5/25/2016 BBA,MBANOTES:EntrepreneurshipDevelopment

EntrepreneurshipDevelopment
MeaningandDefinitionofentrepreneur

ThewordentrepreneurhascomefromtheFrancewordentreprendrawhich
meanstoundertake,topursueopportunitiestofulfillneedsandwantsthrough
innovationtoundertakebusiness.

Intheyear1725thewordentrepreneurwasfirstbroughtintoeconomicsbya
socialscientistnamedRichardcantilion.theexpertwhoinventedthetheoryof
entrepreneurshipwasDavidmccellionin1961.

Therewasvariousdefinitionofentrepreneur.

AccordingtoAmericaheritagedictionary

Entrepreneurisapersonwhoorganizesoperatesandassumestheriskfor
businessventure

Thedictionaryofsocialsciencehasdefinedentrepreneurfromfunctional
viewpoint.Accordingtoitentrepreneurisaperson1)whoexercisethefunction
or2)initiatingcoordinatingcontrollingorinstitutemajorchangeinabusiness
enterpriseandor3)bearingthoseriskofoperationwhicharisefromthedynamic
natureofsocietyandimperfectknowledgeofthefuturewhichcancastthrough
transfercalculationorelimination

AccordingtoencyclopediaBritannica

Entrepreneurastheindividualwhobearstheriskofoperatingabusinessinthe
faceofuncertaintyaboutfutureconditionandwhoisrewardedaccordinglybyhis
profitorlosses.

Richardcotillionsays

Entrepreneuristheagentwhopurchasedthemeansofproductionfor
combinationintomarketableproduct.

Sowecansaythatentrepreneurapersonwhotakesriskforestablishinganew
ventureorbusinessinordertocreateutilityforthewelfareofhumanbeingaswell
asforhimofherself.Sheorheisalwaysapersonwhoseeksoutopportunitiesand
takesonchallenges.

MeaningandDefinitionofentrepreneurship:

Entrepreneurshipisconsideredasofassumingtheriskofanentrepreneur.

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Accordingtonathealh.leff:

Entrepreneurshipisthecapacityforinnovationinvestmentandexpansioninnew
marketsproductandtechniques.

Websterhighlightsentrepreneurshipaseconomicventureorganizingandrisk
takingcapabilities.

JoshepaSchumpeterdescribeentrepreneurshipistheforceofcreative
destructionwherebyestablishedwayofdoingthingsaredestroyedbythecreating
ofnewandbetterwaystogetthingsdone.

AccordingtoS.S.kanaka:

Entrepreneurshipsisaprocessinvolvingvariousactionstobetakentoestablish
anenterprise.

Fromthefunctionalviewpointentrepreneurshipisdefinedasthecombinationof
activitiessuchasperceptionofmarketopportunitiesgainingcommandover
scarceresourcespurchasinginputproducingandmarketingofproduct
respondingtocompetitionandmaintainingrelationwithpoliticaladministration
andpublicbureaucracyforconcessionlicensesandtaxesetc.

Characteristicsofanentrepreneur:

Anentrepreneurisapersonwhoinitiatesabusinessventure.therearesome
essentialfeatureofanentrepreneurwhicharedescribebelow.

Risktakingcapability:everybusinesshasriskoftimemoneyetc.soan
entrepreneurmusthavetherisktakingcapability.

Creativityandinnovation:anentrepreneurhasaninitiatorpossesses
creativityandinnovativepower.

Needforachievement:theentrepreneurhasstrongdesiretoachievethe
goalofbusiness.heisalwaysdrivenbytheneedsforachievement.

Needforautonomy:anentrepreneurdoesnotliketobeunderanybody.
itistheneedforautonomywhichdrivesapersontobeanentrepreneur.

Internallocusofcontrol:anentrepreneurbelievesinhimhiswork.

Externallocusofcontrol:healsobelievesinfateforultimateresult.

Selfconfident:anentrepreneurhasconfidenceinhim.

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Leadershipcapability:anentrepreneurmusthaveleadershipcapability
toleadworksunderhim

Industriousness:asuccessfulentrepreneurmusthaveleadership
capabilitytoleadworkersworkingunderhim.

Decisionmakingcapability:theentrepreneurhascapabilitytotake
quickdecision

Adaptability:hehasthecapacitytoadaptwithanykindofsituationthat
ariseintheenterprise

Foresightness:Theentrepreneurshaveagoodforesighttoknowabout
futurebusinessenvironment.

