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Entrepreneurs from Pakistan have been making a name for themselves for a while now. Therefore, whether it is developing smartphone applications or establishing manufacturing units, now is a good time to pursue entrepreneurship as a career choice.
Here are five reasons why it makes sense to start your own company.
1. Low setup costs. The cost of starting a public limited company in Pakistan is significantly lower compared to other countries. Setup costs are usually minimal, although this varies according to the type of business you want to establish. From renting a space to conducting transactions from your computer at home, operational costs will not stand in your way.
2. Hiring ease. There are plenty of fresh graduates in the job market, so bringing human resource on board is relatively economical. You just need to register them with the province’s social security institution and the EOBI. But remember, entrepreneurship is all about management, and finding the right people and managing them is where the real challenge lies.
3. Easy taxation laws. Registering your business with the SECP is a fairly simple procedure; you can even do so online. But to stay focused on your revenue and business growth, it is best to leave the tax notices to a lawyer whom you can hire for a fee as low as Rs 10,000.
4. Opportunity for growth. Pakistan is an emerging market with great potential for value-added services; doing business in Pakistan costs 25% less than in most other countries. Entrepreneurs with good products and services can therefore expect exponential growth. And, did you know that so far this year Pakistan is one of the countries with the best-performing stock markets in the world?
5. Personal investment. When you own your own business, you are in fact the major shareholder. Although this means greater profitability and more control, it also means that you are the sole bearer of the risk. Consequently, you will have to stay alert and invest all your time and energy into making your business a success.
– Sadya Siddiqui
The writer is a branding consultant who can be reached via LinkedIn.
First published in the Careers Section of The DAWN National Weekend Advertiser on August 4, 2013.