The career goals of the first-year students seem to be shifting. There was a time when most MBA graduates hoped to find a job in a bank or multinational corporation. They dreamed of working in a well-designed office environment, and many were looking for future internships in foreign branches of multinational companies. Working in a local industry or trading company was way down on her future plans. Their idea was that if they couldn’t find a job with banks or multinationals, they would spend time in such companies while applying to organizations of their choice. Their claim was to be intellectual yuppies, get rich overnight and move in elitist circles.
Enthusiasm to become entrepreneurs was also lower among most graduates, as the risk factor of failure was higher than success. Efforts to go through the maze of bureaucracy, going from office to office to raise utilities, convince banks to borrow, and hire people to work for them were daunting and it was like doing sailing on uncharted waters. Creating demand for their products or services was also a concern. Graduates from business-minded families were less concerned as they were widely expected to join family businesses.
The pandemic crisis and the large number of, for example, MBA graduates who are being deported from science, have severely affected the working environment. Most MBAs, especially from lower-ranking universities, are hired for jobs that BA graduates have held in the past. In fact, most MBA graduates are glorified employees and initially have a few thousand more than the minimum wage. The flood of MBAs, many of which lack the intellectual or organizational skills, has exacerbated the situation and made it difficult for these graduates to find attractive positions. Most Pakistani universities do not produce world-class managers, but rather send these graduates to the sea of ââchange without a paddle.
Nowadays, more and more graduates (of almost all subjects, especially IT) speak more of their own company than of a 9 to 5 day everyday life. They have ideas and speak fervently about their plans. However, most of them are the ones who want to start a business but never get started. They want to be entrepreneurs, but in contrast to entrepreneurs who have ideas and implement them down to earth in companies, their ideas remain in the head and on paper without implementation. That is why they are called wantrepreneurs today. What is the difference between entrepreneur and wantrepreneur?
Entrepreneurs are high achievers through pragmatism, while entrepreneurs build castles in the air. The recent successes of startups in raising venture capital in the millions are testament to this new generation of Pakistani entrepreneurs. One measure of success was that startups attracted nearly $ 300 million through fundraising from overseas venture capitalists this year alone. There have been and have been start-ups, failures and successes for many years. But these entrepreneurs persisted and tried and struggled and struggled to pursue their goals with minimal support from the government, business organizations, or venture capitalists. There may have been other colleagues and classmates who had similar ideas but didn’t want to. Formal and informal studies have shown that nine out of ten startups fail within four or five years.
The high failure rate could be a main reason why wantrepreneurs talk rather than perform. The overall environment for a start-up is difficult and time-consuming. There should be a workable idea with a vision for future growth. A start-up entrepreneur takes a holistic approach to being successful. This is yet another dissimilarity between a wannabe and a doer, yet more confirmation of why a successful company is making a name for itself while about nine are drowning in the tumult of business, and another reason the company’s brand is accepted and praised while itself the social media this forgets the ones not progressing on the path to completion.
Lianne Martha Maiquez Laroya, financial advisor and entrepreneur, lists ten differences between entrepreneurs and dream entrepreneurs. First, the former believe in themselves while the latter think it’s all about them, second, the former keep moving while the latter continue to complain, third, failure does not deter the former, while the latter are easily discouraged, fourth the former aim to be the best while the latter aim to get rich; fifth, the makers work hard for their business while the speakers work hard for their image; sixth, the difference between striving to get what they want , and waiting to be given something, seven, the entrepreneurs adapt quickly to change, while the wishing entrepreneurs call meetings, eight, the difference between innovation and procrastination, nine, risk-taking and risk aversion, and ten, driven by their own Passion and driven by someone else’s passion.
The motivational message for wantrepreneurs is that the realities of the soil must be the focus. A company needs many basic foundations in order to create the environment for it to be founded. A practical business strategy developed through critical research, especially market research, that includes seeking advice and advice, complemented by a thorough analysis of the data available and, more importantly, calibrated and prudent financial management, is essential and a mandatory component.
The responsibility for advancing into the ranks of entrepreneurs rests with the academic institutions, which must also arouse this enthusiasm in entrepreneurs during their school days. Then it is up to the corporate organizations to set up mentoring and moderation cells in order to develop these wantrepreneurs in order to encourage and inspire them. Exchanges need to create venture capital firms to provide the much-needed funding to help these young entrepreneurs get their businesses started. However, there is no free lunch. Wantrepreneurs must take Thomas Edison’s comment to heart, who said: “Genius is 1 percent inspiration and 99 percent sweat”.
The author is a past President of the Pakistan Employers’ Association