Entrepreneurship Challenges: Overpricing and Technological Roadblocks : An Analysis of Pakistan's Clothing Industry

Abstract: Background and Problem Pakistan's clothing industry plays an important role in the country's economy; more than 60% of total exports and job possibilities are provided by the clothing industry in Pakistan. Small and medium-sized industries (SMEs) have increased in recent years, contributing to the industry's overall development (SMEs) throughout the last decade. Pakistan's clothing industry has grown rapidly but faces significant challenges of overpricing and technological roadblocks. Overpricing makes clothing items unaffordable for consumers, while outdated technology and machinery cause issues in productivity and competitiveness. Purpose The purpose of this study is to investigate the two challenges of entrepreneurs which are overpricing and technological roadblocks in the Pakistan clothing industry and to provide their solutions. Research Questions The following research questions are created to accomplish the purpose and justify this study:1. How entrepreneurs in the Pakistan clothing industry are facing challenges due to overpricing?2. What are the technological challenges in the Pakistan Clothing industry for entrepreneurs?3. What are the solutions to overpricing and technological roadblocks in the clothing industry of Pakistan? Methodology The research follows a qualitative research method while the deductive approach has been used. The study's main goal is to achieve its objective and solve the research question by utilizing both primary and secondary data. The primary data collection involved conducting four in-depth interviews with3officials of the Pakistan clothing industry. Secondary data was gathered from different sources such as scientific journals, articles, books, and websites to complement the primary data and provide a comprehensive analysis. Findings The finding of this research is that entrepreneurs in the clothing industry face overpricing challenges due to the rising cost of production, the rising cost of raw materials, and the high cost of skilled labor. In technological challenges, the most common challenges entrepreneurs face are outdated machinery, lack of investment in technology, lack of research and development, poor quality, and lack of digital tools. The study also suggests some solutions to these challenges: Sustainable Sourcing, Government Support, Investment in Technology, focused on market research, enhancing the product's value proposition by reducing production costs, Programs for Technology Education, and Training Partnerships with Technology Providers and Consultants Limitations This research conducts only four interviews in Pakistan for primary data collection. The cross-sectional, non-experimental design of the study was a limitation as it only allowed for data to be collected at a single time point.