Small Business in Rural Environment of Bangladesh PDF

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Small Business in Rural Environment of Bangladesh Small business is that part of business which is organized and managed by the owner or his or her family. Small business is a crucial part of the total business scenario of any country. Especially it plays a vital role in case of the economic development of a less developed or under developed country. Areas that small business covers are- manufacturing, wholesaling, retailing, service and so on. An interesting point to be considered is that the growth and development of medium and large industries is mostly dependent on small business. Today, small business is providing strong contribution the national economy. Small business in Bangladesh has a significant prospect in respect of social, economical & cultural perspective. In previous & current year, we observe the owner of the small business; get auspicious result from conducting this business. Here we identify some reasons for the prospects of small business in Bangladesh. Financing Small Businesses for Development As a young boy, Jamal Uddin lived on the street. Born to an impoverished family in the south-central district of Faridpur in Bangladesh, he worked as a helper on a bus while other kids were in school. When he got older, he worked in a factory making plastic pipes. He studied how the factory operated and by 2003 he had opened his own small business in the same industry in the southwestern town of Jessore. Jamal Uddin was not alone in his struggle to obtain financing to expand his business. Bangladesh has about 1.5 million small and medium-sized enterprises, which employ 70%–80% of the nonagricultural labor force. Many of these businesses, especially those located outside urban centers, struggle to obtain financing for expansion and other needs. By one estimate, only 6% of small businesses in rural areas have traditionally been able to access credit. “Bangladesh needs to close this rural–urban gap in order to graduate to the next level of development,” says Md. Kabir Hossain, a regional manager for IDLC Finance Limited. “Expanding small business in rural areas can boost employment.” The Government of Bangladesh has recognized that these businesses are engines of growth that help millions of families put food on the table. In partnership with ADB, the government implemented the Small and Medium-sized Enterprise Development Project from 2009 to 2013. It was through this project that Jamal Uddin was able to get the loan he needed to grow his business. Educational Perspective In Bangladesh both general education and technical education contribute to the entrepreneurship development. In general education, students get introduced to entrepreneurship in the secondary level and remain thereon to develop the preliminary background for start-up initiate in the business field. The academic curriculum introduces the student with the prominent business entrepreneurs of Bangladesh. Recently The University Grants Commission (UGC) of Bangladesh has approved the bachelor degree in this specified area and the Daffodil International University (DIU) has commenced a Bachelor of Entrepreneurship Development (BED) Program focusing on the opportunity to gather knowledge and skills which will help them flex their minds into becoming a successful entrepreneur. BED program is mainly focused to guide students as a mentor so that they can move through the process of starting up a venture in order to become an entrepreneur. Then, this program is suitable for those who dream to launch a venture and become a successful entrepreneur......