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Submission no: 09
Topic: Contributions of female entrepreneurs in the Economy of Bangladesh
Name: Maleka Begum Juthi
Institution: Eden Mohila College
Entrepreneurship is a concept of owning a firm that reflects the thought of owners. The start-up founders invest their resources and draw capital from investors to set up a small business where one can try to work on the probable idea. The sole purpose of an entrepreneur might be gaining profit from the firm. But the impact of this also expresses the contribution in any nation’s economy since the business entity musters up public wealth, creates opportunities for a job seeker, develops underdeveloped areas, increases GDP and helps to increase community standards. Nowadays, in this sector, female entrepreneurs try to work beside their male counterparts in the whole world. As a developing country, Bangladesh has been experiencing females getting involved in being an entrepreneur. One-third of its population is the young people who have shown a high level of energy and enthusiasm apart from their ability to capitalize on entrepreneurship. Females are showing tremendous advancement in this sector despite Bangladesh is a male-dominated society. Since the Quarterly Labour Force Survey (QLFS) 2015-16 taken by the source of Bangladesh Bureau of Statistics has brought out the information of graduated females being unemployed, the Government of Bangladesh is concerned to train women and allocate loans. Psychological research says the female brain is better wired for words and creative decision making. Many of these female entrepreneurs have proved their ability and strike male counterparts in Small and Cottage industries which is more significant than them participating in jobs. According to the research of the financial express, 7.2 per cent of businesses are women-owned. To break the stereotypes belief of society and the urge to create an identity, many women choose to become an entrepreneur.
The reasons for a female being an entrepreneur can be to have autonomy and freedom in the workplace, for more security and more satisfaction with work. Besides, women being better at attention, social cognition, and verbal abilities makes the number of female entrepreneurs rise which also contribute to the national economy. Studying the Economic Census 2013, the number of female-headed establishments is 0.56 million (7.21 per cent) while it was 0.10 million (2.80 per cent) in 2001 and 2003. This concerns how female entrepreneurs are contributing to the economy through their business entity. With their innovative ideas, they are showing their abilities and enthusiasm in every respect. In manufacturing products, Taslima Miji is one of the best examples to discuss. Her company Leatherina produced bags, using low chrome leather and eco-friendly fabrics, which get exported in Europe. This helps to expand the foreign exchange of the country. Also in fashion, the women of this nation have shown the world the indigenous Bengali culture through design. Bibi Russell is the one who highlighted the colours of Bangladesh to the world and was rewarded with many awards. Apart from clothes and fashion, their talent and effort have spread in agriculture also. Rokeya Afzal Rahman through her RR Cold Storage Limited, founded in the year 1980, supports 15000 farmers with capital. Her observation on the potentials of agriculture awarded her Monte Carlo Award in 1999. Apart from them, many female entrepreneurs in rural areas serve the national economy by doing handicrafts. Through that, they make the best use of local raw materials. Their participation in business can create capital and savings which mobilizes the wealth and finance of our country. Banks and many financial institutions are working on providing loans to make women involved in economic activity. To make them the key contributors to household income, NGOs set up to
provide training. However the growth of the economy by female entrepreneur’s contribution, their participation is still few since females are considered as the backbone of a family. It is said that there is time for work and time for love, that leaves no other time. Both balancing family and business become a huge challenge for a woman who finds herself torn between commitments. Besides, the cultural and societal barriers make it hard for them as tradition sees the husband as the breadwinner. A lot of female entrepreneurs feel intimidating in the male-dominated field. The women-owned business also faces obstacles like receiving less investor funding. Investors tend to invest that is run by their tribe more than the others. And here, a female entrepreneur has to face the hardest time balancing and convincing every single thing. They find themselves in the darkness of fear and failure when it is to take a risk. They can’t trust their capabilities, start to feel lost at the corner of the room for lack of motivation and that is where the downfall the whole national economy faces. That is why the Government of Bangladesh took steps to assist the female entrepreneurs against the hindrances. Seminars and workshops held by various organisations to provide them with suggestions and to give an explanation that they’re looking for. Also, successful female entrepreneurs share their story to motivate young entrepreneurs from which they learn to balance the toughest time in setting up their business. Moreover, specialized banks are submitting these entrepreneurs loans with low-interest rates.
The government can give proper priority to this female entrepreneurship sector. For that, the ICT training centres and institutions like this can be taken control under the Government. A learner that has passion must learn about priority and focus on aim. Women dwelling in rural areas can be guided what they are capable to do and privileged with enough loan and materials for their brainchild. Female students of the university level should be given proper knowledge about technology, agriculture, services and get learned about the benefit of being an entrepreneur. Newbie women entrepreneurs can be assisted not only with capital but also motivations and guidance. It is because even a skilled person can face failure and business in its primary step encounter with such hurdles that can make it die before getting launched. A woman must give herself the importance when she feels torn between commitments. To become a successful female entrepreneur, she needs to be steady and independent while facing hardship and come up with dynamite like opinions that light it up and show her the path to lead on. Thus, females can work both for their household income and increasing per capita revenue.