Business Communication Report

[WHY DO BUSINESS GRADUATES IN PAKISTAN DO

NOT OPT FOR DOING THEIR OWN BUSINESS ]
Submitted To:
Mr. Sheikh Muhammad Irfan
Submitted By:
Muhammad Bilal Sohail - 14267
Muhammad Waqas Paracha - 14381
Anas Akhlaq - 14340
Muhammad Arsalan Khan - 14210
Dated: 15
th
December, 2012




LETTER OF ACKNOWLEDGEMENT

Date: 15
th
December 2012

Dear Readers:
We would first like to thank Allah the Almighty who has given us the opportunity; secondly we
are also thankful to our families for their support which enabled us to deliver this report.
We are also extremely thankful to our teacher Mr. Irfan Sheikh who provided us with such
opportunity to write a report on Why do business graduates in Pakistan do not opt for doing
their own business?.
We are also thankful to the students who gave us their feedback in conducting the research and
without them it could not have been possible. We will be looking forward for such assistance in
future as well.
Sincerely
Muhammad Bilal Sohail
Muhammad Waqas Paracha
Anas Akhlaq
Muhammad Arsalan Khan




MEMORANDUM OF TRANSMITTAL
Date: 15
th
December 2012
To: Mr. Irfan Sheikh
From: Muhammad Bilal Sohail
Muhammad Waqas Paracha
Anas Akhlaq
Muhammad Arsalan Khan

Subject:
Submission of our report entitled Why do business graduates in Pakistan do not opt for doing
their own business? .
In Compliance with the deadline for submission of report on 10
th
December 2012, here is the
term report on Entrepreneurship perspective of Pakistani business students.
The students of IOBM, IBA and SZABIST were served as our sample and we used
questionnaires for our research tool. This report briefly evaluates the perspective of business
school students no going towards the path of entrepreneurship. We evaluated the results based on
our survey and used them to test the hypotheses that we came up with.
During this report we have learned how to communicate with different people and how an
effective report can be prepared. It was a great learning experience for all of us.



We have made this report to find out the reasons due to which students do not opt for doing their
own business in Pakistan. Our report consists of 5 chapters on whole which are introduction,
literature review, methodology, analysis and conclusion.
We would like to thank all the students who have contributed in our report and passionately fill
the questionnaire. We are also thankful to our teacher Sir Sheikh Mohammad Irfan who has
given us this opportunity and supported us during the journey of preparing of this report.
To complete our research and reach an accurate conclusion, we have worked diligently so that
the findings and facts of the report remain unchanged. We hope that the readers find this report
very helpful and beneficial for their use. For any queries regarding the content of the report, feel
free to contact through email on std_14381@iobm.edu.pk.











Executive Summary:
Our objective was to analyze the main reasons why business students are not opting for their own
business in Pakistan. To do so we surveyed the leading business institutes of Karachi including
IoBM, IBA and SZABIST. Questionnaires distributed were designed in such a way that the
overall background of the student and his intellect for not opting for doing business was detected
in clear terms. All those factors were jolted down percentage wise and were analyzed separately
and finally the conclusions were drawn.
Top of the list was the current deteriorating political and economic situation in Pakistan. Recent
events related to the law and order situation in the country have deeply impacted the youths
mind creating a psychological barrier in taking risk of starting their own business. The global
economic condition has also created a great confusion in the minds of the students. Closure of
businesses and migration of businessmen to other countries has affected their minds negatively.
It is perceived by the youth that it is not the right time to put any investment or launch new
businesses.
The second widely acknowledged reason by business graduates for not starting their own
business is the lack of finance. Considering it in detail we came to conclusion that although
majority of the students comes from well off families, still many of them were not willing to take
risk because they perceive that the businesses are launched with a brand which requires a huge
investment, thus holding them back in spite of having the required capital.
We found out in our survey that a vast majority of students are not opting for business because
they are not properly groomed about entrepreneurship by the educational institutes. Our colleges
are creating quality managers rather than entrepreneurs, the course outline, perspective of
teaching and the environment is training the students such that once out of this institute these



students have to look for jobs rather than starting their own businesses. Although some
universities in Pakistan have recently started small programs to inculcate entrepreneurship
among students but its too early to decide if it would produce the required results.
Lack of exposure also played a role as it is quite understandable that universities are more
focused on theoretical business knowledge rather than preparing the students for the practical
business environment which forced students not to opt for business. Our findings indicate that
the students coming from job-oriented family background opted for doing jobs. Although there
were very few cases in which students with job oriented family background opted for doing
business. This shows that family also plays a vital role in encouraging business students for
doing their own business.
When we asked questions relating fear of failure as the reason for not starting business an
intermediate element came to light, since it was based on individuality, no one wants to show
weak points, its a contributor but not as common as the ones discussed previously.
Our findings also indicate that there are business graduates who like to remain in the comfort
zone, they believe that there are hardships in starting and running a business, these students
prefer doing tension free jobs and were satisfied with their monthly salary and dont want to go
through interactive business process.




CONTENTS
1. Introduction .......................................................................................................................................... 8
1.1 Background ......................................................................................................................................... 8
1.2 Primary Research Question ............................................................................................................... 9
1.3 Other Research Questions ................................................................................................................ 9
1.4 Population ......................................................................................................................................... 9
1.5 Sample ............................................................................................................................................... 9
1.6 Methodology ................................................................................................................................... 10
1.7 Scope ............................................................................................................................................... 10
1.8 Limitations ....................................................................................................................................... 10
1.9 Hypothesis ....................................................................................................................................... 10
1.10 Research Objectives ...................................................................................................................... 11
2. Literature Review ................................................................................................................................ 12
2.1 Fear of Failure ................................................................................................................................... 12
2.1.1 Introduction ............................................................................................................................... 12
2.1.2. Fear of failure ............................................................................................................................ 14
2.1.3 Reasons For Fear of Failure ........................................................................................................ 14
2.1.4 Indications of Fear of Failure ..................................................................................................... 15
2.1.5 Fear of failure in Business .......................................................................................................... 16
2.1.6 Human nature: (Are you Ready to take risk?)............................................................................ 17
2.1.7 Fear of being unable to tolerate the underlying emotions ....................................................... 17
2.1.8 Fear of making mistakes / Lack of Confidence........................................................................... 18
2.1.9 Fearing Future market (uncertainties) ....................................................................................... 18
2.1.10 Fearing Depression .................................................................................................................. 19
2.1.11 Fear of losing money ................................................................................................................ 20
2.1.12 Fear of losing reputation/ social status ................................................................................... 20
2.1.13 Fear of going astray .................................................................................................................. 21
2.2 Lack of Exposure In business ............................................................................................................. 21
2.3 Lack of Finance .................................................................................................................................. 22
2.3.1 Lack of Start-Up Capital.............................................................................................................. 22
2.3.2 Operating Costs .......................................................................................................................... 23
2.3.3 Obtaining Financing Terms ........................................................................................................ 23
Introduction


