Attitude towards entrepreneurship in Pakistan Entrepreneurship The capacity and willingness to develop organize and manage a business venture

along with any of its risks in order to make a profit. Theories of entrepreneurship and entrepreneurial motivation There are the following theories of entrepreneurship Economic Sociological Psychological entrepreneurship Innovation theory Theory of Achievement Motivation Economic Theory Entrepreneurship and economic growth take place when the economic conditions are favorable Economic incentives are the main motivators for entrepreneurial activities Economic incentives include taxation policy, industrial policy, sources of finance and raw material, infrastructure availability, investment and marketing opportunities, access to information about market conditions, technology etc

Sociological Theory Entrepreneurship is likely to get a boost in a particular social culture Societys values, religious beliefs, customs, taboos influence the behavior of individuals in a society The entrepreneur is a role performer according to the role expectations by the society Psychological Theory Entrepreneurship gets a boost when society has sufficient supply of individuals with necessary psychological characteristics The psychological characteristics include need for high achievement, a vision or foresight, ability to face opposition These characteristics are formed during the individuals upbringing which stress on standards of excellence, self reliance and low father dominance

Entrepreneurship Innovation theory Theory by Joseph Schumpeter who believes that entrepreneur helps the process of development in an economy. He says that an entrepreneur is the one who is innovative, creative and has a foresight. A c c o r d i n g t o h i m , i n n o v a t i o n o c c u r s w h e n t h e e n t r e p r e n e u r Introduces a new product, Introduces a new production method, opens up a new market, finds out a new source of raw material supply, Introduces new organization in any industry The theory emphasizes on innovation, ignoring the risk taking and organizing abilities of an entrepreneur Schumpeters entrepreneur is a large scale businessman, who is rarely found in developing countries, where entrepreneurs are small scale businessmen who need to imitate rather than innovate Theory of High Achievement Motivation McClelland identified 2 characteristics of entrepreneurshipDoing things in a new and better wayDecision making under uncertainty H e s t r e s s e d t h a t p e o p l e w i t h h i g h a c h i e v e m e n t o r i e n t a t i o n ( n e e d to succeed) were more likely to become entrepreneurs Such people are not influenced by money or external incentives They consider profit to be a measure of success and competency

Introduction: In Pakistan, the aptitude of social sciences is improving gradually. Initially they were ignored by the government and private sector but now social sciences are playing vital and improving role in the different industries of the Pakistani economy, private development and in rural development also. By ignoring social sciences, our development planners and educational policy makers have created a situation which has adversely affected our socio-economic development. Entrepreneurship is the major and important dimension of social sciences that give us the idea of organization, smooth business, to maintain relations with stakeholders and to strengthen the value chain of the organization and industries. To discuss the state of social sciences and the causational factors of their under-development in Pakistan, we have to analyze those factors which are becoming hurdles in the way of entrepreneurship in Pakistan. Basically education of social sciences is there but after the

completion students have many choices, they prefer job to get handsome money rather to start their own business which exactly needs labor, investment, management and time. In this research, researcher will try to investigate the behavior of social scientists and students toward the entrepreneurship As we all know that entrepreneurial ability, innovative potential, and entrepreneurial human capital boosted up many developing economies. Entrepreneurs mainly depend on potential for entrepreneurship that requires potential entrepreneurs (Kruegel & Brazeal 1994). Empirical results based on 365 Italian potential business founders indicate that entrepreneurial projects based on a rich information set, a first-best choice and on self commitment are more likely to develop into actual start-ups and better post-entry performances (Vivarelli, 2004). It was confirmed through research that the entrepreneurial intentions and attitudes lead potential entrepreneurs towards entrepreneurial activity. In another study Guerrero Rialp and Urbano (2008) found that attitudes towards entrepreneurship are determinant factors to decide to be an entrepreneur. This indicates that entrepreneurship is an intentional process that emphasizes opportunities over threats. In the psychological literature, intentions have proven the best predictor of planned behavior, particularly when that behavior is rare, hard to observe, or involves unpredictable time lags. It was found that tolerance for risk, perceived feasibility and net desirability significantly predicted entrepreneurial intentions, with an adjusted Rate of 0.528(Segal, Borgia and Schoenfeld, 2005). Entrepreneurial self efficacy refers to the strength of a person's belief that he or she is capable of successfully performing the various roles and tasks of entrepreneurship. It consists of five factors: marketing, innovation, management, risk-taking, and financial control. The entrepreneurial potential of the potential entrepreneurs can be enhanced through educational programmes. Parker & Van Praag (2006) found that education enhances entrepreneurs' performance both directly - with a rate of return of 13.7% - and indirectly, because each extra year of schooling decreases capital constraints by 1.18 percentage points. By contrast, other researchers found an entrepreneurial personality profile mainly consisted of the following: a high need for achievement, high entrepreneurial intention, instrumental readiness, high entrepreneurial acceptability, creative behavior, initiative taking, taking responsibilities, involvement in various types of risks, self efficacy, an internal locus of control,

need for independence and autonomy, accomplishment of tasks with energy and commitment, team building, working in teams and independently, working under pressure, leading others, analytical competencies and persistency in following the aims (Martinez, Mora & Vila, 2007; Ramayah & Harun, 2005). More substantial research work saw other investigators exploring in other directions. Linan, Rodriguez-Cohard & Rueda-Cantuche (2005) found that the intention to become an entrepreneur mainly depended on personal attraction towards entrepreneurship, perceived social norms and perceived feasibility (self-efficacy). Achievement motivation and self image have likewise emerged as major contributory factors (Pillis & Reardon, 2007). The present socioeconomic scenario there indicates high demand for promoting entrepreneurial activities in the country. The gap between the rich and the poor has widened in recent years. The latest estimate of the inflation-adjusted poverty line is Rupees (Rs) 944.47 per adult equivalent per month. The headcount percentage of the population below the poverty line stands at 22.32 percent (Khan, 2008). Pakistan is passing through a socioeconomic crisis. According to the economic survey for 2007-08, there were failures in major areas, particularly GDP growth rate, agriculture, overall manufacturing, large scale manufacturing, inflation, fiscal policy, exports, imports, current account deficit and trade balance. Pakistan missed major economic targets set for the outgoing financial year, for example, the Pakistan economy grew by 5.8% against the original target of 7.2%. The recently reported average per capita income of US $1085 was still 27 times lower than the UK. Food inflation was estimated at 15% (Haq, 2008). A 4.7% deficit of the GDP (459 billion Rs) has been shown in the recently released budget 2008-09 estimates (Qamar, 2008). Only half of one percent of the GDP is being spent on universities. Public

spending per student (at present about US$670) remains well below the average found in fastgrowing developing countries such as OECD member states (Government of Pakistan, 2006;) Higher Education Commission, Pakistan, 2008a). Literature Review: Most recent socioeconomic crises like rapid increase in fuel and food prices, serious threats to social peace and security added to the need of entrepreneurial expansion everywhere in the world particularly at developing countries (Levenburg, 2008). This is due to the fact that entrepreneurs are the persons who usually organize and develop their own businesses and benefit from a range

of fields, including various knowledge areas, hands on experience, creative visions and insights, network support, and risk taking (Lope Pihie 2008). Entrepreneurs and entrepreneurship are arguably the pillars on whicheconomic health of societies were built. Their role has been highlighted inopportunity creation through new ventures and maintenance of existing ones (Evans, 1942; Leibenstein, 1968).