The overbearing government in Pakistan greatly limits business innovation and risk-taking. Since the beginning of planning, when market winners were decided by protection and subsidy policies, entrepreneurial spirit has been redirected towards requesting administrative advantages. In this study, we did a comprehensive search to gather empirical literature related to the topic of entrepreneurship development.
An entrepreneur is someone who has a great idea and wants to see it through to fruition with the goal of introducing a revolutionary product or service to the market. Entrepreneurs are those who establish novel enterprises, consequently facilitating the generation of employment opportunities for individuals. They facilitate the intensification of competitiveness by using technology to enhance productivity, so making a significant contribution to the country's development and subsequent economic progress. Entrepreneurship is beneficial for economic progress. The entrepreneurs are new, and they provide ideas that open up new enterprises, markets, goods, and technology. They are ideal for research and development with practices. Primary objective of this study is to investigate the ways in which entrepreneurship and the incentives for entrepreneurship growth might contribute to the alleviation of poverty and the enhancement of the environment for entrepreneurship in Karachi, Pakistan. Entrepreneurship has a beneficial and large impact on economic development and opportunity.
Abstract:
An entrepreneur is someone who has a great idea and wants to see it through to fruition with the goal of introducing a revolutionary product or service to the market. Entrepreneurs are those who establish novel enterprises, consequently facilitating the generation of employment opportunities for individuals. They facilitate the intensification of competitiveness by using technology to enhance productivity, so making a significant contribution to the country's development and subsequent economic progress. Entrepreneurship is beneficial for economic progress. The entrepreneurs are new, and they provide ideas that open up new enterprises, markets, goods, and technology. They are ideal for research and development with practices. Primary objective of this study is to investigate the ways in which entrepreneurship and the incentives for entrepreneurship growth might contribute to the alleviation of poverty and the enhancement of the environment for entrepreneurship in Karachi, Pakistan. Entrepreneurship has a beneficial and large impact on economic development and opportunity. The overbearing government in Pakistan greatly limits business innovation and risk-taking. Since the beginning of planning, when market winners were decided by protection and subsidy policies, entrepreneurial spirit has been redirected towards requesting administrative advantages. In this study, we did a comprehensive search to gather empirical literature related to the topic of entrepreneurship development. Research on poverty alleviation can be found in several online databases, including Google Scholars, Springer Link, Wiley, Science Direct, JSTOR, Emerald full text, Scopus, and EBSCO HOST, among others.
Introduction:
Entrepreneurship is often regarded as one of the most important factors contributing to economic growth and the alleviation of poverty in Pakistan. Entrepreneurship plays a vital role in supporting economic growth within a country or region. It serves as a catalyst for promoting economic development, facilitating industrial upgrading, and driving the transformation of economic structures. Additionally, entrepreneurship contributes to employment creation, hence propelling social progress (Lihao et al., 2022). Entrepreneurial intention is the notion that an individual intends to establish a new business and intends to put it into action at some point in the future (Thompson, 2009). A number of studies have substantiated the evidence of a correlation between economic growth, development, and entrepreneurship. Unquestionably, entrepreneurship significantly contributes to a nation's economic prosperity, as evidenced by its impact on the Gross Domestic Product (GDP). However, in contemporary times, it is imperative to acknowledge that economic growth alone does not encompass all dimensions of a country's overall well-being (Meyer&Jongh, 2018). The cultural phenomenon of entrepreneurship has become increasingly significant in Western societies since the mid-20th century. The presence of the entrepreneurial spirit plays a crucial part in the advancement of nations. It is imperative that businesses are adequately informed about the various forms of support and incentives offered by the authorities (Sahin&Yasin, 2015). As the culture of entrepreneurship spreads, it allows people with idle resources to participate in society and the economy. This leads to the growth of democracy in society, and when resources are used in a smart way, social peace is achieved. With entrepreneurship, the middle class grows, unemployment goes down as job opportunities expand, and technology gets better and more widely used (Ilhan&Suleyman, 2005). This perspective on ending poverty does not claim that the conventional wisdom held by a large number of economists and public servants is false. However, research is showing that accumulating more money, putting up "big thrust" infrastructure projects, or funding education without taking into account entrepreneurship and the institutions that enable it will not significantly reduce poverty (Bruton&Ahlstrom, 2015).
