SME Business Support Fund (SME-BSF) Chief Executive Officer Saqib Mohiuddin has underlined that small enterprises are the engine of economic growth, but a lack of financing and market access are among the major impediments in their development.
Mohiuddin was addressing participants of ‘Pakistan Entrepreneurs and Leaders Programme – 2011’ at University of Management and Technology (UMT). He revealed that SME-BSF had launched ‘Franchise Pakistan’ programme to help young entrepreneurs in taking first step towards their enterprise endeavours. He said that SME-BSF would provide matchmaking services between franchiser and franchisee to ensure that the new business venture would prove a success.
In addition, it would provide free service support to new enterprises under the Franchise Pakistan Programme which would help young entrepreneurs in facing challenges. SME-BSF chief said that the programme was designed to encourage university students and young entrepreneurs to set up their own businesses. It was aimed to give them confidence to think beyond job and set up new enterprises.
In his address to the UMT students, noted entrepreneur Rashid Hussain said that during university days students had many plans but they did not have place and resources to implement their ideas. He underlined that every year, millions of students were being graduated from universities and colleges around the globe, but only 0.37 percent gain employment. He pointed out that setting up an enterprise might be challenging but at the same time it was much more rewarding than employment.
He said that entrepreneurship was the need of the hour. He encouraged students to think hard about creating new jobs instead of looking for jobs. Hussain said Franchise Pakistan was a good initiative which would help young entrepreneurs to polish and hone their skills. Speaking on the occasion, UMT Director of Development Waqar Ahmad said that UMT was always supportive of entrepreneurs and to make Pakistan proud. He highlight that UMT was a pathfinder in the field of business education. He noted that in the recent LCCI Young Entrepreneur Business Plan Competition, UMT students won the second prize.
