Laraib Nisar
The outbreak of coronavirus disease (COVID-19) severely affected the global and Pakistani economy. One of the major impacts the global pandemic made on the economy was bringing changes in the employment trends. Another startling observation was that the business and entrepreneurship sector were the only sectors that sustained in the face of the global economic and health crisis. The previously flourishing development and services sector suffered the most in such times. As a result, people all across the world started switching to entrepreneurship and initiating their own startups, even at the smallest levels. The reason behind the increasing trend of entrepreneurship is not only the sustainability and reliability of the sector, but also the ease of doing business. One can start a business even without a formal business education background.
“Some of the essentials for entrepreneurship include a tangible and unique business idea, on which one can make a comprehensive, workable business plan”, stated Ms. Tehmina Asad Chaudhry, co-founder INSTA Foods (Pvt) Ltd., while addressing a group of women entrepreneurs at a seminar arranged by Center for Research and Security Studies (CRSS). She further added that the plan must be made while being mindful of the goal and vision behind the startup. Another factor significant for a business to flourish is the articulation of a proper roadmap for the execution of the business plan. Moreover knowing your customers, valuing their feedback and demand, proper marketing of goods, and proper allocation and use of revenue and finances are essential for a startup to run successfully.
However, in addition to the above-mentioned factors, a lot of smaller yet highly significant factors are present, which are often ignored by all and sundry, which leads to failure of several businesses in their nascent phases. These factors include specifying the main goal of entrepreneurship. Ms. Tehmina Asad Chaudhry stressed that “Entrepreneurship is all about creating value, money isn’t the end product of entrepreneurship, and it comes as a byproduct”. Many startups fail to thrive because they plan to make a lot of money out of the business without creating any value through their product. Another important factor is fear of failure and not taking risks. It must be kept in mind that entrepreneurship and uncertainty come hand in hand. According to a research study, 90 percent of business plans fail. It is important to learn from mistakes and failures and in the meanwhile being confident on oneself, for prospering in the entrepreneurship field. For any business to grow and succeed, the owner should be ready to learn and take any sort of risk at different stages.
Moreover, thinking big and out of the box along with enormous self-confidence are essential traits for entrepreneurs to ace in this field. Not registering businesses formally is one of the biggest hurdles in the way of scaling up and growing businesses, because one cannot avail any financial service offered by the government without registering their business officially. Additionally, registering ones business opens doors to several development sector grants and opportunities which can help in scaling the business up and taking it to a new level. Hiring professional financial consultants can be helpful in this regard, as they can help in managing the business revenues efficiently.
She concluded her talk by highlighting the importance of peer-to-peer learning and validation for female entrepreneurs to gain self-confidence. Having a close network doesn’t only support women entrepreneurs emotionally, but also makes them believe in themselves along with providing material support at the hour of need. As entrepreneurship is a give and take process, one should reward the people who support them in difficult times, this helps in enhancing mutual relations along with trust building. Moreover, women entrepreneurs should focus more on acquiring vital skills and knowledge through free online programs and forums, as skills are critically important in this realm.
Hence, if women leave the concept of gender segregation behind and consider entrepreneurship as a profession with complete dedication and keenness, they can easily leave behind several leading names in the entrepreneurial sector. Numerous digital platforms have been established where women don’t only promote, and validate each other’s talent but also provide material and emotional support e.g. Connected Women Pakistan, Oraan Committee etc. In the light of the above discussion, we can assume that entrepreneurship is a skill, which anyone can learn and ace without any gender specification. Furthermore, all the women have a crucial role in supporting their fellow women who aspire to ace in the field of entrepreneurship. Only then will we be able to achieve an inclusive entrepreneurial sector, with equal opportunities and prospects for all the people who wish to avail them.
The author Laraib Nisar is a Defense and Strategic Studies’ graduate, working as a research associate at Center for Research and Security Studies (CRSS) Islamabad.
