Promotion of Entrepreneurship has a way out from this crisis ... entrepreneurship is about creating new businesses, and the success of a new business typically creates (self-)employment at least for the entrepreneur. It is quite likely that they create employment for others as well in this process ... consider an example of a vegetable cart, which can generate employment for at least three to four individuals (check this when you buy vegetables next time from a proper roadside vendor) ...
The educated, able, skilled lot of this country if encouraged to start small, and medium-sized businesses, will not just be beneficial for them but also for a lot more people.
My confidence in this solution to a painful economic problem of unemployment is reinforced with a saying of Prophet Muhammad (P.B.U.H) that the Rizq provided by Allah s.w.t is distributed among people such that its 9/10 parts go to businessmen or traders, and 1/10 parts go to the employed ... It is like saying that a building has 10 rooms, each having the same opportunities, but if 100 people want to get in any particular room then obviously space is not enough for everyone to fit in, on the contrary, if they decide to explore other rooms as well, then everyone will find enough space ...
There is another reason to talk about entrepreneurship. Local business
development reduces the reliance of the economy from foreign MNCs. It is a myth
that MNCs help local economies grow ... unfortunately, this false notion is
believed by our educated class; many business students raise this question 'what
about the employment generated by these MNCs'? That’s a question asked in
isolation, MNCs do not just create employment for a few, but along the way, they
also put lots of other local firms out of business (though this might not always
happen) henceforth as result the employment in an economy may not increase.
The
primary motive of an MNC is to generate ROI; if it invests say $1 million, it will
take away for example $1.1 million or more from a particular economy leaving it
worse off in the end. MNCs also attempt to manipulate the entire socioeconomic,
and political structure of a country as a whole depending upon the extent of its
operations. Social disintegration (which may also lead to mental health issues,
and suicide), rise in inequality, unemployment, environmental degradation,
contamination of land, and water with hazardous chemicals, human rights
violations, the financial backing of corrupt regimes, etc. have been reported in
many third world countries around the globe due to the direct or indirect
influence of MNCs.[1]
A total of $1.7 trillion worth of value is taken away annually by MNCs from the
third world countries as per some estimates via stealing raw material, and tax
evasions as per Laurence Cockcroft (as explained in his book ‘Global
Corruption).
Having said that local entrepreneurial development can reduce the reliance of an economy from MNCs, but that’s possible only if entrepreneurial ventures are encouraged, and those who have the potential may realize their responsibility to go for it[2]... Our education system from the very start keeps conditioning the students to become an employee. Many who can become entrepreneurs are forced by the conditioning at school, and even family to become employees rather. However in South Asia for example members of various communities like Pathan, Memon, Chinioti, Dawooodi Bohra, Delhiwala, Gujrati, Ismaili, etc. communities are still saved from such a trend (this may not be true for their upcoming generations); as most of them raise their kids to be business-minded, and formally educate them to the extent necessary to manage their family businesses (see Appendix 1, and 2 for more details). The businesses in Pakistan (for example) are perhaps growing to the extent to which these communities are growing. The rest of the population may also need to take charge before it’s too late.
The business schools can help here, instead of creating employees for MNCs, and Banks, they need to realize their social responsibility as well, and begin to inspire, and train their graduates to become entrepreneurs instead. Various universities are now thinking on these lines. Some of them are not just teaching entrepreneurship in theory, but also helping students to experiment in real-time. Holistically speaking the idea is to create an ecosystem, an environment conducive for students who aspire to be entrepreneurs or start their own little business in real life. Once a critical mass of students is on it the idea would become contagious.
There is another reason for it. Your education would mold you into a conformist employee depending upon how seriously you take your grades ... It is not impossible to think about entrepreneurship, or self-employment after completing your education, however, the chances will gradually decrease with the time you spend studying, unless you are exceptional, and have not allowed the conditioning at your school to transform you into a tool of the corporate machinery!!!...
So buckle your seat belt, and give it a try, as no wonder, with little perseverance, common sense, interpersonal skills you might end up establishing your own business, and become financially independent... on the other hand becoming an employee will only limit you to the boundaries provided by your working environment, for entrepreneurs, there are no such boundaries...
