University of Dhaka

Faculty of Business Studies

Department of Management

Term Paper on

“Small Business Ideas & Opportunities in Bangladesh”

Course: MGT 101 (Introduction to Business)

Submitted To:
Ms. Tanuza Nath
Assistant Professor
Department of Management
Faculty of Business Studies
University of Dhaka

Submitted By:
Group Name: DYNAMITE
BBA Programme; Batch: 26th; Section: B; Year: 2020 (1st Year 1st Semester)
Information of Group Members:

No. Merit Position Unit Name

1 823 C Ahmed Jubair Bin Hussain
2 865 C Amantu Ahmmed
3 394 D Md. Mohaiminul Islam Mehedi
4 350 D Md. Sifatuzzaman Siam
5 224 D Sadia Homayra

6 30 D Sadia Nowshin Joyti

7 503 D Sudipta Dey Kanta
8 620 D Seenjoy Saha
9 923 C Tasnia Anan Mumu
10 1878 C Syeda Tayyuba Dewan
 Letter of Transmittal

April 25th, 2020

Ms. Tanuza Nath

Assistant Professor
Department of Management
Faculty of Business Studies
University of Dhaka

Subject: Submission of Term Paper.

Dear Ma’am,

With due respect, we submit the term paper on “Small Business Ideas &
Opportunities in Bangladesh” under the course MGT101: Introduction to Business, of
the BBA Programme.

Preparing this term paper helped us gain valuable knowledge about the possibilities
of small businesses in Bangladesh and the significant details. We tried to fulfill the
responsibility assigned to us in the best way possible within the time allowed. This
experience was undoubtedly challenging, interesting and rewarding for all of us.

We apologize for any mistakes that maybe there due to various factors. Lastly we
would like to thank you for providing us with such a great opportunity.

Sincerely yours,

Syeda Tayyuba Dewan

Merit: 1878 (C Unit)
BBA 26th Batch (Section: B)
Department of Management
Faculty of Business Studies
University Of Dhaka
Executive Summary

This term paper is about the small business concepts which are suitable for
Bangladesh. More than 11 lac (around one million) educated people are unemployed
in Bangladesh as per newspaper reports. Neither the employees (job seekers) are
happy with the salary nor the employers are happy to appoint such unskilled and
imperfect people. We will not go and find out the reason of such a situation but rather
inspire the young people to reduce the unemployment scenario by initiating small
businesses. We have to promote our talents and capability of taking risks to create a
bright future for our next generations and not only depend on jobs, Therefore, we
present to you some potential small business firms which are flourishing day by day.

First of all comes Food Businesses. In food business we are about to discuss the
restaurant businesses, street foods, fast food shops, coffee shops etc. which are
very much profitable with less risk. After that comes Clothing Businesses which is
already a famous platform among our young entrepreneurs. Business ideas such as
boutiques, fashion designing, t-shirt manufacturing etc. fall under this category. Our
next concept is about the Interior Designing Businesses. This type of business is
mainly about the arts and designs implanted inside any infrastructure like colours,
lighting, decoration etc. Going forward, we have Event Management Businesses. It
includes the application of project management of both small and large scale
personal or corporate events. Event planning i.e. decorations, interiors, music, dance
choreography, photography, personal shopping fall under this category.

Electrician Agencies, a highly specialized trade business is also included in our list.
There is high demand for skilled electrical engineers. As the market is becoming
more competitive each day, the demand for the skilled technologists is also
increasing rapidly. Next up we have Furniture Businesses. Furniture made of solid or
processed woods are the products of this business. Then we have IT Agencies
which represent the E-Commerce sectors such as online marketing, online
advertisement, online trading etc. Due to mass web engagement it is easier to
prosper in this sector. Moving further we have Handicraft & Gift Shops, where
handmade crafts along with gift items are traded.

