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5 Habits that Can Make You an Entrepreneur

Being an entrepreneur is the ultimate dream for so many of us. The person, who can – think creative, bear a risk to start a business with uniqueness & do it with passion, is called an entrepreneur. It is observed that sometimes the desire to be a successful entrepreneur is there in a person rooted from very early in life & in some other cases; it is a sudden kick from the environment. The difficulty of obtaining a suitable job & sustaining later on with inadequate income stimulate people to kick start a business venture. But not all can become accomplished entrepreneurs. What are the factors or reasons that make an impact? Is there any habitual connection of a person with becoming an entrepreneur? Let’s get into it.

Habits that Can Make You an Entrepreneur

1. Flexibility

Many of us don’t like to manage the change & complain about it; on the other hand, some are there to go ahead with the change. They get pride in this ability to do things as per the changing situation leaving all inertia behind. This adaptability is a great quality. In business, it helps in making a rapid decision in any given situation especially when thing does not go as per plan.

2. High level of People Orientation

People orientation leads to mix & mingle with most of the diverse people. It is a fine art which is not easy to achieve. This art helps in understanding the psychology of masses. In business, this quality has a high demand. The more an individual is uncomplicated to be with others the more it is helpful in dealing with human resource. End of the day it is the human factor that has to be faced & managed both in terms of employees & customers in a business.

3. Ability to Think Out of the Box

In our acquaintances, there are people, who tend to think differently than other organically. They don’t follow the set pattern of thinking to be one in the crowd to be accepted in the social norms. Their pattern is unique. This uniqueness can yield to the unique idea of business. When others think of following the trend, they create a trend.

4. Analyzing Cause & Effect

Some people are there who are not by far satisfied with any given result of fact. They like to scrutinize the whole backdrop of any event.  This tendency can help in identifying the reasons for success and failure of business to take action.

5. Giving Precise Finishing

Many of us do things & don’t get noticed while others perform & people are bound to observe the precision. This quality can help in developing a product or service with more amiability. This quality to put the best attempt for an error-free finishing result will attach value in creating a loyal group of customer.

In our lives, sometimes we are uninformed of our latent qualities & lead an average life as we fail to explore & utilize it. This can be changed if we take a closer look within ourselves. Being an entrepreneur will not be a dream anymore if we become aware & capitalize on these qualities.

Author:  Abu Md. Abdullah 
Assistant Professor 
Faculty of Business Administration 
Eastern University, Dhaka, Bangladesh.
Email: abdullah@easternuni.edu.bd

2 Comments

2 Comments

  1. Mamunur Rashid

    November 17, 2019 at 6:05 PM

    Congrats.. It was immense pleasure to get such kind of very useful materials regarding Entrepreneurship. Really learnt a lot.. Thank you Sir.. There is no end of learning. I enjoyed & bagged useful knowledge from five segments & hopefully will help me going forward.

    I am very much grateful humbled. Thank you Sir once again.

  2. Pingback: Top 10 Entrepreneurs in Bangladesh

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Business Stories

Future of IT in Bangladesh

Information Technology ( IT ) has changed the world in modern days. IT is the special use of computers to store, extract, transmit and manipulate data or information. IT is considered as a subset of Information And Communication Technology. Humans have been storing, extracting, transmitting and manipulating data or information as a written format since Mesopotamia. Modern day technologies have upgraded the system and made unlimited storage. 

Over the last 7 years, the offshore IT market of Bangladesh has grown at a good rate. In fact Bangladesh has already become one of the best places for IT players in recent years. With the ability to operate at least 20-30% lower cost than any other countries of South Asia, Bangladesh gives a large entry-level workforce. 

The IT industry in Bangladesh helps the national economy a lot. This industry not only helps the national economy but also creates a prestigious position in the global market. The domestic market size was US$ 0.9-1.1 billion in 2017. But in 2020 the size is US$ 2.3-2.6 billion and the income is increasing. As a result the government of Bangladesh has given their interest in this sector already. Bangladesh has a large population and they are really interested to work in this sector. On the other hand, the cost of working in Bangladesh is really less than other Asian countries like India, Philippines, Pakistan etc. So the present state of IT industry in Bangladesh is really good. 

An IT based company wants a lot of things and Bangladesh is completing those wants. Supply of electricity is the first basic wants of a company. Bangladesh is producing as much as electricity. So there will be no load shedding in future. Then Bangladesh is connected with SEA-ME-WE 6 fibre cable. So the internet speed is good enough and increasing day by day. An IT company  needs that type of internet speed. 

Bangladesh is a country where anyone can build a business and carry on that. People easily get attached with those products. An IT company produces software, cloud computers, databases etc and people of Bangladesh always accept them properly. So the foreign investors are finding interest in investing in the IT sectors of Bangladesh. As we can see, the future is really bright for the IT sector. 

Moreover the government will make 100% corporate tax exemption till 2024 and 80% VAT exemption on rentals and utilities. The Bangladesh government is setting up 25 high-tech parks and software parks across the country.  The decision ‘50% personal income tax reduction for foreign employees for 3 years’ has given a wide range for the foreigners to work with this country’s people. 

