Businesses have sought the US dollar at a fixed rate for import LCs and not to increase the interest rate by much, to maintain a sustainable business environment in the country. The president of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) Mahbubbul Alam on Monday placed these requests to Bangladesh Bank (BB) Governor Abdur Rouf Taluder, during a meeting between the two. FBCCI leader Jibon Deb Nath obtains D.Litt degree from France’s Thames International University “We met with the central bank governor with a delegation of top businessmen and expressed our concern on the important issues on behalf of the country’s business community,” the FBCCI president told UNB after the meeting. He said many traders have to open Letters of credit (LCs) buying dollars at a higher price than the fixed rate, which impacts import of goods. The BB’s governor has been requested not to increase the interest rate of bank loans by large margins as the businesses are already facing difficulties in the depreciation of domestic currency taka, Mahbub said. The governor assured the businesses that the interest is now fixed according to the smart rate, there is no option to increase the interest rate to an abnormal level in the current system, the meeting sources said. In the new system, the lending rate for banks will be determined at SMART (six-month moving average interest rate) plus a margin of up to 3 percent. FBCCI president says they are against dishonest businessmen The SMART reference lending rate would be fixed on the basis of the 182-day treasury bills and announced on the first working day of each month. The central bank controls the interest rates of T-bills and T-bonds. Referring to the system the FBCCI president said, "We are very concerned about the rising interest rate and sought cooperation from the Bangladesh Bank so that it does not increase too much." He said businesses are finding it difficult to open letters of credit (LCs) as they are not getting the dollar at Tk 110, a rate fixed by the Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers, Bangladesh (ABB). Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI Although a number of importers are getting the dollar at the fixed rate, many others are being compelled to cough up an additional amount to open the LCs, the FBCCI alleged. Executive Director and spokesperson of BB Md Mezbaul Haque said businessmen expressed their concerns about the interest rate. The governor assured them that the interest would not rise much, he added.

Bangladesh is participating in the 19th Malaysia International Halal Showcase,known as the biggest halal showcase in the world. The fair is organised by Ministry of Investment, Malaysia, Trade, and Industry, and the Malaysia External Trade Development Corporation (MATRADE), according to a press release. It began on Tuesday at the Malaysia International Trade and Exhibition Centre and will end on Friday. A total of 1,040 companies are participating with 1,800 booths in various clusters, including food and drinks,modest fashion,e-commerce,Islamic finance, and fintech, among others. Sixteen Bangladeshi companies participated with nine booths in the Bangladesh pavilion in the fair under the overall supervision of Ministry of Commerce, Bangladesh, the Export Promotion Bureau, and the Bangladesh High Commission in Kualalampur.

Imagine an earnest entrepreneur who, in the pursuit of staying ahead, constantly switches from one market trend to another. But at the end of the day, he or she finds the ventures faltering. In the same way, some people change professions frequently but fail to make stable career paths in the long run. This perplexing tendency is commonly referred to as the "Shiny Object Syndrome."  What is Shiny Object Syndrome? Shiny Object Syndrome refers to a tendency to be easily distracted by new, captivating things or ideas. People with this syndrome often jump from one exciting project or concept to another without successfully completing the initial ones. This inclination is a pervasive challenge in both career and business, often leading individuals off track.  In a career context, Shiny Object Syndrome is when an employee frequently switches between different job roles or industries, never fully committing to one path. For instance, someone jumps from marketing to sales to design without gaining expertise in any field. Read more: Investing in Yourself: 10 Best Ways of Investment for Self-Betterment In business, it is seen when a company constantly chases after the latest trends or technologies without following a clear strategy. For example, a tech startup keeps shifting its focus from developing one product to another, preventing it from establishing a strong market presence. Effects of Shiny Object Syndrome in Career Effects Shiny Object Syndrome can have significant negative effects on an individual's career trajectory and overall professional development. Some key effects include: - Stagnated Progress- Inconsistent Skill Development- Reduced Job Satisfaction- Limited Networking Impact - Impaired Decision-Making- Risk of Burnout- Missed Career Potential- Perceived Lack of Commitment- Long-Term Instability- Diminished Personal Brand. Read more: Workplace Fire Safety: 12 Effective Ways to Prevent Fire Hazards How Can Professionals Overcome Shiny Object Syndrome? Define Long-Term Goals  A professional should clarify his or her long-term career goals and aspirations. Having a clear vision of where he or she wants to be in the future can help resist the temptation of fleeting opportunities that don't align with his or her objectives. Prioritize and Evaluate  Before jumping on a new opportunity, thoroughly evaluate its relevance to goals. One may ask oneself how this opportunity contributes to one’s overall career trajectory and whether it complements one’s strengths. Create a Focus List  It is better to maintain a list of one’s current career objectives and opportunities that align with them. One can refer to this list whenever a new opportunity arises to assess its potential impact on one’s goals. Read more: Overcoming Study Gap: How to Start Studying after a Long Break

