business-analysis
At a Glance: Busiest Commercial Areas in Dhaka
Dhaka has a rich history dating back 400 years. According to legend, pre-Mughal Dhaka comprised 52 bazaars and 53 alleys. During this time, the major settlement was located between the rivers Buriganga and Dholai Khal, with its centre around Bangla Bazar. Dhaka developed in the commercial sector under the Mughal, and it spanned the region currently known as old Dhaka. Today the commercial areas have spread and got into a new shape. Let’s take a look at the prime commercial areas in Dhaka city in the twenty-first century.
Top 8 Important Commercial Areas in Dhaka City
Motijheel
The central business district of mega city Dhaka is located here. It stands in the city's center, as the General Post Office is considered the zero point of Dhaka. There are more offices and business institutions in Motijheel than in any other area of the city, making it the main business and commercial centre of Dhaka.
The majority of corporate headquarters in the country are located there. The majority of corporate headquarters in the country are located there. This is the neighbourhood that contains the City Center, Bangladesh Bank Building, Agrani Bank Bhaban, WAPDA Bhaban, Janata Bank Bhaban, Sena Kalyan Bhaban, Dhaka Stock Exchange, Ittefaq Bhaban, Rajuk Bhaban, and many other major enterprises.
Read Share Market Investment Guide: How to Invest in Stocks in Bangladesh
Motijheel is home to some of the most prestigious educational institutions in Bangladesh, including Notre Dame College (NDC) and Ideal school and college. Numerous news, magazine, print, and other media companies have their headquarters here. Dhaka Railway Station is not far from Motijheel. The focal point where all of the main access roads to the area meet is Shapla Square's famous landmark.
BDT 60 to 100 per square foot will be a price range for commercial office premises. However, the price may vary depending on specific locations and structure types.
Gulshan
Businesses demand modern office space, technology, proper parking, security, emergency preparedness, and safety. Gulshan can offer all of these facilities, beyond its residential zones. In recent years, Gulshan has emerged as one of the prime business districts of Dhaka. Many significant corporations in Bangladesh have headquarters in Gulshan.
Read Best Instagrammable Rooftop Restaurants at Gulshan in Dhaka
YouTube Affiliate Marketing: Tips to build a successful channel
Affiliate marketing is one of the most lucrative internet-based passive income methods. Despite the fact that the niche-website marketing has become more competitive, affiliate marketing on YouTube is still enormously accessible and successful. YouTube affiliate marketing is considerably simpler to launch than alternatives such as e-commerce sites. Stay with us to know how to earn from affiliate marketing through a YouTube channel.
What is Affiliate Marketing?
Affiliate marketing involves advertising the goods of others in exchange for a commission on each transaction. You've undoubtedly seen "affiliate link" or "sponsored post" titles on many of the websites you frequent, or maybe you've already joined up with an affiliate network.
If you are unfamiliar with affiliate marketing, let's discuss how it works. Find an affiliate program or network that interests you first. Examine the overview of the program, including the types of items or services, payment methods, and commissions offered.
Read How to Increase YouTube subscribers for free in 2022?
Sign up and publish or upload contents by adding the program's provided custom links. When one of your subscribers makes a purchase via these links, you will get a small commission.
You don't need to own a realife business to do affiliate marketing. Unlike the physical business, you don't have to deal with product manufacturing, storage, or transportation. All you need is a website or social media channel to publish contents and earn commisions. That is why it is called a passive income source.
You may work with individual businesses or affiliate networks, where you register and choose programs of interest. Generally, the programs are grouped into categories to facilitate choosing. Once accepted, begin promoting or reviewing your selected products along with affiliate links on your website, in newsletters, on social media, and everywhere else you are authorized to distribute links.
Read Best YouTube Channels to Learn English
Once your earned commsions have achieved the minimum payment (threshold) level, the network will send you a payment. Typical payment options include PayPal, wire transfers, and cheques.
What is YouTube Affiliate Marketing?
People utilize YouTube to increase brand awareness, create revenue, and expand their business. Besides, YouTube can play a significant role in the affiliate marketing plan for a website or organisation. Affiliate marketing that leverages YouTube as its main platform for content production and distribution is known as YouTube Affiliate Marketing.
