Business
Key Challenges to Start E-Commerce Business in Bangladesh
Bangladesh has made significant development on the path of digitalization in recent years. However, the internet penetration rate is still low compared to the developed countries. As a result, in Bangladesh, an eCommerce business faces a lot of challenges even before its inception. In addition to internet access, other bureaucratic and resource-related challenges are a constant headache for many eCommerce startups. Let's take a deeper look at them.
The state of eCommerce in Bangladesh
Up until 2006, the state of eCommerce in Bangladesh was almost non-existent. The handful of eCommerce sites were exclusively used by the upper-class people with businesses being strictly niche-based. With rapid digitization, the number of eCommerce sites saw a rapid jump of over 70% in 2007, and the growth trajectory has been upward ever since.
At present, there are about 2000 independent eCommerce sites in the country with another 50000 being F-commerce based. Combinedly they are delivering over 30000 products every day. However, the majority of the transaction is limited to Dhaka, Chittagong, and Gazipur only.
The limitation is seen in the transactional aspect as well. There are about 5 million debit cards and 1 million credit cards in circulation. Out of these only, 1% of the people use them for POS transactions. Rest is limited to ATM usage only. This prompts the issue of lack of online transactions, which is one of the key pillars of the eCommerce ecosystem.
Read:Product Shipping: Tips to find the perfect delivery partner for online business
Key challenges of eCommerce platforms in Bangladesh
Product Sourcing
Leading international e-commerce platforms like Amazon, eBay, and Rakuten are not available in Bangladesh. Therefore, there is the challenge of product sourcing.
Depending on the customer choice, many eCommerce platforms resort to sourcing products through imports. The entire process and customs together increase the price of the product significantly. As a result, there is a lack of demand in the first place.
Local dropshipping can be a good option in this regard. However, maintaining product quality and brand reputation becomes a significant challenge with dropshipping.
Read:Common Challenges faced by Startups in 2021
Finding the right customer base
The first and foremost issue faced by any eCommerce startup is choosing the niche. It is almost impossible to incorporate everything under a single domain unless you are one of the big players.
That being said, there is also a lack of market data. What kind of product are customers interested to buy online? What products sell more? And which niche has the largest online transacting customer base? All of these essential data aren’t readily available.
While on average, people under 30 prefer to shop online, that also presents the unique challenge of tailoring the product to their needs. Categorizing a customer base while the majority of the country is interested in offline shopping is a key challenge.
Read:Seed Fund Raising for Startups: Things to Know About
Low conversion rate
One of the positive aspects of eCommerce is that there is no geographical boundary to your customer base. Anybody from anywhere can view your products and if you have an international shipping option can even become a customer.
On average a successful eCommerce looks at about 1% to 2% conversion rate of the total hits on a product. However, it's not even 0.2% in the case of Bangladesh.
The dire situation can be attributed to a lack of potential lead generation and poor conversion measures. While the local target market itself is small, there is also a general disinterest in buying products online. As a result, eCommerce sites are failing to generate and convert leads.
Stakeholders want coordinated policy, regulations to foster e-commerce in Bangladesh
Transparent automation, easy regulations, access to finance, inter-ministerial coordination, easy tax structure, cross border digital commerce trade facilitation are key to foster e-commerce in Bangladesh, stakeholders said at a discussion on Saturday.
The discussion titled “Building a Sustainable Ecosystem for E-commerce” was organized by Dhaka Chamber of Commerce & Industry (DCCI). Commerce Secretary Tapan Kanti Ghosh joined the discussion as the chief guest.
DCCI President Rizwan Rahman said the e-commerce ecosystem saw a massive vibe in recent past.
Also read: Muted response to e-commerce SOP reflects recent troubles in the industry
"Despite we have seen some challenges the sector is facing recently, but with the intervention of the government, regulators and stakeholders a sustainable development will come in the sector," he said.
According to an estimated data, in 2020 transaction in the e-commerce business was about USD2 billion, which may increase up to USD2.5 billion in the current year.
In 2020 transaction in only f-commerce sector was about 320 crore taka.
He also said that 15% VAT imposed on e-commerce sector may hamper the growth of small investors in this sector. Moreover if international market leaders like Amazon comes in our market, it may create opportunity for local CMSME traders and manufacturers, he said.
