ED: Keeping the spirit of enterprise alive

These are difficult times, economically speaking. Big business has been hit hard by the Covid-19 pandemic, and there is no way to tell for sure how long it will take for Bangladeshi businesses to regain their footing.

This crisis, after all, is not just our own, but is closely tied with the global supply chain. No one can, with certainty, answer the question of when, if ever, business practices will return to pre-pandemic ways, but until then, we must keep innovating.

This is a time for entrepreneurs across the board to tackle the new demands of the new normal. It is, therefore, more than ever, a time for change and innovation. In the world of the free market, businesses know that they must profit or perish, and in our current unforgiving scenario, many businesses have had to permanently shut their doors because their models were no longer sustainable.

In a recent meeting with the BEZA governing board, Prime Minister Sheikh Hasina has urged the authority to promote small entrepreneurs, particularly young entrepreneurs. It is not enough to work towards attracting foreign investment. Our own entrepreneurial potential must also be unleashed.

During this Covid-19 period, when new, inventive, and out-of-the-box thinking is required, as many of the old models are no longer holding up in this unprecedented crisis, young people are our best bet. So far, we have not sufficiently encouraged new types of thought in the business world, and the opinions and activities of the young have often been shut out. But in these tough times, they are the ones who will keep the spirit of enterprise alive. We need to support their endeavours with all the resources we can give them.