What should we do to opt for a startup or a 9 to 6 job? It’s been a topic of discussion in town that has been talked about previously many times in our lives. Whenever someone starts practical life, this is the very first question that comes their way. Before starting a conversation, let’s get an idea about what a startup or Job is.
A startup is a young company that is newly developed by an entrepreneur and is still in the stage of development. Startups usually aim to disrupt the existing industry or bring something new, a product or service that has yet to prove itself. Whereas, Job is a position either in the corporate or public sector with employees having clear career goals, work-life balance, and job security.
When we compare a job with a startup, we know that the percentage of risks and financial growth potential is high in startups. In employment, incentives usually include bonuses and salaries, but progress potential is based on performance within the institute and company.
In this blog, we will explain why startups are more rewarding than typical 9 to 6 jobs. Although jobs are relatively safe yet their progress potential is comparatively low. So, in this blog, we will do an in-depth analysis of flexibility and freedom, the potential for high growth, an entrepreneurial environment, an opportunity for wealth creation, increased job creation, and learning and personal development linked with jobs and startups in Pakistan. And then conclude that either Job or startup is more rewarding based on the above mentioned factors.
So, let’s start with flexibility and freedom linked with jobs and startups in Pakistan.
Flexibility and Freedom Concerning Startup and Job
Both startups and regular jobs in Pakistan offer different levels of freedom and flexibility. Here’s an explanation of the freedom and flexibility associated with each of them.
Decision-making
As an entrepreneur of a startup, you are your boss, so decision-making power rests with you. Whereas in the case of a job, decision-making power lies in the hands of top administration and authorities. Employees are not independent enough and they have to report to their manager for every decision.
Creativity and innovation
Startups deal with a culture of creativity and innovation, providing entrepreneurs the freedom to explore new ideas with different approaches. There is often a greater emphasis on thinking outside the box, allowing for more flexibility in finding unique solutions to problems. Whereas in the case of a job, you have to stick to your appointed responsibility in the same monotonous way.
Independence and control over work
As a startup owner, you can work from anywhere, anytime. As you are the owner of your team, you have full control over tasks that are to be done by you and your team. Whereas in the case of a job, you have to report at your workplace at the scheduled time, and your boss has full control over you as an employee, leading to no flexibility in schedule.
Variety of roles and responsibilities
As a starter of a startup, you have to perform a variety of tasks and responsibilities because a young company holds a small team with all responsibilities lying on the team, so the owner has to take a leap over the team in tackling tasks and responsibilities and in doing so, entrepreneurs get many hands-on skills. In contrast, an employee of a job has fixed duties which are to be carried out by using the same set of skills based on which they once got their Job. So, their progress could be a lot higher.
Work-life balance
Regular jobs generally have more defined working hours and a clear separation between work and personal life. So, it allows an individual to maintain a better work-life balance. In contrast, being an entrepreneur of your startup, you must be available to your team and approachable at any time, so work-life balance is a bit difficult.
Besides the above mentioned factors, it’s important to note that the degree of freedom and flexibility can vary within both startups and regular jobs, depending on the specific company, industry, and role. Some startups may have more structured processes, while some regular jobs may offer more flexibility. So startups usually offer freedom and flexibility concerning decision-making, work hours, workplace, and skillset. Whereas in the case of employment, freedom and flexibility are linked with Job security, salary and benefits, and work-life balance. So, both startups and jobs offer different levels of flexibility and freedom.
As we are done with flexibility and freedom associated with startups and jobs, let’s discuss whether employment or startup has more growth potential.
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Growth Potentials Linked With Job and Startup
In this section of blog, we will focus on factors which are responsible for growth in job and startups. Finally, on the basis of these factors we will conclude either job or startup is more rewarding.
The growth potential of regular 9 to 6 job
In the case of regular jobs, the personal growth factor concerning promotion depends on the employee’s hard work, efficiency, and effectiveness. At the same time, individual growth factors affecting skill sets depend on variations in your tasks and learning opportunities offered by the company.
The financial growth factor of a regular job depends on promotions and bonuses. Besides this, there are no other economic growth prospects related to traditional employment. Overall, the growth potential associated with a job is based on personal motivation and aspiration to get and become better.
Growth potential of startups
Startups in Pakistan have a wide variety of growth prospects based on the following macro factors:
Market size and demographics
Pakistan has a large population of over 220 million people, which presents significant market potential for startups. Beside it, Pakistan is one of the youngest countries in the world with well informed and tech-oriented youth. Moreover, a growing middle class creates opportunities for consumer-oriented businesses. All these factors present high growth potential for start ups in Pakistan
Regional connectivity
Pakistan’s strategic location offers access to regional markets, such as Central Asia and the Middle East. Startups with scalable business models can take this advantage to expand their operations beyond the local market. A larger market size means a greater number of potential customers who may be interested in the startup’s product or service. This increases the chances of finding a significant customer segment and achieving high sales volumes.
Emerging economy
Pakistan is classified as an emerging market, which means there are untapped sectors and opportunities for innovation and disruption. So, startups addressing critical challenges have the potential for high growth. Startups addressing critical challenges in sectors like education, healthcare, e-commerce, and agriculture have the potential for high growth.
Government support
The government of Pakistan has taken initiatives to promote entrepreneurship and the startup environment by initiating programs like “Startup Pakistan” and establishing technology parks and incubators. The government aims to foster innovation and provide resources to startups. All these efforts of Pakistani Government is making her a level playing field for all businesses.
