More than 126 million women are currently running businesses in the global economy and one billion women are expected to enter the global workforce in the coming decade. Unfortunately though, Bangladeshi women are still struggling to find their footing as entrepreneurs. The just concluded market survey report titled “Mapping the Market Potential and Accelerating Finance for Women Entrepreneurs in Bangladesh” by IFC (International Finance Corporation, a member of the World Bank group) highlighted the potential opportunity in facilitating finance to women SME Entrepreneurs in Bangladesh and estimated the current financing gap. IFC has been working for the development of the private sector of Bangladesh and, women SME entrepreneurs’ access to finance is one of their priorities. Women entrepreneurs have huge potentials
The market survey report titled “Mapping the Market Potential and Accelerating Finance for Women Entrepreneurs in Bangladesh” by IFC (International Finance Corporation, a member of the World Bank group) highlighted the potential opportunity in facilitating finance to women SME Entrepreneurs in Bangladesh
Nigar Sultana
More than 126 million women are currently running businesses in the global economy and one billion women are expected to enter the global workforce in the coming decade. Unfortunately though, Bangladeshi women are still struggling to find their footing as entrepreneurs. The just concluded market survey report titled Mapping the Market Potential and Accelerating Finance for Women Entrepreneurs in Bangladesh by IFC (International Finance Corporation, a member of the World Bank group) highlighted the potential opportunity in facilitating finance to women SME Entrepreneurs in Bangladesh and estimated the current financing gap. IFC has been working for the development of the private sector of Bangladesh and, women SME entrepreneurs access to finance is one of their priorities.
There is a huge untapped potential for the banking sector in the country regarding women entrepreneurs. If Bangladesh is to become a middle income country by 2021 women entrepreneurs must be accommodated in the economic zeitgeist of the country particularly the banking sector.
However there are some good signs as well. Women entrepreneurship is no longer limited to running a beauty parlour or a boutique. Working their way up from low productivity sectors, women are now stepping out of their comfort zone, and making gutsy moves by entering into sectors that put their talents to the test. Social enterprising, software design, gaming industry, digital media services, marketing and communications, hospital management, textile and apparel are just a few industries explored by Bangladeshi women entrepreneurs of strong calibre. There is no reason for being complacent though. These shining examples represent only a miniscule percentage of the female population of the country. Even now women are generally inducted in low paying, low skill jobs, practically due to the absence of enough knowledge of economic rights and indeed low economic literacy. There is a blatant gender imbalance of social and legal protection in the country, leading to marginalization of women in most spheres. While talented women entrepreneurs offer an optimistic view of work, the employment profile of the country stands in stark contrast to it. There are large gender gaps in business operations as pointed out in the IFC study. Also as the study points out Bangladeshs business environment is woefully short of a financially sound mechanism to support women entrepreneurship.
Promising women entrepreneurs have been considered as essential to the achievement of economic stability and sustainability. A rise in female entrepreneurship can lead to a surge in GDP which points to the urgent need for business policy reforms in favour of women.
In order to do justice to the talents of potential women entrepreneurs and to jumpstart the countrys hindered economic development, support is required in every form. Given their operating environment, women demand safety at work, along with fair economic and social treatment. Sexual harassment policies need better implementation, while policies for maternity leave could be shaped better. Elimination of gender bias in earnings and rewards, professional gender sensitivity trainings at work places, enterprise and skill development courses for women, favourable business policies will make it both fair and convenient for more women to sustain their businesses. Financing and business development services will also help promote women entrepreneurship in the country.
Social class plays an important role in determining the possibility of setting up your own enterprise. Women from the upper class and urban areas can easily establish a business than those in the rural areas and from middle or lower classes. The major obstacle in blocking self-employment and business opportunities for women in Bangladesh is the strict enforcement of the patriarchal social system which restricts the free mobility of women and thus limits their social networking. Consequently, marketing of the products and finding the right markets becomes next to impossible for these women.
The typical Bangladeshi entrepreneur is energetic and determined; her spirits are hardly dampened by the tenuous position that she is forced into. Every single women entrepreneur who makes her way up the greasy pole sets the course for others, and in turn women-led businesses thrive. So long as women continue to battle rising economic, social and financial challenges, there is a glimmer of hope on the horizon. Independence is synonymous of rebellion in the case of women in this part of the world. Secondly, women are low paid because of their lack of formal education and trainings. Since they do not have enough background, skill set or knowledge, they end up doing jobs in unorganized service sectors such as factories, domestic services etc.
Consequently, their earnings are not commendable, their jobs are not stable and their productivity is noticeably low. The other parts of the world have long embraced the concept of woman entrepreneurship. For the West it was early 19th century, primarily thanks to the movement of feminism on the rise that women set up their own home-based businesses. When a woman is empowered it does not mean that another individual becomes powerless or is having less power. On the contrary, if a women is empowered her
competencies towards decision- making will surely influence her familys behavior.
Entrepreneurship among women, no doubt improves the wealth of the nation in general and of the family in particular. Women today are more willing to take up activities that were once considered the preserve of men, and have proved that they are second to no one with respect to contribution to the growth of the economy. Women entrepreneurship must be molded properly with entrepreneurial traits and skills to meet the changes in trends, challenges global markets and also be competent enough to sustain and strive for excellence in the entrepreneurial arena.
Bangladesh is now food self-sufficient, and its economy has averaged around 6 per cent growth in recent years. In the process, a booming, export-oriented garment sector has employed urban women, and microfinance has channeled loans to rural women entrepreneurs.
Female graduates of Bangladeshs universities have also put their skills and knowledge to practice in the business world. A large handicraft sector has emerged, with small women-owned firms selling high-quality goods and integrating into international brands supply chains.
As entrepreneurs grow from micro- to small and medium-sized enterprises, their financing needs are no longer met by microcredit, and they seek larger, commercial bank loans. This transition can be difficult for women, due to low financial literacy, as well as traditional norms that constrain borrowing and lending behavior. To expand production, rent new facilities, employ workers, and enter export contracts, small firms often must move from the informal to the formal economy. In that process, women face not onlyregulatory and governance hurdles, but also social barriers anddiscrimination.
Keeping in mind some of the recent actions of the government to further the cause of woman entrepreneurship the day is not far when an economic revolution will reform the approach of the society towards women independence and empowerment.
Most recently a change in the attitudes of society towards women empowerment and economic independence has been observed because of the determination and courage of several women who have not just bypassed the barriers set to restraint their growth, but also began to realize their own lacking of formal education and are stepping forward to overcome their lacking inevery area.
It can be safely said that it is only a matter of time for women to break the trend of economic dependence and inactive passivity extending over centuries to come forth in the true light of their full potential and tell the world what they are capable of doing and achieving. It is time the nation understands the importance of the self-reliant and educated women.
The writer is a freelancer