Affiliates generate videos for their affiliate channel using YouTube marketing, often in the form of physical product evaluations or unboxing videos. They then continue to provide links to the items in the video's description. If the affiliate marketing strategy is effective in generating affiliate traffic that purchases the offered product, then affiliate money is generated via the affiliate purchase links.
Read How To Be A Popular Instagram Influencer
As an affiliate marketer, you have the potential to earn a respectable amount of money by creating YouTube videos that people want to watch. Before jumping into the realm of YouTube affiliate marketing, there are a few things to bear in mind, since some portray it as a get-rich-quick scam. This undertaking will need a certain amount of dedication and productivity. It takes time to generate traffic that generates profits.
The duration between starting and making revenue is contingent on a number of things. Consider the success of the products you're promoting, the quantity of your uploads, promotions through other social media platforms, and interactivity. Before you earn your first revenue from a click on an affiliate link, it might take anywhere from four to twelve months.
Additionally, you must undertake exhaustive research on the products or services you want to advertise. If the firm you're referencing has a poor reputation or a sudden issue with quality management, your own reputation is at risk. Before generating the content, it is thus essential to undertake considerable research on the businesses from whom you will get commissions.
Read Tips and Tricks to Increase YouTube Subscribers organically
Ways to make a profitable channel for YouTube affiliate marketing
Choose a Profitable Niche
Do proper research to choose the perfect niche for your YouTube channel. The niche can be regarding technology, lifestyle, business or any other category. But you must have interest, knowledge and skill regarding the niche to generate innovative ideas and unique contents.
The other things needed to be considered include target audience, affiliation product types, affiliate commission rate. You can do both online and offline research to choose the best niche for your YouTube Channel.
Steady Video Creation
Many individuals, particularly vloggers, don't really worry about the steadiness of the video when they record it; it may be rather enjoyable to move about with your camera. However, certain movies may need a steady image.
Read Best Educational YouTube Channels for Children
You may connect your camera to a tripod and shoot a stable video while on the go. Be careful to connect your camera firmly. Video equipment may be costly and fragile; therefore you don't want your camera to fall off the tripod.
Arrange a Small Studio
This area of your house, or wherever you record movies, will serve as your mini-studio. Here, you may set up and store all the technical equipment required to produce movies of constant quality.
To choose the perfect location for shooting, examine several locations and perspectives using your camera. Oftentimes, it suffices to clean up the backdrop for it to operate!
Read What Is Passive Income? Pros and Cons of Passive Earning
Research Affiliate Providing Companies
Different companies and online shops offer affiliate programs for marketers. However, most companies in Bangladesh don’t yet have a solid structure for their affiliate programs. That’s why you should research and list out the most reliable companies.
Put Your Affiliate Link in the Proper Place
The most crucial aspect of affiliate marketing is posting your affiliate link in a prominent, clickable location. The video description comes first. Make sure it's above the description's cut-off line, so it's easily visible and visitors can see it without having to click. Always tell visitors to click the link since they will not know where to look if they do not.
Ensure Channel SEO
You may optimize your content for YouTube inquiries using keywords just like any other search engine. Use the YouTube and Google search engines' recommended phrases to uncover more particular areas of your specialty that people are interested in. The free Google Keyword Planner tool is also handy and offers a little more than simply search ideas.
Read Ways of Affiliate Marketing while Staying in Bangladesh
In YouTube, you have a restricted number of characters for optimization: video title, video description, and tags. Because you don't have much content for SEO, concentrate on one keyword to increase your chances of being found in search results.
Conclusion
You can run a robust YouTube affiliate marketing channel and generate good commissions on a regular basis through outstanding content, inventive ideas, and successful campaigns. Though affiliate marketing on youtube requires zero to minimum investment, when done right the revenue may be simply fantastic.
Read Monetizing Your Blog: How to Make Money from Blogging
Share Market Investment Guide: How to Invest in Stocks in Bangladesh
Investing in the stock market or share market is one of the most popular ways to increase wealth in the modern age. However, investing in the stock market can be difficult, especially if you are a new investor. So, if you are a beginner, the best way you can start is by gaining experience. The share market is a volatile and risky investment, so do your research before making any decisions. Here is what you need to know about investing in the stock market in Bangladesh.
Types of Stock Market
There are two types of markets in which you can invest - primary and secondary. Let’s take a look at the investment process in both these markets.
