Women Empowerment through Entrepreneurship Development in Bangladesh

The comparative analyses through overall means score data shows that out of all sphere, support system were the major challenges of women entrepreneurs. As such, the emergence and development of entrepreneurship largely depends on the supporting conditions of different factors such as economic, social, cultural, and psychological. There is a greater lack of integration among various support organizations and a lack of communal efforts to have sustainable benefits. The remaining challenges are lack of collateral-free loans, traditional technology, skilled and trained manpower, training and educational institutions, and infrastructure and utility services and so on.

CONCLUSION AND RECOMMENDATIONS

Entrepreneurship is the key to the creation of new enterprises that energize and rejuvenate the economy.

It also plays a vital role in economic development, which serves as the catalyst in the process of industrialization and economic growth. Women entrepreneurship is not only a source of income generation but also a way of achieving economic independence. Women that are involved in the enterprise are better off compared to those who are not.

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Realizing the importance of women entrepreneurship, the country has taken several initiatives to encourage women to get involved in entrepreneurial activities.

Meanwhile, banks, financial institutions and microfinance institutes have also given importance to developing women entrepreneurs in Bangladesh.  These financial intermediaries provide credits to small and medium businesses particularly the women entrepreneurs, in line with Bangladesh Bank guidelines. However, it is heartening to note that despite many barriers, a new women’s entrepreneur class has developed in the country taking on the challenge to work in a male- dominated, competitive and complex economic and business environment.

In spite of these, not only have the women’s entrepreneurship improved their living conditions and earned more respect in the family and the society; but they have also contributed to business and export growth, supplies, employment generation, productivity and skill development.

Both the government organizations and the private sector have a major responsibility to promote entrepreneurship development for women. Without their interventions the advancement of women in general and women entrepreneurs, in particular, cannot be achieved.  If the women are provided with appropriate training and need-based financial and related assistance, they will enter into the entrepreneurial occupation in a large number and will prove their worth to contribute to the economy of Bangladesh.

The study also suggests that both government and non-government institutions have to come forward together for the development of women entrepreneurship in Bangladesh. There should have the right policy adjustment, its proper implementation and other necessary initiatives will pave the way for the emergence and development to women entrepreneurship development in Bangladesh. These actions will not only contribute significantly to the national economy but will economically and socio-culturally empower the women assisting in their gender role liberalization.