Commerce Secretary Tapan Kanti Ghosh said private sector is playing the dominant role in the economy.
Also read: Digital Commerce Policy, Lockdown, Eid: Perfect storm for e-commerce?
In the e-commerce, reliability is the key issue to help this sector to grow, he said.
"Government does not want to impose strong regulations upon the sector so that small entrepreneurs can come on board easily. Recently the Escrow system to see the compliance has been introduced but the number of transactions fell down."
He suggested for a coordinated platform to overview the compliance and said that government is working hard to create a congenial regulatory atmosphere for e-commerce business.
Barrister K. M. Tanjib-ul-Alam, Head of the Chamber, Tanjib Alam and Associates also underscored importance of reliability for a sustainable market.
He urged for a proper policy and guidelines with a scope of reward and punishment.
"Government should come forward to safeguard the ecosystem, he added. Government should upgrade the national postal system so that ecommerce platform can utilize this trusted system," he said.
Fahim Ahmed, President, Pathao said policy and regulatory guidelines are needed for a sustainable ecosystem.
"Unsuccessful ecommerce platforms with a huge liability and discounting method cannot sustain in the market as it is not economically viable. Based on short term investment and huge discount-giving model may create a bad name to the industries. For creating infrastructure, technological assistance and to create confidence of consumers long term investment is needed," he said.
Khorshed Anwar, Deputy Managing Director, Eastern Bank Limited said small e-commerce, start-ups or f-commerce entrepreneurs are sometimes deprived of access to finance due to lack of documentation. We are working on the issue and do training programmes for the small start-ups.
Khondoker Tasfin Alam, Chief Operating Officer, Daraz Bangladesh said excessive discounting model is not sustainable.
Customer readiness as well as seller’s readiness is equally important. Sometimes wrong model can become famous for the time being but it is not sustainable but will hamper the ecosystem.
He also said that Daraz Bangladesh has already invested BDT 500 crore in last two years in logistic infrastructure. He lastly emphasized on improving products quality for sustainability.
Ashish Chakraborty, Chief Information Officer, Nagad said Mobile Financial service plays a vital role in ecommerce.
Customers from rural area can get products from anywhere in the country using mobile wallet. Bangladesh Bank now allows small investors having NID to be on board which is a good move, he said.
For the growth, he emphasized on full automation of this sector and this system will ensure service delivery information.
Muhammed Abdul Wahed Tomal, General Secretary, e-CAB said that the ecommerce sector in Bangladesh has got a tremendous growth right at this moment which was supposed to come in 2030.
"The growth momentum came at a faster rate due to Covid, he informed. E-commerce is an integrated sector where agencies like Bangladesh Bank, NBR, LGRD, Commerce Ministry, ICT Division all are involved. Regarding Escrow service he suggested to make it more automated and easy functioning."
Khairul Majid Mahmud, Director, DCCI, Sameer Sattar, former Director, DCCI and Riyadh Hossain, former Vice President, DCCI also spoke on the occasion. DCCI Senior Vice President N.K.A. Mobin, FCS, FCA gave vote of thanks.
Product Shipping: Tips to find the perfect delivery partner for online business
Online businesses like eCommerce and F-commerce have been on the rise for quite some time now. Customers get access to all sorts of products from different eCommerce and F-commerce sites and services. They have become fast, reliable, and hassle-free shopping for many. While it’s all positives on the customer end, an eCommerce platform faces some critical issues to dispense the customer queries. The most notable one being product delivery service. Let's look at what you should consider before choosing a product delivery service for your eCommerce or F-commerce platform.
The necessity of a good product delivery service
Even though online shopping has been on the rise, the advent of Covid-19 has accelerated the process by manifold. Social distancing and lockdowns across the globe have shifted the interest of the customer from physical shopping to online ones. As a result, the number of eCommerce platforms has surged rapidly.
From clothes, toys, gifts to daily essentials, there seems to be a bunch of eCommerce and/or F-commerce platforms for every type of product imaginable. However, the growth of an online business needs to correspond to its service. As much as the customer is concerned about the product, there is also the expectation of fast delivery, reliable service, and an easy return policy.
READ: Common Challenges faced by Startups in 2021
All of these are related to product delivery services. An eCommerce platform needs to be careful while choosing a delivery partner as its one of the main aspects of customer service and satisfaction. Here are some of the things you should check upfront.