Otherstheotherfeaturearedynamism,ambition,educationandtraining,
longterminvolvement,futureorientation.

Qualitiesofsuccessfulentrepreneur:

Tobecomeasuccessfulasanentrepreneurinitsbusinesslife,abusinessman
shouldpossessaquiteanumberofessentialqualities.Thosearenotedbelow:

1.Moderaterisktaking:anentrepreneuralwaystakescalculatedriskto
operatetheorganization

2.Hardwork:anentrepreneurisverymuchhardworker,heorshealways
busywithvarioustypeswork.

3.Accountability:asuccessfulentrepreneurisaccountablewellashis
associatesalwaysaccountabletohim.

4.Educatedinrealsense:successfulentrepreneuriseducatedInrealsense
.hetriestoimplementhisorganizationalobjectivesthroughhiseducation.

5.Analyticalmind:asuccessfulentrepreneurisanalyticalminded.he
scrutinizeseveryactivityontheorganization.

6.Dynamicleadership:asuccessfulentrepreneurisalwaysdynamicto
operatetheorganization

7.Presenceofmind:asuccessfulentrepreneurisalwaysatpresentofmind
heisalwaysawareofactivitiesthattohappeningintheorganizationandaround
him

8.Accommodative:agoodentrepreneurhasthecapacitytomakehisown

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placeateverysector

9.Courageousandtactful:Corsagesandtechniquesisverymuchessential
forasuccessfulentrepreneur

10.Makerofrightdecision:Asuccessfulentrepreneurmakesrightdecisionin
righttimeinrightplace

11.Foresighted:asuccessfulentrepreneurforesightsthefutureandtake
decisionaccordingly

12.Rightperceptionofthings:Asuccessfulentrepreneurthingsinaright
way

13.Enjoysimplelife:Asuccessfulentrepreneuralwaysdealsasimplelifea
generalpeopleofthesociety

14.Strongdesiredtosuccess:Asuccessfulentrepreneurhaveastrongdesire
tosuccess.heisdrivenbythedesiretosuccess

15.Innovation:innovationistheprocessofmakingnewsomething.A
successfulentrepreneurisinnovative

16.Selfconfidence:Asuccessfulentrepreneurisselfconfidence.doesnotreally
onotherfordecisionorfate

17.Goalsetting:asuccessfulentrepreneursetthegoal

18.Keenobservation:Asuccessfulentrepreneuralwaysobservesthe
origination

19.Sociable:Asuccessfulentrepreneurissociableperson

20.LovestoworkAsuccessfulentrepreneurisverymuchaddictedtowork

21.Lovesnewideas:Asuccessfulentrepreneurlovesnewidesofthe
organization

22.Teambuilder:Asuccessfulentrepreneurbuildsasuitableteam

23.Cleanunderstanding:Asuccessfulentrepreneurclearlyunderstandsevery
things

24.Abilitytoconceptualize:Asuccessfulentrepreneurisabletoconceptualize
thereality

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25.other:theotherqualitiesarepatience,optimistic,strategist,etc

Relationshipbetweenentrepreneurandentrepreneurship:

Therelationshipbetweenentrepreneurandentrepreneurshiparediscussedbelow:

Entrepreneur
vs

Entrepreneurship

1)Entrepreneurisaperson.

Entrepreneurshipisaprocess.

2)Entrepreneurisanorganizer.

Entrepreneurshipisanorganization.

3)Entrepreneurisaninnovator.

Entrepreneurshipisaninnovation.

4)Entrepreneurisariskbearer.

Entrepreneurisariskbearing.

5)Entrepreneurisamotivator.

Entrepreneurisamotivation.

6)Entrepreneurisacreator.

Entrepreneurisacreation.

Entrepreneurisavisualizer.

Entrepreneurisavision.

Entrepreneurisaleader.

Entrepreneurshipisaleadership.

Entrepreneurisanimitator.

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Entrepreneurshipisanimitation.

Distinctionbetweenanentrepreneurandamanager.

Sometimesthewordentrepreneurandmanagerareusedassynonyms.Infact
therearesomedifferencesbetweenthem.Theyaredescribedbelow

SubjectmatterEntrepreneurManager

1.Motive

Thinkingfunction.Hismainmotiveistostartanewventurebysettingupan
enterprise.

