UNIVERSITY OF WAH

WAH ENGINEERING COLLEGE

Electrical Engineering Department
Assignment # 05
Course Title: Entrepreneurship Course Code: MGT-415
Semester:8th Course Teacher: Dr. Sohaira Ahmad
Total Marks: 10 Time :03 Days
Student Name: Waqar Ahmed Reg. No:UW-17-EE-BSC-045

Assignment Title:
Entrepreneurship & Economic Development

Course Learning Outcome Program Learning Outcome Learning Domain

CLO-1 PLO-12 C-2

PLO-12: Lifelong Learning: An ability to recognize importance of, and pursue lifelong learning in the broader
context of innovation and technological developments
CLO-1: Understand basic principles of entrepreneurial process with sound knowledge of expected risks.

Note: Avoid irrelevant details. Answers should be not more than 250 words, (extra details may lead to
negative marking)

Question # 01: (CLO 1, PLO 12)

Explain employment creation and training reference to Entrepreneurship & Economic

Development in Pakistan in current scenario.

ANSWER

 DEFINITION OF ENTREPRENEURSHIP:

“Entrepreneurship is the willingness to take risks and develop, organize and

manage a business venture in a competitive global market place.”

 ROLE OF ENTERPRENEURSHIP:
Creates large-scale employment opportunity:

Entrepreneur provides immediate large-scale employment to the un-employed which is a

chronic problem of underdeveloped nations with the setting up of more and more units by
entrepreneurs. Economic power is the natural outcome of industrial and business activity.
Industrial development normally leads to concentration of economic power in the hands of a
few individuals which results in the growth of monopolies. 

Training of the employee :

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A relatively permanent change in employees that improves job performance. Employee
training is a learning experience. There are two training methods:
On the job: Classroom lectures, multimedia learning, simulation and vestibule training.
Off the job: Job rotation, Apprenticeships, Internship.

 HISTORY OF ENTREPRENEURSHIP DEVELOPMENT IN

PAKISTAN:

In Pakistan, policy has always been biased towards the elite. This is especially true of the
economic policy which has been biased towards the large scale sector. The result is
that this sector has developed on the incentives of rent seeking rather than
entrepreneurship. The development of small scale sector to some extent reflects the
characteristics of entrepreneurship however this sector has largely grown up as an
informal sector continually besieged by the state in its quest to protect its favorite child
the large formal sector.

a) The Big Push for industry: Enterprise for the government was synonymous to large
industry only.

b) The Neglect of the “Small”: Small-scale manufacturing sector developed in the context of
a difficult / biased industrialization process.

c) Agriculture and the Elite bias: The beneficial effect of green revolution, that has been the
case of incentives from the government, remained restricted to rich farmers only.

d) Subsidies for Export: Businesses have grown on the back of various protective measure
that had a tilt towards rent-seeking rather than welfare improvement.

 ROLE OF ENTREPRENEURSHIP IN ECONOM DEVELOPMENT

OF PAKISTAN:
Entrepreneurship spurs improvements in productivity and economic competitiveness, and
with technological advances and economic liberalization, the assumption that fostering
entrepreneurship means promoting a country's competitiveness today appears more valid than
ever. Entrepreneurship development has the potential to create jobs through the formation of
new business ventures; utilization of available labor and resources to create wealth, stimulate
growth, boost the economy and increases a nation's GDP, and reducing dependence on social
welfare programs.

Pakistan ranks 101 amongst 134 countries based on several pillars determining
competitiveness, according to Global Competitiveness Index.  Factors for such traditionally
low levels of entrepreneurial drive lie within our culture, bureaucracy, financial hurdles and
academic perceptions of entrepreneurship.

GENERAL RESISTANCE TO NEW IDEAS:

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Entrepreneurship is equated with small and cottage industries; there is a stigma with failure
and a general resistance to new ideas; businesses are rooted in traditional and low value-
added sectors such as textiles, rice and leather. Also, younger business communities, often
educated abroad, do not have the requisite experience or financing to establish businesses,
family-owned businesses are slow to adopt professional modes of management; business
culture is excessively male dominated with very few women entrepreneurs or business
heads. 