Primary Market
The primary stock market refers to the main market where companies sell their shares to the public. The main goals of the primary stock market are to provide a means for investors to buy public shares and to provide information about company performance. If you want to invest in the primary market, you have to invest in an IPO (Initial Public Offering).
Read Accelerating Asia Invests in Three Bangladeshi Startups
It is the process through which a private company offers its shares to the public for the first time and becomes a public company. Through the IPO, the company involved provides its name on the stock market as an Initial Public Offering. A company owned by shareholders lets you know the basics of ownership and sells you some part of the company.
Secondary Market
The secondary stock market refers to a market where stocks that have been sold by their original owners are traded between investors. The secondary market is important because it allows small investors to buy and sell shares of companies that they may not be able to get access to through the primary market. To invest in the secondary market, you will need a BO (Beneficiary Owner’s) account.
Opening a BO Account
To invest in the stock market in Bangladesh, you need to open a BO account in a broker house. A BO account is like a bank account, but you can open it at a broker’s house. You can deposit and withdraw money in your BO account just like a bank account.
Read How to Transform Your Freelancing Career into a Scalable Business?
However, there is no need to keep the minimum deposit. You will then decide whether you want to invest in the primary market (IPO) or the secondary market (buy/sell shares). Nowadays, it is easy to open a BO account, deposit money, and buy and sell shares online using different broker’s websites.
To open a BO account, you will need to go through some steps.
A person can open two BO accounts in one name. One is an individual account; the other is a joint account. Bangladeshi applicants must have an account with any bank in Bangladesh. Nonresident applicants must have an FC or NRB account in Bangladesh.
Read Making Investment Decisions: Factors to consider when investing money
Upon choosing a brokerage house, you can open a BO account online using the broker’s website or the ways they provide to you. Fill out the form properly. Essential documents/information you will need are a photo of the applicant, a copy of the National Identity Card (NID) of the applicant, joint applicant and nominee (scan/photo), nominee’s picture, copy of the bank check (scan/photo) and picture of the second applicant in case of the joint account. Depending on the broker, you will need to pay Tk. 500- Tk. 2000 while opening a BO account.
According to the new rules, to apply for an IPO, an investor must have a minimum mature share of Tk. 20,000 in his BO account number. Shares will be allotted proportionally instead of the IPO lottery. In that case, an investor can deposit Tk. 10,000 for a share.
Read B’Yeah: Shaping up the Youth Entrepreneurship Prospects in Bangladesh
How to Buy and Sell Stocks in Bangladesh?
You can buy and sell stocks by showing up in person at the brokerage office, calling the broker, or initiating a trade via the DSE mobile app. Brokerage houses typically charge a commission anywhere between .25% and .50 % for each transaction. So, if you buy Tk. 1000 stock, the brokerage will charge you Tk. 2.5 if the rate is .25%.
However, if you want to trade via DSE mobile app, you will have to register via the brokerage house. Despite being required monthly paid subscription the app has waved the fees due to the Covid 19 last year.
What Beginners Should Consider before Investing in Share Market
If you are interested in starting investing but don’t know where to start, these five tips can help.
Know Your Goals
Before you invest in the stock market, you will need to know your goals. What are you hoping to achieve by investing in the stock market? Do you want to make money? Are you looking to make some investments to fund your retirement? Or do you just want to learn about the stock market?
Read Neuromarketing: How brands psychologically manipulate the consumers
Understand How the Stock Market Works
You will need to understand how the stock market works before you invest. You will need to understand what the stock market is, what it does, and what it isn’t. You will also need to understand how it affects the economy and what are the risk factors.
Learn How to Invest
Once you know how the stock market works, you can start learning how to invest. There are lots of different strategies to invest in the stock market, and it can be a bit confusing. You will want to learn about the different types of investments you can make and what they do.
Read Simon Sinek’s Golden Circle: Concept, Significance, Practice, Examples
Start Small
You will want to start small when you invest in the stock market. Start with a small amount of money, and keep your investments low. You can always increase your investment later on.
Be Patient
You will need to be patient when you invest in the stock market. It can take a while for your investments to grow, and it can be frustrating if they don’t. You will need to stay patient and be willing to wait for your investments to grow.