Doingfunction.Hismainmotiveistorenderservicetotheorganizationalready
established.

2.Status

Entrepreneuristheowneroftheenterprise.

Manageristheserviceholderorservantoftheenterprise.

3.Riskbearing

Beingowneroftheenterpriseassumeallriskanduncertaintyinvolvedinthe
enterprise.

Astheservantdonttakeorbearriskanduncertaintyinvolvedintheorganization.

4.Reward

Rewardisprofitwhichishighlyuncertain.

Getsalaryasarewardwhichisfixedandcertain.

5.Innovation

Anentrepreneurisaninnovator.

Amanagerisnotaninnovatorinthatsenseheimplementstheplanpreparedby
theentrepreneur.

6.Qualification

Theyarenothighlyqualifiedbuthaveextraordinaryexperienceforecasting.

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Theyarehighlyqualified(institutionaleducation).

Aftertheabovediscussionwecansaythatatatimeanentrepreneurcanbea
managerbutamanagercannotbeanentrepreneur.

Differenttypesofentrepreneurs:

OnthebasisofnatureClarenceDanhofclassifiedentrepreneursintofour
categories.Theseare

1.Innovativeentrepreneurs:Aninnovativeentrepreneurinone,who
introducesnewgoods,inauguratesnewmethodofproduction,discoversnew
marketandrecognizestheenterprise.Itisimportanttonotethatsuch
entrepreneurscanworkonlywhenacertainlevelofdevelopmentisalready
achievedandpeoplelookforwardtochangeandimprovement.

2.Imitativeentrepreneurs:Thesetypesofentrepreneurscreativelyimitate
theinnovativetechnicalachievementmadebyanotherfirm.Imitative
entrepreneursaresuitableforunderdevelopedcountriesasitishardforthemto
bearthehighcostofinnovation.

3.Fabianentrepreneurs:Fabianentrepreneursarecharacterizedbyvery
greatcautionandskepticismtoexperimentanychangeintheirenterprises.They
usuallydonottakeanynewchallenge.Theyimitateonlywhenitbecomes
perfectlyclearthatfailuretodonotsowouldresultinalossoftherelativeposition
intheenterprise.

4.Droneentrepreneurs:Theyarecharacterizedbyarefusaltoadoptany
changeevenatcostofseverelyreductionofprofit.

Someothertypesofentrepreneurs:

(i)Solooperators:Thesearetheentrepreneurswhoessentiallyworkaloneand
ifneededatallemployafewemployees.Inthebeginningmostofthe
entrepreneursstarttheirenterpriseslikethem.

(ii)Activepartners:Activepartnersarethoseentrepreneurswhostartorcarry
onanenterpriseasajointventure.Itisimportantthatallofthemactively
participateintheoperationsofthebusiness.

(iii)Innovators:Suchentrepreneurswiththeircompetenceandcreativity
innovatenewproducts.Theirbasicinterestliesinresearchandinnovative
activities.

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(iv)Buyersentrepreneurs:Thesearetheentrepreneurswhodonotliketo
bearmuchrisk.Theydonottaketheriskofproductionbuttaketheriskof
marketingaproducti.e.wholesalerandretailer.

(v)Lifetimers:Theseentrepreneursbelievebusinessasanintegralpartoftheir
life.Theseentrepreneursactuallyinherittheirfamilybusinessi.e.goldsmith,
potteretc.

(vi)Challengers:Thesearetheentrepreneurswhoinitiatebusinessbecauseof
thechallengesitpresents.TheybelievethatNorisk,Nogain.Whenonechallenge
seemstobemet,theybegintolookfornewchallenges.

Besidethese,thereareGovt.andNongovt.entrepreneurs.

FactorsofEntrepreneurshipdevelopment:

(A)Personalfactors

1.Abilitytocopewiththesituation
2.Age
3.Education
4.Personality
5.Intrapersonalcommunicationability
6.Achievementmotivation
7.Selfconfidence
8.Competence
9.Emotion
10.Understandingcapacity

(B)Environmentalfactors

1.Socioculturalfactors

Religion
Values
Ruralurbanorientation
Marginality
Education
Tradition

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2.Politicalandlegalfactors

Govt.legalbindings
Govt.policies
Rulesandlawsrelatedtotheindustryandbusiness

(C)Institutionalfactors:

1.Financialinstitution
2.Traininganddevelopmentinstitution
3.Consultingfirms
4.Incubatorsorganization(old&pioneer)
5.Researchorganization

