For Students

Why is Business Knowledge Important for You to Learn?

Today the world is rolling over a triangle of knowledge, invention, and business. Among them, business is the most competitive and crucial one, cause, economy is the main driving force of a nation. And to lead the nation toward development, we need more contribution in the economic sector. To utilize our knowledge and inventions in the growth of our national economy, business is the best way. Cause, business is deeply related to our day to day life, from morning to sleep whatever we do and have somehow connected to a business.

“You have to be burning with an idea, or a problem, or a wrong that you want to right. If you’re not passionate enough from the start, you’ll never stick it out.”
Steve Jobs

In academic definition, “Business” indicates all those human activities which are related to the production and distribution of goods and services in the motive of earning the profit. Just think about the smartphone or the laptop you are using right now. These have made your life easy and way better than before. Like these two, we are using so many gadgets and products or services in making our life smooth. And surprisingly all these are at your hand for business.

If there was no business we would have to make our own laptop, phones, and other accessories which is definitely not a good idea at all. Every successful businessperson belongs to the leading position in the economic world. If we look at the top 10 rich persons (Jeff Bezos, Bill Gates, Warren Buffett, Larry Ellison, etc.) around the earth, we will find them all doing business using their knowledge, creativity, and leadership skills. It is undeniable that business is leading the economy and the economy is leading the world. This is why we need to learn and basic knowledge about the business to cop with the mostly business-oriented modern world.

In this 21st century, the factor that has dramatically changed the business sector overnight is Information Technology. Without the help of information technology, we simply can’t run a business successfully. It’s not about small businesses that are run by a single person or huge multi-national corporations, in every single type of business, we will need the adoption of information technology. Big business giants like ALIBABA, AMAZON, DARAZ, FLIPKART, etc. are earning billions and running their operation with the help of information and technology.

The Green business concept is being highly emphasized in the last several years. The green business actually means doing business without harming the environment. It’s a joyous fact that business is expanding through the earth rapidly but it is also polluting the environment and affecting our ecosystem badly.

The industrial waste, smoke is harmfully impacting nature. And the good news is many business organizations are willing to walk through the path of green business. Cause, the green business can save us from the horrible natural calamity like Global Warming, Climate change, etc and it is our moral and social responsibility to save the world.

Another most sensitive part of the Business is ethics. It refers to the moral value, social responsibilities, and other related terms in business. People have a soft corner for ethics and so they want the products or services they get from the source will be ethically valued. So, to be ethically valued and trusted by the customer, a business must be customer friendly, fare, with a reasonable price tag, against fake marketing.

Actually, Business has increased the comforts of the life of the people not only by producing and distributing goods and services but also giving them the experiences. So, Acquiring the knowledge of business we can become a successful businessperson or be part of global leadership, innovation, and economic growth.

Contributor: S M Salman | Studying at Mawlana Bhashani Science & Technology University, Bangladesh.

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.

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.