Final Words
Investing in the stock market can be a lucrative venture, but it is important to do your research and have a plan in place. Before investing in stocks, you should know the associated risks. Moreover, you should think ahead and stay prepared for potential stock market crashes. In this article, we have discussed a guideline for beginners to invest in the share market of Bangladesh. Hope it helps!
Read How to Choose the Right Business Idea?
Accelerating Asia Invests in Three Bangladeshi Startups
It is not easy to find an investor or funding for a startup in the early stage. But there are few companies that offer investment for the startup in their early stages. And, Accelerating Asia, a Singapore-based startup accelerator and early-stage venture capital firm, is one of such companies that support startups through funding and investments. Recently, the company has invested in 13 firms. Among the 13 companies, nine of them are new startups, and four of them already have an existing portfolio.
Three Bangladeshi startups, Shuttle, Markopolo, and MedEasy, received funds from Accelerating Asia as part of its cohort six. While Markopolo and MedEasy got the funding from Accelerating Asia, the Shuttle received follow on funding.
Read Making Investment Decisions: Factors to consider when investing money
Accelerating Asia
Founded in 2018, Accelerating Asia is a startup engagement platform that links investors, partners, and clients. They aim to facilitate high-performing partnerships with high-potential founders. Help put promising, motivated founders on the path to success on a global scale.
Acceleration Asia provides to aid startups in achieving their goals as part of the open tech ecosystem. Hence, it enables individuals across numerous sectors and industries to benefit from funding sources, resources, and opportunities.
Singapore's Monetary Authority regulates Accelerating Asia's early-stage venture capital fund. Around $250,000 is invested by Accelerating Asia into startups from 10 countries and 20 industries. Further, its award-winning flagship accelerator program keeps track of the pre-Series A startups while taking an equity stake in the invested companies.
Read B’Yeah: Shaping up the Youth Entrepreneurship Prospects in Bangladesh
They also engage with the governments, MNCs, and universities to operate and design startup engagement programs. Currently, they have invested in 46 companies so far, and 36 of them are lead investments. They have made one diversity investment to Web2ship.com. Accelerate Asia has one exit; they have exited from MyBrand.
Their investors include angel investors, Family Offices, HNWIs, venture capital firms, and large enterprises, including corporations and international development organizations.
So far, Accelerate Asia startups have raised around $36 million from different external investors, which include family offices, angels, and VCs.
Also Read: How to Transform Your Freelancing Career into a Scalable Business
The majority of the startups joined in Accelerating Asia have closed at least one funding round. Startups have raised investment from angels in the Accelerating Asia network, Limited Partners, and institutional investors. Most portfolio members have closed at least one funding round since joining Accelerate Asia. Startups have raised financing from angels through the Accelerating Asia network and Limited Partners.
Their Fund I portfolio companies are growing exponentially at 800% annually. Moreover, the broad vertical across the B2B, B2C, and B2G provide a diversified portfolio.
Now they have introduced $20 million Fund II with ~50% initial commitments from existing investors and limited partners.
Read Neuromarketing: How brands psychologically manipulate the consumers
Now let's take a look at the three Bangladeshi companies that got funding from Accelerate Asia.
Shuttle
Started in 2018, Shuttle is a transport startup by Reyasat Chowdhury, Jawwad Jahangir, and Shah Sufian. Shuttle aims to redesign public transport in developing countries such as Bangladesh. They are doing for buses what Uber did for taxis. It is a B2B and B2C mass-transit company that transports passengers with minimal transportation hindrances.
The Shuttle operates largely fixed routes with set pick-up locations and regular service times, making it simple for people to plan transportation. Shuttle uses data to predict demand and strategically design optimal routes to minimize inconveniences.
Read Simon Sinek’s Golden Circle: Concept, Significance, Practice, Examples
Shuttle initiated its work in Bangladesh by targeting the women's everyday transportation issue in overpopulated Dhaka. Since the city does not sustain a quiet mass-transport system for women, Jawwad and Reyasat had seen it fit to build something to provide a solution. The duo incorporated the idea of enhancing the town's transportation network with the purpose of advancing the women.
Previously, Shuttle raised $750,000 through Accelerate Asia in Cohort 3. Now they received a follow-on funding from Accelerate Asia. However, the funding amount is not published yet.
Markopolo
Founded in 2021, Markopolo is a digital marketing agency that offers data-driven and tailored digital marketing services to online businesses and content creators. They provide data-driven advertising tools for 50million+ microbusinesses and creators.
