Entrepreneurship Development in Bangladesh: A

Comprehensive Analysis

What is an Entrepreneur?
according to Barringer Ireland, Successfully Launching New Ventures," view entrepreneurs as
individuals who pursue opportunities without regard to resources they currently control. This emphasizes
the proactive, opportunity-seeking nature of entrepreneurship.

The Importance of Entrepreneurs in a Country Development

Entrepreneurs play a crucial role in a country's development, and their importance can be
multifaceted and far-reaching. Here are some key ways they contribute:

Economic Growth Engine:

● Job creation: Entrepreneurs establish new businesses, generating employment

opportunities that boost the economy and reduce unemployment.
● Innovation and technological advancement: They drive innovation by identifying and
addressing unmet needs, often through new products, services, and technologies. This
fosters a dynamic and competitive business environment.
● Increased productivity and efficiency: Entrepreneurial ventures often introduce more
efficient ways of doing things, leading to increased productivity and economic output.

Diversification and Resilience:

● Diversification of the economy: Entrepreneurs explore new industries and

sectors, reducing dependence on traditional ones and making the economy more resilient
to shocks.
● Resource mobilization and allocation: They mobilize resources that might otherwise be
idle, channeling them into productive activities that benefit the economy.

Social Development and Poverty Reduction:

● Improved living standards: By creating jobs and wealth, entrepreneurs contribute to

raising living standards and reducing poverty.
 ● Access to goods and services: They can provide essential goods and services to
underserved communities, improving access to healthcare, education, and other
necessities.
● Social change and empowerment: Through their ventures, entrepreneurs can address
social issues and empower marginalized groups, promoting a more equitable society.

Global Competitiveness and Influence:

● Export potential and foreign investment: Successful entrepreneurship can attract foreign
investment and boost a country's export potential, enhancing its global competitiveness.
● Soft power and cultural influence: Innovative and socially responsible ventures can
project a positive image of a country on the world stage, influencing culture and promoting
international collaboration.

History of Bangladesh entrepreneur.

The history of Bangladesh's entrepreneurs is a testament to the relentless spirit of its people. From
humble beginnings to a dynamic and diverse ecosystem, Bangladesh's entrepreneurial journey
continues to inspire, offering valuable lessons for other developing nations about resourcefulness,
adaptability, and the transformative power of innovation.

I encourage you to explore specific figures, sectors, or initiatives within this rich history. For
instance, you could learn about pioneering women entrepreneurs like Rokeya Prafullah Khan, the
rise of social entrepreneurship within Grameen Bank's model, or the impact of Bangladesh's
thriving ICT sector on its entrepreneurial landscape.

Post-Independence (1971-1990s):

● Reconstruction and revival: Following the Liberation War, a wave of small-scale

entrepreneurship emerged, driven by necessity and self-reliance.
● Focus on basic needs: Food security and essential goods production took priority, with
garment manufacturing becoming a key player due to cheap labor and international
demand.
● Limited resources and challenges: Lack of capital, infrastructure, and skilled workforce
posed significant hurdles for aspiring entrepreneurs.

Economic Liberalization and Growth (1990s-2010s):

 ● Policy reforms and foreign investment: Government initiatives and policy changes
encouraged private enterprise, attracting foreign investment and boosting entrepreneurial
activity.
● Diversification and innovation: Beyond garments, entrepreneurs ventured into
pharmaceuticals, IT, services, and agribusiness, showcasing ingenuity and adaptation to
changing market dynamics.
● Rise of SMEs and tech-driven ventures: Small and medium-sized enterprises (SMEs)
flourished, while tech startups emerged as game-changers, leveraging advancements in
communication and digital technologies.

Contemporary Landscape (2020s and beyond):

● Focus on social impact and sustainability: Growing awareness of social and

environmental issues is leading to ventures addressing
healthcare, education, environmental challenges, and inclusive development.
● Empowerment of women and marginalized groups: Increased focus on inclusivity is
fostering entrepreneurship among women and marginalized communities, leading to a
more diverse and vibrant entrepreneurial ecosystem.
● Leveraging technology and global integration: Bangladeshi entrepreneurs are
embracing digital platforms and e-commerce, connecting with a global audience and
contributing to the country's increasing integration into the world market.

Present Scenario of Bangladesh Entrepreneur

Overall, the present scenario for Bangladeshi entrepreneurs is a mixed bag of challenges and opportunities.
While hurdles remain, the booming startup scene, increasing investments, and supportive ecosystem paint
a promising picture for the future. Bangladeshi entrepreneurs are poised to play a significant role in driving
the country's economic growth and social development in the years to come

Thriving Ecosystem:

● Booming Startup scene: Over 2,500 unique startups exist, with 200+ new ones emerging
annually. Sectors like fintech, edutech, health, logistics, and e-commerce are particularly
vibrant. (Image of bustling Dhaka startup hub)
● Funding Frenzy: 2023 saw record-breaking investments, with Bangladeshi startups
raising over $125.7 million, 30% of the total amount raised since 2010. (Image of money
bags symbolizing funding)
● Global Recognition: Bangladeshi entrepreneurs are making their mark on the world
stage. Forbes 30 Under 30 Asia featured young pioneers like Rubaiyat Farhan and Tasfia
 Tasbin (Marcopolo.AI) and Jhanvi Rahman (Relaxi). (Image of Forbes 30 Under 30 Asia
logo)

Challenges Persist:

● Bureaucratic hurdles: Lengthy procedures for business registration and operation hinder
ease of doing business, ranking Bangladesh 132nd among 137 countries in the Global
Entrepreneurship and Development Index 2020.
● Limited access to finance: Many startups struggle to secure funding, especially in the
early stages.

