Business skills for women entrepreneurs

That women today constitute ten per cent of total entrepreneurs in Bangladesh gives a promising picture about pro-active, productive participation in its socio-economic development process. This is largely the outcome of past one decade's efforts. The gradual access of women to activities in areas of trade, commerce, small and medium enterprises is thus a welcome development. This clearly indicates that almost half of the country's total population, once cloistered within the four walls of their houses, have started marching forward. The latest figure about women's entrepreneurial activities in Bangladesh was reported in the FE last Monday. This is quite encouraging considering its circumstances in view of the fact that the corresponding figure for the developed countries is 25 per cent.
The country's central bank deserves kudos for its policy support to help groom women entrepreneurship. The Bangladesh Bank (BB) is now set to hold the biggest-ever assembly of the country's women entrepreneurs on March 13 in order to brief on various facilities it has arranged for them. It took a number of initiatives for ensuring women entrepreneurs' access to finance during the last four years. Since the introduction of its refinancing scheme, it has now expanded its coverage to 15 per cent of bank credits for women entrepreneurs. Dedicated desks for women entrepreneurs are now in operation in all banks. Furthermore, group loan facility for cottage, micro and small female entrepreneurs up to Tk 2.5 million as collateral-free loan is another notable aspect of the BB's pro-active for growth of women entrepreneurship. Furthermore, seminars and meetings have been organised to help create enthusiasm among all concerned for availing the special facilities by them.
But for reaping greater gains in the face of numerous challenges, women entrepreneurs need to build strong networks among themselves to collectively deal with those problems. They should also help groom the next generation of women entrepreneurs in view of both formal and informal impediments. When they start any business, they do not know the rules of the game. They do not have enough money and they have hardly any updated information about market access and product quality. Informal barriers are in the form of society's reluctance still in accepting women as businesspersons.
Successful women entrepreneurs should think not only about expanding their business beyond their locality but also about extending guidance to potential entrepreneurs. It will also help their businesses if they are connected with the grassroots-level entrepreneurs. But they should not replicate the businesses launched by others in the locality as it would eat into each other's market share. They should go for product diversification as far as possible.
Women's participation in the economy is necessary in a bigger way if Bangladesh wants to achieve plus 8.0 per cent economic growth rate that is needed for its becoming a middle-income country. Women entrepreneurs would have to get together and form a network to address common challenges such as access to finance, developing products and finding out markets. The unity will help reach local and central policy-makers so that their voice is heard.  That is why women entrepreneurs need to be part of the mainstream to elevate their position. They should also become information technology (IT)-savvy to extend their products' reach. The authorities concerned have introduced several schemes for women entrepreneurs but women businessmen in the rural areas are not being able to reap their benefits fully. Opening of help desks at various government and autonomous offices can be a conduit for facilitating provision of more effective services to women entrepreneurs.