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The platform allows them to launch their targeted ads in just moments, with no experience or knowledge of Google Ads, Facebook Ads, or even without hiring an expensive firm. With Markopolo, creators and business owners can get up and run ads in minutes without utilizing hours learning Google Ads or Facebook Ads.
Markopolo's marketing and advertising tool allow all types of entrepreneurs to plug in their creativity and funds and let their campaigns run using the best tactics from Google, Instagram, and Facebook. Currently, the company provides its service using more than 20 employees, and they are growing slowly.
However, Markopolo's growth is going to be increased as they have got funding from Accelerate Asia in May 2022. The amount of funding is not published yet.
Read How to Choose the Right Business Idea?
MedEasy
MedEasy is an online pharmacy that strives to make the lives of 30 million chronic patients in Bangladesh easier and requires extensive access to pharmacies. They offer doctor's consultations via video call and deliver medicines to patients' doorstep. So far, the company has completed more than 2 million medicine orders among the 70,000+ total users and seen 16 times more revenue in 2021.
Now their growth may increase in the next few years as they have got funding from Accelerate Asia. Although the exact amount of funding is not known yet, it is expected the fund will help them grow.
Final Words
Bangladesh sees an uptick in investment in startups, with accelerators and funding groups pouring money into early-stage companies. With a vibrant startup ecosystem and strong entrepreneurial spirit, the country is well on its way to becoming a regional powerhouse in feasible startups.
Read How to Open a Preschool in Bangladesh?
Since its inception, Accelerating Asia has been helping Bangladeshi startups to boost their growth. The organization's resources and knowledge are invaluable to entrepreneurs looking to scale up their businesses.
How to Transform Your Freelancing Career into a Scalable Business?
In this day and age, freelancing has become a popular option for many who are looking to earn money on the side. When it comes to freelancing, there's a lot of advice floating around out there. But, how many of these tips are true? Is it possible to turn your freelancing business into a scalable business? The short answer is YES! But that requires a little bit of work. Freelance can be an intense business as it does rely on how you manage your time effectively. If you are wondering how to turn freelancing into a scalable business, then keep reading.
Why is it necessary to transform your freelancing skill into a business?
Starting a freelancing business brings in a lot of benefits over your traditional job. It gives you the flexibility to work whenever and wherever you want. Freelance allows you the freedom to start your own business with very little initial capital required. And, if you are planning on making it into a scalable business, then having full control over your work is one of the biggest advantages that come with it as well.
By transforming your freelancing skills, you can maximize your income potential and diversify the skills you have to offer. You can also gain the benefits of running your own business, including tax advantages and control over the office space, schedule, and overhead costs. It will also give you the opportunity to take advantage of employee benefits such as health insurance and paid time off. Eventually, with the business, you can go for greater client satisfaction through continuity in service.
Read How to Become an Entrepreneur without Money or Skills?
How to turn your freelancing job into a scalable business?
The freelancing industry is a booming one, and that's not even an understatement. According to the latest statistics, it was estimated that there are around 1.1 billion freelance workers in the world. Most freelancers don't want to transform their skills into a business as they think they might have to go through some sort of hassle.
Although any business has hassle, you can transform your freelance work into a business, and you can hire other freelancers to work for you. Here are the ways to start a scalable business with your freelancing skills.
Market yourself well - Build up your own personal brand
When it comes to transitioning your work from a freelancer to a business owner, one of the most important things to think about is your own personal brand. In fact, when hiring people for your business, you should be looking for someone who is willing to build up their own personal brand too.
Read Making Investment Decisions: Factors to consider when investing money
The reason you should focus on building up your personal brand alongside your freelance work is that it will help you differentiate yourself from other freelancers.
Most new freelancers feel that their work is their brand and it is up to them to create value and make contacts, but this isn't the case. In order to create a personal brand, you must first learn how to build good relationships with other people.
The best way to do this is by being active on social media, writing a blog, and working on your online portfolio. You should be looking to get as much experience as possible so that you can showcase it in your portfolio. Try to show off your expertise and work on building your personal profile by making sure you are the one who is networking and meeting new contacts.
Read Entrepreneur Vs Wantrepreneur: 8 Ways to Tell Them Apart
By creating your own personal brand, you can use trustworthy clients who will work with your newly formed business.
