Importance Of Entrepreneurship in Pakistan
Digital Finance / Entrepreneurship today has gained great importance due to the need of many people to achieve their independence and economic stability. High levels of unemployment, and the low quality of existing jobs, have created in people the need to generate their own resources, to start their own businesses, and to go from being employees to being employers.
All this is only possible if you have an entrepreneurial spirit. A great determination is required to renounce the economic “stability” that a job offers and to venture as an entrepreneur, even more, so it is taken into account that the entrepreneur does not always earn as if the employee does, who has a guaranteed minimum income monthly. that allows you to survive.
In many countries, for many professionals, the only option to obtain a decent income is through the development of their own project.
Governments have understood very well the importance of entrepreneurship, so much so, that they have initiated support programs for entrepreneurs, to help them in their purpose of creating their own productive unit.
Almost all countries have entities dedicated exclusively to promoting the creation of companies among professionals, and among those who have specific enough knowledge to be able to offer a product or service.
In these economic circumstances, entrepreneurship is the savior of many families, insofar as it allows them to undertake productive projects, with which they can generate their own resources, and allow them to improve their quality of life.
Entrepreneurship is the best way to grow economically, to be independent, and to have a quality of life according to our expectations, which implies developing a Culture of Entrepreneurship aimed at overcoming the resistance of some people to stop being dependent.
An entrepreneur is a person with possibilities to innovate, that is, with the ability to generate goods and services in a creative, methodical, ethical, responsible, and effective way. Entrepreneurial action is any innovative action that, through an organized system of interpersonal relationships and the combination of resources, is aimed at achieving a certain goal. Entrepreneurial action has to do with the ability to create something new and with the creation of new value.
Entrepreneurial capacity corresponds to an innate quality that every person potentially possesses and that due to cultural circumstances develops unevenly in various social and cultural contexts. We also affirm that all people can be enterprising because they have that potentiality in their own human nature.
What is relevant is understanding what are the competencies to undertake in today's world and above all what is developing them. This thesis has important practical consequences, because it allows us to look with greater confidence at the possibility of massively developing entrepreneurs and producing social transformations based on this interpretation.(Weekly Financial Market Update)
As you start off, you are trying to save time and money and think that having a Business Plan in place is not really necessary.
This becomes an absolute necessity when marketing your product or even looking at external investors for fundraising.
Underestimating the sales cycle can sometimes land the business in trouble!
One can go very wrong here and land into deeper crisis unless they are able to fix the flaws in the business model first.
Hire only those truly needed and take staffing up step by step.
Have a well-defined target market and good knowledge of your opportunities and threats, competitors and substitutes of your products, customer needs, and behavior, market value and demand.
