The Vice-Chancellor University of Karachi Professor Dr Khalid Mahmood Iraqi on Thursday expressed that the majority of Pakistanis want to be entrepreneurs but are afraid to take a risk and that is why they could not succeed in achieving their goals.

He mentioned that to be a good entrepreneur, one has to take some risks but with proper planning regarding his/her work. The right use of skill and technology is the key to success and one of the major differences between us and the rest of the world is that they practically implement their ideas and we most of the time just talk about plans rather than working on those startups.

He was addressing ‘boot camp training of Khud Mukhtar’ program organized by the Karachi University Business Incubation Centre at the Arts Auditorium. The KUBIC, which is a part of the varsity’s Office of Research, Innovation, and Commercialization, had arranged the event for grooming the students and young entrepreneurs.

“We need to change the mindset as well as our syllabus right from the grass-root level. We have to create an environment which encourages fresh innovative ideas and support creative-minded people as they can bring changes in society.”

The KU VC Professor Dr Khalid Iraqi said that failure is a part of learning and failure of one project does not mean that you cannot be successful in your life. He advised the audience not to be afraid while starting any project and do proper research and necessary work before initiating any project on the ground.

Another speaker, the founding partner Bykea Rafiq Malik shared that entrepreneurship looks glamorous from the outside but this is a very challenging task. He informed the audience that one must realize that this is not an easy job at all and demands a lot of detail planning and determination.

He shared that a good entrepreneur has the skill to see the market and the ability to quickly analyze what is required, what kind of problem could occur while launching the project, what type of solutions could be provided to the masses, and how to implement the ideas.

The Chief Executive Officer Sizzlers Waqas Azeem shared that young people after completing studies usually search for a job to support their family and hardly think about launching his/her business ventures. The work cannot give you passion and satisfaction but through your entrepreneurship projects, you can feel it because it does not limit your dream and gives you a boost in your life.

He advised the audience to collect relevant information and share their ideas with experts before launching it so that they could avoid chances of losses. Meanwhile, The Chairman Health and Education Committee Karachi Chamber of Commerce and Industry Jawed Siddiq Mitiwala said that motivation without practical work would never produce fruitful results. He said that an online platform is ideal for young entrepreneurs.

The Executive Director Dream World Resorts Abdul Jabbar Rathod said that person could not ignore unseen challenges and natural disasters. The situation that occurred after the Covid-19 pandemic was very difficult for every business as they faced huge financial losses but also learned a lesson on how to survive in such situations.

The CEO Trax Logistics Muhammad Hassan Khan shared his own story of how he started the start-up during his studies and why he launched another innovative project. He said that he witnessed a German company was working in Pakistan realized that he could also work on the same line. He mentioned the Pakistani market hardly making 0.3 percent in the e-commerce sector and that is why there is huge room for others to avail the opportunity.

Salim Sheikh while representing Progressive Traders Private Limited mentioned that youngsters should also consider agriculture and food sectors while preparing to work on their startup projects as they have more scope than other fields.

The Assistant General Manager SWVL Commercial Shayan Shamim said entrepreneurs should give preference to affordability and comfort for the public rather than thinking of it as a tool of making money.

The KU Students’ Advisor Dr Syed Asim Ali said that programs like Khud Mukhtar are designed to bring out the hidden talent and positional of students. He advised students to look at different fields as well and not rely only on the technology industry.

Earlier, the Director KU ORIC Professor Dr Aliya Rehman and the Manager KUBIC Talha Bin Shuja spoke about the background of ORIC and KUBIC respectively and briefed the audience about the future plans as well

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