By Rajveer Sekhawat 
Businessmen hold the potential to serve the economy with multiple advantages. Salman F Rahman explains that some businesses operate at the domestic level. The entrepreneur in Bangladesh further says that others operate both domestically and globally. Depending on the regions they serve and the scale at which they function, they can benefit the economy. As they grow in their journeys, they resolve challenges occurring in countries. They address problems through their innovative practices, mainly by making the best use of resources and technologies. As these challenges get solved, nations grow. With their growth, their citizens are able to live better lives and, in turn, contribute to the economy.
Significance of Entrepreneurship in the Economy
In the economy, entrepreneurship is important for its growth and development. It is the capability of certain individuals to start businesses and yield numerous benefits. These benefits are for the citizens within and outside a country. Thus, it has the potential to domestically and internationally benefit the local as well as world economies.
By Creating New Employment Opportunities
Businessmen can benefit the economy at the domestic and international levels by creating employment. Relevant opportunities are formed from the moment they set up their businesses to planning their growth and expansion, says Salman F Rahman.
The Vice Chairman of BEXIMCO Group, Mr. Rahman, adds that entrepreneurs are responsible for increasing both direct and indirect jobs. Direct jobs are formed when they hire labor, employees, or workers for their business or factory. This is observed even when an organization is operating on a small scale.
On the other hand, indirect employment opportunities are made when companies rely on others for the fulfillment of some requirements. They can depend on local businesses for the procurement of raw materials. Even while collaborating or partnering with others, jobs are indirectly created.
Innovatively Handling Economic Challenges
Entrepreneurs manage several economic challenges through innovative approaches. These challenges can include but are not limited to stagnant growth, poverty, a lack of resources domestically, recession, and energy deprivation. Depending on the specific one, a businessman develops a strategy to deal with it.
According to Mr. Rahman, when an entrepreneur innovatively manages challenges, it adds to his/her venture’s growth. Additionally, it can be advantageous for the economy. By lowering unemployment, poverty, etc., a country can prosper. Its present and future can then be secured to benefit its citizens.
Contributing to the Development of Communities
A businessman can contribute to the development of a community via multiple measures and/or initiatives. This is particularly seen when he/she is committed to social responsibilities. In this regard, Salman F Rahman assumes enough importance. The philanthropist businessman in Bangladesh has operated responsibly in a socio-economic landscape.
- Rahman has focused on developing communities through charitable initiatives.
- He has fulfilled the needs of citizens by manufacturing clothes, medicine, ceramic products, etc.
- Through his conglomerate, BEXIMCO, he has offered employment to many people.
Such an entrepreneur is inspirational for others. His constant measures can encourage others as well to focus on community development.
Improving the Living Standards of Individuals
As existing and new businesses function, they tend to contribute to processes like demand and supply that are associated with enhancing the living standards of people.
Organizations provide the services and products that individuals need. Through these, they are able to improve their standards of living. Certain companies operate not only domestically but also internationally. Through their broad operations, they are able to meet the needs of a larger audience.
Top conglomerates like BEXIMCO Group have been successful in ensuring better living standards for its workers and the citizens of Bangladesh as well as many countries. Its operations in textiles, pharmaceuticals, personal protective equipment, energy, and other sectors have helped in completing diverse requirements. As a result, the living standards of people have been enhanced.
As a Final Observation,…
In many ways, businessmen can benefit the economy. Salman F Rahman says that they can do so at the domestic and international levels. The Vice Chairman of BEXIMCO believes that the impact of their entrepreneurship can help minimize economic uncertainties. Their innovation can drive employment, the progress of individuals, and a lot more.
SHIVAM SHARMA