Entrepreneur

Entrepreneur; everywhere these days, this word is used as a sort of reference point to describe a person who has gained success at a very young age. To be described as an entrepreneur is an accomplishment in its self; be it a function, seminar, or a conference. Being classified as an entrepreneur sets one apart from the riff raff of the society. It is like being member of a select club where membership is the ultimate goal of one’s life. A few years back, self made was the norm but nowadays like the west most of us would want to known as an entrepreneur.

“Entrepreneurship is the act of being an entrepreneur, which is a French word meaning "one who undertakes an endeavor". Entrepreneurs assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses; however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. Intra-preneurship an internal organizational entrepreneurship includes corporate venturing, when large entities spin-off organizations.

Thus we can easily gather from this definition that an entrepreneur is a person who endeavors to go beyond borders, is willing to take risks; financially and otherwise and knows to strike while the iron is hot. This new genre of innovative individuals is slowly and steadily taking the world by storm because globally the recession has made people sit up and find out new avenues of income generation which is why we see all around us new ideas taking concrete shape and becoming successful. The acceptability by the younger lot to take risks in their stride is an important factor to consider because instead of taking the slow, steady and safe path adopted by their predecessors, this new generation of open-minded innovators is willing to go where no one has gone before, even at the cost of suffering emotionally, physically or financially for a few years. Until a few decades ago, all around the world parents used to set a safe future path, for their kids by choosing a profession which would guarantee a steady income and retirement benefits. Even in Pakistan the trend prevalent was to either consider the medical profession or the engineering side for their children. Suddenly this trend changed and MBAs become the profession and nowadays the independence of media and its lucrativeness has made Masters in Mass Communication the norm of the day.

This shift in preferences and slight rebellion from set age-old rules has made the younger generation explore new and exciting paths of income generation which provide them with job satisfaction and stability all rolled in one. The West because of its early industrial revolution has seen thousands of entrepreneurs come and go; leaving behind a legacy of successful endeavors to be emulated.

Pakistan, being a developing third world country, slowly making a mark on the world economic map has to go a long way but in the recent few years one can see a cadre of young, energetic an optimistic entrepreneurs willing to go against the wishes of their elders and become successful against all odds.

The one thing going in the favor of this new lot of professionals is the new banking system. These banks have started to dole out large amounts of loans just like the west, to give them a stable start.

So anyone who has something of value that can be classified as collateral can easily secure a loan and set up shop. All around us we see success stories of individuals seemingly just like us but bold enough to venture into unknown territory, willing to suffer along the way but bent on achieving their dream.

Pakistani youth after the revolution in communication technology and becoming part of the global village were introduced to a new world where every dream could become a reality. Regular doses of programs like The Apprentice, interviews of people like Bill Gates, Richard Branson, Warren Buffet and so on and so forth rags to riches stories, awakened a desire in the local population to join the elite club of successful individuals.

Pakistani young professionals are the new force that can inject energy into an ailing economy if proper measures are adopted to help these risk- takers in their undertakings. As a nation we have to change our mind-set and be ready to accept that to bring about radical changes in our current dependent economic scenario suffering personally is a small price to pay for the long term benefit of the whole nation. Entrepreneurship also helps to bring diversity in an otherwise stagnant pool of preset professions and creates new job markets which can accommodate newly graduated individuals on the lookout for jobs. This new lot of entrepreneurs is willing and open minded towards accepting new ideas thus very different from the approach adopted by their predecessors in making their subordinates feel as if they are part of any new venture being undertaken resulting in guaranteed success of the project because everyone involved gives their absolute best.

Now is the time to sit and take notice of the fact that this is indeed the way for the future because if we as a nation want to develop economically, tapping hidden and unexplored resources through entrepreneurship should be the mantra for the new millennium. Hats off to all the young individuals who in their own capacities have tried to set a precedent for newcomers and become successful in their own right by toiling night and day to turn their dream into a reality. These Pakistani entrepreneurs have made the world sit up and take notice of their achievements because staking their claim in international markets has been the most innovative and enterprising step undertaken. These international markets provide them with a showcase to project their personal as well as national interests, which in turn is income generation for them.

There are some segments of the society who oppose anything which tends to clash with their preset norms and notions but in my opinion entrepreneurs are here to stay with all their pros and cons, ups and downs. These young individuals deserve to be credited for at least trying to push the boundaries of opportunities by creating new ones. Because after all “Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line, in support of an idea. They willingly assume the responsibility of the success and failure of their venture”. (Peter Drucker-Founder of Modern

Management)

(Publication Date: April 2010

Publication Name: RCCI Business Vision)