Advancements in the ICT sector have changed the world a lot, thus innovation and skills development were imperative for the survival of startups in the small and medium enterprise (SME) sector, experts said on Saturday.
They were addressing a workshop titled "Business Masterclass-Master the Chaos in Your Business" at the Dhaka Chamber of Commerce and Industry (DCCI).
The event was organized by the DCCI Business Institute (DBI), a subsidiary of the DCCI, in cooperation with Mumbai-based Beyond Red Ocean Consulting. With advancements of information communication and technology, trends of operating businesses have changed a lot, said DCCI acting president Arman Haque.
"Conducting business has become very challenging for SMEs now. In order to adapt to the new scenario, there is no alternative but to prepare ourselves," he also said.
Haque also urged startups to focus more on innovation and skills development to overcome these challenges.
Malay Chakraborty, business coach of Beyond Red Ocean Consulting, said the SME entrepreneurs around the world face various obstacles in operating their businesses.
“Due to these hurdles, 70% of startups fail to continue running their business and are forced to quit within five years,” he said.
“In order to survive in this sector, the entrepreneurs must focus on their skills development, time and asset management,” Chakraborty added.
