Beyond Rhetoric: Concrete steps to foster Bangladeshi entrepreneurship

Entrepreneurship in Bangladesh is not for the faint-hearted. It is not about pitching a glamorous idea to investors or achieving overnight success from a dorm-room start-up. More often than not, it is a solitary journey marked by endless struggles, moral dilemmas, bureaucratic hurdles, and a crushing lack of support from the very institutions meant to facilitate growth. 

What we see in the headlines—the success stories, the awards, the photographs with dignitaries—is only the tip of the iceberg. The real story, the one that rarely makes the news, is one of blood, sweat, and sleepless nights.

Many entrepreneurs in Bangladesh begin with a vision. They dream of solving problems, creating jobs, and contributing to the economy. But between the dream and its realisation lies a gauntlet of challenges, the cost of which can be as personal as it is financial. From securing land, navigating corruption, and enduring political extortion, to contending with infrastructural shortcomings and surviving unjust media attacks, the burden is relentless.

One of the greatest yet least discussed obstacles in mainstream discourse is the crippling interest rate imposed on small and medium entrepreneurs. While industrial giants may still manoeuvre through financial institutions thanks to their influence and scale, smaller players—the very lifeblood of a sustainable economy—are crushed under exorbitant borrowing costs. 

Accessing credit often feels like stepping into a debt trap. A loan intended to fund a factory or kick-start a production line quickly becomes a source of despair, as interest payments consume whatever meagre margins the entrepreneur has managed to eke out.

In an already unstable economy, where the price of raw materials and imported machinery is soaring due to global inflation and supply chain disruptions, high interest rates tighten the noose further. Let us be clear: without easier access to finance, entrepreneurship cannot flourish. And without entrepreneurs, job creation and economic diversification will remain mere pipe dreams.

Beyond financial strain lies the issue of social security and moral support—or more accurately, the lack thereof. In developed economies, entrepreneurs are celebrated not just as job creators, but as nation-builders. They are offered tax incentives, grants, psychological support programmes, networking platforms, and media protection. In Bangladesh, an entrepreneur often finds themselves abandoned when things go wrong. The same society that cheers their success is quick to judge, criticise, or even vilify them at the first sign of failure.

Worse still is the absence of genuine moral support from the government. Rather than serving as facilitators, many government agencies act like predators. They extract informal payments at every step, delay approvals unless palms are greased, and wield regulations as weapons of harassment. Need electricity? Prepare for endless delays unless you "manage" someone. Want to import machinery? Expect unjustified hold-ups and customs complications. Building a new facility? Be ready to fend off extortionists with political backing.

Then there is the land issue. Even when land is legally purchased for a factory or office, local power brokers often interfere. Multiple factions may emerge, each claiming ties to the ruling party, each demanding their cut. Rival groups may threaten violence if negotiations go elsewhere. And even if one successfully navigates the chaos, someone is bound to show up later, claiming to be the "real heir" and demanding compensation or a stake.

All this unfolds while the entrepreneur continues to pay taxes, create jobs, contribute to export earnings, and often invest their family's last remaining assets into the venture. There are no safety nets, no mental health resources, no grace periods when the business stumbles. There is only criticism, rumour, and sometimes, outright sabotage.

What is particularly heartbreaking is that the most honest entrepreneurs—those without foreign bank accounts, luxury homes in Dubai, or second passports—are the most vulnerable. They keep everything here. They raise their children here. They generate employment here. And they often suffer in silence when the system turns against them.

Entrepreneurs who have built everything in Bangladesh, who have rejected the lure of tax havens and foreign assets, should not be treated like criminals the moment someone files a false allegation or a competitor launches a smear campaign. They deserve our respect, our protection, and our unwavering support.

We must establish a framework to identify and safeguard genuine entrepreneurs. This includes assessing local investment levels, job creation statistics, export contributions, and declared foreign assets. Let us not be dazzled by every flashy conglomerate, nor be swayed by orchestrated defamation campaigns. Instead, let us foster a culture where those building the country, brick by brick, feel recognised, secure, and valued.

At the policy level, the government must urgently address three critical areas. First, reduce interest rates and simplify loan procedures for entrepreneurs—particularly for small and medium enterprises. Introduce subsidised credit for sectors that generate employment and promote import substitution. Second, establish a robust social and legal safety net for entrepreneurs. 

This should include faster dispute resolution mechanisms, protection against extortion, mental health support, and public legal aid against baseless accusations. Third, offer public moral support to genuine entrepreneurs. Recognise their contributions through national awards, media outreach, and inclusion in policymaking forums. Let them know that the government stands with them—not with those who seek to extract, exploit, or destroy.

Ultimately, entrepreneurship in Bangladesh is about more than economics. It is about national dignity. Every local factory established is a step towards self-reliance. Every job created means a family sustained. Every empowered entrepreneur is a vote of confidence in the country's future.

If we continue to let visionaries suffer in silence, we risk losing not only them, but the very future we claim to build.

Md Kawsar Uddin is an Associate Professor, Department of English and Modern Languages at International University of Business Agriculture and Technology

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the opinions and views of The Business Standard.