(D)Microfactors

1.Enterpriseitself
2.Suppliers
3.Intermediaries
4.Customers
5.Competitors
6.Public

(E)Macrofactors:

1.Demographicfactors
2.Economicfactors
3.Physicalfactors
4.Technologicalfactors
5.Cultural/socialfactors

(F)Others:

1.Venturecapital
2.Experienceentrepreneurs
3.Technicallyskilledlaborforce
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4.Suppliersaccessibility
5.Proximitytouniversities
6.Availabilityoflandfacilities
7.Accessibilityoftransportation
8.Favorableloanandfinancialpolicies
9.Deceptedpopulation
10.Availabilityofsupportive
11.Attractivelivingcondition
12.Capitalintensiveness
13.Researchanddevelopmentactivities
14.Capitalincentiveness
15.Proximitytocorporateheadquarters
16.Competitivesituation

Causesofsuccessandfailureofentrepreneur:

Anentrepreneurmaysometimebecomesuccessfulandsometimebecomesfailure.
Therearesomecausesofsuchsuccessandfailure.Theyarenotedbelow:

1.Selectionofbusiness:Itisanimportantaspect.Thatmeansan
entrepreneurhastodeterminewhattypebusinessheisgoingtostart.Form
variouspointsofviewthefeasibilityofthebusinessshouldbetested.

2.Properplanning:Properplanningmesalsoimportant.Forplanning,
planningpremiseslikepolitical,economic,socialpremisedshouldbeconsidered
first.Thestepsofplanningshouldbefollowedproperly.

3.Initialcapital:iftheinitialcapitalsarenotanoptimallevelthe
organizationwouldfall.Sowhethertheenterpriseisbigorsmalltheinitialcapital
shouldbesufficientenough.

4.Determinationo0fmarketdemand:Throughresearchthedemandin
themarketshouldbeidentified.Bothforlongtermandshorttermitshouldbe
considered.

5.Marketingofproduct:Ifthepromotionpolicy,channelofdestitution,
transportationisnotgoodtheenterprisewouldfall.

6.Educationandexperience:Oneoftheimportanttasksofthe
entrepreneursistoselectrightpersonfortherightpostbecausethesuccessofan
enterprisedependsontherightselectionofemployees.

7.Jointinitiative:Onemayhavemuchmoneyandanothermayhavemore

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merit.Throughjointinitiativeitcanbebalanced.Butsometimeforjointinitiative
misunderstandingarise,orsometimescorruptionoccurwhichmayresultinfall
ofenterprise.

8.Employment:Recruitmentandappointmentshouldbeproperlydone.
Thosewhohavespecializedskillshouldbeappointedtothatspecializedjob.
Inefficient,corruptedemployeesmayberesponsibleforfallofbusiness.

9.Locationofbusiness:Siteselectionisanimportantfactor.Whilestarting
anewbusiness,anentrepreneurshouldthinkaboutthelocationofthebusiness.
Inthiscase,manyfactorsshouldbeconsideredsuchasavailabilityofraw
materials,propercommunicationsystem,availabilityoflabor,marketing
facilitiesandsoon.

10.Qualitiesofmanagement:Themanagementmusthaveaminimum
qualitytosuccessotherwiseitwouldfall.

Thesearethecommoncausesforwhichoneenterprisemaybecomesuccessful
andanothermayfall.

Theopportunitiesorprospectsofentrepreneurshipdevelopmentin
Bangladesh:

Asathirdworldcountryaconsiderablenumberofentrepreneurshasnotbeen
developed.

Nevertheless,thereisagreatpossibilityofdevelopingentrepreneurshipin
Bangladesh.Followingaretheprospectsandopportunityofentrepreneurship
developmentin
Bangladesh.

1.Availabilityofhumanresources:Bangladeshhasitsvastpopulationofabout
150million.Sothereisagreatpossibilityofdevelopingentrepreneurshipand
entrepreneursinBangladesh.HRisthefundamentalfactorsofproductionthatis
availableinvastamount.Soproductionthatisavailableinvastamount.
Therefore,entrepreneurscaneasilyusethemwithlonpaymentthatmay
encouragethemtobeentrepreneur.Therefore,abundanceofHRisthegreat
opportunityincreatingentrepreneursinBangladesh.