iii
Also Pet Shops are providing pets. Recently people are getting more involved in
keeping pets. So pet shops are also a nice option for the young entrepreneurs to go
for. Succeeding forward we have Book and Publication Businesses. Editing, graphic
designing, production, marketing, selling and distribution of books fall under this
category. As readers are increasing day by day the demand for quality writings is
also increasing. So, it is very potential sector for us. Afterwards comes Relocation
Businesses which relocates other business firms. It is a very troublesome job for a
company to relocate its branch. So, it takes help from such relocation agencies.
Next, we have Used/ Second Hand Product Shops. This is another potential
business sector that is also eco friendly. It gives us the scope to recycle our used
products. After that, we have Nursery and Flower Businesses. They sell agricultural
plants but mainly flower plants. This can also be a very profitable sector for us to
invest.

Going onwards we have Beauty and Cosmetics Businesses. This type of business is
very popular among the young girls and women. Beauty parlors, cosmetics shops,
saloon etc. are some mentionable fields in this sector. Advancing ahead, we have
Health and Fitness Businesses. As we all know people are getting much health-
conscious day by day the demand for good trainers and better yoga centers and
gymnasiums are increasing. So, no doubt it is also a very profitable sector. Next we
have Internet and Broadband Service Providers. In this 21st century people are
approaching internet service providers for better internet connections. So, a massive
market is seen in this business sector.

Moving along comes Travel Agencies. Travel agencies provide all types of services
to a traveler to make his journey hassle free. Though the tendency of traveling is
always there, the scope of this type of business is also vast. Going near to our
conclusion, we have Advertising Firms where experts provide their valuable and
professional feedbacks to an individual or an organization about business or
personal prospects in exchange for a fee. A good marketer has a bright future in this
sector. Bangladesh is rapidly growing as a small business center. There are plenty of
such small and micro business opportunities. Setting up and running a business is
full of challenges; however opportunities always welcome those who are ready to
take challenges.
iv
Table of Contents

No, Topic Name Page No.

1 Executive Summary iii

2 Introduction 1

3 Food Businesses 2

4 Clothing Businesses 3

5 Interior Designing Businesses 3

6 Event Management Businesses 4

7 Electrician Agencies 5

8 Furniture Businesses 5

9 IT Agencies & Firms 6

10 Handicraft & Gift Shops 7

11 Pet Shops 7

12 Book & Publication Businesses 8

13 Relocation Businesses 9

14 Used/Second Hand Product Shops 9

15 Nursery & Flower Businesses 10

16 Beauty & Cosmetics Businesses 11

17 Health & Fitness Businesses 11

18 Internet/Broadband Service Provider Businesses 12

19 Travel Agencies 13

20 Advising Firms 13

21 Conclusion 14

22 Reference 15
Introduction

In the context of Bangladesh small business/industry refers to an industrial

establishment or unit that is basically run by hired labour and operating the work
without using mechanical motive power and the number of employees are not more
than 50 and whose land, building and machinery doesn't exceed TK.150,00000 in
value in either case.

Basically small businesses are privately owned corporations, partnerships,

proprietorships with fewer workers and less annual revenue than a regular-sized
business. But the number of workers, the amount of capital, and the ability to apply
for Government support and qualify for preferential tax policy varies from country to
country.

In Bangladesh, there are many potential opportunities in small business. An

entrepreneur can use these opportunities in a profitable ways by implementing
strategies. In our Bangladeshi culture small business is very popular among the
people and it benefits local economies. Even small business are at the forefront of
innovation- they produce more than 16 times more items and patents per employee
than large companies.

Most importantly, small businesses are diverse. There are many sectors of small
businesses e.g. Flower shop, Gift shop, Food truck, Pet shop, Photography,
Freelancing, Interior designing, Food delivery and so on. These businesses are
profitable and contribute a lot towards the economy of Bangladesh. Also these can
involve women and help in directly eradicating unemployment problems and also
help in women empowerment.

Besides these good parts small businesses also have some drawbacks. The main
problems are inadequate capital, lack of knowledge, inventory mismanagement, lack
of managerial skills and many more. Although small businesses have risks, it is
environment friendly, easy to run and popular among the entrepreneurs. The various
types of small businesses are mentioned in the following pages.