2.3.4 How Much Money Will Be Needed ............................................................................................ 23
2.4 Lack Of Encouragement By financial Institutions ............................................................................. 24
2.4.1 Role of Universities In Pakistan .................................................................................................. 25
2.4.2 Role of Institutes Around the World .......................................................................................... 27
2.5 Economic /Political uncertainty ........................................................................................................ 30
3. METHODOLOGY .................................................................................................................................. 32
3.1 Introduction ...................................................................................................................................... 32
3.2 Survey Tool ........................................................................................................................................ 32
3.3 Scale .................................................................................................................................................. 32
3.4 Target Population.............................................................................................................................. 32
3.5 The Sample Size ................................................................................................................................ 32
4. Analysis ............................................................................................................................................... 33
4.1 Introduction ...................................................................................................................................... 33
4.2 Interpretation.................................................................................................................................... 33
5. Conclusion: .......................................................................................................................................... 49
5.1 Recommendations ............................................................................................................................ 50
Appendix A .................................................................................................................................................. 53
Survey Questionnaire .............................................................................................................................. 53
Appendix B .................................................................................................................................................. 54
Bibliography ............................................................................................................................................ 54


Introduction
8

1. INTRODUCTION
1.1 Background
Final year of graduation in a business students life is a year in which student is planning
to start making their resumes and send it in multinational organizations or to start their
own business. Unfortunately, most of the students in Pakistan believe that entrepreneurs
are born, not made, which is a myth. Starting your own business and turning it into a
profitable enterprise is a fantastic way to grow your wealth and build your life around the
things you loves doing.
Starting a new business can be risky. For one thing, there are no guarantees of success.
Most of the time businesses fail every single day, and entrepreneurs end up with nothing
to show for months or years of hard-fought effort. A student thinks about the idea of
sacrificing a steady salary for an uncertain, hoped-for payday also tends to provoke
anxiety.
As everyone is well aware of economic conditions of the country, many entrepreneurs
assume if the economy is in a lull, now must necessarily be the wrong time to get started.
This belief is reinforced by nay-saying politicians and journalists who exaggerate even
the very worst economic news. Unlike a salaried job, business ownership provides no
immediate or guaranteed pay. By doing a job you know that whether there is any
outcome or not you will be paid at the end of month. At the end of every month it is
entirely legitimate to wonder if your business will be capable of providing for you or
your family.
We all love to hear stories of outrageous people who drag themselves and made their
fortune. Most business owners are regular people who just want to work for
Introduction
9

themselves. Some are loud others are quiet, some are good with money and others are
good at selling they are all entrepreneurs.
1.2 Primary Research Question
Why do business graduates in Pakistan do not opt for doing their own business?
1.3 Other Research Questions
1. Is fear of failure the reason why business graduates in Pakistan do not go for doing
their own business?
2. Is lack of exposure the reason why business graduates in Pakistan do not go for doing
their own business?
3. Is Lack of finance the reason why business graduates in Pakistan do not go for doing
their own business?
4. Is lack encouragement/motivation from educational institutions for entrepreneurship
the reason why business graduates in Pakistan do not go for doing their own
business?
5. Is political/economic instability the reason why business graduates in Pakistan do not
go for doing their own business?
1.4 Population
Our target population is final year business students from IoBM, IBA and SZABIST.
1.5 Sample
We have chosen to take 25 students from each of the universities mentioned which means
the total of 75 students are our sample.
Introduction
10

1.6 Methodology
We used questionnaires as an instrument and method of conducting the research. Our
questionnaire consists of twelve closed ended questions and the result will be quantified
and analyzed in tabular and graphical form.
1.7 Scope
This research will help us to know the main reason for which business students in
Pakistan do not opt for their own business. It will also help educational institutes to make
improvements in the educational methods and techniques.
1.8 Limitations
This research is done from the Business students of IoBM, IBA and SZABIST. The
response derived from this research is not the result of all the business students in
Pakistan. Students from these institutes usually come from a particular socio-economic
group which does not cover students from all socio-economic groups.
1.9 Hypothesis
Possible reasons may include:
1. Fear of unknown the reason why business graduates in Pakistan do not go for doing
their own business?
2. Lack of exposure the reason why business graduates in Pakistan do not go for doing
their own business?
3. Lack of finance the reason why business graduates in Pakistan do not go for doing
their own business?
4. Lack of proper platforms to encourage entrepreneurship the reason why business
graduates in Pakistan do not go for doing their own business?
Introduction
11

5. Political/economic instability the reason why business graduates in Pakistan do not go
for doing their own business?
1.10 Research Objectives
Objective of our research is to find out that why do business graduates in Pakistan do not
opt for doing their own business?

Literature Review
12

2. LITERATURE REVIEW
2.1 Fear of Failure
2.1.1 Introduction
The fear of failure is one of the biggest hindrance to success in a ones life.
However, it is quite important to note that its not failure that leads one down,
rather its the fear of failure, the expectation of failure, just look in the past and
you realize that you have faced it a hundred times before, more than you can
count. Failure is an experience, an important one that teaches a person, not to fall
down, but to stand right up after one. If succumbed to it, itll destroy you and your
efforts will go in vain, the question is if you will let it do that, if you will hide
behind your fears, or man up brave enough to face them, know them, identify
them, analyze them and ultimately overcome them.
One faces failure in life, numerous times, its impossible to deny that. The ones,
who are well aware of it, live cautiously and stay low, eventually being engulfed
by it. Living in fear is like not living at all, being lifeless. The more interesting
fact is that its a matter of perspective how it appears to one.
Fear, as we take it, the end of the world, or how about just an excuse to our poor
state. However we can take it as a lesson, a learning experience, which it is as a
matter of fact. Failing teaches us the lesson we need to be taught, to not repeat the
mistakes that we make, to help us man up, grow up, and prevent such mistakes in
the future. Failures dont stop us, its us who do.
Literature Review
13