2.Industrialinnovativesensation:PeopleofBangladeshhaveindustrial
innovativesensation.Theymaygetinvolvedlargelyinindustrialinitiativeifthey
getfavorableopportunity.Alreadytheyestablishedmanysmallandcollage
industrieswiththehelpofNGOsandotherfinancinginstitution.

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3.Mobilityofprofession:Aconsiderablenumberofvillagersnowreplaced
theiragriculturebasedprofessionintopettybusinessesandmanyothersmall
andcottageindustry.Manyofthemtransferredintocityarea.Thus,wayhere
createsamobilityofprofession.Thatisanotherprospectofdeveloping
entrepreneurshipinBangladesh.

4.Noreligioushindrancesonmobilityofprofession:InBangladesh,
thereareanyreligiousandculturalhindrancesonmobilityofprofession.Mostof
thepeoplearechangingtheirwork,professiondaybyday.Inpast,certain
religiouspeoplebelongtocertainprofession.Butnowpeoplegetengagedintheir
desiredprofessionwithoutreligiousandculturalhindrance.Thatisanother
prospectofcreatingentrepreneurs.

5.Largenumberofeducatedunemployed:Inourcountry,thereare
manyeducatedunemployedpeople,butthereisalimitedscopeofemployment.
Forthisreason,educatedunemployedpeoplewilltakenewinitiativetodo
somethingnewthemselves.Asthereisacloseconnectionofeducationand
entrepreneurshipthereisapossibilityofdevelopingentrepreneurship.

6.Tendencytowardindustrieswork:Industrialsworkbearsmoresalary,
status,facilitiesforlivingincityareaandsoon.Forthisreasonpeopletending
towardsindustrialwork.Thus,industrialsectorwillbedevelopedinfuture.Such
mentalityandtendencyishelpfulindevelopingentrepreneurs.Therefore,itis
anotherprospectofdevelopingentrepreneurs.

7.PreferenceinestablishingagrobasedindustryinGovernment
planning:Asourcountryinagrobased,thereisagreaterpossibilityof
establishingagrobasedindustry.Besides,mostoftherawmaterialsofindustry
comefromagriculturalsector.Soourresourcefulagriculturesectorishelpfulin
developingentrepreneurship.Nowadays,Govt.announcespreferenceinagro
basedindustrythatisalsogreateropportunitytodevelopentrepreneurs.

8.LiberalizationofGovt.industrialpolicy:Withtheaimofrapid
industrialization,govt.adoptedliberalizationinindustrialpolicyandencourages
entrepreneurstocomeaheadinindustrialsectorwiththeirlargecapital.Forthis
reason,investorsareinvestingtheircapitalinindustrialsector.Thatisanother
prospectofdevelopingentrepreneursinBangladesh.

9.DisbursementofmicrocreditbydifferentNGOs:Inourcountry
therearelargenumbersofNGOsprovidingmicrocredittothevillagepoorpeople.
Thatishelpfulinformingsmallandcottageindustry.NGOsalsoprovidetraining
facilities,advice,investmentconsultancy,rawmaterialsetctoitsloaner.Thatis
anotherprospectofdevelopingentrepreneursinBangladesh.

Fromabovementioneddiscussion,weobservedthatthereisagreaterpossibility
ofdevelopingentrepreneursinBangladesh.

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ProblemsofentrepreneurshipdevelopmentinBangladesh:

Asathirdworldcountry,inBangladeshthereisnoabundantfacilitiesfor
developingentrepreneurshipratherexistalargenumberofobstacles,whichare
liablefornotdevelopingentrepreneursinBangladeshdescribedinbelow:

1.ImproperpublicityofGovt.facilities:Fordevelopingentrepreneursin
limitedbasis.Thosehavenotinformedproperlytotheremotevillagers.Therefore,
thesefacilitiescannotworkwell.Someurbancenteredpeopleacceptthefacilities
thatarenotenoughfo0rdevelopingentrepreneursassoverthecountry.Sothisis
oneofthefundamentalobstacles.

2.Insufficientarrangementofpreinvestmentadvice:Forthisreason
mostofentrepreneurcantstudymarketfeasibilityfortheproductandbusiness
demandfortheproductinmarket,possibilityofgainingprofitetc.Forthelackof
thisstudymostoftheentrepreneurcantoperatetheiractivitiessuccessfully.
Manyofthemfailintheirinitialactivities.

