One lesson I learned from the group project was that when one is working in a group with a decent number of people problems will arise. Michelacci and Schivardi state there has been a rise in the number of self-employed people with a baccalaureate degree. However, their findings also show that those who are self-employed and possess a graduate degree has remained consistent throughout time at about 33 percent. They briefly mention those famous entrepreneurs like Steve Jobs and Mark Zuckerberg who were college dropouts, but they call these business management cases all but exceptional as it is a pattern that many entrepreneurs view formal education as costly, mainly because of the time that needs to be spent on it Michelacci and Schivardi believe that in order for an individual to reach the full success they need to have education beyond high school. Their research shows that the higher the education level the greater the success. The reason is that college gives people additional skills that can be used within their business and to operate on a higher level than someone who only “runs” it.
Due to the lack of capital, technical know-how, entrepreneurship. etc., the private sector was shy in investing capital in heavy industries. The government took the initiative and established the Pakistan Industrial Development Corporation (PIDC) in 1952 to invest in industries that require heavy initial investment, have a long gestation period, and require a high degree of know-how. The PIDC’s major investments were in paper and paper board, cement fertilizer, jute mills, shipyards, and the Sui Karachi gas pipeline. By June in 1971, the PIDC had completed 59 industrial units and created a base for self-sustained growth in the industrial sector. The nationalization of industries in 1972 inflicted a heavy blow to the PIDC. Under the Presidential Ordained No. 5 of 1974, the government transferred the major projects to new Corporation. The PIDC is now reduced in size and stature. It is hardly operating 12 projects and facing great financial stringency.