Entrepreneurship is an act of being an entrepreneur, one who undertakes innovations, finance and business intelligence in an effort to transform innovations into economic goods. It may result in new organizations, revitalization of mature organizations in response to a perceived opportunity.
Importance of an Entrepreneurial Economy:
The characteristics of an entrepreneurial economy are high levels of innovation combined with high level of entrepreneurship which results in the creation of new ventures as well as new sectors and industries. An entrepreneurial economy allows individuals to establish their own earning business setups even on different scales (small or huge organizations) and so for staying in the market everyone tries to come up with new and innovative products and services. Thus promoting more of research and development in the business sector which ultimately results in more competitive offerings internationally and globally. Hence, keeping the country's offerings valuable in the international market.
Entrepreneurship in Pakistan:
Here I have tried to highlight the barriers in path of entrepreneurship in Pakistan, and have mentioned a few solutions for its implementation to achieve higher economic growth in Pakistan.
The foul policies of the government of Pakistan that has just served a few elite and powerful people and rent seeking culture has crippled the innovation of products and almost ended the trend of research and development in Pakistan
By ensuring rule of law, removing the instruments of rent seeking, new growth strategy based on researched knowledge and overcoming the energy crisis are the major factors that if implemented correctly in Pakistan, can bring prosperity in economy while rescuing many from the poverty and deprivation trap.
Women Entrepreneurship the Emerging Workforce in 21st Century: Turning Challenges into Opportunities
Ayesha Kalim
Innovative Educational Solutions (IES), Lahore
Women entrepreneurship turning challenges into opportunities.
This conceptual paper indicates and emphasizes the women entrepreneurs as the potentially emerging human resource in the 21st century to overcome the economic challenges in global perspective. Women of 21st century is no more a traditional resource confined to homes only rather an educated, knowledgeable and innovative part of the overall population possessing the capacity to transform economies into thriving enterprises. Developing and developed nations have realized that developing women entrepreneurship is indispensable to flourish as economically dominant nation in the modern high-tech world. Therefore, creation of platforms and networks for entrepreneurial culture are prominent issues globally.
Key words:
Entrepreneur: individual holding vision for creating opportunities for economic growth.
Challenges: impediments on the way towards achievement of final goal.
Opportunities: chances for developing professionally or personally.
This is a concept paper and the researcher has adopted the method of reviewing different research articles, research journals, and case studies, to collect data about entrepreneurship and woman entrepreneurship which is consequently incorporated as a concept paper drafted by the researcher.
Entrepreneurship has been globally felt as a developmental & progressive idea for business World. Scott, (1986). Therefore entrepreneurship is considered as vital ingredient for not only globalization but at the same time for creating diverse opportunities for future potential performers. Mitra, (2002). To exploit the human resource to their optimum potential is one of the greatest challenges faced by innumerable business organizations in the contemporary economic world, where progress is quantified and consumed as an entity. Brush, (1992).
Entrepreneurship is not just confined to any one gender now rather due to multi-faceted economic pressures women have turned up & realized that the survival of their families & their own potential lies only in working side by side with men. Marlow, (2002).
Education of woman have no doubt given them immense confidence & encouragement to serve & discover new business avenues. However the ground realities do differ to a great extent as far as geographical boundaries are concerned. Globally women are considered as weaker gender physically and emotionally, therefore prospects open for them to develop into business professionals is an area still quite unexplored and needs attention. Wennekers, (1999). Overcoming the challenges of business world are no doubt more treacherous for women than their male counterparts, therefore they undergo various impediments to achieve their business success. Allen and Truman, (1993). Fortunately due to technological advancement & means of communication the world has turned into a global community which has created new channels & opened up avenues for women to explore not only their potential aptitudes rather search for better business opportunities. Carter, (2001).
Entrepreneurship for Women
A question arises here that what entrepreneurship means for a woman? How a woman conceives the idea of entrepreneurship?
Entrepreneurship is an idea or vision which a woman holds to explore and optimize which could help her create new jobs & economic empowerment among her fellow beings. Across the globe, generations of women from very different backgrounds show very encouraging sign of entrepreneur spirit. It is to be hoped that governments at all levels will work to provide an environment in which this spirit may flourish. Delmar, (2000). Over 200 million women are employed across all industry sectors, with half of this number is in developing countries. Gem report, (2007). Entrepreneurship by definition implies being in control of one's own life and activities
For a woman entrepreneurship is not a new concept but certainly keeps woman hesitant to be among start-ups due to societal and community trends and pressures. Many other factors do influence to keep woman away to be potential entrepreneurs especially in developing countries.
Developed nations have provided gender equality platforms to keep the woman workforce motivated to be entrepreneurs. However, women still face financial insecurity, business insurance & human resource challenges plus resistance from their male counterparts to be successful woman entrepreneurs.
Motivational factors for woman entrepreneurs
Contemporary trends in business world have increased the fertility rate for entrepreneurship development globally. Large organizations lead to challenging situations in all spheres therefore small & medium scale enterprises are encouraged to open up new business avenues with new and diversified products and services to satisfy the consumer needs by cutting costs at the same time. Delmar, carter and jones, (2000).
Motivational factors influencing woman to join the leading group of entrepreneurs are of two types. One is entrepreneurship by choice, and the other is entrepreneurship by necessity. Schumpeter, (2000).
Women become entrepreneurs by choice due to the following factors:
€ To materialize their idea into a capital
€ For their empowerment and freedom
€ To prove their worth among their male family members
€ To establish their own rules for their work
€ To overcome the deficiencies they faced during their job experience
€ A long term standing desire to own their own company
€ Working for someone else did not appeal to them
€ By necessity they are motivated to be entrepreneurs are:
€ To improve the quality of life of their children
€ To share the family economic burden
€ To adjust and manage household and business life successfully on their own terms
€ Due to the death or sickness of their husband.
Tips on successful entrepreneurship
Key ingredient of a successful entrepreneurship venture is hon