History is full of lessons. Great men rose from the pits of failure to ever shining
stars that illuminate the earth even now, as we speak. Some personalities are as
follows:
The idea of computer OS using graphics was rejected and scrapped but Bill gates
didnt give hope, not only did he not face his fear, but he overcame them so
fiercely that he gave rise to a new company to prove he was right.
It is said that Thomas Edison failed 1000 times, but didnt give up. His 1001th
try was the one in which he succeeded.
The renowned book-writer John Creasy was rejected more than 300 times after
which he finally got to publish his collection of over 500 hundred books.
Steve Jobs who was fired from his own company, returned to it 12 years later and
was the man who turned the company into what it is today, with outstanding
products that are being developed today even after he has passed.
Michael Jordan kept trying even after he was dropped out of the team.
We fall in life, stumble upon obstacles, and feel like all hope is lost, but we must
never give up. Imagine all those people, who are what they are today in this world,
successful, all of them had doors shut on their very faces, but they didnt give up.
They stood up, fought it and faced it.
Failure teaches us what we couldnt teach ourselves. Failure reveals your true-self to
you. Your inner strength, discover the truth about you and the ones around you, the
friends, the hidden motivation that drives you.
Literature Review
14

2.1.2. Fear of failure
The fear of failure, you must have had it at least once in your life? Made you so
afraid that you didnt even try what you desired? Or did you try to prevent a
greater failure, willing yet not fully exposed on the outer persona of yours?
Many of us have probably experienced this once or more in life. The fear can be
restraining to the mind it halts us to take action, therefore retarding the progress
in life, stopping our steps forward, which might also cause the slipping of great
chances and opportunities from our grip.
2.1.3 Reasons For Fear of Failure
Fear of failure is when it stops us from taking actions to progress forward. We
have faced it in our life at some point at least. This behavior can be caused due to
a number of reasons.
For instance, one can be unfortunate to have unsupportive people in the
surroundings or ones who raised them. One who is raised without any exposure to
motivation will certainly be a closed and fearful person.
One can be like a perfectionist that wants nothing less than perfection on the first
attempt, failing at which seems like a dismal and insult and should not be allowed.
To succeed, we must be willing and able to fail. Weirdly, successful people may
be just as comfortable with failure because of their success.
They may have been exposed to perfectionism of others, harshly criticized by
relegating parents, teachers, friends, or colleagues, and they absorb it and later
emit similar behavior.
Literature Review
15

Failure to come to be seen as a statement about who they are as a person (rather
than what their approach to a particular trial was like).
They have been embarrassed by the actual or perceived failure and feel
traumatized by this to the extent that they are now afraid to try something new.
They may misunderstand confidence. The people who really do not fear are the
ones who know for sure they will be successful, those who know they are going to
handle the failure if it happens.
They may naively assume that success always happens without fail a lot along the
way (we've all seen the relative success of celebs, but we do not see the hidden
stories, such as knockbacks). They want success without risk or difficulty.
2.1.4 Indications of Fear of Failure
You might experience some of these symptoms if you have a fear of failure:
Reluctant to try new things or get involved in challenging projects.
Self-sabotage - for example, procrastination, excessive anxiety, or failure to
follow through with the goal.
Low self-esteem or self-confidence Typically like "I'm not smart enough to get
a team that" or "I'll never be good enough to get that promotion.
Perfectionism - A willingness to try only those things that you know you succeed
at.
You avoid doing something if you know you will not be able to do well
immediately.
Literature Review
16

You cant fail if you do not set goals, this thought stop you from setting goals.
You procrastinate on the things you really want to do because you do not believe
you can do it.
You live far below your potential.
You never step outside your comfort zone.
Your life seems simple and can get better, so why fix something that is not
broken?
You just try things you know you will be good at.
You sabotage yourself by procrastinating.
2.1.5 Fear of failure in Business
Statistics show that within the first four years about half of all small businesses
fail. With that in mind, many entrepreneurs have doubts about starting their own
business. Most of these failures occurring in the first year is the result of not
practicing smart business habits. If you honestly consider starting a business, it is
essential to identify the failure behavior in order to increase your own chances of
success.
There are several factors that can bring fear to any would-be entrepreneurs. Main
concern is the fear of failure and risk-taking, and frustration associated with this
failure or losing what you already have. It's scary to think that:
After all the effort, the business still failed
Loss of all savings
Literature Review
17

Loss of property due to loan mortgage.
Loss of time (years)
You learn that your idea is not a good one after all and never going to work
You end up with broken relationships due to failed business partnerships or
investments
You end up disappointing yourself, your family and friends
2.1.6 Human nature: (Are you Ready to take risk?)
Fear of failure is a kind of fear; it is an emotion of your subconscious mind to
protect you from trouble. Some people have got tolerant to the failure they
always suffer from fear of failure while others are not. The reason behind this
intolerance is usually one of the following factors:
Ask yourself these basic questions before starting a business of your own
Are you really ready to operate freely and be the one to make all decisions and
take all the responsibility?
Are you willing to work hard and make sacrifices involving commerce
commences?
Are you having the self-confidence and self-discipline that will allow you to
survive and build your new company to its glory?.
2.1.7 Fear of being unable to tolerate the underlying emotions
Some people are afraid to fail, not because of failure itself but because of the
induced emotions. These emotions can be a shame, guilt or any other emotion that
they experience. If you want to deal with fear of failure, You need to practice or
Literature Review
18

educate yourself to handle the emotions, tackling this issue might solve the whole
problem.
2.1.8 Fear of making mistakes / Lack of Confidence
Some people are afraid to make mistakes in front of others. If this is the case, then
your fear of failure may be caused by lack of self-confidence. This can be fixed
by building up self-confidence.
2.1.9 Fearing Future market (uncertainties)
In business, change in the environment is nothing new. In addition, changes create
opportunities, in which the firm manages to exploit the innovation and often
reinventing themselves. Entrepreneurial firms, however, is in the business of
creating themselves. In what is usually a very short window of opportunity,
enthusiastic founding team need to turn their financial assets, technology and
human resources to the organization that can deliver results. If they are to survive,
entrepreneurship initiation has to make their idea into a product and get products
to market. High-tech startup, in particular, entered the industry with a very short
technology and product life cycle where continuous innovation is a must. Thus,
when uncertainty hits, these entrepreneurs are engaged in a struggle that is quite
deep, both to establish their company and to survive.