Every year a lot of students are completing their graduation, post-graduation degree and trying their best to get a job. Unfortunately there are not enough job opportunities in Bangladesh. In this case the IT sector  is creating a big space. In an IT company an employer doesn’t need to be physically present. So he/she can work from a long distance. 

Bangladesh is mainly focused in the USA and the UK based IT sectors. Now the situation is changing and other rich European countries are also beneficial for the future of Bangladesh. So Bangladeshi IT companies are searching for the future market for Bangladesh in those countries.  

Bangladesh has limited liabilities but if the people utilizes these properly, the situation will improve. Bangladesh has the potential to play multiple roles in the service delivery portfolios of global companies. Bangladesh can be called a hub for the regional market. As the domestic market is poised  with remarkable growth, the government as well as private sectors will invest a lot in the IT industry in future. So the future of this industry is really on top of the mark. 

Bangladesh offers a compelling blend of quality talent at a lower cost with a risk profile much lower than commonly perceived. The proposition is further accentuated with sensible government support to boost foreign investments. Bangladesh has positioned herself as a strong contender for companies appraising locations for the next wave of cost arbitrage.  There are certain challenges regarding infrastructure, talent adjustability and data protection. However the government and industry have adopted bold measures to assuage their impact and create a harmonious ecosystem for the growth of the IT sector. It is important for companies to consider  Bangladesh to understand the nature of risks that exist and how they compare with other peer emerging locations in order to make an informed decision based on the ability to manage or mitigate such risks.    

Written By

Md. Istiak Ahmed
Faculty Of Business Studies 10th Batch
Department Of Management
Session: 2019-2020
Mawlana Bhashani Science And Technology University, Santosh, Tangail.

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For Job Seekers

Career In Defence Sector For BBA Students In Bangladesh

Defence sector is one of the best career paths for anyone. Here one person will get a high salary as well as respect from society. Bachelor of Business Administration or BBA is a special degree in business studies. This degree can be in accounting, management, marketing, finance etc. A student who has completed his/her education and obtained BBA, he/she has a great chance to work in the defence sector. 

Military forces of Bangladesh (Army, Navy and Air Force) recruit warrant officers who have completed minimum graduation. Police also recruit Sub-inspector who has at least graduated. 

Warrant Officers Of Three Military Forces

The Bangladesh Army, the Bangladesh Navy and the Bangladesh Air Force recruit warrant officers. These warrant officers are like the bridge between ranked officers and the normal army. A student who has obtained his/her BBA can join as the warrant officer. He/she needs to get a high CGPA from any good university in BBA then complete all the formalities. After the training of 1 year, he/she can work as a junior warrant officer. The demand for CGPA is more in the Bangladesh Army, then the Bangladesh Navy and then the Bangladesh Air Force. 

A warrant officer gets a good salary with all the advantages given by the Bangladesh Government. 

Army Education Corps

There are many universities in Bangladesh which are controlled by the army. These universities are for the army as well as the civilians to complete higher education. Like Bangladesh University of Professionals (BUP), Military Institute of Science And Technology (MIST), National Defence College (NDC). Here a lot of BBA students are recruited by the Bangladesh army as a professor. They will get a higher salary than other universities/schools/colleges teachers. This is a great chance for the BBA students. He/she needs to grab a high CGPA and complete all the formalities. Then he/she will become a professor. 

Police

 Bangladesh police’s officer rank starts from SI (sub-inspector). If anyone wants to become an SI, he/she needs to complete graduation. After all the formalities get done, he/she will become an SI. A person who has completed BBA will get a chance here. An SI of police get a good salary with ration. He is respected by all the people of the society. 

NSI

 National security intelligence or NSI is the detective agency under the ministry of the Prime Minister of Bangladesh. The NSI is the leading organized agency of the Government of Bangladesh in the field of internal security, counter-terrorism, counterintelligence and foreign intelligence. NSI is the largest among all the intelligence agencies in Bangladesh, the others being the Directorate General of Forces Intelligence (DGFI), SB, CID, PBI and intelligence directorates of armed and paramilitary forces. In NSI minimum graduation is required. A person who has completed BBA has a high opportunity to work in NSI.    

SP And OC

An SP or Superintendent of Police controls a thana. An OC or Officer In charge also controls a thana. But OC is under SP. Both of them have to complete BCS (Bangladesh Civil Service). After completing BBA one can complete the BCS (Police) and become an OC or ASP and then promoted to SP.       

PBI

 Police bureau of investigation or PBI is the security agency of Bangladesh. This agency is for detecting the higher-ranked officials of Bangladesh. At least a person has to complete graduation. If anyone completed BBA then this will be very grateful. 

CID

Criminal investigation department or CID the detective agency in Bangladesh. When police cannot solve any case then CID take over the case and try to solve that. CID recruits minimum graduated people for becoming a CID officer. So a person who has completed BBA has a high chance to work in this reputed defence sector.    

In the defence sector, these are the fields for a BBA student to work. They will get a high salary as well as respect for the people of Bangladesh through working here.

Written By

Md. Istiak Ahmed
Faculty Of Business Studies 10th Batch
Department Of Management
Session: 2019-2020
Mawlana Bhashani Science And Technology University, Santosh, Tangail.

Continue Reading

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