KARACHI, May 21: The Institute of Business Administration will set up an independent centre for entrepreneurship for the training and guidance of young men and women who plan to set up their own businesses.

The IBA board of governors has already accorded approval to the project, which would get some financial and technical support from the US government as well.

The Director IBA, Danishmand, told Dawn that the centre, which will be set up within the IBA on the KU Campus, would be governed by a separate body. “We hope to offer courses at the ‘Centre for Entrepreneurship in Pakistan’ in the second half of next year,” he added.

He said that the US had chosen the IBA for establishment of the centre and had agreed to support it under its Broader Middle East and North Africa Initiatives (BMENA).

In addition to providing hands-on knowledge about setting up businesses and preparing business plans, the Centre will also conduct research to identify training needs, document how entrepreneurship is developed in Pakistan, its opportunities and obstacles, rules and regulations for business, and suggestions for policy/procedures improvements.

Mr Danishmand said there was a need to develop realistic training material in all departments of business, including labour regulations, dealing with banks, income tax, sales tax, labour laws, and documentations.

Courses would be developed in Urdu and other regional languages as well, he mentioned.

He said that the policy making board for the Centre for Entrepreneurship would include suitable members of the IBA faculty and administration, senior members of the Karachi business leadership, especially those interested in business entrepreneurship, representatives of the foreign affairs ministry, economic affairs department and the Higher Education Commission.Underscoring the need for such a centre, he said there was a need for training of young man and woman entrepreneurs, who had ambitions and ideas but no experience or guidance.

The centre has also been aimed at supporting people who have the potential and ideas but lack information about planning, establishing, managing and developing new business.

He said there was a need for professional training of people such as engineers, doctors, technical diploma holders in establishing and managing enterprises. “We will offer different short and long duration courses at the new centre,” he added.

He further said that the IBA was also in the process of producing educational training material in simple Urdu so that the modern concept, principles and methods of business management become accessible to men and women, who did not have the privilege of studying at the IBA.