Being and becoming an entrepreneur: A narrative study on the development of entrepreneurial mindset in Pakistan

Abstract

Objective: The study aims to explore the journey of the development of an entrepreneurial mindset among Pakistani entrepreneurs. The continuous economic instability in the country has resulted in an unpredictable future and reduced job opportunities. Therefore, being and becoming an entrepreneur has gained great importance. The study used the self-narratives of twelve entrepreneurs. Research Design & Methods: This qualitative exploratory study utilized interpretivism as a research paradigm. Using the grounded theory approach, this study employed content analysis to analyze qualitative data. Interviews were conducted to collect data, which was subsequently transcribed, coded, and analyzed before developing the themes. Findings: The research revealed that entrepreneurship is a mindset, not an occupation or business. Entrepreneurs must be agile, knowledgeable, capable of learning, and have analyzing powers to take a risk. Social networking and online business make the business substantial. Furthermore, successful business stories inspire people to start their businesses. Implications & Recommendations: The findings of this study are valuable for young people and entrepreneurs who are inclined towards starting a business rather than pursuing a job, which has become more difficult, competitive, and restrictive in terms of income opportunities and the application of innovative ideas. Moreover, government institutions and policymakers can formulate policies to increase entrepreneurial activities based on the research findings. Contribution & Value Added: This could be one of the first studies conducted in Pakistan to identify the elements that lead to the formation of an entrepreneurial mindset, and themes obtained from the research can be utilized for the benefit of entrepreneurial development. Existing research gaps were filled by the contribution of this study. In addition, this study provides practical insights to being and becoming entrepreneurs.