Each new high technology joint struggle to answer the following questions: Will
our technology actually work as planned? Will It provide the desired benefits to
the consumer? Is time introduced too early or too late? Market would be big
enough and keep growing? Competitors will react with unexpected ways? Our
Literature Review
19

management team will have the skills to grow the company? Our investors will
stand behind the company?
2.1.10 Fearing Depression
It is quite easy to procrastinate if you're depressed or feeling sorry for yourself.
Build yourself up, reassure yourself of your strengths and capitalize on them.
You'll get more done when you believe you can do it. This is for those of you that
are or have suffered from depression know that youre not alone. There are
many more than you think that are suffering or have suffered too. Some
symptoms are:
Mood that is out of character
Increased irritability and frustration
Finding it hard to take minor personal criticisms
Spending less time with friends and family
Loss of interest in food, sex, exercise or other pleasurable activities
Being awake throughout the night
Increased alcohol and drug use
Staying home from work or school
Increased physical health complaints like fatigue or pain
Being reckless or taking unnecessary risks (e.g. driving fast or
dangerously)
Slowing down of thoughts and actions.

Literature Review
20

2.1.11 Fear of losing money

In my opinion the biggest fears that stop young entrepreneur is Bankruptcy. This
fear manifests itself in a person and if left unchecked can really destroy them and
their business. Many rich people have failed many times and to a great extent
much. Hardcore fear losing is what makes you keep doing it. Insecurity, failure,
losing everything, move back to the beginning included.
Investors fear the whole basis of their system, thought and style investing on the
negative thoughts or negative mental attitude
Really, the only 'right' time to act is when you are fully prepared, because that's
the only thing you can control. You cannot control the economy, or where it is
going next. Obstacles are not economic - it is himself.
Fear of losing money mask itself in all kinds of behavior, but mostly in
procrastination. We were so worried about making a mistake that we never
started. But there is something infinitely more soul-sapping from losing money if
you do not act - sorry.
Many investors fail in this world because they are afraid of losing money. Smart
people continue to fail at trading market for their emotions, not their intelligence
or their work ethic.

2.1.12 Fear of losing reputation/ social status
People can be such perfection that nothing less than perfection on the first attempt
seems like a dismal failure and insulting and should not be allowed. To succeed,
Literature Review
21

we must be willing and able to fail. Weirdly, successful people may be just as
comfortable with failure because of their success.
2.1.13 Fear of going astray
Fool yourself into thinking that nothing can go wrong and that everything will
turn out as you had planned it down to the last detail. Starting a business is all
about risk. As an entrepreneur, it is your responsibility to understand these risks
and find ways to overcome them. Risks sweep this under the carpet will not make
them disappear.
Think about the risks you face in jumpstarting your business. Ask "what ifs" and
start to look at the worst thing that can happen. Identify what the worst thing that
can happen if the business fails. Think through the worst things can help you get a
feel for the risks involved, and whether you can handle the risk if and when it
happens. Thinking about how you can overcome the worst case scenario.
Remember that there is always a way - you just have to find. Once you have been
dealing with the worst case scenario, then the process of starting a business to be
less intimidating.
2.2 Lack of Exposure In business
Businesses operate in a varied way and all those trends cant be visible without having a
good exposure to them. As an owner you are expected to have a good idea and exposure
about business and answer to all the questions regarding your business. Students find
business issues quite challenging but if they will acquire required knowledge from those
who have overcome these situations themselves will allow them to learn from their
experience.
Literature Review
22

Family background, ones own urge for entrepreneurship and educational institutes
combined affect the thinking and exposure. Universities are more focused on business
knowledge based on theory rather than preparing students for practical business
environment that would force them to opt for entrepreneurship. In our analysis, we
concluded that the students who come from a background of family oriented towards
work choose to do the job. There are very few cases where students with employment-
oriented family background choose to do business. This suggests that family education
and orientation of other family members play an important role in encouraging business
students to run their own business.
2.3 Lack of Finance
Lack of financial planning business beginning can have you out of business before you
open your door.
If you go into business for yourself or take the lead on new business start-up, ready to
experience the struggles and financial challenges that are unique to this scene. You may
feel that you have the best business idea and a great chance of accomplishment, but if you
are not aware of the challenges you will face, your business can not get a chance to be
successful.
2.3.1 Lack of Start-Up Capital
Businesses need financing to get off the ground - without it, businesses cannot
afford to hire employees, buy inventory or renting office space. Obtaining initial
funding might most difficult challenges new businesses face. Business owners
often explore savings, credit card or retirement funds to help pay for this critical
early stage. Investors and banks overseas are cautious to invest because of the
Literature Review
23

high failure rate among small businesses. Even if investors agree to invest funds,
it often is for a much lesser amount than requested. A business owner can spend
all his time trying to raise capital and if not successful, may not have the
opportunity to have an opening.
2.3.2 Operating Costs
New and established - All businesses have operating expenses. From electricity to
pay for marketing, the business owner can expect to have recurring financial
obligations. For new businesses, this cost can be irresistible, especially at first
when there may be small or no income coming in the door. In some cases, a new
start effort may be out of business before their marketing campaigns began to take
steps and produce customers. As a business owner, make sure you have a grasp on
not only your monthly recurring costs, but also on how much time it would take to
start generating sales to pay the bills.
2.3.3 Obtaining Financing Terms
Since new businesses have a high failure rate, vendors may hesitate to extend
credit terms. Well-known customers with good payment history can often defer
payment on the invoice for thirty or days. The terms of the bill maintain cash flow
and allow time for businesses to sell inventory and collect the results. New
business, however, often have to pay up front for these costs, leaving the start-up
with less available capital during the short term to invest in marketing programs.
2.3.4 How Much Money Will Be Needed
Service Provider or Product Development Business? Initially, the business
services will involve a reduced amount of cash because it will not have a high
Literature Review
24