1
Food Businesses

The market size of the restaurant industry has been growing for quite a few years
now in Bangladesh. It was not too long ago when there were very insufficient options
and people would have a difficult time to find a decent budget friendly place to
socialize with others over some quality food. More and more restaurant businesses
in Dhaka are opening up to cater to budget friendly buyers, which in turn have seen
a boom in the growth of these restaurants.

By street we mean any food or drink that is ready to eat and sold by a hawker, or
vendor, in a street or other public place, such as at a market or fair. Street food is
sold from a portable food booth, food cart, or food truck and meant for immediate
consumption. The fast food scenario took off in the early years of this decade with
the emergence of food carts in residential and urban areas. Food carts offered fast
food at a highly competitive price in contrast to the fewer high-class restaurants
without compromising too much on quality.

On the other hand, coffee is known as a fashionable and healthy drink to young and
middle aged people. That is why a person can start his business with a coffee shop.
A coffee shop does not require investing huge amount of money but the owner will
earn handsome profits from a small coffee shop. The best location for a coffee shop
can be besides a college, school, university, corporate office, railway station, bus
stop, park, resort or any busy place.

Food delivery is known as city based business. It’s not only an online based
business but also a contractual business. In general, food delivery firms supply and
deliver food, lunch, dinner to their clients’ home, office or workplace.

Catering is the business of providing food services at a specific site. For example a
park, filming site or studio, entertainment site, or event venue, hotel, hospital, pub,
aircraft, cruise ship. A wedding caterer is person who provides food to the wedding
party and the caterer can be hired independently or can be part of a package which
is designed by the venue.

2
Clothing Businesses

The small garments in Bangladesh are very profitable businesses as Bangladesh is

the 2nd largest RMG exporter in the world. Bangladesh has the resources and
advantages in the RMG sector. So, no doubt here that clothing businesses can be a
rising opportunity for local people. For many years, people struggling to manage a
job and a part of women are engaging in this industry and making their livelihood.

Clothing business ideas such as- t-shirt designing and manufacturing, boutique
store, denim garments making, bridal clothing are now becoming rising opportunities
for business starters. Apart from all these glamorous sides of this business, there
exist some drawbacks as well. Demands for foreign clothes in the local market,
proper employee payment, and intense competition are causing serious damages to
the businessmen.

Interior Designing Businesses

Interior design is an art. It is a process of designing the interior or decorating a room

or building. Interior designers work is to determine space requirements and select
decorative items such as colours, materials and lighting and make interior spaces
beautiful, functional, and safe. Many interior designers work in specialized design
services or in architectural or engineering services related to the idea of designing
interiors.

As more and more people now desire a beautiful interior be it for their home or
workplace interior designing is thus becoming a highly demanded service in
Bangladesh. Also those who are interested can easily start up their own interior
designing business as this mainly requires creativity and some significant knowledge
about a few specific areas.

Some people do it as a hobby but people can actually make a good amount of profit
by designing interiors. Interior designing businesses initially do not require hefty
capital as it is a small business and thus a great opportunity.

3
Event Management Businesses

Event Management is basically the application of project management to create and

develop small or large-scale personal or corporate events. For example weddings,
formal parties, festivals, conferences, ceremonies, concerts, or conventions. The
concept of event management involves studying the brand it is working for,
recognizing its target audience, devising a plan for the event, and coordinating the
technical aspects and finally launching the event.

Wedding planning is a part of event management. Wedding planning service is an

innovative business in Bangladesh. This is a great business for creative and talented
entrepreneurs. It has a huge demand in large cities and even more now as
Bangladesh is developing. Nowadays people want everything perfect in their
weddings and thus get everything professionally organized. A wedding does not only
require a planning process but other significant things as well such as decoration of
the venue, catering services, photographer, music and dance arrangements etc.

