1.

INTRODUCTION
1.1 Background:
Entrepreneurship pertains to the creation of new business ventures, product offerings or services or a new
venture entry into an existing industry. It is crucial to economic development and growth in the essence
that creation of industry generates employment, income, greater flow of economic resources and an
increase in net investment. With the ever dynamic nature of businesses, their subsequent growths,
expansion and diversification, entrepreneurs are increasingly being presented by a broad range of
challenges in Bangladesh. These include personal, professional, skill-based, technical, financial and
political challenges. An interesting and challenging aspect of entrepreneurship in Bangladesh pertains to
women entrepreneurs and their subsequent emergence in Dhaka through various small and medium
enterprises, startups and even the securing of top positions at various local and international companies.
However, given the patriarchal nature of the society, the lack of trust and goodwill in women to be
entrepreneurs, and the shortage of technical and managerial acumen present a host of challenges to
women. In most cases women working is socially frowned upon which presents a lack of opportunities,
let alone allowing women to take up entrepreneurship. Furthermore, even financial institutions are known
to hesitate in providing women entrepreneurs with financial assistance due to the pre-conceived
perception of women. Also, the primary role of women as home makers and their expanded responsibility
of the household present a host of challenges to them developing skills, pursuing higher education and
gaining managerial expertise. It is appalling that a single prejudiced notion of women sprouts
exponentially to areas of education, experience, financial, political and various social repercussions and
challenges to them as entrepreneurs.
1.2 Problems:
In Bangladesh, entrepreneurship for urban women is presented with a host of problems as listed below:
(a) Social stigma: Women entrepreneurs are generally frowned upon by society due to the patriarchal
mindsets of the people. They are perceived to be solely responsible for the household and
initiation of a business venture is not often met with patronage from family and peers. From a
general societal outlook, similar negative responses are observed when women initiate new
ventures.
(b) Lack of business opportunities: Due to the outcome of a male-driven society, urban women
entrepreneurs face difficulties in penetrating existing business sectors. They are mostly confined
to small and medium enterprises related to the household, such as boutiques, hairdresser parlors

and small handicrafts companies. Even for top management positions in service oriented
companies operating on a large scale, the number of women executives is minimal.
(c) Skills and competencies and work-life balance: As most urban women take care of the household,
education is hindered while maintaining the household and family. In cases where women do
complete the required level of education, they are met with the lack of managerial acumen and
practical business management due to their lack of exposure. Also, when setting up and operating
ventures, balancing work and family life poses an inevitable hindrance.
(d) Government policy: Corruption, bureaucracy and political instability are recipes for disaster for
any business and apply to women entrepreneurs as well. On the note of developing and nurturing
entrepreneurs, the government has no adequate policies for training women entrepreneurs unlike
its Entrepreneurship Development Program (EDP) which caters to male entrepreneurs mostly.
(e) Financial aspects:In the case of women urban entrepreneurs, financial institutions hesitate to
provide financial assistance. Furthermore, the unstable nature of the financial system of
Bangladesh, liquidity factors and banking sector challenges collectively affect financing
opportunities for women.
The above problems will be discussed and researched upon in the report.
1.3 Objectives:
1.3.a Broad objective: The objective of the report is to identify the challenges for women
entrepreneurship development in Bangladesh.
1.3.b Specific objectives: The specific objectives include:
I.
II.

Impact of education on women entrepreneurship

Social aspect and perception of women (culture, perception, religion)

III.

Financial limitations for women

IV.

Business environment for women

1.4 Hypotheses:
For objective I, the impact of education on women entrepreneurship:
Hypothesis: the level of education does not have an impact on entrepreneurship
For objective II, the social aspect and perception of women:
Hypothesis 1: women are differentiated in society when they want to start new ventures

