How Micro-enterprises play an important role in the country’s most dynamic and rapidly changing economy

For an economy like Bangladesh where there is vast population growth and most of the people are living under the poverty line, the development of micro-enterprises can be the best option for a well-structured economy. And also it could help us to improve the economic condition of our country. It requires a small amount of investment which can be easily bearable for the majority of people in Bangladesh.

In Bangladesh, we have a big number of small entrepreneurs who are growing in the local environment but couldn’t move forward with the lack of proper education, proper business training, and the right knowledge of how they can use their capital in the most profitable way.

Although they are developing their small businesses with the help of various social development organizations - the Government and NGOs need to be more careful towards our micro-entrepreneurs .

All the entrepreneurs are associated with each other which helps them to boost our economic condition to a great extent. So it's important for our Government to think about our micro-entrepreneurs and help them to grow and reach their ultimate goals. And by doing so, our country’s economy will rise in success.

As the population density is huge, so the development process might be slow but with the help of different development programs, it surely will impact positively towards our rapidly changing economy .

Micro-enterprises in Bangladesh

In the Bangladeshi context, micro-enterprises means a small business with a small amount of investment and will have few employees to run the business. like - Mudi dokan , Poultry farming business, small Bkash point, flex loads point (GP, BL, ROBI, AIRTEL), handicraft business and so on.

Most of the time micro-enterprise owners are not educated enough and they have no proper business skills but they do have some basic knowledge regarding how to run their enterprises. It is quite surprising that with such little knowledge they are managing their business pretty good.

And nowadays young unemployed people are more inclined to be an entrepreneur rather than doing a job under someone. The microenterprise development program is providing the guideline for those youth in diversifying productivity both on agriculture and many farming businesses.

How micro-enterprises are playing an important role in our economy

Rising opportunity in this field:

As this field is an independent professional platform, working opportunities are rising in this field and entrepreneurship is establishing a developed self-sufficient society with economic prosperity . Along with economic prosperity , our poverty is also reducing.

when entrepreneurship enters the market then Entrepreneurship inspires employment growth by generating new jobs. Most of the jobs in developing economics sectors are created by Entrepreneurs because they used to create up to 4 or 5 new job positions in the market.

Poverty is reducing because small Entrepreneurs are getting a low-interest loan from both Governmental banks and NGOs. Microenterprise Development Programm in BD is working with small and poor entrepreneurs , they are preparing them to qualify for a loan and helping them to build small enterprises.

For this easy loan and proper training, they are creating a new market, new job place, new ideas. Entrepreneur ’s innovative ideas could catch the market, Like ‘Cloth Designing’. A Design can impress their buyers and can create a market trend. That market demand could also extend the job market.

Entrepreneurs are playing a very crucial role in our rapidly growing economy because when people will be self-sufficient they will live a standard life.

The shift of Market: From Analogue to Digital:

The unemployment problem is one of the tough challenges that have a lot of effect on a country’s economy. In today’s time, our market has shifted from Analogue to Digital.

The knowledge-based market has changed into a skill-based market.

To move with the flow, most of the small businessmen have updated their business style with the help of the Microenterprise Development Programm in BD. they used to provide suitable training for uneducated and low skilled small entrepreneurs. Although all micro-entrepreneurs are not under the blessing of digitalization. But most of them are really moving forward and very soon all will come under the shed of digitalization.

In before they prefer to sell products to their well-known customers. But now they are taking orders from online and delivering their products easily by using a smartphone. In this way, they are dealing with many customers in a day.

Women are very prominent in the handicraft sector. Now they can go live on facebook and tell about their products. For this, they are giving online service along with the customer’s desire. Their ‘home delivery service’ is also creating job opportunities.

They are using many updated money transfer services like Bkash, Nogod, Rocket and so on. So customers can pay their bills from their online wallet and entrepreneurs can also deposit their money on the online wallet.

This is a turning point for not only small entrepreneurs but also our economy that is growing so fast. Because people can easily go to their customers, earn money. The earning process is becoming easier and we are living an easy life.

We will live a more easy life if our economy will improve. With the help of digitalization, poverty is reducing and working place is increasing.

Involvement of Unemployed youth:

Young people are interested in Entrepreneurship, which is a very positive site. Microenterprise development program in BD is working with young people. They are engaging them in various diversifying productivity so that they can be self-sufficient.

Young unemployed people are working on agricultural and other farm sectors. They are becoming self-sufficient and earning a good amount. In the future they will invest more in their business and GDP will increase.

For our unemployed women's the Government and many NGOs are giving loans to buy domestic animals so that they could be economically independent. UNCDF Bangladesh’s Inclusive Economic Local Development (IELD) program is supporting their great initiative.

Our young entrepreneurs are playing an important role in our rapidly changing economy. They are increasing the job opportunities and as a result, poverty is reducing significantly.

Conclusion:

Entrepreneurs from developed countries are practically very innovative and creative-minded because they are always getting the right kind of support from their governments. Also using advanced technologies helps them a lot. But in developing countries like ours, entrepreneurs are not blessed with technological or governmental support. They are suffering from the government’s long processed business policies. As a result, they are lagging behind from the developmental growth.

So it is a high time to think about both our young-energetic and hard-working entrepreneurs because they cannot go further on their own. They need our support, our government’s support. The government needs to ensure that there have some easy business policies for our micro-entrepreneurs and they also proposed some business training considering run their micro-enterprises smoothly. And only after that, we can hope to see some significant positive change in our economic growth as well as in the lifestyle of our micro-entrepreneurs.