If a person has good experience about wedding planning, decorations, personal

shopping, light interior design, dance choreography, photography, event planning
then this is the perfect business for him. Obviously he will need a few workers and
some capital to start the wedding planning service.

Couples who are getting married hire wedding photographers to capture the
moments of their special day. While many photography companies exist to provide
services, a significant number of wedding photographers are self-employed. Even
DJs are required who make arrangements for music. Also dance choreographers are
there to train the bride and groom.

Thus these businesses co-exist with the event management businesses and work
closely together to provide supporting services as required. This means that event
management companies create the need and opportunities for other small
businesses to thrive.

4
Electrician Agencies

Electrician businesses focus primarily on servicing electrical systems in homes and

businesses. Because it is a trade business, it is highly specialized. Furthermore,
local and state governments typically restrict non-tradesmen from working on
electrical systems. Due to these factors, skilled electricians are typically in high
demand. The demand for electrical businesses is also increasing day by day as the
market is becoming more competitive. According to the Bureau of Labor Statistics,
the employment of electrical contractors is expected to grow by 9% between 2019 to
2026.

To grow a small electrical business, it is essential to consider effective marketing

ideas while creating a business plan. It helps you enhance the online presence while
gaining more potential customers. The four things that should be kept in mind before
starting an electrician agency are Training and Qualification, Finance, Clear Cut
Business Plan and An Entrepreneurial State of Mind. BD Electricians, Mega Star
Bangladesh Ltd., Genesis Bangladesh are examples of some of the leading
electrician agencies in Bangladesh.

Furniture Businesses

Bangladesh has been experiencing massive healthy growth in Furniture Industry

over the last decade. The domestic market is expanding rapidly and is currently
worth BDT67 billion. Local businessmen mainly use two types of woods – solid wood
and process wood. Currently, a great number of businessmen are generating
profitable furniture business. Inexpensive human resources, proper supply of woods,
demand in the local market are the opportunities for this sector.

There are some major factors that are deteriorating the growth of the furniture
industry. Such as customer’s demand for foreign brands, access to credit, improving
supply-side capabilities, inexpensive labor, backward linkage. Although the furniture
business is losing its old strong position and huge competition, still now it is making
way of living for a lot of people.

5
IT Agencies & Firms

Nowadays, a business has no value without a website. A responsive web is needed

for all businesses. Thus web design and development agency is recognized as the
most demanded business in the digital world. The Government of Bangladesh
provides extra facilities and services in the IT Industry. So, it is a significant
opportunity for IT specialists to start a web design and development agency.

Digital Marketing is an international online based business. In startup business, e-

commerce, consumer service, retailers, IT, software, food etc industries, digital
marketing is known as the key to success. So, it is a great opportunity for beginners
to start a digital marketing consultant or agency. Many offline and online resources
are available for learning and starting digital marketing agencies.

Ecommerce is the most popular online based business in Bangladesh. It does not
require a showroom or outlet. A person can sell his own product on his own website
or on any third party website like Evaly. Most popular products in ecommerce are
electronics, gadgets, fashion, fitness and beauty products. Beginners should learn
about ecommerce business before they start their business. For learning
ecommerce, YouTube and Blog sites are more than enough.

Freelancing is one of the most growing industries in the world. Freelancing is a

contract base or hourly base job. A person can start his freelancing career to
develop a specific skill. He or she can learn freelancing from blogs, tutorial websites
and YouTube again.

Affiliate marketing is known as online business. A person has to create a niche

related blog or website to start an affiliate marketing. There are many free resources
and tutorials available on YouTube to learn affiliate marketing. Also a person has a
great opportunity to turn his or her passion into a profitable business. He can start
his business by creating a personal blog. He can make a free blog or paid custom
domain blog. He has to upload his interesting niche content regularly on his blog and
join AdSense or Affiliate programs when he fulfills specific requirements.

6
Handicraft & Gift Shops

A handicraft shop is another small business idea. Bangladesh in early and medieval
times comprised of handicraft and cottage industries. Some handicraft products often
have identifying features such as traditional deriving from the region of product by
the craftsmen that attach an emotional value to the products. Examples of handicraft
products in Bangladesh are purses, bags, nakshi kanthas (decorative blankets),
ornaments, sarees, potteries, vases, traditional dolls, trays etc.

