Essay about Entrepreneurship

3338 Words Nov 9th, 2015 14 Pages

Entrepreneurship is becoming of vital importance in the economies like Pakistan. Entrepreneurship is strongly related to small medium enterprise (SME), which is considered to be the main developing force of the developing economies market.

Previously many economists believed that it is the large firm which contributes in the developing of economies and attracts foreign exchange in the country. But there point of view changed when countries like Taiwan, Japan, and Korea established their economies on the bases of SMEs. These economies build up from grass root level to the heights of success.

According to Schapper (2006), in developing nations more than 90% of the firms fall under the category of SMEs and he also above
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Like Mill, Marshall believed that the skills associated with entrepreneurship are rare and limited in supply and are "so great and so numerous that very few people can exhibit them all in a very high degree”.

Pakistan: A Socioeconomic Overview

Pakistan is gifted by nature with great natural and human resources. Unfortunately however, despite fifty years of independence, Pakistan stands today as one of the poorest nations in the world, and also ranks very low in the socioeconomic terms. The following section briefly summarizes Pakistan in terms of its national resources and socioeconomic standing.

Pakistan has a population exceeding 145 million people, with an annual growth rate of 2.16. Of the total population, 51.9% are males and 48.1 females. Pakistan remains, mainly an agricultural country, with 66.5% rural population.

Due to poor health conditions, our infant mortality2 rate ranks very high in the world (Pakistan: 78.52; Bangladesh: 68.05; India: 61.47; Iran: 28.07; Malaysia: 19.66).

More than half of the population is illiterate. The rate of literacy stands as low as 43.92, with only 32.02 females literate.

The total labor force participation is rated at 29% (crude rate), which includes only 9.3% females, and total rate of unemployment approximates 7.8% (1999-2000).

Pakistan is a mixed economy in which the state-owned enterprises (including industrial corporations, trading

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