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Entrepreneurship can be considered a significant factor in economies. Thus, the role of entrepreneurs also assumes importance. For the economy, their presence, approaches, and functions are integral, particularly for growth. Sohail F Rahman, the co-founder of BEXIMCO Group, is a powerful figure in Bangladesh. He has led to the growth of the country and other nations too. In multiple industries, the well-known businessman has set up verticals. From domestic to international, their expanded functioning has led to economic development at a notable scale. The rise of more entrepreneurs like Ahmed Sohail Fasiur Rahman can yield various achievements for countries. Challenges such as joblessness, poor infrastructure, the lack of sufficient capital, and others, can be overcome as well.
Why Is Entrepreneurship Important in an Economy?
One can simply understand entrepreneurship as a process that creates and runs a business in an economy. This is inclusive of making profits, managing risks, and preventing or dealing with losses. This process is important for generating economic growth. Its continuity results in its development as well believes Ahmed Sohail Fasiur Rahman.
As per the businessman in Bangladesh, the significance of entrepreneurs in the economy can be realized through various outcomes.
Outcomes of Entrepreneurship in the Economy
In a country, the presence of entrepreneurs indicates the possibility of job creation. This is important to the economy, mainly for the growth of its people, opines Sohail F Rahman. This is observed with the launch of startups or ventures. To run them, workforces are needed. Thus, employees are hired.
Additionally, to source raw materials, these ventures support local or small businesses.
These businesses are further able to generate employment.
- The scope for more jobs is created indirectly when:
- New industries are formed due to the functions of the existing ones.
- Activities like export and import are carried out.
- The need for labor is seen across new/existing sectors.
- Both internationally and domestically, employment opportunities arise.
Developments to the Infrastructure
Businessmen are vital as their functioning develops the infrastructure of a country. This development is seen nationally and locally too. This is dependent on the exact processes and the communities they support. Mr. Rahman’s BEXIMCO Group is a major example in this regard.
- The conglomerate has launched multiple projects in the energy, textiles, and other sectors.
- It has invested in respective plants to enhance the country’s infrastructure.
- The largest solar power plant in Bangladesh has been developed by the conglomerate.
- This plant is the highlight of Sundarganj in Gaibandha.
- It has improved the local and national areas of the nation through its processes and services.
- The BEXIMCO Industrial Park is a well-equipped facility, aiming to transform the country’s economy with continued processes.
For the Formation of Capital
In the economy, an entrepreneur tends to form capital and its availability. As per Sohail F Rahman, making investments is one of how this outcome emerges. Through equity firms, venture capitalists, or others, these investments are managed and capital formation takes place.
- An increase in the country’s assets is seen when a businessman forms a new venture.
- For these assets, partnerships between the private and public sector companies take place.
- Due to the diversification of businesses, capital undergoes an increase.
- Profits from prior investments are reinvested for further benefits.
How to Encourage Entrepreneurship for Economic Advancement?
It is important to encourage entrepreneurship for the economy and this can be ensured through funding. Ahmed Sohail Fasiur Rahman is of the view that major organizations can provide funds for startups to be born. By doing so, the major hurdle or requirement of finance can be resolved as well.
The top Bangladeshi entrepreneur Sohail F Rahman adds that more ventures can emerge for economic advancement when innovative ideas are supported. Also, governments can support the coming up of small businesses or startups for the betterment of the economy.
By and Large
For the growth and development of economies, entrepreneurs matter. Their presence is equivalent to multiple opportunities to enhance economic growth in many ways. Depending on the kind of impact they make, Sohail F Rahman believes that the global economy can benefit too. Besides, the Founder of BEXIMCO Group is an ideal example of the same.