3.Lackofrequiredfinancing:Thisisthefundamentalproblemof
developingentrepreneurshipinBangladesh.Here,entrepreneursfacesproblemin
collectingrequiredworkingcapitalandfixedcapital,mostofthefinancing
organizationdemandforsupportingpapersandapplyrigidcondition.Asaresult
mostoftheentrepreneurscannotgetrisecapitaltooperatetheiractivities
smoothly.Workingcapital,fixedcapitalandcapitalforexpansionofbusinessof
business.

4.Scarcityofrawmaterialsandotherfactorsofproduction:Inour
country,thereisanimmenseshortageofbasicrawmaterialstooperateindustrial
activitiessmoothlysuchasskilledmanpower,technology,capitalandsoon.For
thisreasontheyhastoimportbasicrawmaterialsandsupplementaryfactorsof
productionthatincreasethecostofproduction.Asaresult,entrepreneurcanttake
initiativestoestablishindustrialorganizationsmoothly.

5.Probleminmarketingproducedproduct:Nowadaysmarketingof
theproducthasbecomeanimportanttaskinbusiness.Inopenmarketeconomy,
productofthehomeandforeigncountriescompetewitheachotherinsame
market.Usuallyqualityproductscapturethemarket.Becauseofdifferentproblem
andlackoffactorsofproduction,ourentrepreneurcantproduceorhardly
producequalityproductasdevelopedcountry.Forthisreason,nowaday,they
facemarketingproblemgreatlyforeveryproduct.

6.Lackoftraining:Trainingisessentialtoworkefficientlyandeffectivelyin
anyfield.Trainingisapracticalexperienceregardingjobthatisnecessaryto
increaseefficiencyandproductivity.Inourcountry,thereisnoavailabletraining
centretoprovidetrainingindevelopingentrepreneurs.Asaresult,peoplecannot

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comeaheadtotakeinitiativethatisanobstacletodevelopentrepreneurship.

7.Lackofpackagehelp:Indevelopedcountry,Govt.andnongovt.sector
providepackagehelpfordevelopingindustrialsector.Inincludes,technicalhelp,
rawmaterials,andworkingcapitalandsoon.Thesearehelpfulincreating
entrepreneurshipaswellasindustry.Butinourcountrythereisnoabundance
packagehelpthatisveryessentialfordevelopingentrepreneurshipinourcountry.
Soitisanotherproblemofdevelopingentrepreneursandentrepreneurshipin
Bangladesh.

8.Lackofknowledgeregardingtechnologyandmanagement:In
developedcountrymostofthebusinessandindustriesaretechnologyoriented
andtheyfollowmodernmanagementtechnique.Thosearehelpfulindeveloping
dynamicentrepreneurs.Nevertheless,inourcountrythereislittlescopeof
technologyandmodernmanagement.Besides,wealsohavenoproperknowledge
regardingthosematters.

Thesearetheobstaclesorproblemindevelopingentrepreneursand
entrepreneurshipinBangladesh.

Suggestionsforremovingtheproblemsofentrepreneurship
developmentinBangladesh.

1.Makingspecificpolicy:Toperformanyactivitiessomepoliciesshouldbe
maintained.Weallshallrecognizethatsomeeffectivepoliciesshouldbemadeto
developentrepreneurshipinBangladesh.Relatingorganizationandofficials
shouldmakesomespecificpoliciesfordevelopingit.

2.Involvingentrepreneurialknowledgeintextbook:Asour
educationsystemistheoreticalbasedsoentrepreneurialknowledgeshouldbe
includedintextbook.Sothatstudentscanachieveentrepreneurialknowledgethat
willbebeneficiaryfordevelopingentrepreneurshipinfuture.Intextbook
followingmattersshouldbeinvolvedorsuggestedtobeincluded.

3.Offeringpackagehelp:Afterprovidingtraining,traineeshouldbe
providednecessaryhelpfordevelopingindustrialsector.Necessaryhelpincluding
fixedcapital,workingcapital,technicalmen,technology,andrawmaterialandso
on.Thisishelpfulincreatingentrepreneurship.

