An entrepreneur is the one who
undertake innovative ideas into economic goods and services and is willing to
invest and take risks in the name of an idea, spending time as well as capital
on an ambiguous industry. Entrepreneurship is viewed by economists to be a
combination of innovation and risk taking. It is also viewed as technique by
which employment opportunities are provided to poor. In Pakistan innovation and
risk taking is rigorously reserved by the offensive role of government in the
market.
Entrepreneurship is a very vast concept. It does not only deal with starting of
new businesses or introducing new industry in the market, but also it plays a
drastic role in the economic development of the society. Moreover,
entrepreneurship adds to the economic growth of the country and it provides
employment opportunities to the people. Entrepreneurship actually provides an
opportunity to a person to use his\her innovative ideas and show his talent and
abilities to the world by exploiting n creating new opportunities in the market.
Entrepreneurship can provide benefits both at individual level and at economic
level. So it is not an activity limited only for few people, but in fact it is
for all people in any society. People should prefer themselves to be an
entrepreneur than being an employer. As many researches shows that entrepreneurs
are usually more satisfied and happy than employers.
Every person dreams of having his/her own business. There are lots of innovative
thinkers who dare to think the impossible and achieve it too. Such are the
people who results in being successful entrepreneurs. People have come up with
great ideas that are not only creative but productive too. Today our economy
needs such entrepreneurs in order to establish more and more businesses and to
introduce new industries in the market which are not only advantageous for them
but also help in the growth and development of the economy as a whole.
Benefits at individual level:
Entrepreneurship can provide various benefits at individual level. Like;
• Self-employment
• Authority to make decisions
• He\she can enjoy greater profits
• Can generate wealth
And many more benefits an individual can enjoy at his\her end being an
entrepreneur. Entrepreneurship provides a sense of freedom to entrepreneurs in
sense that they can do whatever they want, whenever and wherever they want and
can adopt any technique or method they want to. Similarly, it provides
entrepreneurs with a confidence to face challenges and competition and a sense
of independence to make own decisions. Entrepreneurship is full of excitement as
it has high capacity for risk and lots of adventures.
Benefits at economic level:
Entrepreneurship is a great way to benefit an economy. It can largely help in
economic growth and development.
• Unemployment is the biggest challenge for an economy and entrepreneurship
provides opportunities to be self-employed and moreover generates many
employment opportunities, in the market, for other people.
• Entrepreneurship helps government to generate more revenues as it enables
government to fill their assets by taxes it collects from entrepreneurs.
Entrepreneurship helps in the economic productivity and growth. Economic
productivity and growth are measured by the amount of firm’s contribution in a
country’s gross domestic product (GDP).
Majority of the people in Pakistan are poor, they have always been worried
mainly about for meeting the fundamental needs. They live in unhealthy
conditions, electricity is a luxury for them and health services have been
sparsely spread in the country, high birth rate, unemployment and low income has
closed the opportunities for them in the economy. Entrepreneurship provides a
very simple and fruitful situation for all such problems of Pakistani people so
government of Pakistan should promote such activities and provide more
opportunities for entrepreneurial growth of economy for the betterment of
country.