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Pakistan’s Entrepreneurial Market: Challenges and Proposed Recommendations        Aiyza Javaid AUGUST 2, 2017

Pakistan’s entrepreneurial culture at present is characterized by constraints and challenges faced by young entrepreneurs. This article explains a few such challenges and puts forth brief recommendations to overcome them. The first and foremost being social constraints, which are largely related to the collectivistic and family-oriented culture of Pakistan. The majority of our society has advanced greatly in education but it still remains entwined in the old cultural and family values inherited from its ancestors. Parents exert great influence on career decisions of their children as they finance them. The social pressures of settling the matrimonial commitments of their children at the earliest, especially females, impedes opportunities of adventurism. Hence, it thwarts the innovative capacities of young minds, which stand as a major blockade for growth and development of the entrepreneurial market of Pakistan. To overcome this constraint, there stands a need for young entrepreneurs to build the confidence of their family members in the execution of their university business ideas into a small startup venture. Educational institutions can play a pivotal role in creating a favorable environment for students to polish their entrepreneurial skills. Besides this the media can play a pivotal role by inviting young entrepreneurs to share their experiences with their family. Educational bureaucracy is another major constraint faced by the young entrepreneurs in Pakistan. Universities in Pakistan are largely regulated by Higher Education Commission (HEC) and its subsidiaries. Professors majorly evaluate the student projects based on the theoretical application of concepts they have taught rather than analyzing their commercial viability. Professors and other faculty members in universities lack practical competence in inculcating entrepreneurial vision amongst the students. They primarily focus on completion of course contents aimed at addressing the needs of the employees in the job market rather than entrepreneurs. This inhibits the development of the required mindset, vision and related entrepreneurial skills amonlgst the students required for excelling in the entrepreneurship sector. This challenge needs to be effectively addressed by HEC by adapting to the needs of the entrepreneurs and also by conducting scientific research on local entrepreneurs. Moreover, start-up entrepreneurs in our market usually formulate a business plan, and follow it. This creates a sense of inflexibility and puts them in a distorted state. Business competitions for start-up entrepreneurs also an ineffective as it focuses on them “looking successful’ rather than “actually being successful.” It is highly possible that an entrepreneur with ineffective management and execution skills and better presentation skills can win these business competitions. Therefore, it is necessary to replace these business competitions for young entrepreneurs with business exhibitions where the customer stands to be the judge. An example is the Lahore Eat festival recently held in March in Lahore and the Chatkhara festival in Karachi for food entrepreneurs. In addition to exhibitions, the panel of judges invited to judge these ventures should belong to all walks of life to ensure humility, wisdom and maturity and to eliminate biasness in the recognition of the real aptitude of the entrepreneur. Educational and research institutions should inculcate a sense of awareness about local problems amongst the young entrepreneurs, and they should be encouraged to formulate a sustainable solution for solving them.       

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222……………………………………….. Throughout human history, crises have been pivotal in developing our societies. Pandemics have helped advance health-care systems, wars have fuelled technological innovations and the global financial crisis helped advance tech companies like Uber and Airbnb. The present coronavirus pandemic will arguably not be an exception; entrepreneurs can be expected to rise to the challenge. Businesses play a key role both in helping society get through an economic crisis and in creating innovations that shape society after a crisis. So one key question is: how will the ongoing crisis influence future society? While it’s hard to predict the future, we can develop an understanding of what is ahead by analyzing current trends.

Businesses show citizenship, resourcefulness The global pandemic and associated policies restricting people’s movements have caused major disruptions to many businesses. We’ve already observed major shifts in business practices. Working from home is the new norm, while many personal meetings and conferences have been replaced by video meetings and other virtual forms of communication.

Read more: The coronavirus is changing how we work — possibly permanently

Some businesses — especially restaurants, tourism operators and movie theatres — have come to a complete stop. Others, like manufacturers of consumer goods, have seen a sharp drop in demand as consumers are either unable to visit shops or lack the spare cash for nonessential purchases.

