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Most youth interested in setting up own business: study

September 27, 2021

Islamabad:A new research has found that young people in Pakistan would most like to set up their own business, ahead of careers in big business and government.

According to the Future of Work report by the Prince’s Trust group of charities, which is founded by His Royal Highness The Prince of Wales, young people in Pakistan want to learn more life skills to prepare them for the world of work, while many show an eagerness to set up their own businesses.

"Of the young people (aged 18-35) surveyed in Pakistan, 44% said setting up their own business was the profession that they would most like to work in, ahead of working for a large business (37%) or the government (40%). A total of 86% said the environmental footprint of a company is important, while 90% would consider the ethics and behaviour of businesses."

The research highlighted three key areas central to the future of work for young people, including sustainability, future skills and entrepreneurship. The percentage of people interested in setting up their own business was highest in Islamabad Capital Territory (54%) while men and women shared the same sentiment throughout Pakistan (44% male and 43% female).

The report said the Prince’s Trust International was committed to supporting this new generation of entrepreneurs with further training and investment.

According to it, alongside a focus on sustainable careers, there was a clear desire to develop life skills that will prepare young people for the future of work. Among those surveyed in Pakistan, 90% cited soft skills such as self-confidence, teamwork and reliability as vital to the future of work, and as important as basic schooling (88%) and university qualifications (86%).

Young people were also clear (86%) in thinking that digital literacy is important. The Prince’s Trust International called for investment in future skills programmes to prepare young people for the workplace.

The report showed that young people in Pakistan also wanted to work in emerging green and digital industries and be agents of sustainable change with 83% interested in a green job. Similarly, 86% of young people in Pakistan said the environmental footprint of a company was important when choosing a job.

In response to this, the Prince’s Trust International called for partnership with employers to create entry level jobs in the green and digital sectors, with focused educational opportunities. The organisation said it was launching a campaign to help support ‘Generation Stand up, Start up.’

"The campaign calls for partnership with employers and collaboration across civil society to meet young people’s ambitions and create more decent, sustainable jobs; invest in skills for work and support a new generation of entrepreneurs."

Will Straw, the chief executive of Prince’s Trust International, said it was exciting to see so many young people express an interest in setting up their own business.

"Building on these findings, we are working with local partners in Pakistan to help young people realise these ambitions. Our Enterprise Challenge Pakistan programme, delivered in partnership with SEED Ventures, provides an opportunity for young people to develop business ideas and receive support from a local business mentor.”

President and Founder of The Prince’s Trust, HRH The Prince of Wales, said a campaign was being launched to help support ‘Generation Stand Up, Start Up.’

"We are calling for partnership and collaboration to meet these ambitions and create more decent, sustainable jobs. We want to give more young people the opportunity to develop the skills suitable for the world of work. We want to nurture talent and give support to this emerging generation of entrepreneurs. "For the future of our world, it is vital that we put young people at the heart of this recovery," he said.