I participated in a leadership course for youth this last weekend and walked away thinking about how every entrepreneur I know is a leader, and I usually find a correlation between each entrepreneur's leadership skills and their relative success. So, which comes first? Do you have to be a leader before you can be an entrepreneur? Or can you become an entrepreneur and learn the leadership skills you need to succeed?

I'm certainly not the authority on either topic, but I have consumed a lot and even created a little content on both. I cannot recall any author or speaker ever taking them on in this context. So I'm just going to jump right in with my thoughts, and I would welcome others to do the same.

I believe some have a more natural tendency toward being leaders and entrepreneurs. But these same folks often rely on their natural abilities and neglect developing some of the core skills and attributes to augment their effectiveness. It's like a high school running back who uses his god-given speed and reflexes to thrive, only to realize the guys he's competing with for a starting spot in college all have as much or more natural ability than he has.

Which leads to the next point-besides innate leadership and entrepreneurship tendencies, many of the skills that make successful leaders and entrepreneurs can be learned, developed, practiced, and honed. The leadership course in which I participated focused on four such skills: vision, communication, organization, and synergism.

A few years ago I worked with a man who was thrust into a leadership position. He had lived a life behind the scenes, and that's where he preferred to be. And, as far as textbook definitions go, he was not much of a leader. He struggled mightily with public speaking, lacked natural charisma, and shied away from trying to assert his thoughts on others. By every assessment tool he should have failed in his leadership role. But he thrived. Why? Because he worked hard to learn and develop that which he could. And those he lead could see his efforts and were happy to tolerate any deficiencies or flaws. In fact, his weaknesses became endearing to those he lead. I bet you won't find that in a textbook anywhere!

I heard Dan Sullivan speak recently, and he said something that I will never forget-leadership cannot be commoditized. I think the same for entrepreneurship. You just can't bottle it up and sell it off the shelf? Why? Because each leader and entrepreneur is unique, and their unique skills, attributes, and approaches to the task-at-hand result in varying ways to get the job done. And a big part of that is because it has to come from the heart, meaning there are as many different styles of leadership and entrepreneurship as their are leaders and entrepreneurs.

