Published:  12:51 PM, 02 November 2019

Online marketplaces provide suitable spaces to create employment

 Online marketplaces provide suitable spaces to create employment

Full of new and innovative ideas, the younger generation is always trying to do something new. Many young people these days aspire to be entrepreneurs as they do not want to work under someone else; they want to be their own boss. They strive to contribute to the country's economy and plan to reshape the future of the country's workforce.

According to DataLEADS, Mongolia, Pakistna, Indonesia and Philippines have the highest unemployment rates in Asia while Cambodia, Thailand and Laos post the lowest unemployment rates.Followed by Mongolia with 7.3, Pakistan has the second highest employment rate in Asia of 5.9%.According to the Bangladesh Bureau of Statistics (BBS), the current unemployment rate is 4.37% in the country.

The latest Labor Force Survey says, the rate of educated unemployment has considerably risen in the last couple of years. About 46% of total unemployed youth are university graduates. According to statistics, roughly around two million young people enter the labor market annually in Bangladesh, but many of them are either jobless or irregular employees.

This is why a lot of young individuals are relentlessly trying to contribute to society by creating new jobs. As a result, the government is also acknowledging their involvement in shaping up the economy. In this situation, if younger people want to do something new and contribute to the society as entrepreneurs by creating new jobs, it would be great.

The government also appreciates this type of initiative as entrepreneurship can be a tremendous way to fight back unemployment of the country. As many young entrepreneurs face financial challenges, the central bank has fixed the credit limit for small entrepreneurs from Tk 50,000 to Tk 5 million.

The World Bank reports Bangladesh is among the Top-20 Improvers in Doing Business 2020 list as the country has implemented various reform initiatives to make a business-friendly environment in recent years. Besides, Bangladesh ranks 34th in the World Economic Forum's Inclusive Development Index - 2018. One of the main contributors to this growth is the growth of the start-up arena in Bangladesh.

Young entrepreneurs contribute a lot to the country's economy. According to BBS data, the industrial contribution to GDP exceeds 32% at present. There are nearly eighty thousand small and medium enterprises (SME) in Bangladesh that contribute approximately 23%.

For any start-up, a financial plan and a physical location to initiate the business are vital. But young entrepreneurs face various problems while securing a place as many landlords do not want to rent their properties to these young people. In this situation, online marketplaces for real estate industry can be a great help to them.

Sometimes, it can be seen that landlords step back from their commitments once the entrepreneur tenants invest a large amount of money on rented places, which can become a great loss for the new investors. But no such incident could appear if the deal is done by maintaining proper procedure. New investors that try to attain a legal solution on their own rarely see proper results.

Online marketplaces can be a great help here as they generally have legal teams who take care of all legal issues of their respective clients in a quicker way. Bproperty, the largest online marketplace of the real estate industry, is one such organization in Bangladesh.

The online marketplace can secure suitable places for their clients by managing all legal issues much faster asan efficient legal team works for the organization. Besides, they also deal with legally flawless properties.

The owners of Moolicious, a Milkshake brand in Bangladesh, had to struggle for 6-months with individual owners and different agencies to secure a business place. Later they secured a place for their new venture through Bproperty. They also followed up on the situation until the deal was finally signed.

Bproperty also helped Nibedita Das, Owner and Managing Director of Medi Spa& Beauty Salon, to find a proper location to do her business. She said, 'the work procedure of Bproperty is very easy, user-friendly, hassle free and trust-worthy.' Both of them said, 'Bproperty also completes agreements among their clients by maintaining all legal documents.'

Although young entrepreneurs start their businesses enthusiastically, they have to face challenges which they have to deal with on their way to success. They should not prevent themselves from pursuing their goals because of these challenges. Instead they should face the problems courageously as a start of their long journey to be successful business owners.The writer is a freelancer

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