Build up a marketing system and stick to it
One of the easiest things you can do as a freelancer is to stick to one marketing system. This allows you to build your client list, market yourself and start generating work. Eventually, you can drive clients to your business.
Just like basically anything else, if you want to get the most out of your marketing system, you need to be consistent and make sure that you are sticking with it.
Read Neuromarketing: How brands psychologically manipulate the consumers
A marketing system should consist of a minimum of three core components. It should include setting up social media accounts and spending time on them. You must also choose an email marketing platform. Lastly, there must be a proper use of an effective blog and a strong work email list.
Networking
One of the most important things you will ever do as a freelancer is to build your own network. This not only helps you get new clients, but it also helps you grow your business and provide value to existing clients.
When building up your network, the best way to do this is by going out of your way to meet new people and build up relationships. Social events are a great way to network. You can meet new people and introduce yourself to others who are at the event. You can also make valuable connections with people who work in your industry.
Read How to Choose the Right Business Idea?
Save up enough money
When building up your business with your freelancing skills, the biggest thing you need to do is save up enough money so that it is sustainable. This will allow you to expand with ease rather than having to worry about paying bills every month.
So, before freelancers get started on their business, they should build up a large enough savings account. This way, they can ensure that their business is sustainable in the long run. If you don't have saved up enough money, then you might not be able to scale.
Conclusion
Building your own business is one of the most common dreams that many people have. But it's important to note that it isn't easy, and there will be times when it doesn't work out. So, you will need to set up a proper system for managing your tasks. This will not only help you manage your time well but also keep your work organized. Setting up a task management system will also help you keep your business running.
Read How Does Inflation Affect Business, Professionals, Mass People in Bangladesh?
Making Investment Decisions: Factors to consider when investing money
Making investment decisions can be tricky- on the one hand, you want to make sure you are doing everything right and not making any mistakes. But on the other hand, you also want to be decisive and not second-guess yourself. So, what should a person do? Here are a few things to consider before making investment decisions to help you strike the right balance.
10 Things to consider before making investment decisions
Market Research
Investing is an important decision, but making the right one is even more important. Before making any investment, it is important to do some market research. This will help you understand the current market and what companies are worth investing in. Understanding your investment goals and how the market will respond to your proposed ventures is also important. Doing proper market research will help you make sound investment decisions that will result in long-term success.
Read Saving vs. Investing Money: Know the Pros and Cons
Investment Goal
Investment is the key to a successful future. However, not all investments are created equal, and choosing the right one can be difficult. Before making any investment, consider your goal for the money.
Are you looking to make a quick buck, or are you planning to invest for the long term? If you are looking to invest for the long term, you should consider your funds' long-term storage needs.
The goals you set for yourself will help you decide what exactly you want to invest in. Different investments offer different levels of stability and potential for growth, so it is important to choose one that meets your needs.
Read How to Choose the Right Business Idea?
Level of Risk
When considering any investment, it is important to consider the level of risk involved. Investments with a high level of risk are typically more volatile, which could lead to larger losses if the investment fails. Conversely, investments with a low level of risk are typically less volatile, leading to smaller gains and less potential for loss. It is important to decide which level of risk is best for you and your goals.
There are a variety of ways to measure risk and determine which investments are right for you. You may talk with industry experts or even use a risk calculator to know the potential risk level. There are numerous online calculators that can tell you what the risk is for various investments, debts, or events.
Read How Does Inflation Affect Business, Professionals, Mass People in Bangladesh?
B’Yeah: Shaping up the Youth Entrepreneurship Prospects in Bangladesh
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.
Read How to Become an Entrepreneur without Money or Skills?
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.
Read Entrepreneur Vs Wantrepreneur: 8 Ways to Tell Them Apart
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.
Read The SWAP story of Bangladesh's first reCommerce startup
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.
Read Mushroom farming: The story of a jobless youth becoming an entrepreneur in Jashore
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.
Read ShopUp Raised $75 million, Largest Series B Funding for a B2B E-Commerce Platform in South Asia
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.
Read Common Challenges faced by Startups in 2022
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.
Final Words
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.
World Bank projects developing East Asia Pacific to grow 5 pct in 2022
The developing East Asia and Pacific countries is projected to grow by 5 percent in 2022 amid the resurgence of COVID-19 pandemic, tighter financial conditions and the Russia-Ukraine war, the World Bank said Monday.