Gift shops are also famous as small businesses in Bangladesh. It is a very useful
business idea because one does not need much money for opening up such a shop.
One can sell decorative mugs with various quotes and texts, greeting cards for
different occasions, thermoses, unique and special headbands, scented candles,
best selling books, watches, few unique jewellery as gifts. There are many online
based handicrafts and gift shops nowadays. Some of them are Upohar BD.com,
Priyo shop, Daraz.com etc.

Pet Shops

The demand for pets has increased noticeably in Bangladesh over the years. This
may be due to the increased standards of living of the people. It is easy to start up a
pet shop as only a small investment and few people are required and thus this is a
small business opportunity in Bangladesh. Dog, fish, hamsters, birds, cat, rabbits,
mice etc. animals are perfect to keep at a pet shop. There are many pet shops in
Katabon. A pet business can be very profitable as pet industry is growing rapidly.

Pet shops are also encouraging other related businesses to open up as there is
demand for certain products and services that are required for pets. For example
now as more people have pets the number of vets and doctors for all types of pets
are increasing too. Also those who sell medicines for pets are opening up more
shops to cater all needs. Even such shops are there that are created only for the
sole purpose of selling all items required for pets like pet foods, toys, accessories,
etc.

7
Book & Publication Businesses

As the literacy rate of Bangladesh is increasing every year this automatically means
that more studying materials are required. Thus this means more book and
stationary shops can be opened up to fulfill the demands.

Besides, there is a huge demand for guide books, test papers, question banks and
reference books. Students are mainly the target customers in this sector. Thus this
can be a great opportunity for small business to open up stationery shops. Moreover
it can be located near to an educational institute for easy access of students.

Books and publications include many stages such as copy editing, graphic design,
production, marketing, selling and distribution. As a publisher, people can work in a
number of mediums – newspapers, magazines, books, software, music publishing,
and the fast changing world of electronic media.

Traditional book publishing consists of a process in which a publisher offers the

author a contract and in turn prints, publishes, and finally sells the book through
booksellers and other retailers. It can be said that the publisher essentially buys the
right to publish the book and pays the writer royalties from the sales.

Publications and retailers make high profits by selling these in different seasons of
an education year. Different types of magazines such as fashion, food, cooking,
lifestyle, cultural, literature are also great opportunities to start up a small business
by publishing a magazine on a specific or mixed sector.

Often some publications sponsor small events or functions that are related to
education and are also within their budget. What this does is it creates more
opportunities as more people and writers become aware of them.

These businesses do not require as much capital however they are very profitable as
they not only provide products but also services like binding books, photocopying
and laminating etc.

8
Relocation Businesses

Businesses often need to relocate or change the location of their companies due to
various reasons. This is mainly done to avail certain opportunities which do not exist
at their current location. For example cutting down transportation costs, lease or
rental costs, labour costs or for higher sales and thus higher profits. Relocation is
good for businesses because a change in location can also lead to added benefits
that do not currently exist for the business.

However this entire process can be quite hectic for the company to complete on its
own in an organized way. For this reason they hire a relocation firm to do this
particular job for them on their behalf and in a professional way. Thus it can be said
that a relocation company is often hired by a business that plans to move employees
from one area to another. Though it is a big job but primarily it can be identified as a
small business.

As more and more businesses are thriving in Bangladesh now this means the need
for other related supporting businesses such as relocation companies are increasing
too. So, the idea of opening up a relocation firm is a great small business opportunity
for those who want to start up their own business.

Used/Second Hand Product Shops

Used product shop is a quite popular small business in Bangladesh. This is due to
the fact that not all people can afford certain products at its original price and thus
prefer to rather buy it from a second hand shop. In this business mainly high end or
expensive products like cars, mobile phones, houses, computers etc are bought and
sold. There may be a physical store or an online platform for such businesses. It is a
platform for buying and selling used products.

