Why more Entrepreneurs Needed for Pakistan GDP Growth
Entrepreneurs are not only important for us to visualize them in benefiting business, but also for economic, cultural and social platforms. Entrepreneurs are not only considered to stand up in business boundaries but they are also advanced and versatile people with extraordinary capabilities.
Pakistan is a developing country so it needs more entrepreneurs, so they could come up with their ideas to help the economy grow in the long term. The entrepreneurs are considered as a national asset but there is always an Idea of enhancement, to polish them and to cultivate them wisely so they could create new job ideas for social and economic welfare where nobody has to strive.
Reasons Why more Entrepreneurs
One of the major reasons why entrepreneurs are required more in Pakistan is that these young and aspiring entrepreneurs, with their hard work and determination, help majorly with the economy. From their start-up ventures to their journey to becoming as successful as famous business magnates like Aqeel Karim Dhedhi, Malik Riaz and many others, they keep adding to the economy of the country.
The world’s economic and social landscape is changing dramatically, and Pakistan need to reform its societies and economies if Pakistan must keep up, she needs to build a society and an economy that provides people with more opportunities and reward them for their efforts and skills.
For this, Pakistan needs more entrepreneurs
According to the Pakistan Bureau of Statistics, the Gross Domestic Product (GDP) in Pakistan expanded 5.79% in the fiscal year 2017/18, ending in June 2018. Pakistan being one of the poorest and least developed countries in Asia has a growing semi-industrialized economy that relies on manufacturing, agriculture and remittances
Though, since 2005 the GDP of Pakistan has been growing at an average of 5% a year, it is not enough to keep up with fast population growth. To make things even worst, political instability, widespread corruption and lack of law enforcement hamper private investment and foreign aid.
Due to the increase in entrepreneurs investing in Pakistan, lately, the Gross Domestic Product (GDP) in Pakistan expanded 3.94% in the 2020/2021 fiscal year. In Pakistan, services are the biggest sector of the economy and account for 53% of total GDP.
Within services, the most important segments are
- Public administration and defence (18%of total GDP)
- Wholesale and retail trade (17%) and transportation (10%)
- Industry accounts for 25% of GDP
- The manufacturing segment represents 19% of GDP
- Mining and construction accounts for 5%
- Remaining 22% is contributed by livestock (11%) and fishing, forestry and agriculture (11%)
Let’s not forget that the great enterprises of today are almost without exception built on the foundations created from the vision, talent, and drive of entrepreneurs. New companies are the lifeblood of rising productivity and consequently of higher living standards.
When it comes to promoting prosperity through job and wealth creation, the role of new entrepreneurs can hardly be overstated. Achieving an entrepreneurial mindset is indeed a lifelong learning process, which starts at an early age and continues throughout the whole education process.
Therefore it is crucial that our education systems provide students with the right opportunities to develop their entrepreneurial mindset
With this entrepreneurship mindset, your cross-cultural understanding and ability to work under pressure and in a team spirit are developed that helps the society from where these entrepreneurs belong. These are qualities that will be very useful to apprehend today competitive and globalized world.
More than five million young adults, or one in five, are out of work today. They are unemployed and seeking opportunities, but mentioning the need for entrepreneurs can make them think more wisely and strategically to reduce unemployment. They can be their own kind of boss. This trend will definitely help them improve the living standard of themselves and the people around them as well. It is more of a win-win situation.
It is to be firmly believed that ultimately people are at the heart of innovation. So, Pakistan must equip its young generations with the critical set of skills they need in a global knowledge economy. It is high time the government starts investing resources in this sector to improve the internal conditions and to compete with the world.
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