Hypothesis 2: woman face interpersonal conflicts when establishing a new venture

For objective III, the financial limitations for women:
Hypothesis: women face challenges generating capital and managing finances for business
For objective IV, the business environment for women:
Hypothesis: women face challenges in the male-centric business environment
1.5 Rationale:
The research will provide valuable insights into the challenges faced by women entrepreneurs, not only
because of social perception but also due to interconnected and unknown reasons. It will also seek to
explore the contribution of women entrepreneurs and their significance in the economy, which will help
advocate their cause for greater representation and presence in the industry.
1.6 Scope:
Due to the limited number of women entrepreneurs currently operating in Bangladesh, the population size
will be significantly small. However, the scope of the report will not only be confined to women
entrepreneurs but also aspiring women entrepreneurs and the educated population of urban women who
may help provide valuable insight into the dynamics of this limited group.
1.7 Limitations
Also, due to the qualitative nature of the survey, in most cases social stigma and perception will be
highlighted as the root for every challenge faced by women entrepreneurs as gender difference stands out
as most significant. The respondents may not cooperate, i.e. they might not provide us with sufficient
time. Another limitation may be that respondents may feel uncomfortable to reveal personal details about
personal problems such as family and social constraints.
2. METHODOLOGY
2.1 Data Collection
We will be relying on interviews and questionnaires mainly for our data collection. We plan to reach out
to about 50 women entrepreneurs. The questionnaires will be self-administered and if respondents are
unable to give us time, we will mail them the questionnaire so that they can fill them in at a time
convenient for them. We will also use journals, articles and reports by qualified individuals as reference.

For interviews and questionnaires, each individual will be assigned a code. This will allow us to make an
index of the respondents, and help us to keep track of them. We also plan to do data consolidation using
excel spreadsheet.
2.1a Primary Sources
The primary sources include the first-hand information we would gather from the subjected sample group.
The data collected directly from the women entrepreneurs by interviews and questionnaires are the
primary set of information we would be using for our research.
2.1b Secondary Sources
The secondary sources include a relevant set of sample that would give us information about the
subjected sample. Pertinent data could be collected from sources like employees, coworkers and families.
Other information sources would be the articles and journals our research would be using as reference.
2.2 Sample Size
The sampling technic used on a broad scale is non-probability sampling followed by a combination of
quota and convenience sampling. Initially the samples will be divided by the quota system creating three
different tiers namely small enterprises like boutiques and bakeries, medium and rising businesses like
beauty parlors and event management companies, and the third tier will focus on large scale established
businesses. Due to a large portion of the women being involved in business in the informal sector it will
be difficult to determine the best sample size, so initially we shall start with a sample of 50 women
entrepreneurs. Also to ensure that the sample is more representative of the population we shall try to
choose women entrepreneurs from different localities and in as diverse industries as possible.
2.3 Sample Frame
For the purpose of our research it is impossible to know the sample frame mainly due to the reason that
women are more involved in the informal sector as we have mentioned before.

2.4 Coordination Schema:

Parameter

Complex

Simple Variable

Variable
Personal challenges

Education

Value (Qualitative/

Source

Quantitative)

Q.

Techniques

No.

Of

Highest Level Of

Illiterate (no

Questionnaire

Research
Descriptive

Education

traditional schooling)

Interview

statistics

Primary school
Up to class 10 (SSC)
Up to class 12 (HSC)
Under graduation/
Bachelors
Graduation/ Masters
Concentration

(Qualitative)
Business (Finance,

Questionnaire

Descriptive

Field Of Study

Marketing,

Interview

statistics

Accounting etc.)
Science
Arts
Technical subjects
Islamic studies
(madarasa)
Quality Of

(Qualitative)
Educated abroad

Questionnaire

Descriptive

Education

Local public

Interview

statistics

institution
Local private
institution
(quantitative)

Skills

Rank skills in

Managing workforce

Questionnaire

Descriptive

order from most

Managing resources

Interview

statistics

challenging to

Maintaining

least challenging

financials
Inspiring employees
Networking
Adapting to changes
Maintaining
interpersonal
relationships
Time management
(Qualitative)

Skills acquired

Education

Questionnaire

Content

from

Training

Interview

Analysis

Interview

Content

Experience
(Qualitative)
Lack Of

Due To Religious

Networking

Constraints

Analysis

Due To Cultural
Norms
Lack of opportunity
Lack of time
(Qualitative)
Personality

Which of these

Need for

traits

factors do you

achievement

feel is a

Risk taking

challenge to

propensity

you?

Passion
Innovativeness
Self-efficacy
Leadership
Intelligence
Focus
Adaptability
Decisiveness
Intuition
Perseverance

Setting

Main reason for

Working for

Questionnaire

Content

priorities

working

achievement and

Interview

Analysis

Questionnaire

Content

recognition
Working for benefit
of family
working to reduce
boredom
working to make
some money
(Quantitative)
Rank in

Family

accordance of

Work

importance

Social life and status

Analysis

(Qualitative)
Importance of

Gives priority to

work as

work only

Questionnaire

Content
Analysis

perceived by
family

Gives more priority

to work
Gives more priority
to family
Gives priority to
family only

The Societal Challenges

Culture

The society

(Quantitative)
Strongly agree

believes that

Mostly agree

women should

Agree

not work- how

Disagree

far do you agree?