Anyone who wants to start a small business of used product can easily do it as it
does not require a huge investment. It is a good and profitable business idea
because used products shops have been in demand since a long time.

9
Nursery & Flower Businesses

Starting a plant nursery is not a “get rich quick” scheme like other small businesses.
However it does have the potential for excellent earnings in the long run, especially
when a person takes into account the extremely low initial investment that is
required. But it is not just about investments but also the crucial fact that the person
starting a plant nursery will be investing a relatively small amount of time into this
business.

This can be a great small business opportunity as the demands of plants and trees
are increasing at a high rate nowadays. This is more evident especially in city areas
as most people are fond of plants and flowers and thus like to create a miniature
garden in their houses, balconies, rooftops and even front yards or backyards.

They do this not only for enhancing the beauty of their homes but also because of
their awareness about the fact that plants provide oxygen that is crucial for human
lives and take in carbon dioxide that is harmful for humans. This is due to various
reasons like pollution and deforestation and thus more plants and trees should be
planted to keep a balance in our atmosphere.

Nursery and flower shop businesses are closely related to each other. Flower
business can also be a small bonus for a nursery businessman. This is because the
person who owns a plant nursery can also supply flowers to retail shops or he
himself can sell flowers and hence make extra profits.

We know flowers are considered holy in many religions and also they are a symbol
of love. Almost everyone loves giving and receiving flowers on special occasions. It
is a highly profitable niche product and also low investment. So one can easily start
up a florist shop. Flowers have a huge demand on any occasions, functions, special
days and parties. So, earnings can easily be made by selling flowers as they can be
sold at all times of the year. The right location for a flower shop has to be decided
though on an average in almost all Cities be it small or big, flower is a highly
demanded product.

10
Beauty & Cosmetics Businesses

A makeup business sells all skincare and beauty related products, catering to every
customer’s individual beauty requirements. Products are sold to distributors, in a
standalone store, through independent consultants or through online.

The cosmetics industry is growing at a rapid rate. With the immense popularity of
indie beauty brands, a rise in the demand for organic products and an increasing
interest in sustainability, many entrepreneurs are now seeing profitable new
opportunities in the beauty industry and seeking knowledge on how to start a
cosmetic business.

As there is a growing demand for cosmetics in Bangladesh thus a cosmetic shop

business has a great prospect. This is because there is ever increasing population
who has the demand for all types of cosmetic products. With a population of over
160 million, Bangladesh is great to start this business. Salon is another great option
in this case providing various types of direct beauty services. Beauty shop
Bangladesh, Bangla shoppers, Men's Care are worth mentioning in this field.

Health & Fitness Businesses

The fitness industry is gradually becoming popular in our country as the urbanites
are now really cautious of their health and fitness. They thrive for fitness which leads
them to fitness institutions and thus helps the fitness industry to grow.

Bangladesh is one of the fastest urbanizing nations in Asia with 35% of people living
in urban areas. According to Bangladesh Bodybuilding Federation, the business is
expanding at a rate of 20-25% a year in Dhaka, Chittagong, and Sylhet.

Types of equipment mostly used in gyms are – six pack care, treadmills, push up
bars, nunchaku, bench press, etc. Space crisis, high customs duty on imported
equipment, high cost of equipment, etc. stand in the way of prospering in this
industry.

11
Internet/Broadband Service Provider Businesses

The Internet or Broadband Service Provider is a business that provides an Internet

access service and other related services to everyone who wants it. For example
wireless Internet access, provision of cable, provision of disk space on the server,
provision of e-mail addresses, or hosting and many more services.

It is hard to imagine the world without the internet today. Not only does it allow us to
personally connect with friends and loved ones, but it is completely essential to
businesses across the globe.

Your customers and employees depend on your internet connectivity — whether it is

an online service or an IP phone system. Without the internet, your business would
fall in terms of productivity.