Entrepreneurs are significant individuals in the economy, driving and influencing its development, and making substantial contributions to the economic and social progress of a nation. Entrepreneurial contributions comprise various aspects such as job creation, product innovation, process innovation, and invention. Entrepreneurship is considered a viable and powerful approach to address difficulties like unemployment, especially among young people, as it is synonymous with being self-employed (Yaser&Alshallaqi, 2022). Studies who have analyzed research on poverty from a development economic standpoint have commonly concentrated on capital foundations and returns, specifically enhanced productivity and they have maintained that industrial and economic progress relied heavily on capital, as evidenced by economies of scale and scope, and to a lesser extent on human capital, conquest, and luck, rather than on the development of new ventures (Ahlstrom, 2014). The rate of competition and need for innovation inside countries, organizations, or companies is driven by the activities of entrepreneurs and the pressures of globalization. As a result, many adjustments become necessary. Indeed, economies and society underwent a transformation from being centrally controlled to adopting an entrepreneurial approach, wherein information and creativity emerged as the primary catalysts (Stam, 2006). Entrepreneurship is regarded as an alternative strategy for addressing a number of the socioeconomic issues that currently plague some nations, most notably the issues of excessive unemployment and poverty. Numerous scholars in the domain of entrepreneurship have approached the examination of the ways in which entrepreneurship can alleviate these socioeconomic issues from a variety of perspectives (Abubakar, 2012). The notion of poverty encompasses the state of lacking material resources, such as food and shelter, as well as facing restricted availability of fundamental services, such as healthcare and education. Presently, it encompasses various intangible circumstances such as the absence of entitlements, feelings of uncertainty, susceptibility, and instances of bias. The amalgamation of these two categories of circumstances contributes to our comprehensive comprehension of poverty. Additionally, it may make it challenging to gauge and evaluate the success of programs aimed at reducing poverty. It's hard to get even a decent definition, and a lot of policy declarations would rather explain the core of poverty than provide an accurate description (Vandenberg&Creation, 2006). Many students graduate from college and universities every year, but very few want to start their own businesses; most would rather work for someone else. This is a growing problem for young people, the general public, and the government, and the best way out of this predicament is to start your own business (Israr&Saleem, 2018).
Relationship between Entrepreneurial Activity and Poverty:
The presence of entrepreneurship in developing nations yields a favorable influence on both economic advancement and the alleviation of poverty. This is due to the fact that individuals, when faced with limited employment opportunities, are motivated to partake in entrepreneurial activities (Cristi&Amoros, 2011). Entrepreneurship can be regarded as a process that facilitates the generation of employment opportunities within nations, hence mitigating poverty levels, enticing foreign investors, introducing novel inventions to enhance production efficiency, and fostering rivalry among established firms (Baron&Shane, 2007). The notion that entrepreneurship can mitigate poverty is not novel and is based on the premise that entrepreneurial endeavors foster economic development, On the other hand, the economic justification for the elimination of poverty is not universally persuasive to all groups (Sharon&jay, 2014). Poverty may be described as "The lack of basic human needs such as clean water, nutrition, clothing, healthcare, education and shelter, because of the inability to afford them." In the words of the International Labor Organization (ILO), poverty is "when a person or household lacks the resources necessary to consume a certain minimum basket of goods." Either food alone (severe poverty) or food, clothing, housing, and other necessities make up the basket (intermediate poverty). Poverty is a widespread occurrence that represents severe deprivation in people's quality of life (Sardar et al., 2022). The condition of poverty presents the government and the general public with numerous obstacles. There has been an increasing focus in recent years on identifying sustainable interventions to mitigate rural poverty (RP) in developing nations, alongside entrepreneurship, which is widely recognized as a critical catalyst for economic expansion in numerous countries (Kraay&McKenzie, 2014). Research from the past has demonstrated the significant role of microfinance in improving the economic conditions of impoverished individuals in underdeveloped regions. It is evident that poor individuals, especially in Pakistan, lack