NAME OF SCHOOL: BRAC Business School.

PROGRAM: Bachelor of Business Administration COURSE NAME: Introduction to Business LECTURER NAME: Anahita Ahmed

Student ID Number: 11304011 Lecture Time: 02.00 - 3.20 PM Assignment No: 01 Date Due: 06-07-2011 Date Submitted: 06-07-2011 Declaration I declare that this assessment item is my own work, except where acknowledged, and has not been submitted for academic credit elsewhere, and acknowledge that the assessor of this item may, for assessing this item:
Reproduce this assessment item and provide a copy to another member of the University and/or; Communicate a copy of this assessment item to a plagiarism checking service (which may then retain a copy of the assessment item on its database for future plagiarism checking). I certify that I have read and understood the University Rules in respect of Student Academic Misconduct.

Student Signature: Md. Nasiruddin (Rafat) Date: 06-07-2011 Mark/Grade: Date Submitted:
Comments:

Any kind of activity that seeks to provide goods and services to others for profit is called business. There are many kinds of forms of business ownership. The three major forms of business ownership are (1) sole proprietorship, (2) partnerships, and (3) corporations. Starting a business is not a very simple thing. Entrepreneurs have to be on their toes to overcome the challenges. Some challenges may occur again and again but most often entrepreneurs face new challenges. This is all about business. In Bangladesh, there are undoubtedly some challenges and few more will come in the upcoming five years. In Bangladesh every business starts small. With time, experience and goodwill, it grows into a bigger enterprise. And that is why it is always more difficult setting up a limited business, because you start from scratch. The challenges when setting up a business of this sort, make themselves felt more intensely. To start a business in Bangladesh upcoming years there will be many challenges like social, economical, technological, global, human resource, finance, marketing are really crucial for Bangladesh in the future. Firstly, financial challenge in Bangladeshi business can hardly be ignored. It is a huge concern for a country like Bangladesh. Two decades of development practice have highlighted the importance of financial services in the fight against poverty. Finance is highly controversial issue. The economists are unable to be united together in their opinion especially about the rate of interest of microfinance. But those who raise objection on the issue of high interest of microfinance they should consider the administrative expense of an institution and money inflation. In our country our government doesnt keep that much money in the annual budget for the business sector. Our business sectors dont get enough support from our

government which is a big issue. To get more business corporations government should reduce the taxes or withdraw regulations. Banks can play a vital role here. They can reduce their interest to allow the entrepreneurs to start a business or go for a big jump in the market. Otherwise this challenge will turn into a big problem for our country as well as our business. Then, Human resource challenge is a difficult challenge to face when it comes to businesses in Bangladesh. As a company grows, it needs employees to increase sales and better support the operations. One of the toughest steps for a small business is to take that first step from one employee to two or more. In Bangladesh the small business owner, who has likely been performing all functions of the business from start-up, can often struggle bringing on team members willing to work through this transition time. Additionally, in Bangladesh small businesses often offer less in the form of career advancement, health insurance benefits and other amenities that an employee can get at other corporation. This makes it difficult to retain key workers. Next, Business often faces management challenges in Bangladesh because of a lack of education or experience. Many business owners have specific expertise in producing products or completing services. This is why they chose to start a business; their expertise provides an opportunity to earn income. However, administrative business management tasks may present a challenge for business owners. Administrative tasks usually represent backoffice functions business owners must complete in addition to generating sales. External management challenges can include creating business relationships, marketing the business and creating a competitive advantage. Business relationships allow the company to grow and expand operations

with the help of vendors and suppliers. Marketing involves messages that may help inform consumers about the companys goods and services. A competitive advantage allows the company to produce goods and services at a cheaper cost or better quality than other businesses. Accomplishing these tasks in the best manner possible can present a challenge for business in Bangladesh. Then, Marketing is the process by which companies determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. In Bangladesh the marketing strategy is not quite up to the mark. People dont get enough knowledge through this. Competing with the international products has created more difficulties for the existing businesses in Bangladesh. In comparison to international products, our products are not that good. So this is a big concern for us. We need to improve our product quality, marketing strategy, fix a nice price to convince the customers, set a fine and suitable place from where people get the products easily. We should focus on packaging and leveling. We have many outlets for the consumer market but we dont have enough for Business to Business market. This is another big challenge. To secure the future we have to take actions now. In Bangladesh, social factors play a crucial role in business. There are a number of social trends that marketers must monitor to maintain their close relationship with their customers. For example: keya cosmetics has launched a soup to attract both hindus and muslims with no controversial. For Muslims drinking is not considerable thats why there is no drinking company in our country. Marketers have to keep all these things in their mind. In the future we have to be ready for these kinds of challenges

Politics in Bangladesh has always a huge impact on the business of our country. Every now and then political parties call for Haltals which causes greatly to the business sector. Bangladesh's ruling coalition, led by the Awami League (AL), faces significant challenges on several fronts. In addition to dealing with problems posed by the downturn in the global economy and regular domestic power shortages, the government has been preoccupied with the consequences of a bloody mutiny staged by members of a paramilitary group, the Bangladesh Rifles (BDR), in February and with the rising threat posed by Islamist militants. Given that the opposition Bangladesh Nationalist Party (BNP) is in a poor state, the army is the government's biggest problem. It is still seething over the losses that it sustained in the mutiny, but a confrontation with the government is unlikely. To appease the generals, the mutineers, who are not part of the army, are likely to be prosecuted under military laws. Environmental degradation and depletion of natural resources are often observed in Bangladesh due to poverty, over-population and lack of awareness on the subject. It is manifested by deforestation, destruction of wetlands, depletion of soil nutrients, etc. Natural calamities like floods, cyclones and tidal-bores also result in severe socio-economic and environmental damage. So it will be a great challenge to cope up with. So business in Bangladesh is not profitable or successful all the time. There will be always many challenges and barriers like social, economical, technological, global, human resource, finance, marketing. To have a bright future we have to implement these challenges into success and we have to serious from now. We have to have plans for the future. We should enhance our knowledge and power to compete with the world. If we dont care about our future then we along with our country will suffer.

References: www.docstoc.com www.scribd.com www.en.wikepedia.com http://20smoney.com/2008/05/21/the-challenges-of-starting-a-business-inyour-20s/