If you initiate a start-up while you are studying business for e.g, you will not be only studying theory but also will be practically applying it in your venture ... My personal experience shows that such students perform just as good as others, perhaps sometimes even better, thanks to the practical application of the theory they are studying (this has been also observed by Kiran Sethi's experiment at RiverSide School in India). It is needless to mention that such an experience nevertheless gets students ahead from the rest in terms of maturity, practical knowledge, and self-confidence.
There is a catch however, the curriculum, and pedagogy in business schools are not designed to bring up entrepreneurs, rather good employees, managers for large corporations[3]. Therefore students at present have to recontextualize the conventional theory to make it useful for the application.
In short, starting your own business, irrespective of how much profit it generates while you are a student, will not enrich your learning experience but also will introduce a much more lucrative, and enriching career option in your life, i.e. of becoming an Entrepreneur. See Appendix 1 for more insights.
It may be argued that at the age of 18 or 20 one may not be mature enough to start a business or lack experience, and many reports about the age of successful entrepreneurs in the so-called developed part of the world suggest that one must be at least in his or her 40s to be able to successfully start a venture. This may not be true for new entrepreneurs belonging to entrepreneurial communities like Memon, Delhiwala, Chinioti, Gujrati, Ismaili, etc. perhaps because of the kind of upbringing they have received. Jared Diamond has also argued that the kind of upbringing strategies common in the western world delays the sense of internal security, and maturity among people, while in traditional tribes in places like Papua New Guinea, such a delay is not observed.
Nevertheless, even if you at the age of 25 do not feel mature enough or confident enough, or have not received the necessary upbringing which could enable you to start a business, which essentially is an act of managing the relationship with all stakeholders, then you may start small as take baby steps, do small experiments, just start by selling some basic stuff among your friends, and family, and gradually try to experiment your way up into complexity, and scale. Remember, persistence is the key, and persistence would come from ‘why’ you want to start your own business in the first place, and if you aren’t sure, then you may start your journey through introspection, and self-exploration, by asking yourself ‘why’ you want to do anything. Also remember, honesty with your own self, self-respect, and self-awareness are among your greatest assets.
____________________
Having said that local entrepreneurial development can reduce the reliance of an economy from MNCs, but that’s possible only if entrepreneurial ventures are encouraged, and those who have the potential may realize their responsibility to go for it[2]... Our education system from the very start keeps conditioning the students to become an employee. Many who can become entrepreneurs are forced by the conditioning at school, and even family to become employees rather. However in South Asia for example members of various communities like Pathan, Memon, Chinioti, Dawooodi Bohra, Delhiwala, Gujrati, Ismaili, etc. communities are still saved from such a trend (this may not be true for their upcoming generations); as most of them raise their kids to be business-minded, and formally educate them to the extent necessary to manage their family businesses (see Appendix 1, and 2 for more details). The businesses in Pakistan (for example) are perhaps growing to the extent to which these communities are growing. The rest of the population may also need to take charge before it’s too late.
The business schools can help here, instead of creating employees for MNCs, and Banks, they need to realize their social responsibility as well, and begin to inspire, and train their graduates to become entrepreneurs instead. Various universities are now thinking on these lines. Some of them are not just teaching entrepreneurship in theory, but also helping students to experiment in real-time. Holistically speaking the idea is to create an ecosystem, an environment conducive for students who aspire to be entrepreneurs or start their own little business in real life. Once a critical mass of students is on it the idea would become contagious.
What’s the best time to start a Business
You might have to ask this question if you do not belong to a business-oriented family ... The answer is simple: the best time to start a business is when you are studying!!! Why? because this is the time you have the luxury to experiment a lot, take a few risks, without much pressure; and with a little common sense, and smart thinking, you can avert yourself from making a loss, let alone making enough for your pocket money ... On the other hand, when you graduate, the pressure from your family or in-laws to get a good job will hardly let you experiment, let alone becoming an entrepreneur. From there onwards it will only become more difficult with the perpetual addition of family responsibilities, and liabilities as you become a spouse, then a parent, so on, and so forth.There is another reason for it. Your education would mold you into a conformist employee depending upon how seriously you take your grades ... It is not impossible to think about entrepreneurship, or self-employment after completing your education, however, the chances will gradually decrease with the time you spend studying, unless you are exceptional, and have not allowed the conditioning at your school to transform you into a tool of the corporate machinery!!!...