In the dynamic world of business and the ever-evolving workplace, maintaining structure and order is crucial. This is where the concept of chain of command comes into play. When discussing the concept of chain of command, we are essentially focusing on the hierarchical structure that outlines reporting relationships and communication channels within an organization. The organizational hierarchy is the backbone of the chain of command. This structure ensures that each employee knows their role, responsibilities, and who they report to. What is the Chain of Command? The chain of command signifies the hierarchical arrangement that governs the flow of authority and communication across an organization. It outlines the formal relationships between employees, from top-level management down to the frontline workers.  Each individual in the chain of command has a clear superior to report to. For example at the peak of the diagram, one would find the founder, owner, or CEO (Chief Executive Officer), with those who provide information to them situated directly under them. It creates a structured framework for decision-making and task delegation. Read more: How to Make Money with AI for Beginners and Professionals Features of Chain of Command Hierarchical Structure  The chain of command plays a pivotal role in establishing a hierarchical structure. It fosters both order and clarity. This meticulously designed system outlines distinct levels of authority. It facilitates seamless communication and streamlined task allocation. Through this framework, responsibilities are clearly defined, leading to efficient workflow and effective collaboration. Clarity  In a chain of command, roles, and responsibilities are intricately delineated. It leaves no room for ambiguity. This outlining ensures that each individual comprehends their exact position and contributions. The clarity empowers decision-makers with well-defined authority. It fosters alignment and cohesion across the organization through clear lines of command. Decision-making  The chain of command accelerates the decision-making process by aligning decision authority with hierarchy. This approach curbs confusion and empowers leaders to make well-informed decisions.  This heightens the organization's agility and capacity to respond promptly to challenges and changes. The hierarchical structure ensures decisions are entrusted to individuals with the appropriate expertise, streamlining the decision-making procedure. Read more: Career Networking Tips for Introverts Accountability  The chain of command inherently improves a culture of accountability. Every member comprehends their role and recognizes their responsibility to those in higher positions.  This sense of ownership nurtures a dedication to excellence and performance. It becomes a driving force behind the organization's achievements. The hierarchical structure instills a shared commitment to maintaining high standards and contributing to the organization's success. Feedback The chain of command encourages a bottom-to-top flow of feedback. Junior members are provided a platform to communicate insights, express concerns, and present innovative ideas to their superiors. This exchange fosters a collaborative atmosphere. This nurtures a culture of ongoing enhancement and expansion. The organization benefits from a collective effort to improve and evolve.  Read more: Recession-Proof Your Career With Tech Skills Advantages of Chain of Command in the Workplace Efficient Communication  The chain of command optimizes communication pathways, guaranteeing the uninterrupted flow of information. Employees know their reporting superiors and know where to seek guidance. It facilitates efficient information exchange and eliminates potential bottlenecks.  This structure ensures that relevant information reaches the right individuals promptly. It enhances collaboration, decision-making, and operational efficiency. Specialization  In the chain of command, employees direct their attention to specific tasks. This specialization cultivates a deeper level of expertise, resulting in specialized productivity. This proficiency drives operational efficiency and plays a vital role in the organization's expansion. A pool of specialized talents collectively contributes to its sustained growth and success. Read more: Career Counseling: 10 Reasons you need a Career Coach Clear Direction  Employees have directives within the chain of command. This eradicates any vagueness, serving as a compass for actions. The chain of command provides a clear roadmap that empowers individuals to execute tasks effectively. This guidance ensures seamless task performance and contributes to streamlined operations. Stability  Stability contributes to a sound workplace atmosphere. It grants employees a clear understanding of both the organization's trajectory and their own roles within it. This sense of predictability nurtures a conducive environment for productivity. Also, employees navigate their responsibilities with a firm grasp of the organization's direction. Productivity Within a hierarchy, supervisors and managers cultivate intimate collaborations with their subordinates. It ensures an understanding of their roles. This involvement enables them to stay informed about ongoing tasks, enhancing accountability. As employees receive guidance toward achievement, their enthusiasm, and efficiency surge. This behavior yields heightened motivation and productivity levels. Read more: Interview Anxiety: How to calm your nerves and avoid stress

