LAHORE - Entrepreneurship is engine of growth for Pakistans economic development and to sustain progress, the people need to be encouraged and trained to think out-of-the-box and be constantly developing innovative products and services. This was the crux of the speeches delivered at Pakistan Entrepreneurship Summit 2010 jointly organized by the Lahore Chamber of Commerce and industry and IGNITE. The LCCI President Shahzad Ali Malik was the Chief Guest while the Chief Executive Officer Bank Alfalah Sirajuddin Aziz was the Guest of Honor. The other key speakers included CEO SMEDA Anwaar A Khan, CEO TUSDEC Sohail Ahmad Khan, Chairman Pakistan Tobacco Moeen Afzal, CEO SR Consultants Dr Shahid Raza, Rector UMT Hassan Sohaib Murad, CEO Bank Islami Hassan A. Bilgrami, Dr. Aamir Matin, CEO CISCO, Amer Qureshi, Business Advisor, Possibilities and Chairman Skill Development Council Pakistan Rehmatullah Javaid. The Summit was aimed at accelerating the economic activity in the country that has gone down due multiple internal and external challenges. All the speakers were of the opinion that the entrepreneurship is an incredible force to bring the country out of economic mire therefore there was a need to foster entrepreneurship to ensure better results even in tough times like Pakistan is facing at present. They said that a little focus towards this particular area could do miracles for the countrys economy. They said that it was essential to build the rural economies through promotion of entrepreneurship across the country, redirecting the focus to the smaller towns. These rural and suburban towns need to be engaged and encouraged to create more jobs, better economy and eventually better life style. Pakistans majority population comprises of youth, and young people should stand up, lead the economic activities, create jobs and make significant contribution to the economy. While citing the examples of a number of young entrepreneurs who own huge fortunes in the various regions of the world, the speakers said that innovation, strong vision, and commitment are the key elements to touch the zenith. They said that it was very unfortunate that less than two per cent of the entrepreneurs are trying to provide economic opportunities for the entire population. They said that the world is full of challenges and uncertainties. We cannot begin to control all the trends and issues that affect the success of our communities. However, the people who have strong and relevant vision for the future do better than ones that do not. Vision is about being intentional. It implies that a community takes the time and makes the effort to understand its context, its strengths and its weaknesses, and that it is willing to invest in its own perceived future. This same trait is a hallmark of entrepreneurs. The path to the future is not straight, but a clear and powerful vision moves a community into its future within an environment of challenges, unforeseen opportunities and undeserved crises. The Speakers said that another hallmark of successful entrepreneurs is the ability to perceive and assess opportunities therefore the entrepreneurs must acquire the skill for assessing perceived opportunities and pursuing those that make sense. They said that the entrepreneurs must have a knack for viewing the world from the perspective of their customers. That quality can help identify them competitors vulnerabilities and shortcomings. In his closing remarks, the Chairman Skill Development Council Pakistan Rehmatullah Javaid said that the initiative taken by the Lahore Chamber of Commerce and Industry would help strengthen the very economic base of the country. He said that entrepreneurship and economic development are intimately related. Entrepreneurial process is a major factor in economic development and the entrepreneur is the key to economic growth. Whatever be the form of economic and political set-up of the country, entrepreneurship is indispensable for economic development. He said that entrepreneurship is an approach to management that can be applied in start-up situations as well as within more established businesses. The growing interest, in the area of entrepreneurship has developed alongside interest in the changing role of small businesses. Small entrepreneurship has a fabulous potential in a developing country like Pakistan. At the end of the summit, LCCI President Shahzad Ali Malik visited the stalls established at the venue.