We need an ideal entrepreneurial ecosystem
Habib Khan's success story, as reported by this daily on Thursday, is a testament to the power of entrepreneurship amid slowing growth and rising unemployment in the country. Habib left his job to pursue a career in agriculture in his village in Tangail. Then, in less than two years, he transformed his ancestral land into a profitable farm specialising in premium agro-products. Thus, not only did he become self-reliant himself, his company now also employs 18-20 other individuals. Such efforts underscore the importance of entrepreneurship – especially the micro, small and medium-sized enterprises (MSMEs) – for our economy as it continues to struggle to create new jobs.
Youth entrepreneurship, in particular, can be hugely transformative. It can provide financial independence, create employment for others, and support peers and communities through innovative business practices and initiatives. If run and supported properly, MSMEs can be a major driver of domestic production and foreign currency earnings. However, despite some positive initiatives from the authorities and relevant stakeholders across the spectrum – such as the iDea project, a2i, Startup Bangladesh Limited, and different incubators from private organisations – small entrepreneurs in Bangladesh face various challenges including limited access to finance, lack of mentorship, inadequate infrastructure, limited access to markets, unsupportive bureaucratic processes, fragmented strategies within the ministries, and societal pressures against entrepreneurship, as a UNDP study has highlighted. As a consequence, Bangladesh ranked 132nd out of the 137 member-countries in the Global Entrepreneurship and Development Index 2020.
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What we should take away from this reality is that entrepreneurship cannot thrive on its own. It needs nourishment, training, and a supportive climate. The authorities, therefore, should take steps to create a conducive environment for entrepreneurs across all sectors. Bureaucratic red tape must be eradicated, and unrestricted access to information, financing, logistics, and technical support must be ensured. They should also remain vigilant so that small enterprises are not overrun by large market competitors across the supply chain. Local entrepreneurs need easy-to-access networks both at national and international markets. Our education system and social structure should also internalise the process of innovation and nurture future entrepreneurs with proper training and encouragement.
To become an economic powerhouse, Bangladesh must redirect its focus from low skills to nourishing skills and innovative business practices. The government must develop a comprehensive entrepreneurship ecosystem and clear all obstacles to starting and running businesses so that success stories like that of Habib Khan become common all over the country.
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