KARACHI:
It is vital that aspiring entrepreneurs understand the legislative environment within a country so that they do not run into problems after starting their organisations, according to Centre for International Private Enterprise (CIPE) Senior Programme Manager Hammad Siddiqui.
Addressing a seminar titled “Entrepreneurial Opportunities for Youth in the IT Sector” on Monday, Siddiqui explained that none of the students and new entrepreneurs knew anything about the ramifications of failing to understand the laws they were working under.
Barriers facing young entrepreneurs and the possible avenues that they might require from Information and Communication Technology (ICT) unions were also discussed by seasoned entrepreneurs and young aspirants.
Most of the entrepreneurs agreed that one of the most important things they required in order to make start-ups would be mentors to brainstorm ideas with. “A list of dos and don’ts from the people who have already gone through the start-up phases will be invaluable to us,” said one aspiring entrepreneur.
They also discussed that finance would be an issue and experienced entrepreneurs advised that standby money amounting to around Rs0.5 million would be necessary.
An entrepreneur, who had grown his company from a start-up to a 30-man team in less than two years, explained the importance of running finances, saying that more companies failed because of lack of resources.
Seasoned entrepreneurs made a case against universities, saying that they had made the students risk averse. They added that universities should offer courses in financial education, which would help people manage their companies’ financials.
Published in The Express Tribune, April 26th, 2011.
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