This is just a start to my thoughts on this subject. In the same manner that we have no conclusive answer to the the question "Which came first-the chicken or the egg?', entrepreneurship and leadership are so connected and intertwined I don't think we can ever really know which came first. Are there any entrepreneurs out there that think they were one or the other first? I bet the answer is unique to each one of us, further validating the point that these disciplines come from the heart and the unique spirit of each of us.

UNDERSTANDING Entrepreneurship
Today entrepreneurship is most commonly viewed as undertaking Innovation and bearing risk. Entrepreneurship can also be seen as economic Development as a continuum of series of new processes, new markets, new sources, and new organizations all of which are a product of entrepreneurial activity. There is abundant evidence that the productivity of the new, entering businesses is higher than that of the older businesses that they replace.
Entrepreneurship is rare and unlearned because (a) it charts the unknown; and (b) experience may be a hindrance to change. Besides innovation, risk-bearing is an essential element of entrepreneurship. When a new firm, a new product or a new process is formed, prospects are uncertain. It is the entrepreneur who must bear the risks involved since; others lacking the vision may be unwilling to take the risk.
Entrepreneurship is the process of identifying, developing, and bringing a vision to life. The vision may be an innovative idea, an opportunity, or simply a better way to do something. The end result of this process is the creation of a new venture, formed under conditions of risk and considerable uncertainty.
Entrepreneurs are therefore, usually considered to bear risk while pursuing opportunities, and are often associated with creative and innovative ideas. Typically it is noted that entrepreneurs start small and with their own funding. Banks and financiers like to finance success not unknown. Venture capital industry arises in advanced countries to discover entrepreneurs but this industry requires substantial legal and financial development to take root. The institutional infrastructure of poor countries does not lend itself to the development of entrepreneurship. If the innovative idea must be implemented in a smaller set up and the evidence being that small firms account for only a negligible part of the R&D being actually undertaken [Scherer (1991)] then the question arises from where do the small firms get their innovative ideas? The answer lies in
Knowledge spillovers. Griliches (1992) suggests that knowledge spills over
From the firm or research institute producing knowledge to another firm that
Commercializes it. This view is supported by the theoretical models [Romer
(1986) and (1990); Krugman (1991)] that focus upon the role that knowledge
spillover plays in generating increasing returns and hence economic growth.
The role of geographical proximity has also been recognised in knowledge
spillovers. The theory of localisation suggests that since geographic
proximity is needed to transmit knowledge, especially tacit knowledge,
knowledge spillovers tend to be localised within a geographic region [Jaffe,
Trajtenberg and Henderson (1993)]. Although the telecom revolution has
reduced the cost of transmitting information, knowledge which is based on
structures and analysis is not easily acquired and requires specific investment.
It is not surprising that even in today's info-tech world, industries tend to cluster together.


Entrepreneurship is an act in which a person takes risks by adopting new ideas and innovations and changes them into economic goods putting intellectual and professional skills in it. It can be termed as starting a new business or improve a mature business in a new way to seek better opportunity.
Entrepreneurship may not only include creative activities but also may be even part time job and may be creating many job opportunities. Many types of agencies and organizations are present to boost up entrepreneurial activities at every place. Entrepreneurship new emerged forms are social entrepreneurship political entrepreneurship and knowledge entrepreneurship. Entrepreneur is an important factor in microeconomics that was ignored earlier in 17th and 18th century that was shown in the work of Adam Smith and Richard. In 20th century it was studied a lot by lot of scholars and researchers. Entrepreneurship called "the gale of atomic destruction "that means that a minor change in existing products through creative innovation and on the other side creating new business models in an existing economy. Different scholars argued that entrepreneur is the risk bearer but according to Schumpeter it does not but capitalist does so. Entrepreneur is a French word, in English it is termed as a person who has an enterprise, idea and innovation bearing all the risks in any industry. Management skills and strong team building characteristics are needed for becoming a successful entrepreneur. Entrepreneur seeks opportunity available in the market and produce economic benefits for himself or herself and for other common man. Peers have a greater influence on the personality of the entrepreneur as well as they are extrovert kind of personality. There is a lack of clarity in judging the personality of the entrepreneur in different cultures.
In Pakistan innovation and risk taking is severely inhibited by the intrusive role of government in the marketplace. From the early days of planning when protection and subsidy policies determined winners in the market place, entrepreneurship has been diverted to seeking government favors and other illegal paths. Government economic policy also seeks to promote growth through multiple ways.
Basically 'mercantilist' approach where domestic commerce through seriously
neglect is heavily regulated. This sector either employs most of the poor or offers them entrepreneurial opportunities. For service and domestic sector State government has remained extremely indifferent to this very important
Sector that is inadequate and unsatisfactory form, further creating problems for policy.

