Step 1: Entrepreneurial activities in Bangladesh
Entrepreneurship is the ability, attitude and aspiration for the innovative opportunity that the one can bring it to the market and result in economic growth. Therefore, the entrepreneurial activities are human actions aimed at generating value, through creation or expansion of commercial activity by identifying and exploiting new products, process or markets. Countries should set a favourable socio and economic atmosphere that influence local and regional innovation creativity and entrepreneurship which is the entrepreneurial ecosystem.
Bangladesh is a country in Asia continent; therefore, as long as the entrepreneurial activities of the company will be influenced its entrepreneurial ecosystems; some economic factors will be affected by the environmental performance of the continent. According to (GEI), some of the best practices fostering entrepreneurship and well-performing financial supports in the region include high human capital, top product innovation, top growth opportunities, and opportunity perception. The way Thus, the entrepreneurial activities in Bangladesh include;-
- Discovering and creating opportunities– this involves recognizing an opportunity and organizing the resources to bring up a high growth venture.
- Providing human capital– the presence of available social capital provides ecosystem services that shape economic performance.
- Innovating and bringing new products to the market – the country has the potential of bringing products to the market, through employing innovative measure and proper resource allocation.
Entrepreneurs have the opportunity to promote the country’s economic development through using the available human capital by creating employment, improvement and welfare needed for economic growth. However, the country has to provide the opportunity and support the entrepreneurship through provision of a well-functioning entrepreneurship ecosystem and creating efficient organizations that can harness technology that increases output and improves the lives of its citizens.
Step 2: Results achieved in 2019, based on the 14 pillars, top 3 pillars and worse one
The results of a company depend on threes sub-indices; – entrepreneurial attitude (how the country thinks about entrepreneur), entrepreneurial ability (capability and skills), and entrepreneurial aspiration (object). These sub-indices are spread into the 14 pillars which contain both individual and institutional variables of entrepreneurship. Therefore, GEI uses these indices to rank a company’s level of global entrepreneurship. The results for 2019 shows that Bangladesh ranked number 132th , with 12.5 scores, being 6th less entrepreneurial countries that have not applier the pillars well across the globe. This indicates that the company is entrepreneurially less efficient and it is unable to balance the 14 components of entrepreneurship.
According to GEM, Asian countries can build some of the pillars entrepreneurially effectively. However, it will depend on the capacity of the country to produce more goods irrespective of how advanced the production is realized. The top three pillars are;-
- Human capital– the country has high-quality human capital which is suitable for a highly innovative venture that requires a skilled and educated workforce. It shows that the country’s workforce is capable of starting and managing high growth businesses with sophisticated strategies.
- Product innovation– the country is aspiring (entrepreneurial ability) to produce new products. It implies that the country has the potential to generate and improve the existing products, through innovation or the use of modern technology.
- High growth– It shows the company company’s ability to combine its resources, to grow business, and employ at least ten workers, with the aspiration of increasing the number in a few years. The high growth pillar combines Gazelle variables with Business strategy variables and venture capital to pursue distinct strategies.
However, the worse pillar is risk acceptance; the entrepreneurial attitude on risk acceptance is low, and an indication of one’s fear of failure, which limits attempts to startup opportunities. Thus, the country’s concerns transfer or support starting businesses.