Angel investors are those who invest seed money into a business to kick start its operation. This investment usually comes in exchange for convertible debt or equity in the ownership of the company. From a startup perspective, angel investments are a great way to secure funds as well as mentorship from the investors working in the relevant industry. Here is how a business can raise angel investment, especially if they are from Bangladesh.  The Angel Investment Landscape of Bangladesh  Bangladesh is still in the early stages of angel investment. There were not many investors a few years back in the startup ecosystem. However, the pace is picking up. Bangladesh Startup Investment Report of 2022 shows that Bangladeshi startups were able to raise $112 million in 2022. A total of 47 startups were able to secure funds, among whom 39 brought unique service propositions. The largest funding was received by ShopUp who were able to raise $65 million from Valar Ventures and Flourish Ventures. About 8% of the total funding came from local investors. On average, the angel investment size for early-stage startups was around $588K. Bangladesh is in the lower tier when it comes to securing venture funds. Read more: How to Gain Funding for Startup: Best Practices to Attract Investors How to Get Angel Investment in Bangladesh  Getting an angel investor to invest is neither straightforward nor easy. A startup will need to put in the work, especially in Bangladesh where the investment ratio is low. There are several key things to consider when it comes to securing angel investment. Here are some of them.  Clear Business Idea and Plan  A startup should have a clear business idea backed up by a strong and detailed plan to secure angel investment. The plan should outline the startup's mission, market opportunity, revenue model, target audience, competition analysis, marketing strategy, and financial projections. A solid business plan is crucial for gaining investor confidence.  Market Validation  Investors look for product or service confidence while investing. As a result, it is important to create a market validation of the startup product or service before making the initial approach for funds.  Market validation can be done by developing a market-viable product. This product or service can be channeled to early adopters and customers. Based on their experience, a positive narrative for the product can be developed. This will play a crucial role in securing early-stage angel investment.  Read more: How to Build Social Capital to Grow Your Business

Since the COVID-19 pandemic, businesses have been navigating a rapidly changing landscape. Traditional revenue generation methods may no longer be as effective, and companies are looking for innovative approaches to drive growth. One such powerful yet often overlooked strategy is leveraging social capital. By effectively utilizing social capital, businesses can enhance revenue generation and gain a competitive edge. Let's take a look into the concept and methods of social capital building. What is Social Capital? Social capital refers to the value embedded within the relationships and networks a company has built with various stakeholders, including employees, customers, suppliers, and the wider community. It encompasses trust, shared norms, and mutual obligations.  Social capital can manifest in various forms, such as strong customer relationships, influential industry connections, and a supportive network of partners. It represents an intangible asset that companies can leverage to gain a competitive advantage and stimulate revenue growth. Read more: How to Build a Successful Company? Significance of Social Capital in Business Social capital holds immense significance in the business realm. It enables companies to access resources, knowledge, and opportunities that might otherwise be unavailable. By fostering strong relationships with customers, companies can enhance customer loyalty, drive repeat business, and benefit from positive word-of-mouth referrals.  Additionally, social capital facilitates collaboration and knowledge-sharing among employees, leading to increased productivity and innovation. Companies with robust social capital often enjoy favorable partnerships, joint ventures, and business opportunities that arise from a strong network. Ways to Build Social Capital for the Growth of Your Business The following strategies can help you develop social capital and generate more revenues for your business or company. Building A Strong Network  Building a strong network involves actively connecting with individuals and organizations within your industry and related fields. It would be helpful if you attend conferences, industry events, and trade shows to meet potential customers, partners, and influencers. Read more: Silent Partner vs Investor in Business: Know the Difference, Pros and Cons You may engage in networking activities both online (LinkedIn can be a great option) and offline, such as joining professional associations or participating in industry-specific forums. Attempt to actively seek opportunities to establish relationships and build rapport with key individuals. Cultivating Relationships  Once you have established connections, it would be better to focus on cultivating meaningful relationships. It is essential to invest time and effort in nurturing these relationships by providing value, offering assistance, and sharing relevant insights. You can develop yourself as a resource by sharing industry knowledge, providing support, and connecting individuals who can benefit from each other. By consistently demonstrating your willingness to help and contribute, you can strengthen your social capital and increase the likelihood of receiving support and referrals. Read more: What to Consider Before Investing in a Startup or Company? Growing Strong Customer Relationships  Try to focus on building meaningful connections with your customers. Building and nurturing strong relationships with customers is essential for utilizing social capital. Companies can focus on providing exceptional customer experiences, personalized services, and addressing their needs effectively. By going the extra mile to foster trust and loyalty, businesses can benefit from positive customer testimonials, repeat business, and increased referrals.