If you are thinking of a rewarding career, putting up a daycare center is one of it. Owning and managing a daycare center can help you touch the lives of many children and can help out parents in looking after their kids. If you have patience and understanding with kids and you love being with them, definitely, a daycare business is the right one for you.

Since there are plenty of parents (father and mother) are busy working, the demand for a daycare is high. Parents need to bring their kids in a daycare when they are away for work.

Having a facility for children can be emotionally rewarding. Knowing the fact that you can touch the lives of many children, you can make them gain confidence and you can teach them with lots of things is truly rewarding.

Putting this business can make you care for your own kids and at the same time, you will take good care other children. This can help you enjoy your time at home with lots of children. Before operating your business, you need to have a business plan; it can help you successfully run your business. Do your math. Make some research, there are books that you can purchase in the market or online that can guide you in starting up a daycare business.

There are heaps of questions you need to answer before opening your business.

-Do you community need a daycare center?
-Can you charge enough in your area, what are the on going rates in your community?
-If you are going to put up a daycare in your home which will you use, will you convert your garage or yard into a facility for children?
-Do you know the rules and regulations in your state or county?
-How much capital you can afford in starting up a business?
-How do you handle the discipline issues?
-Do you have your own rules and regulations in your center?
-How many hours will you be operating each day?
-What meal will you be serving? Will you provide breakfast for the kids?
-What are the activities that the children will do each day?
-Are you CPR certified? Do you know how to handle first aid?
-What are the insurances that you need for your business?
-Do you know how to market your business?

These are some of the questions you need to think about. This can help you in starting up your daycare center successfully.

How do you begin? From the very first moment you have to decide where you want to end up and you have to visualize the end result and begin to analyze the cost before you proceed. What is your goal? Is it just to have a business? What kind of business will you have? Will you sell something or deliver service? Is it your own invention or someone else's product? Will this be part time or full time? From an office? Storefront? Home? Or door to door?

Before you begin to spend your last dollar you need to visualize, as much you can, the steps you will need to take to get you where you would like to be. Doing this will help you understand what you want and what you don't want and where you really need to spend your money.

Some of the questions that you will ask yourself are; What am I selling? Who is my most likely customer? How will my customer find me? How will I get my product to my customer? Which method of selling will it entail? Post card and direct mail? Stores? Wholesale? Face to face contact? Phone sales? Flyer delivery? Push Cart? What do you feel most comfortable with? What is the part of the business that you most like to do? If you are a chef and you are too shy to talk to your customers and just prefer to work your magic in the kitchen, then you will need to hire someone who a) likes people, b) genuinely likes selling and c) may even have a professional background in selling. At the very least it should be your partner or your friend who has a gift of the gab and is thrilled with your product. Once again determine how much it will cost you, before you begin.

If you write a business plan most of these questions will be answered. This is a good thing to do because it keeps your goals and your plan immediately in front of you, and it show your target spending goals and earning goals. If you find yourself slightly off course or far off course, reflecting back on your business plan can bring you back on track and keep you organized and pushing forward towards your goals. It also helps you to make adjustment if your original idea was bluey!

You should know that most small business owners out of necessity have to wear many hats. They have to manage the books, create the product, talk the talk, create the promotional and marketing material, create new avenues of selling and product distribution, and close the store, or lock up the push-cart at the end of the day.

You also have to do some homework to find out if there is a similar product being marketed and how is that product being marketed and at what cost? They would be your direct competition. But just because they are competition doesn't mean that you can't also succeed with your product or services. The exact opposite is most often true. If there are a few out there selling or marketing similar services, it usually means that yours will also sell. If someone doesn't like one place they can move down the block to the next person or business that is selling the same. If you are in the right place at the right time, and your price is right, that could be you. That is one of the keys to succeed in business.

