Poverty will not end in the world until wealth reaches to the poor by passing through the hands of riches. Be it Pakistan or any other country in the world, the riches try to keep the wealth limited to them, and for this purpose they always target small industries and small businessmen. To achieve this heinous goal, the riches also make laws in their own interest with the help of politicians, so that, if someone comes to compete them, could not do so, and as a result the number of riches persons does not speedily rise in the world.
Children of Third World are told from the day first that if they get good education, they will get a good job. So, most of these children have this in their minds that they will get a good job in a good and big private firm or will get a government job after completing education. Those children are threatened that doing business is not for everyone and only investors can do it, and if anyone of these children want to do business, he is firstly discouraged by their own family by saying that it is not possible for you. And even if he satisfies his parents and goes into business, no one really educates him. Then he opts to get information by internet. Though information available on internet are close to reality but not enough for starting a business.
This is the reason why many children start their own business but due to loss they cannot sustain it and this is the reason why their businesses are closed. New ways of modern business can be discovered. If the whole world teaches the future generations how to do business, new ways of modern business can be discovered around the world.
Many schools and universities have been opened in Pakistan that provide business degrees. But these institutions only teach theory of business not practically educate the children. After getting theoretical education, those children go out to find a job in the market not with a practical approach but with merely a theoretical approach. Due to lack of practical approach, they are not dare to start a business. To give them this courage, we have to provide them practical education as per requirement of a business.
The most important thing for any successful entrepreneur is a business idea. Remember! every student’s mind and thinking are different, if every student works with his mind and thinking, different business ideas are generated and because of these business ideas, they get solutions to many economic problems in the world. In business ideas, it is seen how much a person’s ability is, and according to his ability, if he starts a business, whether it be successful or not, and whether this business has a demand or not. Never limit your thinking especially when creating a business idea and do market research before putting any business idea into action.
From market research, you know whether your idea can be successful or not according to the current time and conditions. If after doing research you feel that your business plan can be successful then you should start working on it. While doing research you need to compare your plan with the existing business people in the market and see how the quality and life of that business is? Short term business people make temporary profit but that profit does not last long, and then their investment does not increase along with inflation, the inflation overtakes and then the business starts to close down gradually.
Must follow the legal requirements while doing business, get your business registered and after registration always come to branding, branding requires good marketing, your business may be good but people don’t know about it, so that business can never be profitable, that’s why marketing and branding is very important, for this you have to work continuously. Despite success in the business, you have to upgrade your business every year and always focus on it, be it branding or quality, to take any business up you must have a team, always train your team, and always think about the benefit of your team members alongside your own benefit, so that your team is on the path to success along with you.
Remember! All the big companies that have achieved success have a role of their team leader in this success. The leader who works day and night for the best performance of his team.
The reality is that every person wants to do business, but the biggest problem is availability of funds, due to which even educated people do not think of doing business, but nothing is impossible in this world. If you want to start a business arrange funds under financial planning. Either start a business with your limited capital or start a business by establishing a partnership with someone, but never do business on bank interest and whenever you do financial planning for your business, do it by keeping in mind both profit and loss in your business.
Under risk management, do planning for difficult days of your business as every business faces good and bad days, but only those businesses are successful that can survive in difficult days. When you will have arrangements for difficult days your business will be able to survive in difficult time. A business which has arrangements for tough time never fail, and despite the ups and downs, the business reaches its peak of success. Only those countries develop in which the governments work on medium and small industries and businesses and provides facilities in this regard. The current Pakistani government should also provide facilities for starting new businesses. Provide interest free loans to the youth and work with the youth under government private partnership.
Unfortunately, in our government private partnership is only done either with big people or with entrepreneurs from foreign countries. If the government does partnership with youths, they will lead Pakistan to success like China and Japan. The government should become a financial partner and make the new and ordinary entrepreneurs its working partner for starting new businesses in the country.