A man is seen boarding up a restaurant in downtown Vancouver on March 31, 2020. THE CANADIAN PRESS/Jonathan Hayward

The short-term impact is likely different from the long-term impact. Consumers may simply postpone the purchase of a new car or washing machine — but they may not want to buy the same types of services in the future. Many firms have initially responded to the crisis not only by cutting costs but by engaging in new entrepreneurial activities. Around the world, we see examples of resourceful responses to the crisis: Distilleries in the United States, Canada and Australia started to produce hand sanitizers. Fashion businesses like Zara, H&M, Hedley & Bennett and Trigema are producing protective gear, gowns and other supplies for hospitals. Airline crews, including those employed by SAS, are being retrained to help out in hospitals. The shortage of ventilators in hospital intensive-care units has not only motivated healthcare companies such as Philips and Draeger to increase production, but also triggered Canadian automotive suppliers and car brands like Ford to produce the life-saving medical devices. A staffer works on a ventilator-refurbishing assembly line at Bloom Energy in Sunnyvale, Calif. Bloom Energy makes hydrogen fuel cells but is now refurbishing old ventilators so hospitals can use them to treat coronavirus patients. (Beth LaBerge/KQED via AP)

These examples show two common features. First, companies are showing citizenship. They realize they have an interest in societal wellbeing, and that they may need to give up short-term profits for the benefit of society. Second, they are showing resourcefulness. They’re developing creative responses to emerging challenges with scarce resources. In combination, citizenship and resourcefulness can drive socially aware entrepreneurship.

Building foundations for the future Actions during the crisis will shape firms in the long run. First, the crisis creates opportunities for businesses to become more innovative. Facing external pressures, some business leaders are stepping out of their routines and comfort zones to become creative problem-solvers. Along the way, they rediscover their entrepreneurial spirit.

Jon Stanfield, president and CEO of Stanfield’s Ltd., stands in one of the production areas of the garment manufacturing company in Truro, N.S. Stanfield’s is among a group of companies contributing to Canada’s stockpile of personal protective equipment for health-care workers. THE CANADIAN PRESS/Andrew Vaughan

Some will continue to pursue opportunities first identified during the crisis. Perhaps some automotive suppliers will make medical equipment, while service providers integrate new online interfaces with their traditional businesses. Second, reputations are built — and lost — during times of crisis. Companies demonstrating good citizenship by helping with shortages, or by making major donations, are also probably hoping that consumers will remember their actions when the economy returns to normal. What’s more, treating employees well during a time of hardship enhances a company’s reputation as an employer and helps attract talent as well as building a loyal workforce. On the other hand, there are also a lot of opportunities to ruin a reputation. Companies that treat their employees or customers badly during a crisis will face major challenges rebuilding when the storm has passed. Similarly, if corporate behemoths like Amazon fail to provide reliable logistics solutions to small businesses right now, then others will develop competing platforms. Those new platforms will not only enable buyers and sellers to meet, but will also integrate service providers to transport products in a timely and reliable manner.

Technology push Beyond existing firms, some sectors of the economy are likely to grow. New technologies can offer numerous opportunities as the crisis transforms the products or services they can offer. Service businesses in particular are likely to see a lot of innovation in how services are created, packaged and sold. Recent trends in China offer a glimpse of what is feasible for businesses. For example, online shopping and entertainment received a major boost during the coronavirus shutdown via online platforms like Alibaba, Wechat and their associated ecosystems. In the health-care sector, health-related smartphone apps are proliferating in China — and possibly soon globally. Artificial intelligence is helping hospital emergency rooms, while virtual reality has moved from an entertainment tool to a valuable resource for technical training and maintenance.

Read more: How China is revolutionising e-commerce with an injection of entertainment

Companies that become competent and move quickly in these areas during the crisis will have a strategic advantage over their competitors in the post-pandemic economy. For example, whoever builds the most reliable and speedy logistics infrastructure for delivering goods to private homes during the lockdown is likely to gain loyal customers.

Consumer pull

Customers — both individual consumers and businesses — are becoming accustomed to new forms of business, such as online ordering for home delivery. Their established habits have been disrupted, changing attitudes and expectations. For example, the surge in video meetings creates comfort with this method of interaction, and users learn how to be effective in meetings without face-to-face interactions. After the shutdown, many people will expect more integration of online and offline offerings. They will likely also be more at ease with using new technologies, especially video conferencing that can also reduce travel costs and carbon emissions.

Read more: Coronavirus and the economy: We need green stimulus not fossil fuel bailouts

It’s clear the post-pandemic future will be different. What’s happening during the crisis will have a lasting impact on society. Current signs of entrepreneurial initiative and goodwill give us some cause for optimism. In the words of Stanford economist Paul Romer: “A crisis is a terrible thing to waste.”         