How to choose a delivery partner for your online business
Product and customer base
It's not easy to address this question as eCommerce and/or F-commerce platforms hardly sell one type of product. However, it's easy to understand the genre of product you are selling. It can be electronic items, perishables, food items, or fragile items. There are different service options for each of these products.
There is also the aspect of whether your client is local or foreign-based? Do you want to include an express delivery option? Many eCommerce businesses follow the drop-shipping model where products are delivered on a pre-order basis. In that case, you need o to consider the delivery service for importing as well.
READ The Emerging Logistics Tech Startups, Courier, Delivery Services in Bangladesh
Ease of Service
An eCommerce and/or F-commerce platform is grossly reliable in the delivery service to ensure total satisfying service to its customer. As a business owner, you need to check whether there is ease of communication between you and the delivery agency. This is ensured through a robust client service mechanism of the delivery service agencies. You need to also check for the frequency of product pick up as it's closely related to the product delivery time.
Areas Covered
There is no limitation to the client base when it comes to an eCommerce platform. Your customers can be local, regional, or even international. To ensure maximum client range, you can incorporate international shipping too.
For that, you need to ensure whether the delivery service has international shipping options. Even if your business is in its early stage, it's always better to stay future-proofed for any kind of scaling needs. You need to carefully check the additional price for regional shipping. The rate tends to fluctuate depending on the agents you choose. The idea should be to find a balance between cost and coverage.
READ: Seed Fund Raising for Startups: Things to Know About
Speed
This is probably the most important factor when it comes to choosing a delivery service for your business. regardless of how good a product is, a customer is always concerned about how fast the product will reach them. Before signing up with a delivery service, try and check their average delivery time and customer satisfaction rate. Depending on your budget and the time, you will find multiple choices. The target should be to choose a reliable service whose words match with their action.
Product Handling
If you look at the reviews of some eCommerce and/or F-commerce sites, there are often instances where the customer complains of product mismanagement. Some may complain about broken products, torn packaging, and sometimes shipping to the wrong address.
A good way to avoid these is to check for online reviews regarding the delivery service. Because in the end, the customer won’t care what damaged their product. It’s your reputation that’s on the line here.
READ Renowned online payment gateways in Bangladesh for domestic, international transactions
Experience in business
There’s a saying that experience begets everything. The same holds for people in the delivery service sector. The more experienced a delivery business is, the more chances the service will be on point. You can also check for their service history. If they have experience of working with a similar business like yours, it can help you in the transition to working together.
Service flexibility
Often there might arise a requirement for a product to be returned. There are instances where you might have to take a product back. The ease of transition in the process makes it hassle-free for the customer and also shows the commitment of the platform.
As a result, you need to have a delivery service that is flexible in product delivery and product return.
READ Best Sites to Sell Used Electronics in Bangladesh
Tracking capability
We already talked about how the product gets lost or damaged in the shipping process. So it's important to have a delivery service that will provide you with tracking capability. You need to be able to track the product.
Sometimes, the product might need to get shipped to a foreign country or a regional area. Sometimes it might be days before the product gets delivered. In that case, you might need to be able to update your customer about their products. The best way for that would be to check whether the delivery service provides a tracking service for the product.
Price
Lastly, you should be concerned about the price. At the end of the day, you are a business and it's always about profit maximization. The idea here is to find a balance between service quality and price. Sometimes, services will offer you a discount based on the volume of products delivered through them. Either way, you should consider several services before signing up with one.
READ: 7 Local Startups Get Tk 150m Funds from Startup Bangladesh Limited
Bottom Line
Fast and efficient delivery is one of the key requirenets for the survival of any online business. There are a lot of factors that you should consider before choosing a delivery service for your eCommerce or F-commerce business. We tried to outline the important aspects which often act as the deciding factor. We hope that our discussion will help to find the best shipping company for your online business.
Adidas to sell Reebok to ABG for $2.5 billion
German sporting-goods company Adidas Thursday announced that it had made a deal to sell Reebok to Authentic Brands Group (ABG) for $2.5 billion, roughly 15 years after acquiring the US fitness brand.
Back in February, the German company started the formal process of selling Reebok, which it acquired for roughly $3.8 billion to expand in the US.
