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Pakistan
Posted by Mishal Pakistan in News Updates | 0 comments
Entrepreneurs seek Government support for creating an enabling environment fostering entrepreneurial
culture.
By floating new companies, they not only create most of the new
jobs but also contribute toinnovations that promote human
welfare.
While the link between entrepreneurship and economic growth is
well-established, but when academicians, officials, analysts and
commentators discuss business and commerce, they
invariably mean big business enterprises. Though big business is
imperative to the financial health of nations, mega companies are
not essentially the only source of innovation that makes an
economy to grow.
Economic growth does not just entail producing extensive
products and services, it also means better and cheaper products
and services and an overall improved quality of
life. Pharmaceutical companiesoffer a good example: they
continue to contribute substantially to the increase in life
expectancy by discovering, manufacturing and marketing new
drugs.
The moving spirits behind
these innovations are entrepreneurs who set-up and start
new companies as one of the essential functions of investors.
They establish new companies as vehicles for introducing and
promoting innovations. If successful, those companies grow,
eventually giving a boost to the economy of their nation. In other
words, when business enterprises grow, the economy grows;
andentrepreneurs are drivers who steer the firms towards growth.
Only a small number of new and young companies, of course,
succeed in creating jobs and growing into larger firms. But, once
entrepreneurial companies turn into larger firms, they often start
blockinginnovation and the emergence of next generation of
firms. This is a dilemma that has continued to confront
policymakers, economists and corporate leaders for almost a
century, with no resolution in sight.
Political leaders and policymakers must remember that the
cluttered process of starting firms, competing, failing and growing
is absolutely essential to achieving economic growth. But, scale