Entrepreneurship as a solution to unemployment

Taslim Ahammad | Published: June 08, 2018 22:25:38

Developing countries are facing the issue of increasing unemployment particularly with educated young people of the country. Bangladesh is also facing the issue. A potential solution to the problem can be education on entrepreneurship. Such education, available in developed countries, is aimed at creating awareness and motivating fresh graduates to take up business as profession. But such subjects or majors have not been widely included in the various levels of education system in our country.

However, entrepreneurial process is a major factor in economic development and entrepreneurs are key components contributing toward the economic growth of a country. Whatever maybe the form of economic and political set-up of the country, entrepreneurship is indispensable for economic development.

An entrepreneur is anyone who takes initiative towards organising a venture and, as the sole decision maker, decides what, how, and how much of a good or service will be produced. He or she provides risk capital as a risk-taker, and monitors and controls the business activities. In other words, an entrepreneur is a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture as an innovator, a source of new ideas, goods, services and business/or procedures.

Effective entrepreneurship has been behind the success of all the globally-renowned brands like McDonald's, Facebook and Coca Cola. With genuine passion, hard work, a great idea, and a knack for learning, anyone can build a business and become a successful entrepreneur.

Often entrepreneurs are mistaken as freelancers. The two are quite different actually. The latter group carry many of the same characteristics of entrepreneurs. But they are not building anything that will eventually make a profit while they sleep, take a vacation, or leave for the day. While the two terms may seem ambiguous, they are distinct.

Any fresh graduate who wants to be an entrepreneur should primarily ask themselves whether this is the path they want to take. Most entrepreneurs opt for their own business or trade because they value their independence. They want to be their own bosses, set their own schedule, and run their own lives. They are people who dread the thought of a boss overseeing their work. The customers are the actual bosses of an entrepreneur.

In order to become an entrepreneur, the following rules can be followed: 

1) FIND YOUR INDUSTRY OR NICHE: The most obvious first step for an entrepreneur is to find a specific niche. Many people want to become entrepreneurs, but they do not know which industry they should get involved with.

2) RESEARCH THE MARKET: An entrepreneur should also research the available market and analyse the area for demand and need. Finding the correct answers to these questions is essential for the long-term success of the said business.

3) EDUCATE YOURSELF: Education is necessary for an entrepreneur. The first type of education to consider is something directly related to the field in particular. If the entrepreneur is planning to open an auto shop, some education and certifications in car repair will be extremely helpful.

An entrepreneur needs to have the following features:

* He or she is usually a positive thinker and a decision maker

* He or she promotes the vision with enthusiastic passion

* The entrepreneur can lead the vision towards success.

* He/she is not afraid to take risks related to the business

Entrepreneurs are important for an economy as they help in the following ways:

  1. a) Develop new markets
  2. b) Discover new sources of raw materials
  3. c) Mobilise capital resources
  4. d) Introduce new technologies, new industries and new products
  5. e) Generate employment opportunities.

Entrepreneurship forces "creative construction" across markets and industries, while simultaneously creating new products and business models. In this way, creative construction is largely responsible for the dynamism of industries and economic growth in the long-run.

An entrepreneur can ensure better results for his or her business organisation by focussing on achievement and motivation; designing viable tasks; selecting the right group of trainees and training the trainers.

The writer is Assistant Professor at Bangabandhu Sheikh Mujibur Rahman Science and Technology University, Gopalganj, Bangladesh.


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