Increasing investment
Over the past few years, there has been a rise in investments in Pakistani startups. The rise in investments is due to ongoing developmental projects like China-Pakistan economic corridor and emerging consumer markets. These investments give startups the capital to scale their operations and achieve high growth.
Technology adoption
The increasing surge of technology, especially mobile devices and internet services, has opened doors for tech-based startups. The examples include app development, digital payments, e-commerce platforms, digital payment solutions, and software-as-a-service (SaaS). These startups have the potential for rapid growth.
Talent pool
Pakistan is one of the youngest countries in the world, based on 60% of the population under 30 years of age. Pakistan has a large and talented youth population skilled in technology and entrepreneurship, leading to the availability of a skilled workforce at a relatively lower cost.
Besides the above mentioned macro factors, the growth potential of a startup also depends on micro factors like the uniqueness of the business idea, execution capabilities, market demand, competition, and economic conditions. So, it is recommended to perform comprehensive research and market analysis before launching any entrepreneurial idea.
On the basis of the above account, startups’ growth potential is comparatively high compared to regular 9 to 6 jobs. So, we conclude that starting a startup in Pakistan is more rewarding than a job.
In the next section of the blog, we will explore Pakistan’s supportive entrepreneurial environment, which leads toward increased wealth and job creation. So, it’s a motivational note for you to think outside the box and go against the normal tradition of a 9 to 6 job.
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Supportive Entrepreneurial Environment
The supportive entrepreneurial environment in Pakistan is based majorly on its geostrategic location and demographic characteristics. These factors have made Pakistan a level playing field for businesses and startups by providing access to regional markets via transit routes. Besides this heavenly blessing, the following elements provide a supportive environment for entrepreneurs.
Government policies
The government of Pakistan is striving hard to enhance businesses and startups in the country. So, it has introduced various initiatives and acts to strengthen this sector enough to build the state’s economy. The government of Pakistan has taken the following steps to promote startups in the country.
Pakistan Startup Fund: It is an initiative to facilitate financing for entrepreneurs. These measures have helped bridge the funding gap and attract local and foreign investments.
Pakistan Startup Act: It is enacted to simplify the registration process and reduce bureaucratic hurdles, making it easier for entrepreneurs to establish their ventures. The act also provides tax incentives, exemptions, and protection for intellectual property rights.
Increased investments for business and start up in Pakistan
In the past few years, due to the ongoing developmental project, the importance of Pakistan among foreign and local investors has increased, thereby leading to enhanced investment in Pakistani startups. Moreover, the government of Pakistan has introduced various laws to promote a business-friendly environment.
Digital revolution
Increased internet penetration and usage of mobile devices have brought a digital revolution in Pakistan. This transformation has sparked many startup opportunities, particularly in e-commerce, fin-tech, and digital services. The rise of online marketplaces like Daraz and Zameen, digital payment platforms like JazzCash and EasyPaisa, and ride services like Careem and Bykea are evidence of the supportive startup environment.
Establishment of incubators, accelerators, and co-working sites
These entities are vital in providing startups with mentorship, resources, and a collaborative environment. They offer specialized programs that help entrepreneurs to refine their business models, develop their products, and connect with industry experts.
The emergence of entrepreneurial events, conferences, and competitions
The entrepreneurial events have provided a platform for startups to showcase their ideas, gain exposure, and access potential investors. These events include Pakistan Startup Cup, Momentum, 021Disrupt, etc.
Going through this part of the blog, we learned that Pakistan is an attractive site for ventures like entrepreneurship. We will move to the next section, covering the positive impacts or rewards of a supportive entrepreneurial environment.
Rewards of Starting a Startup in Pakistan
There are many positive impacts of starting a startup in Pakistan which includes:
- Increased job creation: Startups are known for their innovative ideas, often requiring a skilled workforce. By hiring employees, startups create new job opportunities, contributing to employment growth.
- Increased wealth generation: As startups grow, they generate revenue, pay taxes, and contribute to the overall GDP of a country.
- Local Talent Development: Startups have the potential to empower local talent by providing them with opportunities to work on exciting projects and gain valuable experience.
So, we end this section on a note that the overall impact of initiating startup benefits both country and nation, leading to improvement in people’s living standards.
In the last section of the blog, we will go through the success stories of startups in Pakistan. The purpose is to provoke a spark in locals and foreigners to invest in Pakistani startups.
Success Stories of Successful Startups in Pakistan
This section is about the successful startups that have created their mark in entrepreneurship.
- Patari: Patari, founded in 2015, is a Pakistani music streaming platform. It has gained popularity for its focus on local music content.
- Bykea: Bykea, founded in 2016, is a Pakistani startup that offers on-demand bike-hailing, parcel delivery, and other services.
- Finja: Finja, founded in 2016, is a Pakistani fin-tech startup focusing on digital payment solutions.
- Zameen.com: Zameen.com, founded in 2006, is an online real estate portal. It has revolutionized how people buy, sell, and rent properties in Pakistan.
- TallyWe: TallyWe is a financial technology company. It provides financial services to businesses and individuals in Pakistan.
So, the success stories of these startups showcase the high growth potential of entrepreneurship in Pakistan.
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Conclusion
So, in the end, we conclude that startups have higher growth potential than jobs, yet we cannot say that doing a job is worthless; it has its pros and cons. In addition, factors like youth bulge, increased population and consumer market, startup policies, and laws have built a positive and business-friendly environment in the country.
So, we must take advantage of a supportive entrepreneurial environment and think innovatively to generate ideas for startups. By doing so, we may improve our living standards and contribute to enhancing our national income.