OTHER PROBLEMS:

Other factors include corruption at practically all levels, high taxes and stringent government
regulation creating unnecessary hurdles for entrepreneurial businesses.  On the private sector
front, multinational corporations and international banks have rapidly expanded their
presence and they provide good, salaried opportunities to young professionals.  The typical
aspiration of an MBA student graduating from a Pakistani business school is to secure a
stable job with a multinational or other large corporation where they can advance through a
stable, prosperous career.  However, with the growing population and fewer job openings,
traditional avenues of employment are limited.

ENTREPRENEURSHIP TEACHING:

Given the weak, scattered and excessively academic focus on entrepreneurship “teaching”,
societal and cultural views along with excessive government and financial hurdles a huge
opportunity exists for an institution that can educate, advocate, enable and encourage
independence and innovation.  The educated, young, and emerging entrepreneurs need to take
the lead and be encouraged to become the vanguard of Pakistan’s economic growth.  

Question # 02: (CLO 1, PLO 12)

Summarize case study 7.1 and 7.2 in your own words

CASE STUDY 7.1

Jack Peterson and Sarah Jones started a business with a plan to locate and operate in malls
and other high-traffic areas to sell accessories for Apple. In order to complement their
accessory sales, the two have created a series of short videos available on website paid that
help users learn how to make better use with product buying availability both online web and
app. The Internet domain was named, www.iuseraccessories.com. A part of their startup pre-
searching done to use the name or do any advertising. Jack and Sarah met in an introduction
to entrepreneurship course at their local university. Where they got idea while working on the
assignment for the class with next plan got refined year. This got them first position in class.

As part of their business plan, both completed a product feasibility analysis with first
developing a concept statement and getting a review which was positive. The idea to
distribute videos dealing was result of it. The results affirmed that the vast majority of people
in their target market don’t realize the number of accessories that exist, let alone know where
to get them. They also were pleased with the high degree of interest expressed by the survey.
According to their projections, they should be cash-flow positive within four months and will
not need any additional infusions of cash, unless they expansion is made.

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They had also gone over relatable material in preparing their business plan. In the meeting
with the attorney, they want to be as well informed as possible and actually lead the
discussion and make recommendations. On the day of attorney looked at both of them and
placed a copy of the list they had e-mailed in front of her. The attorney smiled and said,
“Let’s get started.”

CASE STUDY 7.2

Credibility is a important property hold either in a prospective customer in a for-profit

context or a prospective donor in a nonprofit context, it’s important that the company or
organization pottery in a manner that builds credibility and trust during first encounters as
both parties have multiple options for allocating their money. There are several ways
companies and organizations can build credibility and trust which are: Having an attractive
outlook, Receive media coverage. Obtain expert review, Obtain customer review, Give
people a reason to care, Telling your story, Have a presence on social media, Tell customer
interest.

Coach-Up is a service that connects athletes with private coaches, founded by Jordan Fliegel.
The company vision private way to next level in sports and life. Fliegel was an average
player until has father hired a private coach, The sessions with Kristof helped Fliegel and
moment made his carrier progressive. Coach-Up’s website matches athletes, in all major
sports, with coaches that are willing to work with them by marketing money by taking a
small percentage of the coaching fees charged through its site. That’s the service that Coach-
Up offer’s. Here is how Coach-Up is building credibility and trust via above mention points.

Charity: Water founded in 2006 started by Scott Harrison is a nonprofit organization with a
purpose to bring safe and clean drinking water to people in developing countries. He
developed a passion for helping al 1-plus billion people in the world who do not have access
to clean water. It started when he asked a large group of his near and dear to attend his 31st
birthday party with asking them to donate as gift to start such a clean water organization. The
money was utilized to fund the drilling of six wells in a refugee camp in Uganda.
Organization has grown and now active across the world. It has done many things to bring
the urgency of its cause to the attention of the public, including setting up an outdoor
exhibition. Its projects vary from country to country depending on water sources, the nature
of the terrain, and the local population. Its solutions range from drilled wells to rainwater
catchments to spring protections.

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