BySuccessful entrepreneurs are remarkable individuals who bring discoveries and innovations to the world. Have you ever wondered how these entrepreneurs embark on their journey?
Their path to success is often filled with daunting obstacles that seem as challenging as towering mountains.
Sadly, most of us don’t pay much attention to their struggles during their early days. We tend to reserve our interest in celebrating their achievements instead.
It becomes a part of our job to crack jokes about their problems, but not to truly understand their journey.
In developing countries like Bangladesh, the barriers to entrepreneurship are particularly high. Numerous factors hinder the youth of this nation from pursuing their entrepreneurial dreams.
After completing their education, many educated young individuals, exhausted by the fierce job competition, make a solemn vow to become entrepreneurs.
However, a significant portion of these aspiring entrepreneurs eventually gives up on their dreams, faced with various challenges.
What makes it so difficult to become an entrepreneur in Bangladesh? Let’s explore some of the reasons together.
Mental Weakness
Mental weakness can be a major hurdle in the path of entrepreneurship. Having a strong will and mental fortitude are crucial qualifications for entrepreneurs.
Without these traits, even if everything else is in order, one cannot fully embrace the journey of entrepreneurship.
Lack of Capital
The lack of capital poses a significant challenge, especially in a country like Bangladesh, categorized as a developing nation.
The aspiring youth in this country aspire to become entrepreneurs, but the scarcity of capital often forces them to abandon their dreams.
While some individuals strive to start a venture with limited capital, many are eventually compelled to give up due to insufficient funds.
Therefore, it is essential to carefully consider the financial aspects before embarking on an entrepreneurial endeavor.
Political Crisis
Political crises can also disrupt the path of entrepreneurs in a country. When political unrest prevails, it becomes arduous for entrepreneurs to navigate through the hurdles.
Necessary facilities and support may not be readily available, leading to eventual disappointment even after investing significant effort.
The impact of political unrest is especially pronounced in terms of government patronage, as it tends to favor certain classes of entrepreneurs while neglecting those with innovative ideas and potential.
Family Barriers
Family barriers also play a significant role in inhibiting entrepreneurship. Often, families are hesitant to encourage their members to transition from stable jobs to the uncertain world of entrepreneurship.
It requires considerable time, capital, and dealing with uncertainty. As a result, many aspiring individuals find themselves lacking the necessary motivation due to familial disinterest or strict family traditions.
Lack of Bank Loan
Access to bank credit is another challenge faced by new entrepreneurs. Obtaining a loan from a bank, even without the requirement of collateral or personal property, proves to be a difficult task.
Entrepreneurs should ideally have access to free or low-interest loans to encourage their growth. However, the reality is that many entrepreneurs struggle to even apply for loans in various banks.
These problems contribute to the scarcity of new entrepreneurs in Bangladesh, which, in turn, leads to economic deficits at the national level.
Middle-class and lower-class families, devoid of significant assets or financial resources, find it extremely challenging to pursue entrepreneurship.
As a result, the growth of new entrepreneurs remains stunted, hindering overall economic progress.
According to the World Bank’s report on the “Ease of Doing Business” index, South Asian countries, including war-torn Afghanistan, are ranked significantly lower this year.
Bangladesh finds itself in the 176th position which is 9 steps down from Afghanistan. It’s indicating the challenges faced in establishing a conducive environment for entrepreneurial activities.
Let’s hope that awareness and efforts to address these barriers will pave the way for a brighter future.
