Achieved Empowerment Status
CHAPTER 5: SUMMARIZATION OF FINDINGS AND RECOMMENDATION
5.1. Summarization of Findings
Majority of the female entrepreneurs (43%) are aged between 20-24 years old who have finished their graduate and post graduate degree and 53% of them are unmarried. among them 43% involved in boutiques or clothing related business and the second largest group (30%.) belong to catering/ home cooked and bakery related e-business. Even though the social norm is after getting the degree one must look for conventional jobs but these young female entrepreneurs starting their own business demonstrate not only breaking the social norm by exploring other options and their passion at the same time they are getting financially independent as 46% of the respondents earn between 10000-25000 taka monthly and acquiring different skills like Business management skills which help them to manage people efficiently (30%), exploring option as they tend to take more risk(23%), confident(13%),achieved a sense of self-worth (20%) that will also help them in future.
Moreover, while 33% female entrepreneurs said they contribute to their household according to their income, at the same 43% revealed that their families do not depend on their income and they spend their income for personal growth/personal savings or reinvestment purpose.
Contrary to the popular believe, in context of Bangladesh where females are preferred to remain in the household and take care of the family and household works – they preferred doing e- business on social platforms, we can see that young educated females are joining this sector because of their own choice and chose this as a profession for side income source(53%), 43% of the female entrepreneurs simultaneously are doing their day job and operate their e-business. 63% of the female entrepreneurs also mentioned that they are doing business for other benefits like broader social network, enhance personal skills improve decision making capacity etc.at the same time the need for network building for generating new customers and efficiently handling the business requires enhanced social mobility, greater communication skills ,joining social/ virtual groups (90%) even for the
From the study we find that young females are already aware of using social media specially Facebook and somewhat use to it they are comfortable in that space and 33% of the respondents informed that involving in e-business make them more aware, about their socio political environment and regarding different rules, regulations and policy that affect their business.
Even though 33% mentioned that being an entrepreneur set their identity yet 30% said that family dynamics (such as include in decision making process, value their opinions) remain unchanged as they have been already enjoying these benefits. This indicates a shift in social and family dynamics in the context of Bangladesh. Though more in-depth study will reveal the entire picture for the whole Bangladesh as this particular study has been done in Dhaka only with a very limited sample size.
The duration of the 50% of the businesses is 0-1 year and another 30% is only 1-3 years. It shows that Covid 19 affect these e-businesses positively. The reasons can be these changing situations making people of Bangladesh more comfortable in e transactions, ordering online and coping with the change in electronic medium. Also a shift in both consumer behavior and business trend has been noticed in post Covid situation in Bangladesh.
30% of the female entrepreneurs said they develop the skill of people management with efficiency while 20% said the venture definitely boost up their confidence level. While 23% mentioned they are well equipped with sound technological skill set that are needed for e-business, 60% revealed that they are learning these skills (photo taking, editing, page maintaining, managing communication online etc.) by doing them practically.
One of the major findings that majority of the respondents (96%) believe their e-business generates extra value along with the monetary value and employments generations. they promote heritage, culture, clean eating and at the same time makes life easy for the customer pool.
Even though the respondents(43%)faced somewhat barriers or from their family 40% of the respondents revealed that their inspiration to start e-business come from family, friends and someone they know who are entrepreneur themselves and from social media influence (13%), beside the fact that they said they are driven by the need for financial independence
17%.
Interestingly from the interviews it has been found that the personal challenges the entrepreneurs face like lack of motivation (26.67%), challenge coping with new technology (26.67%), restrain from society and family (43%) etc. are being dealt as a group or community effort. Different social platforms, virtual groups for similar minded female entrepreneurs are acting like support system for each other.
There is a very strong relationship, which was mentioned by 70% of the respondents that, between being an entrepreneur and having both financial independency and improved financial management skills.
From the responses we can see that the respondents have no major issues with financial capacity as they said they (96%) do not need bank loans at this moment and their initial investment was from their own savings and majority 37% informed they started their business with 3000-9000 taka and 34% said the amount for them was below 30,000 taka only.
The other major challenges we found out from this study are mushroom like e-business which are opening up every other day said by 46% of the respondents not only lowering the quality of the products but also their non-sustainable business plan and structure have been creating a havoc due to piracy issues because not only they are lack of originality but also tend to copying the design and ideas from established business but also their incapacity to run the business and making quick profit make the customers and clients unsatisfied which created a negative impact for the e- business community. Along with this lack of knowledge and information that can safe guard entrepreneurship said by 46% respondents and 77% possessed no trade license and 70% with no TIN , 96% demonstrate the trend of no paying tax or filing tax returns indicate institutional challenge and incompetency.
There is a gap in knowledge regarding financial matters. 46.67% Lack of knowledge about associating with proper institutions that can safe guard entrepreneurs rights, and due to lack of institutionalization no policy advocacy is possible said by 23.33% of the respondeds. For example: tax filing, having a trade license and why it is important to have these documents does and how to process the papers. but they are willing to take necessary steps for their e-
30.00% say they face challenges due to absence of training institutions.
47% majority of the entrepreneurs are faced personal challenges because they think their family do not take their work seriously as they work from home and second comes the problem of work life balance which is about 37% of the response. These problems are faced my most females regardless they are in formal or informal profession. We also need a social shift in our thinking process by promoting how e-business is boosting our economy.
Different fairs in public places, awards are recognitions are not only making the difference but also establish a strong presence of the female entrepreneurs of e-business in the real physical world.