"Adidas announced today that it has entered into a definitive agreement to sell Reebok to Authentic Brands Group for a total consideration of up to €2.1 billion, with the majority to be paid in cash at closing of the transaction and the remainder comprised of deferred and contingent consideration," the company said in a statement.
Read: Toyota retains crown as world's best-selling automaker in Jan-June
The transaction is expected to be closed in the first quarter of 2022 with most of the proceeds to be shared with Adidas' shareholders.
"Reebok has been a valued part of Adidas, and we are grateful for the contributions the brand and the team behind it has made to our company. With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success," Adidas CEO Kasper Rorsted said.
Daraz introduces Seller Development Program for consumers
Daraz Bangladesh has recently introduced a ‘Seller Development Program’ to enhance the buying experience of the consumer.
The unique program introduced by Daraz focuses on strengthening the buying and selling experience for the existing customers and sellers.
Read: Daraz ropes in Hasinul as chief corporate affairs officer
With the launch of the program, the largest e-commerce platform will promote exceptional sellers while keeping the customers assured and untroubled.
Daraz through this program will ensure that sellers who are not fit for working with Daraz yet are being filtered out properly. Sellers providing top-notch quality goods and services will not be liable for the errors of the few other vendors.
Read: Realme partners with Daraz to develop online channel, sales
“Trust is a critical factor in e-commerce and it alters with every purchasing decision of the consumers. We believe that the Seller Development Program will be effective in building a healthy and sustainable relationship with the consumers accompanied by the support of brilliant sellers,” said Kamrul Hasan, Commercial Director of Seller Marketplace and Business Intelligence of Daraz Bangladesh.
Things to Consider When Choosing an Internship
Internships are a great way to familiarize yourself with a target industry. Most jobs these days require some form of experience relevant to their sector. Internships are an effective way to get this experience and hone industry-related skills. But should you jump into any internships? Or should you carefully choose based on your interest? Should it be paid or unpaid? We will answer these all in this article.
Why should you choose an internship?
Let's understand why you need an internship in the first place. The current global job market is booming with eligible candidates. There are often hundreds or more applicants for a single job. The situation is even more critical for the freshers.
Read How to improve your productivity and efficiency at Work?
While many people think that good grades are the only deciding factor in landing a prestigious job, the reality is often far from it. Employers look for skilled employees. And that’s exactly what an internship is designed to be, to train you with the necessary skills.
An internship basically gives you a competitive advantage and sets you apart from the rest. But people often make the mistake of jumping into any internship they get. If you are majoring in data science and plan to stick to your major as a career, there is no point in pursuing an internship in HR. This might look good on your CV but won't add any value whatsoever as it's not related to your sector.
Read: Best Ways to Lead Effective Team Meetings
What to consider while taking an Internship?
Now let's look at some of the other factors you should consider before choosing an internship.
Understanding your responsibilities
There are multiple job roles within the same sector. Just because you are doing an internship in line with your major doesn’t mean it will add value. Carefully read the job description before applying for an internship. In your CV, you can mention the responsibilities you carried out during the internship. So, the responsibilities need to reflect and align with your future career choices.
Paid vs Non paid
Many employers think of an internship as a training phase and often don’t include any remuneration scheme. However, you are still adding value to your employer with your regard, even if it comes in the form of training. We personally suggest you choose paid internships over non-paid ones. Because at the end of the day, you are still an employee even as an intern.
Usually, most companies pay significantly less than the industry standard owning to internship and contractual employment. However, it's still better than working without payment. check for clear outlines regarding payment or you can politely ask about it at the end of your internship interview.
Read Earn Money Online: Best ways for Students to generate income during pandemic
Location
The location also plays an important factor when it comes to choosing internships. If the company is located in a new city or country, both the scopes and challenges can be immense. There aren’t many foreign internships available in Bangladesh. However, some internships might require you to travel to remote places as part of the job responsibilities.
As a result, you should carefully consider whether the location and time spent on commuting are worth the compensation, be it monetary or experience. Due to Covid-19, many sectors are offering virtual internships. This can be a great opportunity to gain some experience from the comfort of your home.
Read: Pandemic, Remote Working & Procrastination: How to avoid procrastination when working from home?