● Skilled talent gap: Finding skilled personnel for tech-driven ventures can be challenging.

Promising Future:

● Government initiatives: Programs like the "Freelancers to Entrepreneurs Program" and

"The Startup Cup" by IBA-DU are fostering entrepreneurship development.
● Supportive ecosystem: Incubators, accelerators, and co-working spaces are providing
crucial resources and mentorship.

● Tech-driven future: Bangladesh is embracing digital technologies, with e-commerce

platforms like Chaldal and BKash transforming business landscapes.

Success story

Story 1 (Cascade)

Company Name Cascade

Establishment and commercial production 2019
Business type Event management
Products Birthday, wedding, corporate event
Target market
Number of workers 10
COO(Chief Operating Officer)
Company address Chittagong, Chittagong Division, Bangladesh
Start business
The founder of Cascade was a friend from school. Cascade began their business because two partners
organized many well-organized and appreciated programs in their schools, which made them feel good
about managing. from this thought they started to work for it. From this appraisal, they took it as their
passion and wanted to grow, show their ability, and start working towards it.

Product and service

Cascade events essentially are wedding, corporate, birthday, and other(institutional events, concerts,
conferences, award nights, stage shows, product launches) event planners, but if the client tells them what
they want, they can arrange everything for them including catering, DJ, photographer, etc. So Cascade
provides its customers with a one-step solution. It means If you choose to give their company complete
responsibility for your event, they will arrange it as per your imagination.

Budget and funds

Marketing strategies
They focus on digital marketing through social media like Facebook. Besides references of their previous
clients and relatives help them to do a part of their marketing.

Challenges and overcome

At the time of starting this business, they primarily faced some problems at the satisfactory level when they
always tried to accomplish the customers'/client's desires. Besides they faced challenges in popularity.
Because at that time many Event Management were already taking their places. Their service mainly
depends on the rental products. As a result, To satisfy clients they have to face challenges and additional
costs. As they started from their School events they didn’t face any type of competitiveness. Day by day,
they arrange all the basic products in their warehouse and this makes their event very efficient.

Vision

Cascade company has a clear vision. They always try to ensure clients' satisfaction and loyalty. As
every event has to be a perfect social, technical, and creative fit, they have a collaborative approach
to all the projects.
Mission

The mission of Cascade company provide a unique service across the country. To provide a unique
service they interact with their customer by meeting and exceeding expectations through
innovative ideas and delivering excellent service.

Story 2 (Bindu Logic)

Company Name Bindu logic

Establishment 2019
Business type Software
Products Digital product
Target market Medical center, corporate
Number of workers 15
COO(Chief Operating Officer)
Company address House:7, Road:2, Block:B, Mirpur-10,
Dhaka -1216, Bangladesh

Start business
The founder of Bindu Logic was also a friend from school. Their goal since then has been to do something,
so they decided to start a software company and work towards achieving their desired goal.

Product and service

Bindu Logic is a software development company, responsible for developing and maintaining software
applications. They also provide ongoing support and maintenance for the software they create. Their
product is the software they create, and their service is to make clients aware of new features and
maintenance of their accounts.

Budget and funds

Marketing strategies
Their marketing strategy is first to find out a specific problem then make a solution for the individual
problem and offer this to the specific sector, like a company, hospital, etc.

Challenges and overcome

As they started this company with their self-funding primarily they faced some risk and besides they thought
that they could do the job anywhere except it. Despite different obstacles, they primarily focused on the
products that will help to get funds. Thus they recovered all the problems.

Vision

Their vision is to be a leading web solution company in the IT sector and progress their current position in
the market. They want to be known as the reliable, innovative, and user-friendly software service provider
in the IT industry

Mission

Exceed clients’ expectations by going beyond software to provide the best web solution that transforms
data into knowledge, enabling them to solve their problems.

Conclusion

It's crucial to pay attention to our customer's needs and stay committed to our business plan and vision as
recommended by them. And stay calm, dedicated, and try to make the best decisions. They also advise us
to choose our passion first and try to do something about it. If you see one is being successful in his/her
sector Don't try to follow it if you Don't have passion for that. Also, they suggest that we can do something
which is also efficient for the world. Some entrepreneurs did well at the beginning, while others took some
time. Therefore, it is necessary to believe in yourself, set goals, focus on solving a problem, stay focused,
have patience, and keep trying. Finally, they suggest that we build a strong team and don't fear failure.

Reference