So buckle your seat belt, and give it a try, as no wonder, with little perseverance, common sense, interpersonal skills you might end up establishing your own business, and become financially independent... on the other hand becoming an employee will only limit you to the boundaries provided by your working environment, for entrepreneurs, there are no such boundaries...
If you initiate a start-up while you are studying business for e.g, you will not be only studying theory but also will be practically applying it in your venture ... My personal experience shows that such students perform just as good as others, perhaps sometimes even better, thanks to the practical application of the theory they are studying (this has been also observed by Kiran Sethi's experiment at RiverSide School in India). It is needless to mention that such an experience nevertheless gets students ahead from the rest in terms of maturity, practical knowledge, and self-confidence.
There is a catch however, the curriculum, and pedagogy in business schools are not designed to bring up entrepreneurs, rather good employees, managers for large corporations[3]. Therefore students at present have to recontextualize the conventional theory to make it useful for the application.
In short, starting your own business, irrespective of how much profit it generates while you are a student, will not enrich your learning experience but also will introduce a much more lucrative, and enriching career option in your life, i.e. of becoming an Entrepreneur. See Appendix 1 for more insights.
It may be argued that at the age of 18 or 20 one may not be mature enough to start a business or lack experience, and many reports about the age of successful entrepreneurs in the so-called developed part of the world suggest that one must be at least in his or her 40s to be able to successfully start a venture. This may not be true for new entrepreneurs belonging to entrepreneurial communities like Memon, Delhiwala, Chinioti, Gujrati, Ismaili, etc. perhaps because of the kind of upbringing they have received. Jared Diamond has also argued that the kind of upbringing strategies common in the western world delays the sense of internal security, and maturity among people, while in traditional tribes in places like Papua New Guinea, such a delay is not observed.
Nevertheless, even if you at the age of 25 do not feel mature enough or confident enough, or have not received the necessary upbringing which could enable you to start a business, which essentially is an act of managing the relationship with all stakeholders, then you may start small as take baby steps, do small experiments, just start by selling some basic stuff among your friends, and family, and gradually try to experiment your way up into complexity, and scale. Remember, persistence is the key, and persistence would come from ‘why’ you want to start your own business in the first place, and if you aren’t sure, then you may start your journey through introspection, and self-exploration, by asking yourself ‘why’ you want to do anything. Also remember, honesty with your own self, self-respect, and self-awareness are among your greatest assets.
____________________
Endnotes:
[1] Anyone looking for details may go through Naomi Klein’s book and documentary 'The Shock Doctrine', Noam Chomsky's articles and books on globalization (Google them), John Grey's book 'The False Dawn', Mark Achbar's documentary 'The Corporations', various documentaries by Michael Moore etc etc ... (Disclaimer: this is my personal analysis, not the official position of the intuition I work for, and I intend not to generalize all MNCs as bad, there may be exceptions as well)
[2] Local law, and order conditions, and a sense of security in the market are however a prerequisite, ensuring of which in fact is a job of the state
[3] See Steve Blank’s lecture: Democratization of Entrepreneurship on https://youtu.be/n-H7TAcqGko
[1] Anyone looking for details may go through Naomi Klein’s book and documentary 'The Shock Doctrine', Noam Chomsky's articles and books on globalization (Google them), John Grey's book 'The False Dawn', Mark Achbar's documentary 'The Corporations', various documentaries by Michael Moore etc etc ... (Disclaimer: this is my personal analysis, not the official position of the intuition I work for, and I intend not to generalize all MNCs as bad, there may be exceptions as well)
[2] Local law, and order conditions, and a sense of security in the market are however a prerequisite, ensuring of which in fact is a job of the state
[3] See Steve Blank’s lecture: Democratization of Entrepreneurship on https://youtu.be/n-H7TAcqGko
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