material and equipment costs. If you plan to produce the product, you must
consider the type and sum of direct materials and equipment needed and expense.
Labor Cost? Do you plan to work yourself or you will hire employees to help
you? Contribute your own time for a business is one way to keep costs down.
Then, when your business is strong, you may want to hire an employee to take
more routine operations.
Investment? Investors want you to pay a portion of your money to the company.
This contribution of funds is called equity. There is no fixed percentage of the
capital contribution, but most lenders require at least 25 percent of the amount
required to start a business. Total capital required is also affected by other credit
factors, such as experience management, and the sufficiency of the security.
Personal Expenses? It is unusual that a company begins to show a profit in the
early years. You should plan to cover your living expenses for at least six months,
during your business started. If your business is already in operation, it may be
necessary to reduce your salary while you are trying to develop. Checking your
own funds means adjusted for personal expenses during this time, you have a cost
for which you require funding.
2.4 Lack Of Encouragement By financial Institutions
There are several universities in Pakistan, from which the number of graduates pass out
every year in all major disciplines of education. All students perusing education they
hope to get a good job in growing the economy. Most students can get jobs of their
choice and the remaining students then think of other activities to get money. Other
activities can be a variety of business activities. The percentages of these people are very
Literature Review
25

low compared to those who give priority to paid work / wage. The fundamental reason
behind this is that our education system which does not focus on the development of
entrepreneurship.
A country's educational institutions contribute to entrepreneurship both directly &
indirectly. Entrepreneurial finding involves "re-mix" of ideas and practices,
entrepreneurship is influenced by education level of the population and the diversity of
their ideas can be entertaining. Higher levels of general education make the most of the
existing population as entrepreneurs. Higher education institutions in particular can put in
more directly to entrepreneurship. Institutions in Pakistan and other countries need to
give confidence to students and entrepreneurial approach instead of the current
management approach academics. Different universities around the world are organizing
seminars and making societies for this purpose.
2.4.1 Role of Universities In Pakistan
Role played by different Pakistani institutes towards entrepreneurship.
Institute of Business Administration (IBA)
Institute of business administration (IBA) started different societies by a group of
youthful, enthusiastic and would be entrepreneurs.
IBA Entrepreneurship Society (IBAES)
Its mission is to create opportunities and platforms stimulate and educate students
about entrepreneurship, ultimately providing them a launch pad to take off as
trained and prepared entrepreneurs.

Literature Review
26

Invent The Entrepreneurial Challenge is a unique student level business plan
competition. It provides the participants to come up with the idea relevant to the
domains of entrepreneurship. It is also an attempt to promote university and
industry linkage.
Institute of Business Management (IoBM)
IoBM Club For Entrepreneur (ICE) is the student society. ICE is operated by
the current students of IoBM and mission to promote entrepreneurship in the
IoBM students. ICE brings about established entrepreneurs and potential
entrepreneurs so that students can become great entrepreneurs will come and help
the people who will come. ICE no doubt is a great way to network with all the
people who make it BIG.
ICE brings platform to let people know what '"Your Ideas". ICE believes in being
there for all IoBM students who have business intelligence and believe in giving
you the opportunity to become an entrepreneur. However at the same time ICE
realizes that being an entrepreneur is not only natural but in fact it is a quality that
can be learned and brings the opportunity for people to learn.
Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology (SZABIST)
SZABIST ENTREPRENEURIAL SOCIETY (SES) to provide guidance and
real entrepreneurial experience to emerging entrepreneurs and assist them in
setting up their businesses.
The objective is to provide real experience of entrepreneurship and social
environment through frequent market research and entrepreneurial efforts
Literature Review
27

2.4.2 Role of Institutes Around the World
S.P Jain Institute of Management and Research providing management
education through academic businesses interface and focus on the development of
successful entrepreneurship and family business programs. S.P Jain Institute of
Management and Research is collaborating with Institute of Business
Administration (IBA) to focus on different programs regarding entrepreneurship.
Co-operative and Entrepreneurship Development Institute, university Utara,
Malaysia (CEDI) began operations on 1 march 1990. Three years later on
November 1993 it was upgraded to become an institution in conjunction with
development of entrepreneurial activities and needs of the country. Its mission is
to be pro-active and effective agents support the government in developing
entrepreneurs and cooperatives. Its vision is to establish University Utara
Malaysia (UUM) as a main reference center in all aspects of entrepreneurial
development in Malaysia and worldwide. The main objectives of CEDI are as the
following:
To produce student entrepreneurs based on acquired knowledge through
student business programs known as Siswaniaga.
To be a consultation and research center in entrepreneurship and co-
operatives.
To generate income to the university through consultations and research
programs.
Literature Review
28

To be an information center in entrepreneurship and co-operative
development.
To become a center of international relations and networks in
entrepreneurship and cooperative development.
Harvard Business School

About the history of fifty years of research and teaching in the field of
entrepreneurship, Harvard Business School allows students to test their
business ideas in a risk free environment.
Students are free to follow their inspiration and imagination while benefiting
from in-depth collection of resources: faculty advisor, access to technology
and expertise of a variety of their classmates
Entrepreneurial management is now part of the first-year Required
Curriculum, while over thirty faculty members teach more than twenty
courses offered in entrepreneurship in the second-year Elective Curriculum.
Columbia University
The Eugene Lang Entrepreneurship Center at Columbia Business School
offers one of the most widespread and respected entrepreneurship
programs in the world.
Literature Review
29

The first emphasis is on the process of identifying, assessing and capturing
opportunities. These activities are essential in any organization, require the
use of business disciplines in a highly inclusive way.
The second is an emphasis on individual initiative in the context of
uncertainty and tight resources.
The Entrepreneurial Sounding Board provides opportunities for Columbia
MBA students and alumni to meet individually with faculty members and
practitioners affiliated with the Lang Center to discuss their
entrepreneurial ideas and potential business opportunities
Massachusetts Institute of Technology (MIT)
Establishment of MIT Entrepreneurship Center having mission to educate
& foster the leaders who can set up companies successful.
It launched Entrepreneurship Development program in 1999 & more than
1,400 students attend over 20 entrepreneurship courses each year.
Alumni of the program form a vibrant and dynamic worldwide support
network for the next generation of aspiring entrepreneurs.