The charcoal makers in the forests of northern Uganda fled into the bush, temporarily abandoning their precious handiwork: multiple heaps of timber yet to be processed. The workers were desperate to avoid capture by local officials after a new law banned the commercial production of charcoal. They risked arrest and beatings if they were caught. But what's really at stake for the charcoal makers is their livelihood. Also Read: Zimbabwe, Uganda launch first satellites "We are not going to stop," said Deo Ssenyimba, a bare-chested charcoal maker who has been active in northern Uganda for 12 years. "We stop and then we do what? Are we going to steal?" The burning of charcoal, an age-old practice in many African societies, is now restricted business across northern Uganda amid a wave of resentment by locals who have warned of the threat of climate change stemming from the uncontrolled felling of trees by outsiders. In reality, not much has changed as charcoal producers skirt around the rules to keep supply flowing and watchful vigilantes take matters into their own hands. Much of northern Uganda remains lush but sparsely populated and impoverished, attracting investors who desire the land mostly for its potential to sustain the charcoal business. And demand is assured: charcoal accounts for up to 90% of Africa's primary energy consumption needs, according to a 2018 report by the U.N. Food and Agriculture Organization. Before the charcoal ban, local activists formed vigilante groups in districts such as Gulu, where a former lawmaker recently led an attack on a truck that was dispossessed of 380 bags of charcoal. Although Odonga Otto was then charged with aggravated robbery, the country's chief justice praised him as a hero. Also Read: Plastic Pollution: Harmful effects on human health and environment "I have not heard anybody who is destroying our environment being charged," said Chief Justice Alfonse Owiny-Dollo, who is from northern Uganda. "If you steal from a thief, are you a thief?" The week after Owiny-Dollo's public comments, President Yoweri Museveni issued an executive order banning the commercial production of charcoal in northern Uganda, disrupting a national trade that has long been influenced by cultural sensibilities as much as the seeming abundance of idle land. Commercial charcoal production is still permitted in other regions. The ban follows a climate change law, enacted in 2021, that empowers local authorities across the country to regulate activities deemed harmful to the environment. Trees suck in planet-warming carbon dioxide from the air, but burning charcoal emits the heat-trapping gas instead. Days after Museveni's order, a team of Associated Press journalists walked into a charcoal-burning enclave in a remote part of Gulu, 335 kilometers (208 miles) from the Ugandan capital of Kampala. Also Read: Climbers celebrate Mount Everest 70th anniversary amid melting glaciers, rising temperatures One local official, Patiko Sub-County Chairman Patrick Komakech, gave chase when he heard fleeing footsteps. A small patch of bamboo opened up to an almost bare patch where trees were being cut, juicy stumps still fresh here and there. Komakech was agitated and on the verge of tears. Timber had been heaped like contraband ivory in different spots, and grey smoke rose from one pile being processed. Beside it stood loaded bags of charcoal. The charcoal makers slept in little tarp tents draped in dry leaves. "I am completely perturbed (by) all this destruction," Komakech said, speaking of charcoal makers who "are actually imported and put in this community, and they do this thing without the mercy of leaving any vegetation." He kicked at felled logs, saying they were those of the African Shea tree, a plant prized by the region's Acholi people for its fruit as well as its oil, often used in cosmetics. The charcoal burners eventually approached Komakech, who wished to destroy the heaps of timber with kerosene, and said they were simply earning a living and responding to demand. Uganda's population explosion has heightened the need for cheap plant-based energy sources, especially charcoal. In this east African country of 45 million people, charcoal is preferred in households across the income spectrum but especially in those of the urban poor — seen as ideal in the preparation of certain dishes that require slow cooking. Middle-class families maintain both gas cookers and charcoal stoves. "Even those policemen who are coming to beat us, they are cooking with charcoal," said Peter Ejal. "We are not here to spoil the environment. We are here by their orders, those people who are selling these trees." His colleague, the ragtag charcoal maker Ssenyimba, said bluntly, "When we finish this place we will go to another place." One charcoal maker asserted that charcoal from northern Uganda was likely used even in the State House. Others charged that they were cutting the trees with the