All kinds of businesses nowadays require internet facilities to operate. Even all
businesses maintain an online platform where their customers can connect with
them anytime from anywhere. This makes doing business a lot more easy. Thus it
also increases profits as more demands can be met by providing online services to
customers.

The whole world is going online and Bangladesh is no exception. So to cater the
essential need for internet services more broadband services are required. Thus it is
a great business opportunity to provide internet services to general people who
require it and also to other businesses.

Internet is a kind of need in this present world and this is why it can be a profitable
business opportunity in Bangladesh.

Uninterrupted service with favorable bandwidth and other facilities can hold the
customers and uphold the reputation of the provider. Smile broadband, BDCOM,
Link3 technology, Access Telecom (BD) are some of the examples of internet
service providers in Bangladesh.

12
Travel Agencies

Travel agency businesses can be described as a private retailer or public service.

They provide all travel and tourism-related information and services to the general
public and to anyone who requires it on behalf of accommodation or travel suppliers.

Travel agencies can provide outdoor recreation activities, airlines, car rentals, cruise
lines, hotels, railways, travel insurance, package tours, insurance, guide books,
public transport timetables, car rentals and so on. The main function of a travel
agency is to act as an agent by selling travel products and services on behalf of a
supplier.

International tourism generated billions of dollars in exports through international

passenger transport services rendered to non-residents and increasing the total
value of tourism exports. Thus, launching a travel agency can be a good small
business idea for any country in the world even in Bangladesh.

To start a travel agency business in Bangladesh, one will need a small investment. If
the person is an aspiring entrepreneur, it can be a fun, exciting, and profitable
business for him/her. Also, there is a chance to enjoy the perks of traveling at a
wholesale price with the added benefit of the income from the business.

Advising Firms

Advising firms are businesses formed by of one or more experts who provide their
valuable and professional feedbacks to an individual or an organization about
business or personal prospects in exchange for a fee. These firms may specialize in
a particular area or be a general advising firm.

Nowadays as people and businesses require authentic information and much

needed help thus the demand for advising firms are increasing in Bangladesh. So to
provide essential services to their potential customers, opening up an advising firm is
a great opportunity for small business in Bangladesh.

13
Conclusion

Modern time is the golden time of businesses. Nowadays, the idea of small business
has become an important part of our national economy in many ways. There are
many possible and potential ways to start up businesses this is playing an important
role to alleviate the poverty from Bangladesh. Even it is creating job opportunities
and developing the standard of living which ultimately has an impact on the total
economy system.

But back in 2010 (10 years earlier) the ideas were not as innovative as now. And the
ways of doing things were different and the perfect example is using of internet in
almost all business sectors. But now E-commerce has become an inseparable part
of each and every business which has bought a revolution in the business world and
contributing a lot towards all businesses.

Apart from these the production procedures, techniques and the personnel are
different from those of small businesses in previous days. But today's system is
much easier and profitable.

Small businesses are creating 64 percent of the new jobs meaning it is contributing
largely to job growth. So people are investing more in these sectors. Even report
shows that small businesses are good for environment. It is more open to adapting
to changes and eco-friendly business model.

Besides, the biggest risks faced by many small businesses are actually financial.
Founders often have invested their life savings or taken out loans for businesses. As
well as there are strategic, reputational, liability, security risks are there. But above
all small businesses have a bright future.

As Bangladesh is growing rapidly and situation has been changed, it is high time that
we all take measures to adapt to the dynamic situation of small businesses,
recognize the opportunities and drawbacks related to this and initiate more start ups
of such small businesses.

14
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https://www.lightcastlebd.com/insights/2016/01/31/market-insight-bangladesh-
furniture-industry

https://en.wikipedia.org/wiki/Interior_design

https://www.bankrate.com/glossary/r/relocation-company/

https://dhakainside.com/best-business-ideas-in-bangladesh/

https://en.m.wikipedia.org/wiki/Food_industry

https://en.m.wikipedia.org/wiki/Event_management

https://en.m.wikipedia.org/wiki/Information_technology

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