University of Oxford
Oxford Centre for Entrepreneurship and Innovation brings together
innovations from around the world, from Silicon Valley and India, and
Literature Review
30

2,000 high-tech companies based around Oxford, which is part of the
innovation system focused on school.
Oxford is raising funds to build a new center - Oxford Centre for
Entrepreneurship and Innovation - which drew together academics and
practitioners, creating new knowledge to generate economic growth and
business knowledge to lead the new venture.
Oxford Business School is in a position that is truly unique to create new
knowledge in the field of entrepreneurship and innovation that support
knowledge base, creating leaders, and social and economic impact.
2.5 Economic /Political uncertainty
Economic /Political uncertainty effects when starting your own business. If the economy
is in a lull, many entrepreneurs assume that now must be the wrong time to start. This
belief is reinforced by even saying politicians and journalists who amplify the very worst
economic news. Hard times are always a good time to start a new business.
It is obvious why it is wise to start in strong economic times. People have money and are
looking for ways to spend. But the launch in tough times or economic uncertainty can be
just as smart. If you do your homework, there may be a need to start your business.
Because many people are reluctant to launch in tough times, new business you have a
better chance of getting noticed. And, depending on your idea, in a sluggish economy
there is often equipment (or even the whole business!) for sale at low prices. Some
economists have jokingly defined a recession like this:
If your neighbor gets laid off, it is a recession. If you get laid off, it is depression.
Literature Review
31

Pakistan's economy has seen a consistent improvement over a period of ten years ago.
Although the populations of the country pose as a key challenge for economic growth,
Pakistan has managed to rake in a whopping growth rate of 8.45% annually. Political
instability in Pakistan has put militants in the tribal areas; violence in Karachi, one of the
largest cities in Pakistan, and the 2007 murder of former Prime Minister Benazir Bhutto.
Before the global economic downturn occurs, there is a large amount of investment in
Pakistan because it has a liberal investment policy. However, at present investment
scenario has changed drastically with Pakistan losing foreign attractions, as well as
domestic investors, due to the rising cost of doing business. There are several factors that
caused by any investors are hesitant to invest in Pakistan, the global recession to be one
of them. The main reasons consist of political instability, legal deteriorating and order
situation, high interest rates, and frequent power outages and gas. The recent increase in
power and gas tariffs is likely to put an additional burden on the country's industrial
sector and industry gross margin squeeze. Local manufacturers predict more job losses
over the next year.
Terrorism is another reason that caused huge losses to the industrial and commercial
sectors. Military attack militant stronghold northwest, which has responded with suicide
bombings in the cities and towns. Cost of doing business in Pakistan has increased due to
poor infrastructure. CNG and transport depends on oil; these two prices have been rising
recently to a higher level. Pakistan produces about 20 percent of its oil needs. But
because of failed efforts to find new reserves and luxury consumption, this percentage
seems to fall in the years to come.

METHODOLOGY
32

3. METHODOLOGY
3.1 Introduction
We used primary survey techniques to collect the data for our research; we also used
secondary techniques mainly for the literature review. Survey is a study of the opinions
of a group of people, based on a series of questions in form of a questionnaire. For our
research we distributed a total of 120 questionnaires among the final year students at
IoBM, IBA, SZABIST, thirty questionnaires respectively, out of which thirteen were
those who were already planning to start their business, and seven were those who had no
plan for their future. So, the data of total hundred students was selected for analysis. The
survey we conducted was self-administered, in which questionnaires were distributed to
different individuals. The questionnaires were filled by the population sample according
to their fondness.
3.2 Survey Tool
For this research we used a questionnaire as our survey tool which includes 12 questions
covering all the aspects of our research.
3.3 Scale
Strongly agree Agree Not sure Disagree Strongly disagree
3.4 Target Population
The target population for our research is last semester students of BBA/MBA and
MBA(executive) students from IoBM, IBA and SZABIST.
3.5 The Sample Size
Sample size for this research is taken to be 100. Survey is carried from students both
male and female from all of the three universities.
Analysis
33

4. ANALYSIS
4.1 Introduction
In this chapter we will be analyzing the results derived from our survey.
As defined earlier in methodology , 6 major reasons which were possible barriers for
business graduates for starting new ventures, were transformed into questions , a couple
of support questions were added to validate those responses.
Following is the summary of responses in order of weightage, as given by the students to
the identified barriers:
Current Political/Economical situation of the country
Lack of capital
Lack of encouragement by institutes
Lack of exposure
Fear of failure in business
Dont want to get out of the comfort zone
4.2 Interpretation
Following is the list of questions that were used to have students perspectives about the
barriers in starting their own businesses.
In order to identify if Lack of exposure is the reason why business graduates do not opt
for doing their own business, question 2 and 12 were made part of the questionnaire,
which are as follows:

Analysis
34

Q 2 - I dont plan to start my own business because I have no exposure to how actually
business works
Q 12 - I might think of starting my own business only after gaining some good experience
and exposure

In order to identify if Lack of capital is the reason why business graduates do not opt for doing
their own business, question 4, 8 and 9 were made part of the questionnaire, which are as
follows:
Q 4- I cant start my own business due to lack of capital
Q 8 - I am scared of starting my own business because I am not sure if I would be able to
attract the investment
Q 9 - I dont have enough family support in terms of capital so I cant start my business

In order to identify if Lack of encouragement by institutes is the reason why business
graduates do not opt for doing their own business, question 1 and 3 were made part of the
questionnaire, which are as follows:
Q 1 - I dont plan to start my own business because I feel I still lack proper education
Q 3 - I am doing BBA/MBA to get a good job not to start my own business.

In order to identify if Fear of failure is the reason why business graduates do not opt for doing
their own business, question 5 and 6 were made part of the questionnaire, which are as follows:
Analysis
35

Q 5 -I cant start my own business because of lack of courage to take risk
Q 6- I have a fear if I start my business, it might not be a success

In order to identify if Current political and economical situation is the reason why business
graduates do not opt for doing their own business, question 10 and 11 were made part of the
questionnaire, which are as follows:
Q 10 - I dont want to start my own business because of current law and order situation of
the Country
Q 11 - I dont intend to start my own business because of current economic recession

In order to identify if disturbance in comfort zone is the reason why business graduates do not
opt for doing their own business, question 7 was made part of the questionnaire, which are as
follows:
Q 7 - I never thought to start my own business because I already got a very good job which
gives me financial stability

Analysis
36

Following is the summary of responses to these questions in percentages:

Strongly
agree Agree
Not
sure Disagree
Strongly
Disagree
1
I dont plan to start my own business
because I feel I still lack proper
education 2 6 10 56 26
2
I dont plan to start my own business
because I have no exposure to how
actually business works 12 41 16 18 13
3
I am doing BBA/MBA to get a good
job not to start my own business. 14 42 11 24 9
4
I cant start my own business due to
lack of capital 31 38 5 14 12
5
I cant start my own business because
of lack of courage to take risk 0 4 7 57 32
6
I have a fear if I start my business, it
might not be a success 13 23 34 19 11
7
I never thought to start my own
business because I already got a very
good job which gives me financial
18 32 2 28 20
Analysis
37

stability
8
I am scared of starting my own
business because I am not sure if I
would be able to attract the investment 15 39 6 26 14
9
I dont have enough family support in
terms of capital so I cant start my
business 18 35 4 27 16
10
I dont want to start my own business
because of current law and order
situation of the Country 74 12 2 7 5
11
I dont intend to start my own business
because of current economic recession 54 14 4 19 9
12
I might think of starting my own
business only after gaining some good
experience and exposure 22 43 7 18 10




Analysis
38

Q1. I dont plan to start my own business because I feel I still lack proper education

Strongly agree Agree Not sure Disagree
Strongly
Disagree
2 6 10 56 26
This question was use to analyses is fear of failure and lack of encouragement by institutes the
reason why business grads do not opt for starting their own businesses
Initially the results were quite surprising, because the responses for the question were more
towards disagreeing or negating. The reason behind that kind of response was that students who
are acquiring business related education feels that they are well equipped with business
knowledge neglecting the fact that they are being taught with the set of mind that once a graduate
they have to fit in a multinational organization. We arrived to this conclusion only after
analyzing the response of question number four of our questionnaire.
Strongly Agree
2%
Agree
6%
Not Sure
10%
Disagree
56%
Strongly
Disagree
26%
Percent
Analysis
39

3 I am doing BBA/MBA to get a good job not to start my own business.

Strongly agree Agree Not sure Disagree
Strongly
Disagree
14 42 11 24 9
The question was designed to validate the response of the previous question. The results were
more towards agreeing then negating the question, almost 62% of the population is pursuing a
business degree just to get a good job.
After analyzing the response to this question it can be concluded that the response to question
one were biased. The reason might be that most of the responders took the question personally
and answered the question emotionally rather than answering it spontaneously.

Strongly Agree
14%
Agree
42%
Not Sure
11%
Disagree
24%
Strongly Disagree
9%
Percent
Analysis
40

Q2. I dont plan to start my own business because I have no exposure to how actually
business works


Strongly agree Agree Not sure Disagree
Strongly
Disagree
12 41 16 18 13
This question was use to analyse if lack of exposure the reason why business graduates do not
opt for starting their own businesses.
Majority of the population was agreed to the fact that they are not being exposed to the business
environment which is the reason why they do not prefer to start their own venture. Out of those
people who had a job oriented family background, majority had a less exposure to business
environment. Although there were a few cases which shows that people with job oriented family
background, didnt not relate this issue as a barrier to start their own business.
Strongly Agree
12%
Agree
41%
Not Sure
16%
Disagree
18%
Strongly Disagree
13%
Percent
Analysis
41

Q4. I cant start my own business due to lack of capital

Strongly agree Agree Not sure Disagree
Strongly
Disagree
31 38 5 14 12
The aim of this question was to analyze if lack of capital the reason why business graduated do
not opt for starting their own business.
As per our hypothesis, the results proved that lack of capital is assumed to be one of the major
barriers for career starting business graduates to enter into their own venture.
Similar responses of support question 9 further confirmed these results, where most of the
students attributed lack of capital to a barrier in not staring their own business.

Strongly Agree
31%
Agree
38%
Not Sure
5%
Disagree
14%
Strongly Disagree
12%
Percent
Analysis
42

Q8. I am scared of starting my own business because I am not sure if I would be able to
attract the investment

Strongly agree Agree Not sure Disagree
Strongly
Disagree
15 39 6 26 14
Most of the students but not all validated the response that lack of capital was one of the reason
why they are not planning for doing business.
This was just a validation question using different words to check whether lack of capital is the
cause.

Strongly Agree
15%
Agree
39%
Not Sure
6%
Disagree
26%
Strongly Disagree
14%
Percent
Analysis
43

Q9. I dont have enough family support in terms of capital so I cant start my business


Strongly agree Agree Not sure Disagree
Strongly
Disagree
18 35 4 27 16
The aim of this question was to analyze if lack of capital the reason why business graduated do
not opt for starting their own business.
As per our hypothesis, the results proved that lack of capital is assumed to be one of the major
barriers for career starting business graduates to enter into their own venture.
Similar responses of support questions 5 and 9 further confirmed these results, where most of the
students attributed lack of capital to a barrier in not staring their own business.
Strongly
Agree
18%
Agree
35%
Not Sure
4%
Disagree
27%
Strongly Disagree
16%
Percent
Analysis
44

Q5. I cant start my own business because of lack of courage to take risk

Strongly agree Agree Not sure Disagree
Strongly
Disagree
0 4 7 57 32

This question was made part of the questionnaire, to identify if fear of failure the reason why
people dont opt for their own business.
Majority of the responders denied that they lack courage. On analysis of similar type of question
with different words, i.e. question 7, we concluded that the thought process behind answering
this question was emotional rather than radical. Most of the candidates took this question
personally and didnt attribute this question to them that they lack courage.

Strongly Agree
0%
Agree
4%
Not Sure
7%
Disagree
57%
Strongly
Disagree
32%
Percent
Analysis
45

Q6. I have a fear if I start my business, it might not be a success

Strongly agree Agree Not sure Disagree
Strongly
Disagree
13 23 34 19 11

This question was made part of the questionnaire, to identify if fear of failure the reason why
people dont opt for their own business.
The highest percentage of response was that people were not sure if their business would be as
success. This indirectly shows that these people either lacked confidence of taking risk or had a
many unanswered questions in their mind which directed them toward the fear of failure.

Strongly Agree
13%
Agree
23%
Not Sure
34%
Disagree
19%
Strongly Disagree
11%
Percent
Analysis
46

Q7. I never thought to start my own business because I already have a very good job which
gives me financial stability

Strongly agree Agree Not sure Disagree
Strongly
Disagree
18 32 2 28 20

It was found that many students responded the above question in affirmative.
This shows that most of the people are happy whatever they are earning and they are not willing
to come out of their comfort region. Regardless of the fact that if they go for their own business
they might earn lot more than what they are earning.

Strongly
Agree
18%
Agree
32%
Not Sure
2%
Disagree
28%
Strongly
Disagree
20%
Percent
Analysis
47

Q11. I dont intend to start my own business because of current economic recession


Strongly agree Agree Not sure Disagree
Strongly
Disagree
54 14 4 19 9

Unstable economy was the major barrier recognized by most of the students. Results show that
unstable economy is a major contributor.