Networking opportunities
Internships aren’t full-time jobs. They are more like an insight on how full-time jobs are and what is expected from you in your industry. Internships are a great opportunity to network with your potential employer as well. You will also get to interact with other interns who are in the relevant field as you.
Having good networking will help you advance in your professional career as well. So, it's important to check what kind of networking opportunities will you be getting from your internships. You can read more about professional networking in our comprehensive blog here.
Mentorship Opportunities
Internships are all about learning new skills. However, there are internships out there that will only pile you up with paperwork with no real skill development opportunities. You should stay clear from such internships.
Internships are meant for learning new skills relevant to your sector. As a result, you should look for internships that will give you hands-on experience and opportunities to learn beyond paperwork.
Read Leader Vs Boss: Know the Differences
Testing out your skills
Internships aren’t about learning new skills alone. They should also provide you with an opportunity to put your learning and existing skills into effect. You should be able to test out your skills and reflect on your performance. A cohesive work environment can be a great addition in this regard.
Your supervisor should be willing to let you work on your elements and oversee the performance for meaningful feedback. You should think of this as a test drive of your potential career choice. It's more like a trial-and-error run to check whether your preferred career choice is suitable for you in the long run or not.
Read What makes a Great Manager: Know the Qualities and Skills
Work on projects that matter
Even though it's an internship and your employment is for a short time, you should aim for internships that let you have a meaningful impact. There are instances where interns are subjected to the paperwork of the company. But that doesn’t add any real value to your resume and skills.
However, if you can work on definitive projects, it will not only help you hone your skills but also give you the opportunity to gather new experiences. Thus, an internship can be beneficial to your career course.
Read: Earn Money Online: Best ways for Students to generate income during pandemic
Bottom Line
Internships can be effective ways to grab employment opportunities in the fast-tracked corporate world. Many companies don’t have the adequate means to train fresh graduates. As a result, it becomes easier for them if they hire candidates with internship experience. It also gives the candidate clear ideas about real-life work experience. However, there are a lot of aspects to consider before taking up an internship. We hope this article will help you in that regard.
Best Ways to Lead Effective Team Meetings
Meetings can be a boring ordeal. Most of the time, it’s about going through the same stuff over and over again. Other times, it’s a boring repertoire without any real input. Meetings are supposed to be an effective outtake on the current happenings and plan of action of any business or office works. However, boring conductions and procedures will do nothing but hinder the effectiveness of the meeting. So how can you lead effective team meetings? Let's look at some of the ways.
Why is it important to lead effective team meetings?
Nearly every industry works in a clustering mechanism. This means that you will have a team that will be responsible for certain aspects of the organization. Leading a team comes with its own set of responsibilities. You have to delegate responsibilities and keep track of the progress. There is also the aspect of meeting the organizational goals.
Team meetings are a staple way to keep all these aspects in check. While it is a tool to delegate tasks and track progress, it is also a great means to communicate and create professional bonds. Moreover, it opens up new doors of insight that you might have not thought of. Leading an effective team meeting will certainly give you an upper hand on your tasks and ensure overall organizational sync.
Read:Pandemic, Remote Working & Procrastination: How to avoid procrastination when working from home?
How to lead team meetings in an effective way?
Incorporate leadership with a positive attitude
For many CEOs, meetings are as boring as it is for their employees. They inherently go through the motion in meetings without any real interest. As a result, the effectiveness of the meeting is lost and it becomes a waste of time and effort.
However, the change should start from the top. Rather than just going through the motion, a manager can initiate productive conversations between the employees. It can start with meaningful input from all the attendees. The leadership qualities of a stakeholder should show here. Start by manifesting leadership qualities to effectively lead and manage your employees.
Read Leader Vs Boss: Know the Differences
Do not delegate meeting responsibilities
CEOs and managers are busy people. They might have a lot in their cup and delegate the meeting arrangements to someone else. This should not be the case. The dissociation from a set structure only hampers the natural flow of effectiveness. A meeting will yield better value if you go in knowing what you want to accomplish rather than getting achievable on the go.
Set an agenda
A meeting agenda is like a checklist. Imagine going on grocery shopping without a shopping list. Everything becomes a second guess and you inadvertently end up missing something. Going into a meeting without an agenda is a similar thing. Identifying agendas helps to better prioritize the achievable. It also helps you keep track of the meeting outcomes and ensures that every meeting has a meaningful impact on the overall organizational process.