complicity of landlords who sell charcoal-making rights by the acre to interested dealers. The industry can be lucrative for landowners and investors. In nearby towns a bag of charcoal fetches about $14, but the price rises further as the goods approach Kampala. Ssenyimba said he's paid about $3 for every bag he makes. An acre of property with plenty of trees goes for up to $150 in Gulu, although the sum can be much smaller in remote but vegetation-rich ranches owned by the poorest families. The investors then deploy men armed with power saws and machetes, working over specific places and leaving when they have cut down all the trees they were sold. District councils in the region raise revenue from licensing and taxes, and corrupt members of the armed services have been protecting charcoal truckers, according to Museveni and Otto, the former lawmaker now leading vigilantes against charcoal makers. Otto has helped cause the impounding of multiple trucks in recent weeks, including two recently seized ones parked outside a police station where a crowd gathered one recent afternoon, hoping to grab the goods. He said he plans to serve hundreds of local officials with letters of intent to sue for any lapses in protecting the environment. Otto told the AP his goal is to make the rest of Uganda "lose appetite" for charcoal from his region. "We go to the fields where the charcoal ovens are and we destroy the bases," he said. "We managed to make the business risky. As of now, you drive a hundred kilometers and you will not find any single truck carrying charcoal." The ban on commercial production in northern Uganda is almost certainly bound to push up the retail price of charcoal. Otto and others were concerned that charcoal dealers would avoid authorities by ferrying charcoal bags in small numbers — on the backs of passenger motorcycles — to towns where the merchandise could be stealthily loaded into trucks. Alfred Odoch, an environmental activist in the region, said he supports the work of vigilantes, describing charcoal making as "the biggest threat" since the end of a rebel insurgency in the region two decades ago. Vigilantes pressurize charcoal burners as well as local officials to minimize "mass tree cutting" in northern Uganda, said Odoch. Charcoal making, he said, should be acceptable only as a small business by families selling "two or three sacks" in a week or so. "My fellow vigilantes who are doing a lot of work to stop this, I support them," he said. "The fight for environmental justice is not only (for) one person."  

In today’s fast-paced and ever-evolving business world, the term “successful company” is often used to describe organizations that have managed to achieve exceptional growth, profitability, and market dominance. However, building a successful company is not just about generating high revenues or achieving a large market share. Rather, it is about creating a sustainable business model that delivers real value to customers while ensuring long-term profitability and growth. Building a successful company is not easy, but it is possible with the right mindset, strategies, and execution. A successful company requires a lot of hard work, dedication, and persistence to overcome obstacles and achieve goals. In this article, we will provide a comprehensive guide to help you build a successful company from scratch. 12 Ways to Build a Successful Company Building a successful company involves several essential steps. Let’s go over the essential steps you need to build a successful company. Analyze the Market and Competition Analyzing the market allows entrepreneurs to identify potential opportunities and gaps in the market that their business can fill. By understanding customer needs, preferences, and trends, businesses can develop products or services that better meet these demands, providing a competitive advantage in the marketplace. Read More: Silent Partner vs Investor in Business: Know the Difference, Pros and Cons Develop a Business Plan Develop a comprehensive business plan to outline your company's goals, strategies, and financial projections. This plan serves as a roadmap for your business and should include your company's vision, mission, and values. In addition to that, identify your target market, analyze the competition, and define your unique selling proposition. Determine the resources and funding required to start and operate your business. To monitor your expenses and revenue and ensure adequate cash flow for your business in the long term, include financial projections and budgets in your business plan. Building a successful business requires a solid business plan. This plan will act as a blueprint for your company -- helping you make informed decisions and stay focused on your goals as you face the challenges of entrepreneurship. Developing a well-researched and structured business plan is crucial to transforming your business idea into a thriving company.

