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How Bangladeshi women entrepreneurs can pivot amidst political crisis

Published : Saturday, 16 November, 2024 at 12:00 AM  Count : 3472
Alisha Pradhan
Since the student-led movement toppled the Awami League government on August 5, 2024, Bangladesh has been undergoing significant upheaval. The situation for small business owners, specially women entrepreneurs in Bangladesh has become dire due to the ongoing political unrest, social instability, and economic challenges. Many women-led businesses that were already struggling after the pandemic have now been further pushed to the brink of closure. The economic slowdown has severely impacted sectors where women entrepreneurs are predominant, such as handicrafts, food, beauty, fashion and small retail stores. Which brought some precarious impacts:  

Emotional Toll on Women Entrepreneurs:  Women like Sabina Akhter, who started a boutique in Khulna, saw their businesses crumble as political turmoil and disruptions in supply chains led to substantial losses. Sabina had to lay off her employees, adding to her financial distress, and ultimately shut down her store. This closure not only affected her livelihood but also caused immense emotional stress as key earner for her household. Another entrepreneur, Jahanara Begum, faced similar difficulties. As a single mother, her struggles to maintain her business compounded the pressure of caring for her children and elderly parents. With no support from traditional financial institutions or government bodies, these women have been left in a vulnerable state. 

Financial Emancipation and Increased Domestic Abuse:  The financial insecurity faced by these women has also led to a rise in domestic abuse cases. The inability to contribute to household expenses has placed them in even more precarious positions, with increasing reports of verbal and physical abuse from family members. The combination of dwindling financial resources and societal pressure has made them targets of increased domestic violence, as their contribution to family income diminishes. 

Cultural and Social Challenges:  In addition to these financial challenges, cultural barriers further complicate their situation. Prevailing social norms still dictate a woman's role in Bangladesh, often prioritizing male-led businesses for financial support. Women often lack collateral to secure loans, as most property and assets are owned by male family members. With limited access to funding and traditional networks, these women are unable to sustain or revive their businesses amidst the current economic crisis. 

Despite being educated, many city-based women in Bangladesh exhibit hesitancy when it comes to exploring Financial Resources like funding options, loans, or investment opportunities. This issue stems from a complex mix of cultural, social, and systemic barriers that influence their approach to finance. 

Cultural and Societal Norms:  Bangladeshi society traditionally expects women to be passive in financial decision-making. This expectation is deeply ingrained, causing even educated women to internalise these norms. They often feel uncomfortable discussing money or appear overly cautious about engaging with banks and financial institutions. Women are frequently discouraged from taking risks or seen as less competent in financial matters, leading to a lack of confidence in managing or seeking investment capital. 

Fear of Judgment and Rejection: Women in Bangladesh often fear the stigma associated with business failure or loan rejection. They may avoid pursuing loans or investments due to concerns about societal judgment or the pressure of living up to unrealistic expectations. This fear is particularly pronounced in a society where women's financial endeavors are scrutinized more harshly than men's. 

Lack of Awareness and Exposure: Many women remain unaware of the various financial products and services available, such as loans specifically designed for women entrepreneurs or funding from NGOs and cooperatives. This lack of knowledge is primarily due to inadequate information dissemination and outreach. The disconnect between financial institutions and women's networks contributes to their ignorance about these resources. 

Limited Networking and Mentorship: Unlike men, many women lack access to professional networks that offer mentorship, business advice, and funding opportunities, limiting their options. This gap often forces women to seek male mentors, which may come at an emotional or psychological cost, including subtle manipulation. Some women hesitate to mentor others, fearing a loss of influence if the mentee surpasses them, a barrier men seldom face. While sabotage by female mentees has occurred, women must unite in mentorship for true empowerment. As Madeleine Albright said, "There is a special place in hell for women who don't help other women. 

"Under such realities Women-centric organisations can play a transformative role in supporting and nurturing women entrepreneurs. Given their strong network and influence, they can bridge the gap between women entrepreneurs and financial opportunities. Here's how: 

Organising Workshops and Crash Courses on: 
Financial Literacy & Loan Processes: Simplifying loan application processes and introducing women to different types of loans, interest rates, and payback structures. 

Business Pitching & Fundraising: Training women on how to effectively pitch their businesses to investors and secure funding.
 
Networking & Leadership Skills: Equipping women with skills to expand their business networks and confidently take on leadership roles. 

Establishing Mentorship Circles: By creating mentorship circles that connect aspiring entrepreneurs with experienced businesswomen, the foundation can foster a culture of support and guidance.

 Creating a Digital Resource Hub: A comprehensive online platform could serve as a one-stop resource for financial education, links to government & private funding schemes, & success stories to inspire & educate. 

Collaboration with Financial Institutions: Organisations can collaborate with banks and financial institutions to design special financial products and services tailored to women entrepreneurs. This collaboration would also help reduce barriers to entry for women seeking loans or investments. These ways many organisations can collaborate in achieving women financial stability and long-term success in the changing business landscape of Bangladesh. 

Based on the aforementioned ideas women can explore diversification strategies and leverage alternative avenues. Women who are facing financial challenges, the following are potential opportunities and strategies to consider: 

Shift to Digital Platforms: Entrepreneurs can explore e-commerce platforms that cater to international markets, reducing dependence on local trade affected by the unrest. 

Diversify Product Lines: Moving away from Indian products and partnering with suppliers from other countries could help mitigate risks associated with the anti-India movement. 

Freelancing and Remote Work: Given the instability, looking into online freelancing platforms for skills based work could provide a steady income stream. Invest in Skills Development: This period can be used to gain new skills, especially in digital marketing, coding, or design, which could open up new avenues for income generation.
 
Collaborate with NGOs or International Bodies as aforementioned : Many international organisations are likely to be engaged in rebuilding efforts. Entrepreneurs can seek collaboration for funding or joint projects aimed at stabilising local communities . 

With careful planning and adaptation, women professionals in Bangladesh can position themselves to thrive in the new environment that is expected to emerge once political stability returns.


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