Read: How to Restart Your Career after a Break?
Involve the attendees
Team meetings are supposed to be a team activity. Yet oftentimes it becomes a one-man thing. The lead simply delivers a premade note or talk at length alone. This not only makes the entire ordeal boring for the attendees, but they also lose the sense of purpose and responsibility.
Citizen Group is hiring
An ISO 9001:2008 certified Group of Company, engaged in manufacturing of all types of Electric Cables, Energy Meters and electro-mechanical construction.
Established in 1993, the company was formerly owned by the Government before that period, which today is managed by a group of highly qualified Engineers.
Position Name : Sr. Executive/ Executive (Sales & Marketing)
Vacancy: Not specific
Job Responsibilities
Dealing & negotiating the sales of Electric Cables & Meter with customers & shopkeepers as per guideline.
Visit potential and existing clients to capture the market and analyze the client's needs.
Survey the under construction building & met with electricians of the area.
Collect Client & Market information in a systematic way as per company rules.
Dealing with Clients & to build a strong relationship with customers.
The candidate has to be able to handle the marketing and strong confidence to achieve the sales target.
Positive attitude. Awareness of time and data management and the ability to prioritize tasks.
Employment Status
Full-time
Educational Requirements
BBA/MBA/Dip in Engg. (Elect./ Mech.)
In case of highly experienced candidate educational requirements may be relaxed.
Experience Requirements
2 to 3 year(s)
Additional Requirements
Only males are allowed to apply
The applicants should have experience in the business area (s): Electric Cables / Electrical Goods.
2 to 3 years practical experience in related job will get preference.
Those who are interested for this job, please apply soon.
Job LocationDhaka
Salary
Negotiable
Compensation & Other Benefits
Attractive festival bonus, Gratuity and other admissible benefit as per company policy.
Apply Procedure
Send your CV to [email protected]
Application Deadline: 7 Sep 2021
Job Source
Bdjobs.com Online Job Posting.
Read:Job in Akij Group
Read:Job opportunity at DBL group
Common Challenges faced by Startups in 2021
With over 150 million startups in the world, the space for standing out in a specific market is becoming more and more saturated every day. About 137,000 startups are being found daily in the world today. This begs the question of whether it really is a smooth sail all around for startups? Do all of them go on to become multi-million-dollar ventures? Surely not. In reality, a startup faces several challenges that can become daunting to overcome. In this article, we will talk about such common challenges faced by startups.
What is a startup?
According to Investopedia, a startup is a company in its first stage of development or operations. These companies are founded by entrepreneurs who want to introduce a product or service in the market based on its demand.
The initial phase of the product or service requires several trials and errors associated with R&D, marketing, business model, and cost of operation. As a result, these companies work as a high-cost- limited revenue venture in their initial stage. To compensate for the high cost, there are different stages of fundraising to ensure smooth business operations.
Read: Seed Fund Raising for Startups: Things to Know About
Top 7 common business challenges faced by the startup founders
High competition
The high number of startup competition across the globe means there are lesser and lesser opportunities for emerging startups. Most markets are already saturated. In addition to competing with existing startups, there is also competition from multi-industry conglomerates.
Whether it’s a B2B or B2C, every startup faces high competition in every phase including seed fundraising and market cap generation. As a result, they are forced to be more aggressive in the market and their strategies.
Read Angel Investment 101: Is It the Right Track for Your Startup?
Lack of Consistency
Every business venture bears a strategic goal with expectations and startups are no different. A positive growth curve shouldn’t give a false sense of expectations. It's important to set realistic goals in the initial phase of any startup.
The initial growth won't be consistent if there is no sustainability. And this is where most startups fail. They fail to maintain consistency in their effort to ensure sustainability. There is no room for complacency and consistent effort is the only deciding factor.
Read: The 7 Most Promising Tech Startups in Bangladesh
Lack of Planning
A startup needs to have a business plan which would outline the expectable and inputs. While most startups have a business plan they often don’t include all the key areas. Many first-time entrepreneurs think that they will plan things as the business progresses but that’s a wrong move.
Key details like R&D, skilled staff, sales, funding should all get equal priority while planning. While faced with an issue, the target shouldn’t be damage control, rather there should be an appropriate plan of action to tackle every issue.