access to entrepreneurial opportunities that can stimulate job creation and foster both personal and community development (Ge et al., 2015). Those who are conducting research on the reduction of poverty through entrepreneurial endeavors in developing economies continue to concentrate on approaches that are extremely limited, such as the function of the microcredit sector in fostering helping themselves (Mair&Marti, 2009). The efficacy of entrepreneurship in alleviating poverty is significantly influenced by the degree to which individuals living in poverty actively opt for entrepreneurship as a bottom-up initiative. The government and social organizations may alleviate poverty by implementing top-down efforts. However, scholars have extensively recorded the efficacy of grassroots activities (Wu&Si, 2018). The term "microcredit" refers to the practice of providing small amounts of collateral-free loans to individuals or groups so that they can engage in self-employment or other income-generating activities. Microcredit provides low-income families and micro businesses with access to a variety of financial and non-financial services, such as deposits, insurance, and money transfers, among many others (Bashir et al., 2013). The rising prevalence of extreme poverty has been acknowledged as a pressing concern for both governments and enterprises. Governments can significantly contribute to assisting impoverished individuals through their support of non-profit organizations and other entities that promote entrepreneurship among the underprivileged. Nevertheless, businesses are increasingly recognizing that the significant population living in extreme poverty is not just a matter of social concern, but also represents a potentially substantial untapped customer market for goods and services (Steven et al., 2018). Entrepreneurship has been recognized as a "path" that economies can take to overcome developmental issues and rising poverty levels. It has been advocated as a potential solution to alleviate poverty and boost economic development (Anokhin et al., 2008). Through the establishment of jobs and a thriving private sector, the entrepreneurial activities of' small holders,' such as peasant farmers, street sellers, microenterprise operators, and others, have the potential to make a substantial contribution to alleviating poverty in developing nations (Oghohojafor et al., 2011). Entrepreneurship development plays a crucial role in reducing poverty by generating employment opportunities through the establishment of new businesses or the growth of existing ones. This leads to the creation of new markets, industries, technologies, and job opportunities, resulting in increased productivity and income. Ultimately, this leads to higher living standards for the population. Therefore, it can be logically inferred that an increase in the number of entrepreneurs in a country will lead to a decrease in poverty indicators (Ali&Ali, 2013).
Economic development:
In those parts of the world that are economically disadvantaged, entrepreneurship is closely connected to economic growth, the enhancement of income, and the alleviation of poverty (Lin&Khashru, 2019). A developed economy is one that has undergone a structural shift towards a service-and manufacturing-based modern economy that has made great strides in technical advancement. According to development economists, there are three distinct phases of development, in the first state, the economy is primarily focused on producing agricultural goods and engaging in small-scale industry. the economy moves from small-scale production to manufacturing in the second stage and the economy moves from manufacturing to services in the third stage as wealth increases (Chenery&Srinivasan, 1988). There has always been a bias in Pakistani policy toward the élite. This is particularly accurate regarding the economic policy that has exhibited a predilection towards the large-scale sector (Haque&Izza, 2006). It has long been believed that entrepreneurship is an essential tool for economic development. Since development encompasses the enhancement of human capabilities, raising living standards and expanding the economy are two of the most pressing concerns in the pursuit of better economic development. Growth in the economy is a very specific goal, but it is also one of the most crucial for development initiatives to aim towards (Erik&André, 2009). The latest forms of economic growth consider these investments to be an essential component that should be accompanied by entrepreneurial and innovative initiatives, but they are not considered to be an adequate explanation for economic expansion in and of themselves (Nelson&Pack, 1999). Entrepreneurship makes people rich by finding new ways to combine things that are already used to make things. Entrepreneurs try out new combinations that don't always work out. But in order to make progress, they have to try a lot of different combos to see which ones will make life better (economically), entrepreneurship will only help the economy grow if the right institutions are in place (Powell, 2008).
