is willing to take risks. You can found Many so-called successful startups and their founders come by studying abroad, have connections, can speak English frequently and they had investment from foreign investors. You can call it frustration or negative post but it is true that our eco-system is not so strong like silicon valley and we don’t have a unicorn startup and one big reason is the investors or I must say so-called investors or Pakistan.
PS: there are some good investors also who are investing in founder’s visions but I am talking about in a majority and If you wanna mind to this post you are most welcome coz I don’t care we Pakistani founders have the ability to build so many unicorn startups we have same hustle like any other founders of the world. “
Conclusion
People are preferably assuming the Entrepreneurial society of Pakistan to be the next Silicon Valley as the system is continuously on the verge of developing itself to cater to the maximum needs of the people in Pakistan and outside. However, a few backdrops have promoted the image of the system to be on the stake of line and need to be discussed to find the desirable solutions to eradicate these problems effectively.