Read The Emerging Logistics Tech Startups, Courier, Delivery Services in Bangladesh
The players
A startup needs manpower. You need to have a working team to run your business top to bottom. Whether it’s your employees or investors, you need to be careful about who you hire and who you get as your investor. Communication, team playing, and skills are important factors to be considered when it comes to hiring candidates. Hiring the right people can be a tricky task considering the sheer number of eligible candidates out there.
What you can do however is thoroughly assess their skillset and mentality. Cross-check whether these are the exact skills you are looking for and whether this can be a long-term partnership. Having an industry-related investor can be a huge advantage in this regard. They might be better qualified in assisting with the hiring process.
Read Digital Healthcare Startups in Bangladesh: An Overview
Financial Factors
Startups are high-cost low revenue ventures in their initial days. Needless to say, the adjustment in this disparity comes from the investors. If you compare seed funding with venture funds, the amount might be small but it still tends to be a large sum. So naturally, there arises the need for financial management.
A startup constantly requires the investment of money until it reaches the growth and scaling phase. Many startups fail to make it to this stage because of a lack of management and cash burnout. In addition to having a business plan, it's important to have a strong financial model as well. Considering the limited resources and fierce competition, financial management is a crucial make-or-break aspect.
Read:7 Local Startups Get Tk 150m Funds from Startup Bangladesh Limited
Scaling up
Suppose your startup has done everything right up until the growth phase. You can expect the customer base to increase rapidly with increased demand for the product or service. This naturally calls for scaling up. However, scaling up isn’t just about adding a few more employees.
You need to consider a lot of factors as you scale up. You need to formulate a strong HRD, look after your supply chain and product sourcing. In addition to that, there is the aspect of widening the distribution channel and revenue management.
Without proper handling, all of these might become too much to keep track of and the business would crumble even before taking off properly.
Read An Overview of Shuttle: A Promising Mass Transit Startup in Bangladesh
Time management
A startup isn’t a one-man thing. As a business grows, there will be a lot of decision-making needs that are honestly impossible for a single person to micromanage. However, many entrepreneurs think that micromanaging is the only way to ensure organizational growth. A micromanager often overlooks key decisions while focusing on lesser important ones. As a result, business growth is hampered.
As startups build teams, it's important to delegate tasks to the team. This not only enables a business to be more proficient, but the time utilization will help a business edge out its growth.
Read: The SWAP story of Bangladesh's first re-Commerce startup
Bottom Line
So far we have discussed some of the most common startup business challenges. While there might be a boom in startups in the world, managing these startups are no easy task. As an entrepreneur, you’ll have to put in a lot of effort. The room for mistakes and complacency is next to zero. Many startups fall victim to these common mistakes we outlined above. A startup should definitely focus on its priorities and end goals all the while preparing to face challenges head-on.
Job in Akij Group
Akij Group is one of the largest Bangladeshi industrial conglomerates. The industries under this conglomerate include textiles, tobacco, food & beverage, cement, ceramics, printing and packaging, pharmaceuticals, consumer products etc. Akij also provides services in healthcare, information and communication technology.
Jobs in Akij Group
Job Position: Senior Officer (Cost & Budget)
Vacancy: Not specific
Job Context
Permanent after successfully completion of probation period.
Job Responsibilities
Product cost and standard costing & Activity costing and budget
Employment Status: Full-time
Workplace: Work at office
Educational Requirements
Master of Business Administration (MBA) in Accounting, CA, CC
Skills Required: 2 to 3 years’ experience in Cost and Budget
Experience Requirements: 2 to 3 year(s)
The applicants should have experience in the following business area(s):
Bakery (Cake, Biscuit, Bread), Group of Companies, Textile
Additional Requirements
Age 28 to 35 years
The applicants should have experience in the following area(s): Cost and budget
Application Deadline: 17 Aug 2021
Job Location: Manikganj, Dhaka (Tejgaon Industrial Area), Gazipur (Tongi)
Salary: Negotiable
For More Info and Apply Link: https://jobs.bdjobs.com/jobdetails.asp?id=980892&fcatId=1&ln=1
Job Source: Bdjobs.com Online Job Posting.
Read:Job opportunity at DBL group