Someone wise once said, “Entrepreneurship is living a few years of your life like most people won't so that you can spend the rest of your life like most people can't.” Truly, these words are aligned with a popular saying, “With great risks come great rewards” or with, what Stan Lee wrote about Spiderman, “With great power comes great responsibility.”
According to global pattern, small local businesses are booming into the Bangladeshi market, bursting into the scene over the recent years. However, a startup, as all entrepreneurs would know, requires a massive amount of zeal and focus.
Rome wasn't built in a day and neither are successful enterprises. The reality is that no matter how strong an organisation's network is, product, patience and diligent planning are required to drive any brand forward. Organisations have to reach out and communicate their products at the right place, at the right time and to the right people in the most efficient way possible.
The consumers of modern Bangladesh are bombarded with information across all mediums, from gigantic billboards to television advertisements. The modern lifestyle has resulted in an information overload, and penetrating such an environment can prove to be difficult. One product that has gained prominence and popularity in Bangladesh is Facebook, pointing to the next frontier of advertising for enterprises—social media. Moreover, it is observed that most startups in Bangladesh have been flourishing in the ICT sector over the last few years.
In an era where checking in at restaurants, posting photos and campaigns all over social media are established norms, news, be it good or bad, spreads like wildfire on the digital platforms. And entrepreneurs are using this opportunity to the fullest.
As the manufacturing industry becomes more difficult to fund and more competitive, today's Bangladesh-based entrepreneurs are increasingly pivoting themselves towards the service-based industries. They are choosing innovative fields such as social media to build their ideas and quench their entrepreneurial thirst. As Bangladesh evolves into a modern economy gearing itself as a hub for technology-based startup companies, these entrepreneurs will play a pivotal role in how all businesses interact with their consumers and in doing so, spawn a whole new industry. However enthralling the challenges might seem, entrepreneurship is not a smooth ride! Here are a few of the pitfalls that most entrepreneurs face along their journey:
The glory of entrepreneurship loses its charm very fast, and even with a partner, it is difficult to keep reminding themselves why they wanted to pursue it.
Primary reason behind why entrepreneurs started out initially evaporates quicker than they would like to admit. Once they have put in countless hours, every bit of energy they can possibly spare and all the resources they can get their hands on, the practicality of it all can trick entrepreneurs in all sorts of ways. Some fall for it, while others do not. Simply taking the route of constantly reminding themselves (or each other) of the goal ends up being counter-productive; which either results in the passionate entrepreneurs going forward or often, round and round in circles.
Entrepreneurs may develop strange, sometimes repulsive habits, stemmed from desperation.
Passion, communication and promotion are a major aspects that determined their success (and its rate). Therefore, it makes sense to expand their social networks to more than just friends and family. To that end, most emerging entrepreneurs quickly start working on their social media skills. For example, interacting with strangers, and two-sided witty conversations with the single purpose of promoting one's work has a certain thrill to it. It all boils down to having met important people from various walks of life, being in the good books of influential movers and shakers in the industry who can help their companies become the next big thing.
That is an innocent version of a habit that they may develop. Some may not be so innocent, or harmless. The drive to see success, to race to reach that light at the end of the tunnel transports your mind to a different world where you're willing—and eager—to try everything possible. Some sacrifice their health, some their dignities, while others sacrifice it all.
It becomes a tug of war between entrepreneurs on one side and with the whole world on another, even if it's all just in their head.
This condition, because that's what it is, is something people see in almost all entrepreneurs with their new-found drive; they've all contracted this condition at one point or another. It's not always in their head, and sometimes, it isn't as bad as it seems—but it can often leave a huge impact. It's not a childish whim or simple paranoia; coming back from this becomes tough, and once they do, they are never able to trust as openly as they would have before.
With strong determination, hard work and persistence, entrepreneurs can reach the peak of success, be the man building an empire, inspire many others to chase their entrepreneurial dreams and to taste success the way they have always dreamt. In Bangladesh, with its booming space for startups, and given the technological advances marking its way, entrepreneurs have huge potential to access an untapped market with products and services like this part of the world has never seen before. Entrepreneurship is a tough journey, but it surely is a self-fulfilling one.
The writer is a content strategist at WebAble Digital and co-founder of MadKoffee. She has a knack for copywriting and eleventh hour crisis management for startups.