The other is consistency. If you begin to develop a customer base, they have to be able to find you consistently; and you have to be able to deliver consistently what you promise, and you need to stay in touch with them on a consistent basis.

If you have the push-cart first on Second Ave and then on Tenth and then back on Lemoine, your customer will give up trying to find you to buy the sandwich or tostada from you. Day in and day out you have to be at that designated spot, and you have to be there in the rain, in the snow, in the hot sun and with ample product. If you get your product from some other source, you have to have a reliable distributor, if not you have to find one who is reliable and who takes your account or business as seriously as you do even if you are only placing relatively small orders. If you are consistent at delivering, and keeping in touch with your customers, and consistent at ordering pretty soon you will be placing larger and more frequent orders.

Today, I spoke with Dr. Ken Gibson, Founder of LearningRx, and listened to quite a fascinating story of an entrepreneur. Ken was an Optometrist, with a strong interest in business, and at some point, provided business consulting to over 300 Optometrists, before developing the methodology for training people to learn that is now at the heart of LearningRx.

LearningRx provides cognitive skills training that improve the brain's ability to process information. The LearningRx training programs go beyond the symptoms of academic struggles to attack the root problem - the limitations to the student's ability to learn. The training enhances underlying cognitive skills required to learn effectively - auditory processing, attention skills, comprehension, visual processing, memory, and problem solving. Once strengthened, these skills enhance the student's capacity to learn.

Ken stresses, "It's training, not teaching or tutoring. It's like giving a lecture on Piano versus training someone to play the Piano ..."

The best competing reading & learning program called Lindamood provides 2.3 years worth of improvement in 142 sessions. Ken's program provides 4.8 years worth of improvement in 72 sessions.

In 1989, Ken started licensing this methodology to doctor's offices and such, but soon realized that he needed a franchise infrastructure to reach more people. In 2002, he opened a Colorado Springs center, which within 4 months of existence threw up $225,000, with about 70 students participating over 3-6 month average duration.

Ken believes, engineers, not necessarily teachers, make his best trainers. Many engineers work at his centers, wanting to make a difference. Ken doesn't allow any trainer to work for more than 15-18 hours a week, or 3 hours at a stretch. The process is intense, hence the precaution.

The first franchisee opened in 2004. Today, LearningRx has 32 centers around the country, with about 50 average active students bringing in anywhere between $250k-$500k / year. The number will surely go up, as the franchises mature! All franchisees have been recruited by Word-of-Mouth. Customer recruitment has been through a mix of newspaper and radio ads, although now moving largely toward direct marketing.

Our VCs invest money in so many incremental businesses ... Ken Gibson's bootstrapped jewel is one that makes a difference in many lives, and in my opinion, is worth scaling!

To decide whether you want to go for a franchise business or not, you should know what is franchising? It is simply a method of entering into a franchise agreement where two parties will agree to do business with contractual provisions. The business setting is that one party will do the business and pay for the name while the other party will provide ideas for the business.

Franchising is preferred more than setting up your own business. This is because franchising business opportunity proves to be quite beneficial for all. It promises instant expansion, as you will definitely take franchising partnership with a company that will have one common system to follow. Franchisees also enjoy from discounts on the supplies and raw materials needed in operating the business perfectly. This is because franchise networks buy in bulk, and this helps them to get greater discounts.

Tips to start your franchise business

Franchise promises greater opportunity for high profits. The return of investment is always higher than the return of revenue and so the percentage of profit is also higher. Another important feature of franchises is they are quite experienced in the field of business.

Following are the tips to consider while you want to get into franchise business:

?Before entering franchise you should know the details about the business opportunity. You should attend workshops and seminars and know details about franchise business opportunities.

?You should be aware of the pitfalls and challenges in a franchise business.

?You should know that franchisees in big companies offer limited and flexible negotiations in the franchise system.

?Go through the background of the company that you want the franchise from. You should learn lessons from past mistakes of the company and beware of all types of scam.

?Analyze the cost of beginning the business and know the ratio of rent to turnover, salaries to turnover, fixed costs to turnovers.

