• Saturday, Jul 20, 2019
  • Last Update : 01:45 pm

Start me up

  • Published at 10:58 pm May 31st, 2019
Photo: BIGSTOCK
Photo: BIGSTOCK

The difficulty of starting a new business is quite high

It goes without saying that young entrepreneurs are the future of this country.

After all, it is the bold, innovative thinking of our youth which will give Bangladesh a competitive edge in an ever-changing world.

To that end, it is good to see the government’s initiative in creating a “start-up fund” for new entrepreneurs, to be unrolled with the upcoming budget for the next fiscal.

No doubt, not only will this encourage more entrepreneurial activity, but also increase employment opportunities across the country.

But it is not enough to simply set up a fund, it is imperative that setting up and conducting a business in Bangladesh is seen as a pleasing prospect; sadly, for the longest time, this has not been the case.

When compared to other countries, the difficulty of starting a new business is quite high, and our ranking in the Global Entrepreneurship Index has consistently been near the bottom.

But with an exploding young population, we can absolutely no longer afford to keep failing to nurture our young entrepreneurs, who are deterred and discouraged by all the barriers and red tape they run into when trying to do business, many of these obstacles making no sense.

What we need is a business-friendly infrastructure, and also to cut down on inefficiency and corruption in governance, which serve as a hindrance to not just start-ups, but to all businesses.

Bangladesh is not lacking in new ideas for new businesses -- all the government needs to do is create a business-friendly environment which will help start-ups thrive.