Strongly Agree
54%
Agree
14%
Not Sure
4%
Disagree
19%
Strongly Disagree
9%
Percent
Analysis
48

Q10. I dont want to start my own business because of current law and order situation of
the Country

Strongly agree Agree Not sure Disagree
Strongly
Disagree
74 12 2 7 5

Almost all of the students attributed current law and order situation with the reason behind not
starting their own business.
Statistics show that out of every 100 students 86 are reluctant to start their own business due to
law and order problems.

Strongly Agree
74%
Agree
12%
Not Sure
2%
Disagree
7%
Strongly Disagree
5%
Percent
Conclusion:
49

5. CONCLUSION:
The survey which we conducted helped us analyze the main reasons why business students
are not opting for their own business. Top of the list was the current deteriorating political
and economic situation in Pakistan. Recent events related to the law and order situation in the
country have impacted the youths mind creating a psychological barrier in taking risk of
starting their own business. The political situation has created doubts in the minds of students
which might be linked to the lack of interest taken by the government.
Coming to the economic situation, the global economic condition has created a great
confusion in the minds of the students. Closure of main stream banks and businesses, its hype
created by the media portrayed it negatively. It is perceived by the youth that it is not the
right time to put any investment or launch new ventures.
The second most widely acknowledged reason by business graduates for not starting their
own business is the unavailability of funds. From further inquiry about lack of capital we
came to conclusion that although majority of the students comes from well off families, still
many of them were not willing to take a risk. The reason they gave is that they perceive that
the businesses are launched with a brand (like Coke or Olpers) which requires a huge
investment, thus holding the reigns of these students for starting a business with the capital
they already have.
Educational institutions play a major role in developing the minds of the youth and
unfortunately in Pakistan there has been very less effort on their part, as we found out in our
survey that a vast majority of students are not opting for business because they are not
properly groomed by the educational institutes. Our colleges are creating quality
Conclusion:
50

managers rather than entrepreneurs, the course outline, perspective of teaching and the
environment is grooming the students such that once out of this institute these students have
to look for jobs rather than starting their own businesses. Although some universities in
Pakistan have recently started small programs to inculcate entrepreneurship among students
but its too early to decide if it would produce the required results.
Forth most common reason came out to be lack of exposure. It is quite understandable that
universities are more focused on theoretical business knowledge rather than preparing the
students for the practical business environment which forced students not to opt for business.
In our analysis we concluded that the students coming from job-oriented family background
opted for doing jobs. Although there were very few cases in which students with job oriented
family background opted for doing business. This shows that family upbringing, and
orientation other family members plays a vital role in encouraging business students for
doing their own business.
When asked about relating fear of failure to not starting business an intermediate element
came to light, since it was based on individuality, no one wants to show weak points, its a
contributor but not as common as above ones.
Many business graduates are in comfort zone, few believe that there are hardships in starting
and running a business, these students prefer doing tension free 9-5 jobs and were satisfied
with their monthly salary and yearly increments and dont want to go through hardships of
business.
5.1 Recommendations
After analyzing the data and observing the trend we come to know that people are quite
hesitant to try new things especially when it comes to your bread and butter. However,
Conclusion:
51

the global and domestic economic conditions are not very feasible for service sector as
well and people are being mistreated by organizations in many ways. Still business
graduates prefer to opt for an easy way and prefer to serve someone rather than cashing
out their skills and abilities and become boss of their own selves.
It is also been observed that the growth prospect is much higher in running your own
business rather than servicing someone. The conventional apprehensions have been
ruled out with technological advancements.
Being trained and educated in business field, graduates should come up with
innovative ideas and turn them into marketable products.
Students are young, energetic, have high excitement level, more enthusiastic and are
more passionate. They should direct their energies towards creating their own empire
rather than working for someone else.
Government should stabilize the economy, and alter its economic policy such that it
should promote new ventures and encourage young entrepreneurs to take risks.
Government should take all measures to ensure that stable law and order situation
exists in the country. And provide protection to business men, so that more students
will be encouraged.
Financial institution shall offer loans at lower interest rates for new business ventures
so that the country can have more number of creative and energetic entrepreneurs.
Universities shall play their due role in creating entrepreneurs. They should conduct
special entrepreneurship programs to encourage more students to go for businesses
than opting for doing job.
Conclusion:
52

Universities as well as other societies shall provide students with platforms, from
where students can launch their businesses.
In our opinion educational institutions are the most effective way to groom students
towards entrepreneurship. Nurturing them at this level has the most effect and urges
them to contribute towards the growth of the economy , creating more jobs for the
general population
In order to overcome fear of failure, business graduates shall take small risks. Its all
about creating an environment where people are willing to take risk. If we can build
this culture in our society, then we can create more number of young entrepreneurs
who can benefit the country at large.

Appendix A
53

APPENDIX A
Survey Questionnaire

This questioner is designed to find out that why business graduates/students do not opt for doing their
own business. You are requested to kindly fill in the answers for the questions given below. The
information you are going to provide will be kept confidential.
Gender:
Male Female
Year of completion of business degree:
2010-2012 2007-2009 2004-2006
What is the occupation of your earning family members?
Job/Service Business Both
What type of employment are you looking for?
Business (self employed) job Further studies
Thank You !

Strongly
Agree
Agree Not Sure Disagree
Strongly
Disagree
1 I dont plan to start my own business because I feel I still lack
proper education

2 I dont plan to start my own business because I have no
exposure to how actually business works

3

I am doing BBA/MBA to get a good job not to start my own
business.

4 I cant start my own business due to lack of capital
5 I cant start my own business because of lack of courage to take
risk

6 I have a fear if I start my business, it might not be a success
7 I never thought to start my own business because I already have
a good job which gives me financial stability

8 I am scared of starting my own business because I am not
sure if I would be able to attract the investment

9 I dont have enough family support in terms of capital so I cant
start my business

10 I dont want to start my own business because of unstable
economy of Country

11 I dont intend to start my own business because of current
economic recession

12 I might think of starting my own business only after
gaining some good experience and exposure

Appendix B
54

APPENDIX B
Bibliography
www.wikipedia.org
www.wolframalpha.com
www.briantracy.com
www.businessguide.in
www.apastyle.org
General Reference Articles from numerous un-credited sources