Entrepreneurship is what drives a startup. Entrepreneurs come up with an exciting new idea and with the financial assistance this startup can lead to big, well established businesses. These businesses in the long run provide jobs to many people. So, it is clear that if startups are encouraged in a country, they will ultimately benefit the overall economy. Even globally, startups are considered a huge success.
Innovation is the key factor in success of startups. Startups create a competition in the markets; uniformity is eradicated from the business world. New ideas emerge and a flood of innovation arises from everywhere.
Entrepreneurship Is the Future!
Startups need full support of government because policies are directly affecting the business world. The success of Silicon Valley in California speaks for itself. Although there are many other countries that support entrepreneur activities but Silicon Valley sets an example for the whole world.
The mere success there was due to the support of government gave on the establishment of tech societies from scratch. The government targeted on the local businesses which resulted in job opportunities for locals, reducing the overall rate of unemployment.
What The Government Needs to Do?
First of all the government needs to make growth oriented policies. These policies would not interfere directly on the startups. These policies should only foster the startups and policies should be broadly focused. These policies should allow such business to grow naturally rather than forceful growth through traditional methods. The team for regulation of startup should be eligible enough to run the ecosystem of startups effectively.
Startups are usually very risky and its future is unpredictable so for avoiding cash flow problems, low budget testing should be done. Short term contracts for startups should be encouraged; this will give opportunity to many entrepreneurs to showcase their ideas to the world.
The Role of Investors
Companies should provide a helping hand to emerging startups, either in the form of incubation, investment or added facilities, to ensure their swift take-off towards success. The business environment needs to be highly invested in time, money and efforts as every day new ideas are being executed and new startups are emerging. In order to preserve this rapid entrepreneurial action offering services to small startups will preserve the culture of entrepreneurship, and eventually add-on to the country’s economy through profits and sales.
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Plus, helping small businesses with digital solutions like digital marketing, social media marketing, SEO analytics will save them the cost of building up an entire team for those services while they could just hire one service for all these tasks which will be cost-effective for them as well.
The Future of Pakistani Entrepreneurs
The present government has also acknowledged the importance of start-ups and incubation centers. We can see the amazing work that incubation centers are doing in Pakistan currently such as plan9 and NIC. Prime minister also attended the NIC ceremony for startups in February and encouraged the entrepreneurs to come up with innovative ideas so the government can support them.
The government also aims to make policies for building an infrastructure for startups so that the gap can be bridged between international investors and Pakistani entrepreneurs. Let’s see when these policies will be implemented and Pakistan can establish its own silicon valley.