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Understanding barriers to youth entrepreneurship as a career choice for youth in the Sylhet region

Mahmudul HasanID: 1201010181

Zakiatunnessa UmaID: 1201010007

Rabeya RahmanID: 1201010091

Md. AlimuzzamanID: 1201010249

Mahmudul Karim NewazID: 1201010205

Masum HussainID: 1201010202

Torch Bearer’s

Submitted To,

Md. Shamimul IslamSenior LecturerDepartment of

Business AdministrationLEADING UNIVERSITY

Entreprenuership

Entrepreneurship: The capacity to develop, organize, & manage a venture along with any of its risks in order to make a profit.

Entrepreneur: is any person that continuously seeks and acts upon opportunities for economic and or social gains through applying the principle of creative problem solving

1. Economy of Bangladesh.

2. Population pressure.

3. Government’s weakness. 4. Employment

Creation. 5. Regional &

religious 6. Economic War. 7. Population

pressure.

Bangladesh Perspective

1.Geographical location.

2.Industrial background.3.Governments Negligence.4.Foreign dependency. 5. Risk Averse. 6. Educational

laggardness. 7. Lack of cultural

dynamism. 8.Post 2000’s economic

boom.

Entreprenuership in Sylhet

Risk Taking MindsetOpportunity Seeking Innovation Manage your timeNetwork Find a mentor Think big Do your research Value existing and potential customers Improve your knowledge of the industry Be creativeExpand business through reinvesting profits and diversifying Study likely changes in business environment

Careers in Entrepreneurship

World Bank, ILO, WTO recognizes the need of

entrepreneurship stimulation. According to them:

create employment for the youth;

hire fellow youths;

responsive to new economic opportunities and trends;

active in high growth sectors;

entrepreneurial skills are better employees;

innovative and forms of independent work;

higher “life satisfaction”.

integrate into society.

other challenges in life.

Why youth entrepreneurship matters

There may be a variety of barriers to enterprise, depending on the industry sector, region and type of enterprise.  

o Cultural and social barriers: Cultural and social barriers, such us the ‘fear of failure’ and a lack of entrepreneurial knowledge and skills

o Economic and financial barriers: Financial end economic barriers, such us, insufficient access to risk capital, both seed /early stage and longer term financing

Entrepreneurship barriers

Corrupt and unsupportive business environmentEmployee related difficultiesSevere market entry regulationsShortage of funds and resourcesLack of Entrepreneurship Opportunities Lack of Entrepreneurial CapacityLack of Entrepreneurship TrainingLack of Technical and Practical SkillsLack of Market ExperienceFear of FailureAversion to Risk

Some others barriers of Entrepreneurship are

Think entrepreneurial!

We should

be satisfied what we

have

We shouldn’t regret for our

deficiency

There are some indicators of consumer repurchase intentions and loyalty. It’s a point of differentiation It reduces customer churn which increases customer lifetime value and reduces negative word of mouth. It’s cheaper to retain customers than acquire new ones:

Outcomes or outputsCo-create with your clients’ legal and regulatory

teamsPartner with specialists outside of your industry

Study customers

customer

1. It pays to keep an open mind!

2. Challenge yourself

3. Find a new door

4. Stop speaking and start listening

5. Break free from routines

6. A great to-do app is what you need

7. Never rule out a new location

8. Start reading outside your scope

Think outside the box

National Centre for Youth Development Office of Social EntrepreneurshipMinistry of Labour and Social Security Young Entrepreneurs AssociationSmall Business Association

Contact support organizations

In identifying some of the most common barriers facing young entrepreneurs, the Report uncovered ways to help ensure their success. Many young entrepreneurs face challenges that prevent them from succeeding in their endeavors.

Increase access to capitalEncourage mentorshipFoster critical business skillsInfluencing Youth EntrepreneurshipThe desire for independenceFamily influences Believing in yourself and your businessSocietal perceptions of entrepreneurship

Enabling Youth Entrepreneurship

All countries need to review, rethink and reorient the legal and institutional framework to make it easier to start and run a business.

Governments and international organizations should work to develop policies to integrate the informal sector into the mainstream economy, raise its productivity and improve conditions of work.

Governments, (national and local levels) need to encourage a broad and dynamic concept of entrepreneurship to stimulate both personal initiative and initiatives in a broad variety of organizations

Specifically the High-level panel provided a detailed recommendation on promoting innovation and entrepreneurship for young women and young men.

The high-level panel says that

Behind every good programme, there is a social entrepreneur who has a vision and makes thing happen

Successful programmes have very good internal management

Programmes must help young people take advantage of market opportunities, based on their (potential) capabilities and assets as well as their aspirations.

What we can learn from seminars

These programmes clearly help the young participants overcome the many obstacles they face in starting a business.

Unfortunately, these programmes do not reach sufficiently large numbers of young people.

We should not necessarily think in terms of another project or programme but start thinking more strategically.

Our strategy should foster partnership between and build on the existing efforts of governments, employers’ organizations, trade unions, youth organizations and other civil society groups to learn from each other and to pool efforts and resources.

Impact of these seminars

High Level Reflection Panels on Entrepreneurship Education

Two key needs:

1) Increase co-operation between government administrations – especially those responsible for education and enterprise - and with stakeholders on entrepreneurship education;

2) Develop more systematic strategies for entrepreneurship education.

Teachers contribution•High importance of involving teachers

Shift from 'how to run a business' to how to develop a general set of competences applicable in all walks of life

• Key elements for supporting the role of teachers:

Develop research on how teachers approach E.E. Offer initial and continuous teacher training

Create and disseminate teaching contents, tools, methods and materials

Make space in the curriculum for testing new methods

Establish support networks

Curriculum• Make entrepreneurship an integral part of the

Curriculum:

Key role for ministries of education

Changes in teaching methods: experiential learning, teacher as a facilitator, coach, moderator

Changes in education context: take students out of the classroom (into local community and real businesses)

Combine a mandatory cross-curricular approach with a selectable training as a specific subject.

Common characteristic is to forgetPractical knowledge is more lasting than bookish

knowledgeVarsity courses will be like medical teachingGroups of industriesDepartment wise studentsWork & learn under teachers consultationCompletion of courseStart own businessJob provider not job seekerContribute to economy

Practical education

Entrepreneurship is fascinating in nature but measuring its scope & measuring the potential entrepreneurs in business is complicated.

Competitiveyoung talentboost country’s economic strengthDreams of our freedom fightersHandover a prosperous Bangladesh to next

generation

Conclusion

That’s All of Our

Presentation

Thanks for Patient Hearing