Mostly disagree

Questionnaire

Descriptive
statistics

Strongly disagree
(Quantitative)

Religion

No. of women

No. Of Muslims

entrepreneurs

No. Of Hindus

form different

No. Of Christians

religious groups

No. Of Buddhists

Questionnaire

Descriptive
statistics

No. Of Other
Religions
(Quantitative)
Family

Primary

Managing general

responsibilities

household activities

Interview

Content
Analysis

towards family
Rearing children
Looking after other
family members e.g
parents, in-laws etc.
(Qualitative)
Lack Of

Family

Support

Restriction on

Questionnaire

Descriptive

working hours

and Interview

statistics

Questionnaire

Descriptive

And

statistics

Interview

And

Geographical
restrictions
Restrictions on
working environment
Acceptance of career
Peers, co-

(Qualitative)
Not co-operative

workers and
Industry

Ignoring authority

Content
Lack of faith in

Analysis

abilities
Gender
discrimination
(qualitative)

The Financial

Generating

Challenges

Capital

Getting loans

Amount of loan
Types of loans

Questionnaire

Descriptive

And

statistics

Interview

And
Content

Source of loans

Analysis

Conditions for loan

Criteria For

(qualitative)
Business type

Questionnaire

Providing
Financial

Descriptive
statistics

Collateral

Assistance To
Women

Trust

Other Financial

(qualitative)
Credit facilities

Questionnaire

Descriptive

services

Consultation

Interview

statistics

Financial

Lack Of

(Qualitative)
Computing Expenses

Questionnaire

Descriptive

Manageme

Technical

And

statistics

nt

Prowess To

Keeping Track Of

Interview

And

Manage

Inventory

Content

Finances

Analysis
Good Investment
Opportunities
Other Pertinent
Financial Decisions
(Quantitative)

The Challenges Faced

Nature Of

Issues regarding

By Women In The

Businesses

Small

Business Environment

Enterprises Run

Low Profit Margin

Interview

Descriptive

Questionnaire

statistics

Limited Workforce

By Women
Leads To Overtime
Lack Of Authority
Difficulty in
expanding

(qualitative)

Scope For

Difficulty In

Business

Operating Large

Developme

Scale Business

nt

Money Management
Balancing Quality
And Growth

Questionnaire

Descriptive

And

statistics

Interview

And
Content
Analysis

Lack Of Capital
Investment
Lack of opportunity
for expansion
(qualitative)

10

3. LITERATURE REVIEW
Entrepreneurship can be defined as the creation of new products or processes (Schumpeter,
1961), new ventures (Gartner, 1985) or the entry into new markets (Lumpkin & Dess,
1996).Regardless of its description, it is widely believed that entrepreneurship and entrepreneurs
themselves are essential for the growth and development of any economy (Carre & Thurik,
2005). Women Entrepreneurs may be defined as the women or a group of women who
initiate, organize and operate a business enterprise (Goyal, 2011). According to Doing
Business 2014Bangladesh ranks 130 out of 189 countries in the ease of doing business
category, which is lower than the regional average for South Asia of 121, but higher than that of
India 134. The number of new businesses opening up is increasing every year. In 2012 alone
9135 local limited liability companies started operations. Due to the improvement in business
policies, development of infrastructure, availability of micro credit, support for women
entrepreneurship and scope for social business has resulted in a boost in entrepreneurial activity.
However entrepreneurs still have to face numerous challenges. Research using multiple
regression model on variables that have an impact in entrepreneurship show tendency of taking
risk, need for achievement, education and environment for starting business, job security are
statistically significant in determining the intention of students who want to become
entrepreneurs where except job security, the other variables are found to be positively co-related
(Uddin & Bose, 2012).
The most significant effect on entrepreneurship is possibly that of the characteristics of the
entrepreneurs themselves. The individual characteristics include attributes like the age,
personality, education, managerial know-how, industry experience as well as the social skill set
of the entrepreneur. According to Yusuf (1995) personal qualities and traits, such as selfconfidence and perseverance, have been suggested to affect firm success. In their study of new
small firms, Duchesneau and Gartner (1990) found that lead entrepreneurs in successful firms
were more likely to have been raised by entrepreneurial parents, to have had a broader business
experience and more prior startup experience. The personal attributes of the entrepreneur
determine the motivation and objectives, which in turn determine the firms performance. The
process is mediated through the markets in which the entrepreneur operates and the managerial