"Shocks emanating from the war in Ukraine and the sanctions on Russia are disrupting the supply of commodities, increasing financial stress, and dampening global growth," said the World Bank's newly released East Asia and Pacific Economic Update.
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"Just as the economies of East Asia and the Pacific were recovering from the pandemic-induced shock, the war in Ukraine is weighing on growth momentum," said World Bank Vice President for East Asia and Pacific Manuela V. Ferro. "The region's largely strong fundamentals and sound policies should help it weather these storms."
Surging U.S. inflation could provoke faster-than-anticipated financial tightening, perhaps timely in the United States but "too early" in many East Asia and Pacific countries where recovery is "incomplete," according to the report. The risk of capital outflows, which could put pressure on some countries' currencies, could induce "premature" financial tightening.
Overall economic growth in developing East Asia and Pacific countries is projected to slow to 5 percent in 2022, 0.4 of a percentage point less than expected in October, the World Bank noted, adding that if global conditions worsen and national policy responses are weak, growth in the region could slow to 4 percent.
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To mitigate the risks and grasp the opportunities, the World Bank urged governments to enhance efficiency of fiscal policy for recovery and growth, and strengthen macroprudential policies to mitigate risks from global financial tightening.
It also called on policymakers to reform trade-related policies in goods and, especially, in still-protected services sectors to take advantage of shifts in the global trade landscape, and encourage diffusion of technology.
Neuromarketing: How brands psychologically manipulate the consumers
Neuromarketing is widely used by marketers to understand what a person's brain is thinking and feeling when they make any decision. It is one of the most successful marketing tools ever. Neuromarketing studies reveal relevant information that makes it easy for businesses to target consumers and ultimately sell their products. This article will discuss how neuromarketing works and its major benefits for companies looking for a competitive edge.
What is Neuromarketing?
Neuromarketing is the scientific analysis of the relationship between the brain and behaviour. It is the use of neuroscience to understand consumer behaviour and marketing. However, its goal is to understand why people make decisions, how they process information, and what influences their behavior. Marketing professors Gerald Zaltman and Gemma Calvert experimented with Neuromarketing in the late 1990s. It helps to develop more effective and less expensive marketing campaigns. Companies mainly use neuromarketing to understand how consumers perceive their products. Also, they use it to identify the marketing messages that work best and then measure the effectiveness of those messages.
Read Simon Sinek’s Golden Circle: Concept, Significance, Practice, Examples
What is Neuromarketing used for?
Various fields use neuromarketing to understand consumers better. As a result, companies can make better decisions on which product they should sell. Marketers use this to understand the customer's decisions and how they make them.
Further, companies use it in order to understand how consumers will choose the company’s product, discover the right target segments, and make strategic decisions based on that. For example, a neuromarketing study could show a company that most women prefer the company's product over men. This would help them determine what kind of strategies they should use to attract both men and women to increase their market share.
Read Influencer Marketing in 2022: A Beginner’s Guide
How Marketers Apply Neuromarketing to Influence Consumer Behaviour?
Neuromarketing studies can be performed in a variety of ways. Researchers can audit a product's features, determining which ones produce the desired behaviour. Further, they can use eye-tracking technology to understand what a person's eyes are pointed at. When a person looks at something, neurons (nerve cells) are activated in the brain.
Through neuromarketing studies, companies can use this information to determine which products and advertisements will be most appealing to consumers. And how much money they should spend on them. This information is crucial as it allows marketers to make strategic decisions that help them increase sales.
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Neuromarketing in Business
Using research and statistics, a neuromarketing study can show companies what their target consumers are looking for. And whether they will respond to the product that is being advertised.
When you see an advertisement on television, do you feel like buying the product? If yes, why? If no, why not? Companies ask these questions to make strategic decisions on how to better their products and improve sales.
Neuromarketing is one of the most practical applications of neuroscience in society right now. As technology advances further and becomes better integrated into society for everyone's benefit. Since its inception, the world has changed a lot, and it will probably change even more as technology advances further.
Read How to Choose the Right Business Idea?