Standard of living and entrepreneurship:
Klasik (2006) defines entrepreneurship as "an attribute of operation and undertaking business ventures as well as the creation and development of enterprises and entrepreneurial environments in the region." This definition was derived from the definition of entrepreneurship that was presented in research (Klasik, 2006). An understanding of entrepreneurship is provided by Sudol (2006), who defines it as readiness and the capacity to take and solve new problems in an unique and imaginative way, while being cognizant of the risks concerned, the ability to make the best use of emerging opportunities as well as able to adapt to changing conditions (Sudoł, 2006).
Entrepreneurship:
While many studies in business management have focused on entrepreneurship, the notion has far-reaching implications in domains as diverse as the sciences, the arts, and engineering, regardless of the specific definition used, most agree that entrepreneurs make a beneficial contribution to society through the value they create (Jones et al., 2020). Every commercial entity possesses its own distinct vision and mission. Entrepreneurship is an integral component of the business world and aids in the operation of prosperous organizations. Individuals who are actively engaged in business operations bear the greatest responsibility for the realization of their overarching vision. However, individuals originate from diverse educational backgrounds, which introduces the concern of entrepreneurial aptitude. This predicament, however, becomes an integral component of the entrepreneurial journey.“Art entrepreneurship is relatively new topic of research and the focus area are exploring the management process of entrepreneurship such as creativity and autonomy, capacity for adaptability, and create artistic as well as economic and social value” (Chang, 2015). Entrepreneurship can be viewed as a dynamic process, as it entails a cyclical and iterative progression of acts rather than a straightforward sequence of actions, this process requires the continuous identification, assessment, and exploitation of opportunities (Frese&Gielnik, 2023). Entrepreneurs, leveraging their human capital, will strive to effectively integrate into the market environment. In the business environment, there are both public and private institutions that have an impact on market activity. An entrepreneur can leverage their market contacts to effectively establish their business idea (Ratten, 2023).
Poverty Alleviation:
Although relative poverty can be considered in relation to specific gatherings or regions in relation to the financial status of various individuals from the general public, which is translated as a lack of resources to achieve a way of life that empowers individuals to participate, take an interest in seeing someone, and carry on with an existence that is considered normative of the general public to which that they relate (Misango&Ongiti, 2013). Countries worldwide are concerned about poverty. Although multiple parties have worked to address the issue, the number of people living in poverty may not reduce annually. Instead, the pandemic caused an increase. Data shows that the global poverty rate declined from 10.1% in 2015 to 9.2% in 2017. In 2020, the poverty rate rose to 9.4% owing to Coronavirus-19 (Covid-19). It was measured using the global poverty criterion of $1.9 per day((Worldbank.org,2020). Although Pakistan has achieved great progress in decreasing poverty over the past two decades, human development outcomes and economic growth have been inconsistent and delayed, between 2001 and 2018, 47 million Pakistanis were able to escape poverty due to possibilities outside the agriculture sector, migration, and remittances. Despite significant poverty reduction, human capital outcomes including stunting (38%), and learning poverty (75%), remain abysmal. Pakistan's periodic macroeconomic crises stem from its growth paradigm, which prioritizes individual and government spending over investment and exports that enhance productivity (Nizami&Hizam, 2023). Pakistan has experienced high and low poverty during economic expansion, as well as periods of economic advancement that reduced poverty. Rural and urban poverty levels differ greatly. The uneven influence of economic progress on poverty is seen in the evolution of the core structural aspects of the economy. Extreme poverty rates are an important measure of economic growth nationally (Cobbinah&Thwaites, 2016).
