In the context of initiative and entrepreneurship. Tell me, what is the most useful quality of a successful entrepreneur? Creativity or the ability to create new ideas, right? If you say ‘yes’ to this question, you are probably far from the truth. As one study found, 54 percent of small businesses cited “communication skills” as essential to their survival.
Read more: What is an Entrepreneur?
Then there is the ability to solve problems that arise. Creativity has become a place after time management and the ability to adapt to any situation! Maybe that’s why Warren Buffett said, “If you ask me to choose one of the two candidates, one of whom has a very high IQ and the other is patient and disciplined.” Then I will like the next one. Because in business, the quality of ‘sticking’ is much more important than sharp talent.
Initiative and Entrepreneurship
Exactly how many people in our country try to be entrepreneurs every year. It is difficult to get precise information on what percentage of them survive or fall. Some information is available recently. However, they are mainly obtained from various reports or features published in the media. As a result, differences in information on the same subject can be noticed.
However, extensive research is being done in the developed countries of the world. They analyze the hair and decide what to do in the future. Moreover, some organizations are now trying to promote entrepreneurship globally on a regular basis. Today’s article has been prepared based on the information obtained from various sources.
As of 2019, there are a total of 572 million entrepreneurs worldwide. 252 million of them are women. At present, women own 45.2 percent of all businesses in the United States. Among young entrepreneurs, the proportion of women in Italy, Poland and India is relatively low. On the other hand, the number of women entrepreneurs in the Middle East and Africa has increased in recent times.
The rate of becoming an entrepreneur was remarkable all over the world in the fiscal year 2019-20. In 2019 alone, the number of entrepreneurs has increased by 16.4 percent. As of March 2020, there were more than eight million businesses in the United States that were less than a year old!
According to the latest data from 2021, 31 percent of the world’s small enterprises have been shut down due to the Corona epidemic. However, 6 percent of small entrepreneurs are optimistic about surviving the epidemic. However, data shows that even in normal times, 20 percent of small entrepreneurs fail in the first year.
Long-term research found that four per cent in Europe and North America, two per cent in the Middle East, Africa and East Asia, and one in Latin America and the Caribbean quit within three months of starting a business. That means you can’t stand the initial challenge or stress. On the other hand, there are countless examples of making a profit in just three months. In Oman, Egypt, Panama and Colombia, the initial success rate is relatively high.
About one-fifth of the world’s entrepreneurs (16.6 percent) start working with family members. This picture is almost identical in our country. Because most of the micro, small and medium family businesses are run by their heirs. Moreover, private limited companies are mainly made up of family members.
According to experts, Latin Americans are more likely to start a family business. Not everyone there did well in the beginning. However, it has also been observed that the efforts of the first generation of entrepreneurs have greatly expanded in recent times. So they try to keep the family enterprises afloat. They firmly believe that someone in the family will one day succeed.
According to the global small business entrepreneurial data, three out of every four (6 percent) are making a profit in an ongoing business. Most entrepreneurs have to rely on their own resources (collected from family or friends) to meet financial challenges. Eighty-two percent do not receive institutional help or have enough time to wait.
Is it important to have a business degree to be an entrepreneur? No, it is not necessary to graduate in any subject. Because statistics show that only 9 percent of entrepreneurs in the world have a bachelor’s degree. And 30 percent have the qualification to pass high school! The majority of entrepreneurs (26 percent) seek the help of former and current colleagues first for any advice. After that, 19 percent went to the internet. And 14 percent of people try to solve the problem by reading books.
41% of our total population is youth. They make up about 70 percent of the total workforce. In other words, in order to realize the benefits of this condition for the youth, there needs to be massive employment. It is estimated that 22-26 lakh youths join our labour market every year. Of these, seven lakh young people can be involved in work in a short period of time. Currently, about 90 percent of the workers are working in the informal sector.
China and India are countries with huge populations. Being an ‘entrepreneur’ is a great way to solve their unemployment problem. Our young society must also walk that path. Otherwise, it is almost impossible for such a large number of people to get employment in the short term. Despite the fact that labour is much cheaper in our country, foreign investment is relatively low.
The number of planned entrepreneurs in our country is very low. Because our parents do not want to see their children in a risky profession. Moreover, it is believed that dignity is associated with employment. As a result, no matter how low the salary, they give priority to the job.
Some people try to stick to one thing after another. The SME Foundation, set up by the Ministry of Industry in 2006, trains thousands of people every year. At least 20 percent of them are known to be entrepreneurs. Many people cannot start a business due to a lack of capital even after receiving training.
The main motivation to be a global entrepreneur is to be your own boss. That is, they want to do something on their own rather than work under others. He likes to do it for himself, no matter how small than to work hard in another’s organization. More than half (55 percent) of entrepreneurs in the United States cite this as the main reason. In this case, 39 percent said that they have taken this path by giving importance to their passion. That means one might like to take pictures. So started a business related to photography; As if you can do the job of your choice for the rest of your life.
His next group is the group that has run out of steam in corporate culture. While enjoying a ‘smart career’ at a young age, at some point in life, many people can no longer afford it. As a result, based on experience and network, no matter how small, start something yourself.
Research shows that those who take up business in middle age have a higher success rate. Because then they have a lot of experience about life. Learns to prioritize emotion as well as logic. Be patient, you can stick. Moreover, there is not much place to run (alternative). So keep working silently. Many were successful at one time.
Such a picture is being seen in our country in recent times. Uncertainty starts especially in the middle of the career due to competition with foreign workers or nepotism of the authorities. Then they quit their job and tried to do something by themselves. The average age of small traders worldwide is 50.3 years. On the other hand, a study by MIT found that most successful entrepreneurs start after the age of 40.
Many young people can’t stick to it even after starting. The main reasons behind this trend are the icons of Steve Jobs and Zuckerberg who started their own businesses at the age of 21 and 19, respectively. Young people imagine that they too will become a business tycoon in a short time of taking any initiative! But they don’t realize that in places like the United States, 72 percent of entrepreneurs run their own businesses. Only 10 percent of entrepreneurs have five or more employees!
Now the question is, exactly how many hours a day does an entrepreneur work? Even in a consumerist society like America, entrepreneurs work longer hours each week than workers. Eighty percent of them say they work an average of more than 40 hours a week. And 19 percent of entrepreneurs work more than 60 hours a week!
In our country, even though the working hours of the employees are fixed, there are no strict rules for those engaged in business or agriculture. But many of them work 16-18 hours a day. There is no such holiday. Even during festivals, they are busy with business. Don’t get tired of being busy with realizing your dreams. Instead, he returned home every night thinking that it would be better if he could do a little more work.
More than 90 percent of the industrialists in Bangladesh are small entrepreneurs. According to 2013 data, there were about 6 million small entrepreneurs in the country. 31 percent of the total employment in the country has been in various entrepreneurial organizations.
The global outsourcing market is estimated at 500 billion. Of this, India works for, 140 billion, the Philippines for 20 billion and even Sri Lanka for 3 billion. Bangladesh is earning only 1.8 billion dollars there! A recent study found that a large number of Internet-based entrepreneurs were created in Bangladesh during the Corona epidemic.
About 2,000 of them were website-based and about 50,000 were Facebook-based. In other words, a big sector is waiting for our young people to lean towards that. The government is trying to increase the amount through various initiatives. It is important to take necessary and practical initiatives for the meritorious industry.
Dr Md. Abdul Hamid: Teacher in the Department of Business Administration at Shahjalal University of Science and Technology and author of the book ‘Illness of happiness’