Be proactive, not reactive

Female entrepreneurs face bigger challenges compared to their male counterparts, including social stigma and a lack of access to finance, which necessitates doubling down on creativity, adaptability and vision for success, experts said yesterday.

They were addressing the inauguration of an international symposium on "Women Entrepreneurship in Bangladesh: Challenges and Opportunities" at the Bangladesh Institute of Administration and Management (BIAM) auditorium in Dhaka.

The event was organised by the Entrepreneurship Development Research Center of ZNRF University of Management Sciences in association with UNDP Bangladesh and the ICT Division.

Entrepreneurs face challenges every day at each sphere and they need to have a strong mentality to overcome those, according to Sharifa Khan, secretary to the Economic Relations Division.

"And although the days of inadequacy are long gone as there are now many organisations providing skills training while finance can be accessed in a myriad of ways, we don't see the expected response or rise of women entrepreneurs," she said.

"We normally solve problems when we face them or when they are brought to us, but entrepreneurs should be proactive rather than reactive," Khan added.

She then suggested not rushing to enter a sector on witnessing the success of others. Rather, entrepreneurs should go for innovative activities.

Many entrepreneurs of small-and-medium enterprises are forced to shut down their business after a certain period for many reasons, including a lack of confidence and proper guidelines, said Nazneen Ahmed, country economist of UNDP Bangladesh.

She went on to say that access to finance is not a big issue nowadays as even mobile financial services are lending money.

Banks are also giving loans, but women need to get to know the procedures for availing them, she said while recommending that people go to banks in-person and engage the officials concerned for all queries.

Many women entrepreneurs have immense potential to grow but a lack of confidence and inspiration from their families holds them back, she said.

They should go for the next step, at least taking into consideration the fact that there is a possibility that it will create jobs, she added.

There is no shortage of finance for entrepreneurs as many institutions are seeking good options and space to invest, said Kamal Quadir, chief executive officer of bKash.

If an entrepreneur has good intent and can ensure transparency, including proper audits, they can surely get capital, he said.

Also, entrepreneurs need to have the mentality to overcome challenges and the passion to try till the end, Quadir added.

Kosmas Z Smyrnios, adjunct professor at the University of South Pacific, Australia, presented a paper on empowering entrepreneurial women through new ventures.

Quamrul Alam, professor of international business at Central Queensland University, and Zubaidur Rahman, vice-chancellor of ZNRF University of Management Sciences, also spoke.