Entrepreneurship in Pakistan:
Pakistani policy has historically favored the country's upper class, particularly relevant here is the economic policy that has favored the industrial sector (Hussain, 1999). Pakistan has little entrepreneurship, the 2007 World Bank Group Entrepreneurship Survey examined entrepreneurial activity in 84 developing and industrial nations from 2003-2005, Pakistan had an average annual entry rate of 7% for new company registrations compared to the previous year's total (Chemin, 2010). Pakistan boasts numerous public and private universities offering diverse courses with various specializations. Some universities foster creative business concepts and minimize unemployment. Local university graduates are less competitive than international. Additionally, these entrepreneurs lack the necessary skills and financial backing to succeed in the competitive global business world. Therefore, business incubators play a crucial role in this climate (Nasir et al., 2017).
Poverty in Pakistan:
Pakistan is one of the least developed nations that is struggling with an incredible amount of poverty, with more than 33 percent of its population living below the poverty level (Jan et al., 2009). More than 2.4 million Afghan refugees are currently living in Pakistan, according to the United Nations Development Program's Human Development Report-2008, which places Pakistan at the 136th position among the world's 177 poor nations (Rutherford&Tarr, 2008). Poverty can take many forms in Pakistan, as more than seventy-three percent of the population survives on less than two dollars in United States currency per day. Pakistan was ranked lower than all of the Central Asian states and even South Asian states, with the exception of Nepal and Bangladesh, when it was evaluated according to its level of revenue poverty (Siddiqui&Kemal, 2006). In the past five years, the Pakistani government spent more than 1 trillion Rupees, or about $16.7 billion, on programs to reduce poverty. As a result, the poverty rate dropped from 35% in 2000-01 to 24% in 2006. Pakistan has an officially low level of economic growth, and things are even worse in rural areas compared to big cities. As of the start of 2009, over 37% of Pakistan's more than 16.7 billion people were living below the poverty line (FAHAD&JUNAID, 2018). A poverty probe has brought Pakistan face to face with an undeniable truth that it will find difficult to acknowledge: one-third of the Pakistani population, or 58.7 million people out of a total population of 180 million, living below the poverty line (Miankhail, 2009). The Ministry of Planning, Development and Reforms of Pakistan conducted a survey which found that the total population of Pakistan in 2016 was 195.4 million, according to population projections for the years 2007-2030. The survey also revealed that 4 out of 10 Pakistanis live in multidimensional poverty, as indicated by Pakistan's new poverty index (Jamal, 2017).
Conclusion:
After conducting a thorough analysis, we discovered that the entrepreneurial processes had a significant role in the emergence of successful entrepreneurs who emerged from an environment that was exceedingly unpromising and limited. In order to maintain their entrepreneurial behavior, entrepreneurs require a certain set of abilities. Motivation and skills are the essential drivers of entrepreneurial activity. The entrepreneurs have brought about improvements to their company by introducing innovations in a variety of areas, including products, services, production methods, work practices, and marketing. These innovations have brought about some benefits. It has been demonstrated that the most significant drivers of innovation and consumer value are things like human resource management and entrepreneurship. Entrepreneurship and integrated market orientation, in addition to human resource practices, have a substantial impact on customer value and innovation, respectively, when they interact with one another. First and foremost, the development of entrepreneurship is an essential instrument for the alleviation of poverty. The promotion of employment, the acceleration of the implementation of universal primary education, and the empowerment of women entrepreneurs all played a significant part in the alleviation of poverty across the entire world.
In summary, we as a species came to the conclusion that the elements of innovation, family background, government support program, social entrepreneurship, women participation, entrepreneurship training and education, individual entrepreneurial characteristics, participation of micro, small, and medium enterprises, youth empowerment, and collaboration between the government, universities, and industry are the most important tools for the development of entrepreneurship, which ultimately leads to the reduction of poverty.
