Entrepreneurship is a key ingredient for economic growth and development. However, it is often difficult to start and grow a new business in developing countries like Bangladesh due to several factors, including the lack of capital, access to resources, and poor infrastructure. These challenges often lead to low rates of entrepreneurship and slow economic growth. To overcome these barriers and promote entrepreneurship Bangladesh Youth Enterprise Advice & Help Centre (B'Yeah) has been working with the young generation of Bangladesh.
However, the entrepreneurship scene in Bangladesh has grown significantly over the last decade. Stimulated by a growing generation of young entrepreneurs, the concept of entrepreneurship has become more popular in recent decades. Further, the startup culture has boosted in Bangladesh, with many new ventures seeking to take advantage of the emerging technologies. Government involvement also accelerated this trend. Further, many non-government organizations are also helping startups.
Additionally, Small and medium-sized enterprises (SMEs) are also getting a boost from various organizations such as B'Yeah. This article will go through the details of Bangladesh Youth Enterprise Advice & Help Centre and how they are helping the youth.
What is B'Yeah?
Bangladesh Youth Enterprise Advice and Help Center (B'Yeah) is a non-profit organization that aims to convert job seekers into an entrepreneur and create more jobs in the job market. B'YEAHhelps entrepreneurs' ideas into a reality through a one-stop supporting platform.
B’Yeah was founded in 2007. It is one of the most prominent organizations supporting young entrepreneurs through training, access to capital and mentorship, and more.
B’Yeah works with teenagers and young adults aged 18 to 35 who wish to establish or expand their business but lack the education and necessary training. The organization has developed a plan of holistic support to help young people start businesses by providing them with education, mentorship, financing solutions, business development support, and many others.
Background, History, and Purpose of B'YEAH
In spite of the apparent improvements, running a business is not easy in Bangladesh. Many individuals face numerous challenges. Further, the global economic situation is not favorable toward aspiring young business people. Access to knowledge and other resources is often a challenge. This is where B'YEAHcomes in.
A number of prominent organizations have been working in Bangladeshi entrepreneurial development in the past several years. In the last several years, some of the organizations have helped accelerate the Bangladeshi economic system as a whole. Unlike other organizations, B’Yeah doesn't focus on all types of entrepreneurships. Instead, they focus on youth entrepreneurship in Bangladesh.
The history behind the B'YEAHwas simple. Bangladesh doesn't have a great ecosystem to start any business. Hence, newcomers don't find enough confidence to deploy their ideas and don't want to start a business. As a result, the young generation tends to seek employment in a saturated job market. As a consequence, the number of unemployed young adults increased over time. B’Yeah just wanted to help those people who have impressive ideas to start a business.
How is B’Yeah Helping Boost Youth Entrepreneurship Scene in Bangladesh?
B’Yeah continues to develop methods and solutions by taking into account the obstacles and complexities that young business people face. Keeping those in mind, they systemize the efforts at empowering young businesspeople.
While the majority of entrepreneurship programs and initiatives work with urban entrepreneurs, B’Yeah works with the marginalized and opportunity-deprived young people.
The first step in the intervention is reaching out to potential people who are engaged in either improving their own business or wish to start their new business with an eye to reaching disadvantaged populations. B'YEAHemploys strategic alliances with organizations like UCEP, The Hunger Project, BEST, and others to support its outreach campaign. Hence, the reach out allows B'YEAHto talk to young entrepreneurs and successfully empower them to turn into successful entrepreneurs.
Through B’Yeah outreach, young people can participate in workshops that teach the basics of business planning, give them a basic understanding of business plan preparations, and more. The aspiring young entrepreneurs can fill out the free workshop forms to enlighten themselves.
B’Yeah has put together in-person workshops and a series of hands-on training courses that explore the many facets of entrepreneurship. In addition to its initial workshops, the training programs teach the core knowledge required to start and implement a business.
The training programs are most in business development, business plan, growth, marketing, finance, management, networking, legal aspects, and more. Moreover, to educate the entrepreneurs on the acquisition of knowledge and access to guidance, the B’Yeah has created an industry-specific mentorship program, where mentors work directly with young entrepreneurs. The program has quite strongly supported young entrepreneurs.
Over time, B’Yeah has developed several determined trainers, advisors, stakeholders, founders, business professionals, and mentors. B’Yeah has also been working to develop programs and interventions to help young aspiring entrepreneurs gain knowledge and the capacity to access markets, finance, and funding.
Over the years, they have helped around 4200 young people, trained more than 2000 potential entrepreneurs, helped create more than 300 business plans, created a work environment for 250 businesses, and created more than 1500 new employment opportunities. Moreover, the network has built more than 100 volunteers and created over 1400 market linkage opportunities for different businesses.
What are the Future Plans of B’Yeah ?
The B’Yeah states that while it scales its ongoing training and mentorship programs, it goes deeper into offering more comprehensive support to startup founders at all levels, including the leaders of social enterprises and environmentally friendly enterprises.
In order to encourage young entrepreneurs in Bangladesh to address the UN Sustainable Development Goals (SDGs), B’Yeah has introduced a business competition called Bangladesh Youth Enterprise Competition and an impact incubator program, the B’Yeah Impact Incubator and Accelerator. The organization aims to offer such training frequently for betterment of the entrepreneurs’ future.
Despite the positive contributions that the B’Yeah has made over recent years, they have a long way to go as they need to focus on building a sustainable action plan.