?If you are borrowing money for investment, you can opt for a business loan, interests and principals or a business mortgage loan.

While you want to enter a franchise business, you will get lots of profit-making opportunities. But you should remain dedicated to become successful in your franchise business.

It is very important to know how much money you can invest in your franchise business. Apart from the franchisee fee, you will also have to pay for advertising, inventory, training, location fees, insurance and all other costs in addition to the franchise fee and royalties. Once you have decided what business opportunity you want to opt for like home services, financial services, personal services or retail, health and food you can invest your skill, talent and money into it to begin your franchise business.

You should also look for how your franchisee is operating like what training and support they have to offer, what track record they have, whether they are financially stable or not, do they undertake demographic checks on potential sites or not and what is the success rate of existing franchisees in the business.

As a home business owner, your first step to getting a business license is to have the location that you plan on working from inspected. This is because you need to adhere to specific zoning requirements. After the inspector gives you the go ahead, you can apply for your business licence by filling out a form. Forms are usually offered by municipalities of cities.

1. What Information Should You Have Ready?

- The top three preferred names for your business
- Your legal structure
- Your address
- Type of business industry
- Number of employees
- Expected gross income

2. Business Is Mostly Fiction

The purpose of the DBA is to inform the general public that you are beginning an operation under an assumed or fictitious name and that you are the individual who will be conducting that business. It must be published in a general circulation newspaper in the county where your business is located. The ad generally must run in four consecutive issues. During this time, anyone may challenge your right to do business under that name. Following publication, verification must be filed with the city or county clerk.

3. Permit To Sell Goods

Believe it or not, you can't even sell goods without paying for a permit first. An example of a taxable service would be clock repair. The labor or repair is not taxable, but the parts may be. A seller's permit is obtained through the state agency responsible for the collection of sales tax. Most often it will be the Department of Revenue.

4. Setting Up A Business Bank Account

Don't be fooled into setting up a business under your personal bank account. It is extremely important that you keep your personal and business finances separate. Not only are business accounts necessary for credibility when dealing with other businesses, but people will have no confidence in you if you pay them with a personal check rather than a business check. When you go to the bank, make sure that you have all business documents and other information with you. They will want all of it before they will open an account for you. Make sure you check out different banks and their many different business plans. Banks seem to charge a lot more for business transactions than they do for personal transactions. It's important to research the bank before deciding which one to go with. You may be surprised at the differences between what each bank charges for account fees.

Whether you have an online business or offline business you must have a certain factor and element within you, in order to succeed in both productive and financially. Today, 95% and more of businesses popping out online and offline fail because of two vital important factors in a businessman or businesswoman. Those elements and factors a businessman or businesswoman should have are: Passion and a Plan.

You see, without passion you dont have enthusiasm and desire for achieving a task or a complete project. You may have the education and knowledge to partially have the business successfully financially, but not have it successfully for a lifetime the entrepreneurial style. In short and precise words, it is that simple. In a great example:

Let us say you are a Jet-Ski beach enthusiast and that you love going out camping with friends every time you have a Saturday and Sunday off. Do you think that desire and enthusiasm are the main factors of why you love having fun while going out with your friends for such event, or do you think both desire and enthusiasm are the elements that go primarily within the factor of passion?

The answer is: We as humans have a passion for keep doing things we love and keep doing as a habit. That brings our most of foremost important elements- the elements of enthusiasm and desire. So, in order to success in business you must have at first a passion, then after the most important elements for succeeding in business and in life itself such as desire and enthusiasm will come alive immediately within you. Such important factor and element are of most important for succeeding in business and in life for a lifetime. Nobody can take that away from you. You are the owner and master of your own passion for your business- you either have it or do not have it. If you have it, you are most likely to succeed faster and in better financial ways in both the short term and long term. If you do not have passion, you are most likely to fail both short term and long term both in productive ways and financially.

You must assure yourself that every business, task and project you decide to start and develop, you apply the factor passion as the primary source for keeping you with the desire and enthusiasm to thrive your online and offline business. The second most important factor to always apply before starting a business would be- a plan. Another great read will be: The Greatest Factor People Fail To Do Before Starting A Business.