How MBA graduates can develop entrepreneurial mindset

In today's dynamic and competitive business landscape, possessing an entrepreneurial mindset and resilience is crucial for MBA graduates in Bangladesh who aspire to become successful entrepreneurs. Bangladesh's population size is estimated to be around 169 million. The average age of the Bangladeshi population is approximately 28 years. This demographic trend presents an opportunity to harness the country's youthful workforce. However, there are still significant challenges to address.
It is concerning that a considerable number of working-age individuals, approximately three million, remain unemployed and are not engaged in either education or employment. Moreover, each year, an additional 2.5 million educated young people are entering the job market, further intensifying the need for employment opportunities. In addition, approximately 12 million people in Bangladesh are employed as day labourers or in precarious jobs lacking job security.
The unemployment situation among educated youths is particularly alarming, as many struggle to secure suitable employment. Bangladesh's numerous universities produce a significant number of business graduates annually, further contributing to the growing pool of job seekers. It is imperative for the government and other stakeholders to address this pressing issue by implementing effective policies and initiatives. The focus should be on promoting job creation, encouraging entrepreneurship, and fostering an environment conducive to economic growth. Efforts should also be made to enhance the quality of education and ensure that graduates possess the skills demanded by the job market.
By tackling the unemployment challenge and providing opportunities for the young workforce, Bangladesh can harness its demographic dividend and unlock its full potential for economic development and prosperity.
According to the report published by UGC 2022, the number of graduates passing out from universities ever year is 67,984. The unemployment rate among the university graduates in Bangladesh is 30.6 per cent, according to a recent study, conducted by the Bangladesh Institute of Development Studies (BIDS).
Understanding the mindset and characteristics necessary for entrepreneurial success, exploring strategies for overcoming challenges, managing risks, and maintaining resilience in the face of adversity is crucial. By embracing these essential elements, MBA graduates can enhance their entrepreneurial capabilities and navigate the complexities of the business world with confidence.
Understanding the entrepreneurial mindset: An entrepreneurial mindset goes beyond traditional business skills. It encompasses a set of attitudes, behaviours, and qualities that foster innovation, adaptability, and a proactive approach to problem-solving. MBA graduates in Bangladesh seeking entrepreneurial success need to develop passion and perseverance, risk appetite and adaptability, creative thinking and problem solving techniques.
Entrepreneurs exhibit a burning passion for their vision and an unwavering determination to overcome obstacles and achieve their goals. They embrace failure as a learning opportunity and persist in the face of setbacks.
Successful entrepreneurs understand that risk-taking is an inherent part of the journey. They embrace uncertainty, adapt quickly to changing market dynamics, and view challenges as opportunities for growth and innovation.
Entrepreneurs possess a keen ability to think creatively, identify opportunities, and develop innovative solutions. They challenge conventional wisdom, embrace the diversity of thought, and leverage their MBA education to generate unique ideas.
Overcoming challenges and managing risk: Entrepreneurship is rife with challenges and risks, and MBA graduates must be equipped with strategies to navigate these hurdles effectively.
Thorough planning and market research are essential to understand customer needs, market trends, and potential risks. Conducting a comprehensive analysis enables entrepreneurs to make informed decisions and mitigate risks effectively.
Entrepreneurs should surround themselves with a strong support network of mentors, advisors, and fellow entrepreneurs. These connections provide guidance, feedback, and valuable insights, fostering resilience and helping overcome challenges.
The business landscape is constantly evolving, and successful entrepreneurs never stop learning. MBA graduates should pursue ongoing professional development, attend workshops, and conferences, and engage in networking opportunities to stay abreast of industry trends and acquire new skills.
Maintaining resilience in the face of adversity: Resilience is the ability to bounce back from setbacks and remain steadfast in pursuing entrepreneurial goals.
MBA graduates in Bangladesh can embrace a growth mindset, viewing failures and setbacks as opportunities for learning and personal growth. They need to emphasise self-reflection and maintain a positive attitude, focusing on solutions rather than dwelling on problems.
Entrepreneurship can be demanding and stressful. It is crucial for MBA graduates to prioritise self-care to maintain physical and mental well-being. Adequate sleep, regular exercise, and mindfulness practices contribute to resilience and a balanced entrepreneurial journey.
MBA graduates need to surround themselves with a support system of family, friends, and mentors who provide encouragement, motivation, and a safe space to share challenges and seek guidance. These connections serve as pillars of support during difficult times.
Developing an entrepreneurial mindset and resilience is paramount for MBA graduates in Bangladesh seeking entrepreneurial success. By embracing the characteristics of an entrepreneurial mindset, adopting effective strategies to overcome challenges and manage risks, and cultivating resilience in the face of adversity, MBA graduates can navigate the complex business landscape with confidence. With the right mindset and resilience, they have the potential to drive innovation, create sustainable ventures, and contribute to the economic growth and development of Bangladesh.

Dr Tasnimul Islam is a lecturer at the School of Business, Primeasia University.
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