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About the Author:
Syed Salman Qadri is PhD Scholar at Department of Business Administration, Greenwich university, Karachi, Pakistan. His research interests are Marketing, Emerging Markets, Brands and Consumer Behavior. He is good at qualitative as well as quantitative research methods. He has published few papers in Scopus indexed journals and presented papers in international conferences, he has conducted sessions as a guest speaker of entrepreneurship& marketing topics, qadrino1@gmail.com and ssq633@yahoo.com
Frequently asked questions
What is the abstract of this document about?
The abstract discusses the role of entrepreneurs in creating employment opportunities, fostering competitiveness through technology, and contributing to economic progress. It also highlights the limitations imposed by government regulations on business innovation in Pakistan and emphasizes the importance of entrepreneurship in poverty alleviation.
What is the introduction of this document about?
The introduction emphasizes the significance of entrepreneurship for economic growth and poverty alleviation in Pakistan. It notes that entrepreneurship serves as a catalyst for economic development, industrial upgrading, and transformation of economic structures. The introduction also discusses the increasing importance of entrepreneurship in Western societies and how it allows individuals to participate in society and the economy.
How does the document define the relationship between entrepreneurial activity and poverty?
The document states that entrepreneurship has a positive influence on economic advancement and poverty reduction in developing nations. This is due to individuals facing limited employment opportunities and being motivated to engage in entrepreneurial activities. Entrepreneurship facilitates job creation, attracting foreign investors, introducing innovations, and fostering competition.
What is the document's perspective on economic development in relation to entrepreneurship?
The document asserts that entrepreneurship is closely connected to economic growth, income enhancement, and poverty alleviation in economically disadvantaged areas. It describes the phases of economic development and notes the historical bias in Pakistani policy towards the large-scale sector. Entrepreneurship is seen as an essential tool for economic development by enhancing human capabilities and raising living standards.
How does the document describe the standard of living and entrepreneurship?
The document defines entrepreneurship as an attribute of operation, undertaking business ventures, creation, and development of enterprises, and entrepreneurial environments. It emphasizes the readiness and capacity to take and solve new problems uniquely, while being cognizant of the risks involved and adapting to changing conditions.
What is the document's definition of entrepreneurship?
The document suggests that while various definitions of entrepreneurship exist, most agree that entrepreneurs contribute to society by creating value. It notes that entrepreneurship is integral to the business world and aids in the operation of prosperous organizations. The document also touches upon art entrepreneurship and describes entrepreneurship as a dynamic process requiring continuous identification, assessment, and exploitation of opportunities.
How does the document approach the topic of poverty alleviation?
The document acknowledges that poverty is a global concern and recognizes that despite efforts to address it, the number of people living in poverty may not reduce annually, especially with the impact of events like the Covid-19 pandemic. The document also looks at poverty in Pakistan and analyzes that while Pakistan has achieved great progress in decreasing poverty over the past two decades, human development outcomes and economic growth have been inconsistent and delayed.
How does the document discuss entrepreneurship in Pakistan?
The document highlights that Pakistani policy has historically favored the country's upper class. The survey found that Pakistan has little entrepreneurship and is less competitive than international and is lacking necessary skills and financial backing to succeed in the competitive global business world.
How does the document present poverty in Pakistan?
The document illustrates that Pakistan is struggling with an incredible amount of poverty. The United Nations Development Program's Human Development Report placed Pakistan at a low position among the world's poor nations. Despite government spending on poverty reduction programs, a significant percentage of the population still lives below the poverty line.
What are the document's key conclusions?
The document concludes that entrepreneurial processes play a significant role in the emergence of successful entrepreneurs. Innovation and skills are seen as essential drivers of entrepreneurial activity. The development of entrepreneurship is identified as a key instrument for poverty alleviation, facilitated by factors like education, women's empowerment, and micro, small, and medium enterprises and government participation.
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- Syed Qadri (Author), 2023, Entrepreneurship and Reducing Poverty in Pakistan, Munich, GRIN Verlag, https://www.grin.com/document/1436381