11

practices which he or she employs. The dynamic element is incorporated by the possibility that
the business success may reinforce or revise the entrepreneurs motivation and objectives.
According to Lumpkin and Dess (2001), the concept of entrepreneurial orientation consists of
five dimensions: autonomy, innovativeness, risk taking, proactiveness, and competitive
aggressiveness. Among these the fifth dimension, competitive aggressiveness, reflects the
intensity of a firms efforts to outperform the industry rivals .High performing, entrepreneurialoriented firms are successful in exploiting business opportunities. Before opportunities can be
exploited, they must be recognized. Shane (2000) has discovered that people recognized the
opportunities related to the information and knowledge, they already possess. He also has
noticed that entrepreneurs can and will discover opportunities through recognition rather than
through search.
Entrepreneurial readiness in this study refers to self-efficacy. The term self-efficacy, derived
from Banduras (1977) social learning theory, refers to a persons belief in his or her capability to
perform a given task. According to Ryan (1970), self-perception plays an important role in the
development of intention. Intentions and their underlying attitudes are perception-based.
Accordingly, they will vary across historical and cultural contexts. Cromie (2000) stated that
self-efficacy affects a persons beliefs regarding whether or not certain goals may be attained.
The attitude provides the foundation for human motivation (Pajares, 2002) and personal
accomplishment: unless people believe that their actions can produce the outcomes they desire,
they have little incentive to act or to persevere in the face of adversities.
A research by Charney and Libecap (2000) found that entrepreneurship education produces selfsufficient enterprising individuals. Furthermore, they found that entrepreneurship education
increases the formation of new ventures, the likelihood of self-employment. Similarly, the
educational background of the entrepreneur and revealed that 72% of the successful
entrepreneurs had a minimum level of technical qualification, whereas most (67%) of the
unsuccessful entrepreneurs did not have any technical background (Sinha, 1996).
From a sociological perspective, societal upheaval is considered to have extensive impact on the
making of new entrepreneurs. Societal disruptions which affect family life may influence the
choice of non-traditional career paths. If the family of the entrepreneur does not seem to fit in

12

society or is seen to be different, then their children may feel the need to create a new niche for
themselves. Some studies indicate that entrepreneurs are more likely to come from ethnic,
religious or minority groups (Bates, 2011; Smallbone, Kitching&Athayde, 2010). The sociocultural environment of Bangladesh presents both positive and negative forces for the
development of entrepreneurship in the country. Bangladesh offers a large pool of easily
trainable employees at relatively cheaper price. The occupational and geographic mobility of
labor is also observed to be one of the favorable conditions for labor market. However,
Bangladesh can be regarded as a country upholding collectivism, uncertainty avoidance,
power respect and masculinity, which are commonly believed to be less friendly for
entrepreneurship development (Azim, 2008).
Based on a large-scale data set of nearly ninety thousand workers in India, it has been found that
religion shapes the entrepreneurial decision. In particular, some religions, such as Islam and
Christianity, are found to be conducive to entrepreneurship, while others, such as Hinduism,
inhibit entrepreneurship (Audretsch, Boente & Tamvada, 2007). In addition, the caste system is
found to influence the propensity to become an entrepreneur. Individuals belonging to a
backward caste exhibit a lower propensity to become an entrepreneur, suggesting a link between
religion and economics. Women run businesses of a much smaller scale, but in specialized
business like boutiques, beauty parlors and handicrafts women are generally seen to
succeed (Billson, J. M., 2005, p 75).
A major setback in the development of entrepreneurs is the unstable state of the political
environment which directly impacts negatively on the economic policies (Anitie). Another issue
is the provision of supporting infrastructure that could help the business. It is recorded that one
of the main items in the social infrastructure agenda is power supply (Stern & Cleveland, 2004).
In case women the most significant barrier to success in their ventures is the exclusion from
the informal interaction networks (Irons and Moore, 1985) a challenge that is prevalent in
every level of development.
The dominant patriarchal culture in the Bangladesh & Asia where the man is believed to be
the bread winner of the family, leaving the woman to just domestic chores is a formidable
challenge to the development of women entrepreneurship (Roomi, 2008).If the woman is
seen doing some sort of work, she is believed to be taking the position of the head of the
13