4.Formalarrangementoftraining:peoplewhoareengagedin
entrepreneurialworkorpeoplewhoarewillingtotakenewinitiativehave
suggestedprovidingtrainingintherespectivefieldthatwillbehelpfulforthemto
takeinitiativeandoperatesindustrysmoothly.Govt.andnongovt.organization
canarrangethisprogram.
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5.Increasinggovt.facilitiesanditsextensivepublicity:Govt.facilities
fordevelopingentrepreneurshiparenotsufficient.Sogovt.shouldprovide
abundantfacilitiesfordevelopingentrepreneurship.Govt.shouldalsoarrange
extensivepublicityofitsgivenfacilities.Sothatruralcenteredpeoplecanget
thesefacilities.Thatwillbeveryhelpfulindevelopingentrepreneurshipin
Bangladesh.

6.Encouragementinindustrialization:Govt.andnongovt.organization
mayencouragespeopletowardsindustrializationbyprovidingdifferentfacilities
includingtaxredemptionortaxholiday,EPZfacility,BSCICindustrialstate,
providingrawmaterial,capital,technicalassistanceetc.withunqualified
condition.

7.Establishmentofsupplementaryindustry:Entrepreneurshipmaybe
developedbeestablishingsupplementaryindustryextensively.Someofthem
produceindustrialproductthatarereproducedlargeindustryandsomeofthem
usebyproductoflargeindustry.Theyarealsoessentialtodeveloplargescale
industry.

8.Increasingloanfacilities:Mostofthepeopleestablishsmallorlarge
scaleindustrywithloanfacility.Financinginstitutionshouldprovidesufficient
loantotheentrepreneurwithflexibleconditionandsupportingpaper.This
programwillbehelpfulinestablishingandoperatingnewindustriesand
businesses.

9.Exhibitionofindustrialproduct:Toincreasedemandforindustrial
productgovt.andnongovt.organizationmayarrangeexhibition.Industrialfair
indomesticcountrywillbehelpfulincreatingdemandforindustrialproduct.
Industrialproductmayintroduceinabroad.Itisanimportantrecommendation
todevelopentrepreneursandentrepreneurship.

10.Reductionoftaxandduty:Govt.mayencourageindustrializationby
lesseningdutyrateofindustrialproduct.Thatwillalsolessencostofindustrial
product,whichishelpfulincapturingmarket.Thus,wayindustrializationor
entrepreneurshipwillbedevelopeddutyonimportingbankrawmaterialshave
suggestedtoreduce.

11.Favorableimportandexportpolicy:Mostofthebasicrawmaterials
usedinindustryhavebeenimportedfromforeigncountries.Someindustrial
productshaveproducedtoexportasawhole.Sofordevelopingindustrialization
andentrepreneurshipproperauthorityshouldmakeobviousandflexibleexport
importpolicy.

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Institutionalororganizationalsourcesofassistancefor
entrepreneurshipdevelopment:

TherearetwotypesoforganizationalsourceofassistanceforEntrepreneurs
DevelopmentinBangladesh.Theyareasfollows:

1.Governmentagencies

2.NonGovernmentorprivateagencies

1.Governmentagencies:

vBoardofIInvestment

vBangladeshDevelopmentBankLimited(BDBL)

vInvestmentCorporationOfBangladesh(ICB)

vNationalizedCommercialBankOfBangladesh

vBangladeshKrishiBank(BKB)

vRajshahiKrishiUnnoyonBank(RKUB)

vBangladeshsmallandcottageindustriescorporation(BSCIC)

vExportpromotionbureau(E.P.B)

vTradingCorporationofBangladesh(TCB)

vBangladeshindustrialandtechnicalassistancecenter

vBangladeshstandardtestinginstitute(BSTI)

vBangladeshinstituteofmanagement(BIM)

vBangladeshinstituteofbankmanagement(BIBM)

vInstituteofcostandmanagementaccountingofBangladesh(ICMAB)

vSupport,supplyagenciesforwater,gas,electricity

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vSmallandcottageindustrytraininginstitute

vBangladeshSadharonBimacorporation

vPublicuniversitiesofBangladesh

vBangladeshcouncilforscientificandindustrialresearch

2.Nongovernmentagencies:

vGrammeenBank

vMicroindustrialdevelopmentassistanceandservice(MIDAS)

vPrivatecommercialBank

vPrivateinsurancecompanies

vLeasingcompanies

vFederationofBangladeshchamberofcommerceandindustries(FBCCI)

vBangladeshruraladvancementcommittee(BRAC)

vPrivateUniversities

vProshika

vAssociationforsocialadvancement(ASA)

vThangamaraMohilasomobysongstha(TMSS)

vRangpurKinajpurRuralSangstha(RDRS)

vOtherNGOs

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