In the past, communication was limited to simple gestures of the hands and body language. Today, we are capable of communicating with our minds. In this way, Neuromarketing provides a unique way for companies to learn more about their consumers and respond accordingly. It uses neuroscience to understand how it works and how it influences individuals' behaviour to make them more business-oriented. What once was impossible is now possible.
Components of Neuromarketing
Neuromarketing uses four main components to measure users' reactions:
Visual stimulation: Explores the visual aspects of the stimuli to determine how pleasant it is and whether it will encourage cooperation.
Auditory stimulation: It is used to identify the sound and auditory information that are either pleasant or unpleasant.
Numeric input: It determines how much people prefer monetary payments or prizes over other payment methods.
Emotional response: Uses eye movements to identify the emotion triggered by a stimulus and is used alongside other stimuli for the results to be more accurate.
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Applications of Neuromarketing
In the past few years, sales have been pushed further online. When websites started popping up on social networks like LinkedIn, Facebook, and Twitter, it became easier for consumers to buy goods or services from companies that they had not yet met. This process is known as Neuromarketing, using the principle of the brain and behavioural science on how our brains react in response to various stimuli.
Prospect of Neuromarketing
Neuroscientists can identify which psychological factors influence buying decisions. Hence it allows for more effective targeting of marketing campaigns. Therefore, it can be used to improve customer engagement and product design. Besides, it also helps to gather knowledge on everything from retail to online ads. As a result, it can also help businesses target their customers more effectively, identify new markets, and develop new products.
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Risks and Challenges of Neuromarketing
It is still a growing field. While the potential benefits of neuromarketing are yet to be fully realised, there are already a number of risks and challenges associated with its implementation.
First, it is difficult to measure the effectiveness of neuromarketing campaigns. Because results can vary depending on the target audience and the type of neuromarketing tool used.
Further, neuromarketing data can be used to manipulate customers, and it's difficult to determine whether the results are real or placebo effects. Additionally, there are privacy concerns surrounding neuromarketing data.
Read How Does Inflation Affect Business, Professionals, Mass People in Bangladesh?
Final Words
In conclusion, neuromarketing is a powerful tool that can be used to understand how people think and feel about products. By using neuroimaging techniques, marketers can get a better understanding of what consumers are responding to and use this information to create more effective campaigns. While neuromarketing is still growing, it is likely to become increasingly popular in the years to come.
Simon Sinek’s Golden Circle: Concept, Significance, Practice, Examples
Why are certain businesses able to sell more things despite the fact that their rivals are just as good? Why do certain leaders have a greater influence than others? Simon Sinek, an author and former advertising executive, researched the achievements of the world's most powerful and influential leaders and discovered that the secret to their success is in the way these organisations and leaders think, act, and communicate. He names this secret the Golden Circle Theory.
What is Golden Circle Theory
Simon Sinek's golden circle theory is shown as three concentric rings with 'why' at the centre, followed by 'how' and lastly, 'what'. Sinek asserts that the majority of companies and people are preoccupied with the 'what' and 'how' of their operations. Very few individuals consider the 'why.' These few individuals represent some of human history's greatest leaders and success stories. Apple, the Wright brothers, and Martin Luther King Jr. are all instances of golden circles.
Many of us, Sinek asserts, think from the outside in—what > how > why. We are aware of what we are doing, and some of us are aware of how we intend to do it. However, the majority do not inquire as to why. As a result, we are unable to reach our greatest potential.
Read Reciprocity Ring: How can it improve an organization and individual career?
To be the greatest version of yourself and succeed, you must first choose what you want to do, how you want to accomplish it, and most importantly, why you want to accomplish it. Understanding Simon Sinek's golden circle theory can assist you in determining why you have certain aims.
Application of Golden Circle Theory in Content Marketing
Now that you're familiar with how to utilise the Golden Circle, here are some more content marketing and copywriting best practices to assist you in putting it all together and creating some helpful, relevant, and great copy.
- Utilise material to elicit an emotional response. Consider the emotional reaction you want to elicit from the reader. Is it dread, survival, shame, a surge of energy, amusement, or perhaps hope?
Read KAIZEN: Japanese concept of continuous improvement can help your business flourish
- Maintain consistency and authenticity. It's not just about what you say on your website or through content marketing; it's about the overall experience your organisation provides your readers every time they contact you, from speaking with a receptionist to reading on your site to speaking with a sales representative and receiving excellent after-sales service. Provide them with an exceptional experience.