family. A study done by the ILO (Karim, 2001)on women entrepreneurs of Bangladesh
revealed some major challenges to be lack of training opportunities, credit facilities,
institutional setup, cultural barriers, and a crisis among concerned parties. The lack of
credit facility die to the financial institutions lack of trust in women to pay back and lack
of collateral in many cases or due to the fact that some of the women may not be fully
grounded in their knowledge of the business is a major obstacle. Other challenges include
emotional vulnerability and wanting to please everyone, inferior educational background,
fear of failure and the combined pressure of managing a home and a business.
The availability of and access to finance is an important aspect to the growth and development of
a nation (Beck &Demirg-Kunt, 2008). The disparity between savings and investment leads to
financial constraints being a major challenge for entrepreneurs of all stages in Bangladesh. Like
many other countries there have been intensive policy debates over the issue to provide a
foundation for long term development. Despite all the efforts the development seems to be a
stagnant one and access to finance has been sought out as the major impediment in its growth
(Haque & Mahmud, 2003). The loans received from formal sources make up only for the
working capital which is about one third of the total demand. The most important source of
financing is the informal sources such as loans from friends and family followed by trade credit.
Although women entrepreneurs are known to repay loans swifter it is still a challenge for
women to get adequate financing as they usually receive smaller loans (Agier & Szafarz,
2011). The back to back letter credit is popular in our country in the garments sector but not in
the SMEs. In spite of allowing the refinancing facility of Bangladesh Bank since 2004 to
encourage growth of SMEs, the commercial institutions have only extended about 20.6% of
their funds to SME sector which falls way short from the demand (uzZaman& Islam, 2011).
Even if the loan interest rate for women enterprises in Bangladesh is lower (10%) than that
of SMEs (13%) this is still higher than that in neighboring countries like India (5-6%)
(Parvin et al, 2012).
The active and constant support of the Government and related institutions is necessary to
encourage and support entrepreneurs in their ventures. The MCCI suggests that instability of
government policy and lack of adequate financial support are two most important problems in
the process of entrepreneurship development, especially in the case of women. The government
14

of Bangladesh in its policies has awarded priority to privatization, by especially linking it to

small, medium and micro industries' development. Various government and non-governmental
organizations (NGOs) like Bangladesh Small & Cottage Industries Corporation (BSCIC),
Bangladesh Rural Development Board (BRDB), BMD, DWA, DYD, BMET, MIDASA, BRAC,
Grameen Bank, GK etc., all are involved in entrepreneurship development in Bangladesh, and
they are working for SME development at the grass-roots level.
In Bangladesh, the entrepreneurship grooming process lacks in terms of the general education
system and its inability to encourage leadership through its rigid curriculum in all levels of
education. There is however, an entrepreneurship development program (EDP), which
collaborates between governmental and non-governmental organizations, which provide detailed
vocational training, technical assistance and exposure (Aktaruzzaman& Clement, 2011).Courses
have been included in the curriculum of business education and technical education system
which covers areas like motivation, business environment and preparations. Even then there is no
specialized Institution organizing entrepreneurship development program resulting in creation of
a big gap between the requirements and the availability. An in depth study done by the DCCI
shows due to the mismatch in education, the concept of entrepreneurship development is
unfamiliar to the participants as well as a lack of awareness about the scopes of being an
entrepreneur. Moreover the course contents and training programs do not have appropriate
support structures nor are they properly followed or taught by trained professionals.
Initiatives undertaken by the Government so far include the establishment of a separate
ministry on womens affairs, the formulation of the National Policy for Advancement of
Women in 2008, and the National Action Plan (which was prepared in response to the
Beijing Platform for Action). The Government has also formed a National Women Small
and Medium Enterprise (SME) Forum under the SME Foundation of the Ministry of
Industry to promote womens participation in formal economic sectors (Al-Hossienie,
2011). The MCCI observes that many organizations have been working for entrepreneurship
development in a scattered manner however their lack of significant success can be due to a lack
of coordinated approach among them. Overall the challenges are multidimensional and needs to
be addressed separately as well as with equal importance to bring about a positive turn in the
business platform in Bangladesh.

15

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18