20.04.2023
Taslim Ahammad
Entrepreneurship has become a pep talk in recent years as this is viewed as an effective way to address the issue of unemployment. In Bangladesh, the unemployment rate is high; entrepreneurship has been identified as a solution to tackle this problem. With a large and growing population, there is a huge potential for entrepreneurship in Bangladesh, and this is widely believed that promoting entrepreneurship may help ease the unemployment.
Entrepreneurship is the process of identifying a business opportunity and creating a new venture to take advantage of that opportunity. It involves the willingness and ability to take risks, innovate, and create value by developing new products, services, processes, or business models. Entrepreneurship can take many forms, from starting a small business to launching a high-growth start-up, and can occur in any industry or sector. Successful entrepreneurship requires a combination of creativity, vision, hard work, and a willingness to adapt to changing circumstances. It also involves the ability to identify and manage risk, raise capital, build a team, and navigate complex regulatory and market environments. Ultimately, entrepreneurship is about creating economic and social value by transforming ideas into businesses that can generate revenue, create jobs, and solve real-world problems.
Unemployment in Bangladesh has been a constant problem for many years. According to the Bangladesh Bureau of Statistics (BBS), the unemployment rate in the country stood at 4.2% in 2019. However, it is believed that the actual rate may be much higher, as many people are underemployed or working in low-paying jobs. Entrepreneurship has been identified as a potential solution to this problem.
In recent years, the government of Bangladesh has taken steps to promote entrepreneurship and create a more supportive environment for entrepreneurs. One of the most promising areas of entrepreneurship in Bangladesh is the technology sector. With the widespread use of mobile phones and internet connectivity, there is a huge potential for entrepreneurs to develop innovative mobile apps, e-commerce platforms, and other tech-based businesses. These businesses can not only create jobs but also drive innovation and contribute to economic growth.
However, there are challenges facing entrepreneurs in Bangladesh. One of the most significant challenges is access to finance. Despite the government’s efforts to promote access to finance, many entrepreneurs still struggle to obtain the necessary funding to start and grow their businesses. This is particularly true for women entrepreneurs, who often face additional barriers to accessing finance. Furthermore, there is a need for more investment in education and training to equip entrepreneurs with the skills and knowledge they need to succeed.
Entrepreneurship is essential for the economic growth and development of Bangladesh. Here are some of the key reasons why – Job creation: With a population of over 160 million, Bangladesh faces significant unemployment challenges. Entrepreneurship can be a powerful driver of job creation, particularly in sectors such as agriculture, manufacturing, and services. Innovation: Bangladesh is a country with enormous potential for innovation, particularly in areas such as ICT, renewable energy, and healthcare. Entrepreneurship can help to unlock this potential by fostering a culture of innovation and encouraging the development of new products and services.
Economic growth: Bangladesh has made significant progress in recent years in terms of economic growth, but there is still much work to be done. Entrepreneurship can help to drive further economic growth by creating new businesses, generating revenue, and promoting the efficient allocation of resources. Women’s empowerment: Bangladesh has made great strides in recent years in terms of gender equality, but there is still much work to be done. Entrepreneurship can be a powerful tool for empowering women, enabling them to start their businesses and achieve economic independence. Social mobility: Entrepreneurship provides a path to social mobility for individuals from diverse backgrounds that may face barriers to traditional employment. By starting their businesses, entrepreneurs can create opportunities for themselves and their communities, improving economic and social outcomes. Overall, entrepreneurship is necessary for creating jobs, driving innovation and economic growth, promoting gender equality, and fostering social mobility in Bangladesh. It plays a vital role in shaping the business landscape and contributing to the overall well-being of society. With the right policies and support structures in place, Bangladesh can harness the power of entrepreneurship to achieve its full potential and build a brighter future for its people.
The process of entrepreneurship in Bangladesh follows a similar framework as in other countries. However, there are some unique challenges that entrepreneurs in Bangladesh face due to the country’s economic, political, and cultural landscape. Here are the steps involved in the entrepreneurship process in Bangladesh: Idea Generation: The first step of entrepreneurship in Bangladesh is idea generation. Entrepreneurs must identify a business opportunity by analysing market trends, identifying unmet needs, and assessing competition. Market Research: Once an idea has been identified, entrepreneurs must conduct market research to assess the feasibility of the opportunity. This may involve analysing market trends, conducting surveys, and gathering data on consumer behaviour. Business Planning: Once the feasibility of the opportunity has been established, entrepreneurs must develop a business plan. This plan should include a description of the business, an analysis of the market and competition, financial projections, and a marketing strategy. Financing: Financing is a significant challenge for entrepreneurs in Bangladesh. Entrepreneurs must secure financing to launch their businesses, which may involve seeking funding from investors, applying for loans, or using personal savings. However, access to capital is often limited, particularly for women entrepreneurs and those operating in rural areas. Launch: With the financing in place, entrepreneurs can launch their businesses. This may involve setting up operations, hiring employees, and marketing the business to potential customers. Growth: As the business grows, entrepreneurs in Bangladesh must continue to refine and adapt their strategy to meet changing market conditions. This may involve expanding the product or service offerings, targeting new markets, or seeking out new sources of financing. Exit Strategy: Finally, entrepreneurs must consider their exit strategy. This may involve selling the business, going public, or passing the business on to a new generation of entrepreneurs.
In summary, entrepreneurship has the potential to ease the unemployment situation in Bangladesh. By encouraging entrepreneurship, more people can start their own businesses and become self-employed, creating jobs and contributing to economic growth. However, there are still challenges that need to be addressed, including access to finance and a need for more investment in ongoing education and training for entrepreneurship.
Taslim Ahammad
Assistant Professor, Department of Management Studies
Bangabandhu Sheikh Mujibur Rahman Science and Technology University, Gopalganj, Bangladesh
taslim.ahammad@gmail.com/ taslim@ahammads.com