Skills and entrepreneurship development play a crucial role in fostering economic growth, innovation, and job creation. However, there are several challenges associated with these areas that can hinder the effective development of skills and entrepreneurial ecosystems. In Bangladesh, two million young people enter the labor market every year, but many are either jobless or have irregular jobs. The share of unemployed youth in total unemployment is 79.6 percent [2]. More strikingly, the unemployment rate among youth having a tertiary-level education is 13.4 percent [3]. The Labor Force Survey 2016-17 also indicates that unemployment is highest among person having secondary-level education (28 percent). Moreover, 29.8 percent of youth are not in education, employment, or training (NEET). To meet the relevant target of SDGs, skill development plays a vital role. Recently, study identified that skill-based training followed by on-job training through creating an enabling environment with the entrepreneur by the CCDB is an effective approach in improving income and livelihood of the disadvantaged youth living in the rural area of Bangladesh [4].
An entrepreneur is a person with the initiative to form a business with his dexterity of creative thinking. S/he is consistent to develop an enterprise being independent, self-motivated, and industrious. S/he retains all the factors of production and reassembles the thinking to produce something new in the society. Being a risk-taker, an entrepreneur develops a business entity for the betterment of the country as a whole (Chowdhury, 2017). Most of the developed nations spend a lion’s share in this sector to develop their industry but we do not invest a huge amount in this sector for the development of our industry. Thus a lack of Research and Development facilities hampers our innovation, strength, and growth in this sector. R&D plays a big role in entrepreneurship development as suggested by Dierickx and Cool (1989) the amount of R&D spending is a flow variable that may be adjusted instantaneously (Deeds, 2001).
Addressing these challenges requires a collaborative effort involving governments, educational institutions, businesses, and civil society. Implementing policies that promote inclusive and relevant education, reducing regulatory barriers, fostering a culture of innovation, and providing financial and mentorship support are crucial steps toward overcoming these challenges and promoting sustainable skills and entrepreneurship development.
1. Study on entrepreneurship development in Bangladesh.
