How can financial independence empower? what role does entrepreneurship play? 



Financial independence is the situation of having enough resources or wealth to pay their own living expenses: after knowing the concept of financial independence the question arises here how we can become financially independent? What standards should need for financial independence? What is the platform for those who have set their goals? A direction should be needed for achievements, so a platform like entrepreneurship is one of them to sort out all the complexities, individuals or groups of people are facing. Entrepreneurship is not all about earnings, it is all about problem-solving. Simple we can say that entrepreneurship is the backbone of financial independence.

Money is a necessary component for youth to achieve their goals, without money there should no circulation of wealth and availability of resources. Our goals should be dependent on making money. But if the individual wants to get money through his input, he has to face many problems. The major problems are as below.

·         Lack of resources

·         Mental or physical laziness

·         Eradication of availability of opportunities

·         Lack in their interest/tastes

·         Gender-based discrimination

·         Gender stereotypes

When he gets involved in some fields then he becomes the part of general economy as a citizen, labor, consumer, or producer. The next for that individual is just to need to show his consistency and confidence in themselves training for his future goals. He should be wise, moderate, and expert in generating income.

 Jane Wurwand, Founder of Dermalogica said:

                              “The fastest route to financial independence is entrepreneurship, and the fastest route to that is skill set training or purpose-driven education”.

                                                                                    (Jane Wurwand, Founder of Dermalogica)

To empower financial independence, we should remove problems rising in financial dependency, but some problems vary according to the region like rural or urban region. what social norms should be considered are listed below:

·         We should remove gender-based stereotypes (socio-culture challenge a rural women face, and an urban women face)

·         Women should be given skills, knowledge, and updates

·         We should encourage gender equality so women can easily work in offices and industry

If we consider these problems and try to sort out these problems from our society with effective measures, the women’s labor force participation rate should increase due to an increase in economic activity. When our economic activity will rise, there should be a circulation of wealth among people and people are going to produce goods and services. An increase in production level will increase imports and exports. In an economy, growing situation individuals’ standards of living will better. They become financially independent. The economic activity will also reduce poverty, financial dependence, and unemployment. We should develop systems, policies, platforms availability, and science and technology, so we should be able to empower financial independence through the positive role of entrepreneurship.

Muhammad Raza

The writer is a student of economics at University of the Punjab, Lahore.