Starting a business is exciting, but it requires capital to get off the ground. While there are various ways to finance a business, two common options are having a silent partner or seeking an investor. Both options can bring in the necessary funds but have different implications for the business' ownership and management. This article will explore the key differences between a silent partner and an investor, including their roles, responsibilities, and expectations. By understanding these differences, a business owner can decide which funding option is the right fit for his or her business and associated goals. Who is a Silent Partner or Sleeping Partner in a Business? A silent partner, also known as a sleeping partner, is an individual or entity that invests money in a business without actively participating in its management or operations. In other words, a silent partner provides capital and shares in the profits or losses of the business but does not take an active role in decision-making or day-to-day operations.  Silent partners are typically passive investors who are looking for a return on their investment, and they may not have any expertise or experience in the industry or market of the business they are investing in. While they do not participate in the management of the business, silent partners may still have some rights and responsibilities, depending on the terms of the partnership agreement. Read More: What to Consider Before Investing in a Startup or Company? Differences Between a Silent Partner and an Investor Although a silent partner and an investor both provide capital to a business, there are key differences between the two. Role and Involvement A silent partner provides capital without actively participating in the management or operations of the business. On the other hand, an investor may take on an active role in the business and offer strategic guidance and expertise. Risk and Liability Silent partners generally have limited liability and are only liable for their investment amount. In contrast, investors may have unlimited liability and potentially lose more than their initial investment. Read More: What to Consider Before Buying Land: A Step-by-Step Guide Return on Investment Silent partners typically receive a share of the profits based on their ownership stake, while investors may receive a return on investment in the form of equity, interest payments, or a combination of both.

Investing in a startup or company can be an exciting opportunity, but it can also be a risky one. Before deciding to invest, several key factors should be carefully considered to help minimize the risks and increase the chances of a successful investment. By taking the time to thoroughly evaluate all the necessary factors, investors can make informed decisions. This article will explore these considerations in more detail and discuss how to evaluate potential investment opportunities. 11 Factors to Consider Before Investing in a Startup or Company There are numerous reasons why a startup can fail – ranging from unfortunate circumstances to an inadequate business plan or poor timing. According to statistics from the US Bureau of Labor, approximately 20% of newly established businesses do not survive beyond their first year of operation. The following factors need to be considered before making an investment decision. Analyze the Domain We all have experience working within certain industries or possess a personal interest in particular sectors. To increase the likelihood of successful investment, it is advisable to seek out startups that align with one's area of expertise or interest. This enables one to better comprehend the business and its potential, thereby allowing one to invest with confidence. Read More: How to Buy Sanchayapatra in Bangladesh in 2023: A Beginner's Guide Conversely, investing in startups from unfamiliar sectors may make it difficult to accurately evaluate the business and make informed investment decisions. Business Plan When listening to startup founders pitch their ideas, it is important that their plans appear well-thought-out and not untested ideas with uncertain profitability. For early-stage investments, it is advisable to prioritize startups with practical and scalable concepts. Before investing, it is essential to gain a thorough understanding of the company's framework and processes. Additionally, the business idea should be innovative and fresh and offer solutions to existing problems. Read More: What to Consider Before Buying Land: A Step-by-Step Guide Check the Confidence in Founders A truly innovative idea can be captivating, especially when presented by a passionate founder. While venture investors primarily assess the team, the capability to execute the plan should be given priority. It is not uncommon for startups to be founded by individuals without prior experience in launching new ventures. However, they must demonstrate their ability to transform an idea into a reality through past experience or accomplishments.