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Expected impact of coronavirus on Pakistan and its economy 13 March 2020  No comments

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     The global outbreak of coronavirus, which has affected the operation of factories in China and other countries, will certainly affect the consumption of industrial gases to some extent, gasworld Business Intelligence reports. The shutdown of businesses will lead to a decrease in personal income meaning big purchases on things like cars or appliances will be postponed. This in turn could affect the reduction of gas consumption in welding and cutting applications in general manufacturing, gasworld BI said. Gas consumption in the food industry and carbon dioxide may go down due to less air travel and the cancellation of large public events. Pakistan today announced it is shutting all of its land borders and limiting international flights for 15 days. The country borders China, where the coronavirus (Covid-19) originated, and Iran which is one of the worst-hit countries. Risha Mohyeddin, Global Treasurer at HBL Bank, Pakistan’s largest bank, has written the below on the expected impact of Covid-19 on Pakistan and its economy: There will undoubtedly be a significant and tragic human cost if Covid-19 takes hold in the Pakistan population as much of the population lives in close proximity to each other. That said, there are factors that may slow spread of the disease into Pakistan. Screening is being introduced at airports; while Pakistan’s land border with China is impassable at this time of year, and any travellers from there will be quarantined for 15 days. Movement between Pakistan and Iran is now blocked, and travel to or from India and Afghanistan is very limited in any case. The impact on the economy will largely be dictated by government action and any impact on Pakistan’s export sectors. Thus far the government has not declared Covid-19 an epidemic and few measures have been taken that will hinder economic activity. Anyway, we believe the government will weigh the risk from the disease in the context of other existing health risks in the population.

Given the domestic focus of the economy it should be less impacted by travel bans and slowing international trade than other more externally-facing developing economies. Pakistan’s textile export sector relies on China for the bulk of its capital goods inputs, so there will be an impact if there is a protracted closedown of the Chinese economy. One thing we will be watching closely is any signs that – due to the Covid-19 outbreak and the associated measures taken by the respective governments - the Chinese authorities are forced to slow down their rollout plans for the China-Pakistan Economic Corridor and the development of the Gwadar international deep water port and its associated infrastructure, which offers western China direct access to international shipping routes. Despite the uncertainties ahead, Pakistan’s economy has stabilised greatly in recent years. Until a few years ago, the security situation and lack of reliable power supplies had discouraged foreign direct investment and local investment. Both of these are much improved. The rupee was unsustainably high - this led to a ballooning of imports. Following the devaluation, the import quotas on capital goods have eased and the currency is at a more competitive level from which the economy should be able to enjoy a moderate level of sustainable growth (4.5%-5% pa). While we cannot assume oil will remain in the mid $30s, the Pakistan economy, as a net oil importer, should benefit from lower oil prices

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COVID-19’s Grim Milestones: Impact on Business is Real but Opens Up New Growth Areas        

April 2, 2020Posted byChina BriefingReading Time:6 minutes

Op-ed by Riccardo Benussi, Dezan Shira & Associates In his book “La Peste” (The Plague), Albert Camus writes, “Pestilence is so common, there have been as many plagues in the world as there have been wars, yet plagues and wars always find people equally unprepared. When war breaks out people say: ‘It won’t last, it’s too stupid.’” Yet looking at the now well-known Johns Hopkins dashboard online it seems that COVID-19 is here to stay longer and affect us deeper than what we were ready to accept. With an increase of almost 260,000 confirmed cases over the last weekend alone, and the global total crossing 938,000 confirmed cases worldwide, this was far from anybody’s initial expectation, making Camus’ sentence a most fitting observation. There is no hero here with a vaccine or any country that can save the day in Hollywood fashion. This is real. Much is being said about the losses, the drama, the social and institutional frictions in countries with little to no preparation and global media has barely spoken about little else these days. While the inevitable global slowdown that has followed is unquestionably a time to contemplate and look back, we should also stay receptive to the notion that progress comes from dire situations and from thinking about a problem with ever changing perspectives – put it another way, crises necessitate creative solutions. And so we would be foolish not to look into opportunities in these unique times – mankind needs to push forward, especially when under such pressure. Inventiveness, adaptation, and maybe even the instinct to protect and preserve ourselves, these collectively force us to recognize new opportunities – whether to cater to the immediate economic aspects of companies’ and people’s livelihoods or to invest in the preparedness to deal with similar events in the future. Regardless of one’s economic philosophy, the glob...