A strategy for development and economic progress: challenges and opportunities of rural entrepreneurship

Abstract

Employing the Economic Performance Model to gauge rural places' attractiveness, this study investigates the opportunities and threats of rural entrepreneurs in underdeveloped regions. With 85.7% of its citizens residing in impoverished regions, rural areas play a crucial role in Bangladesh's economic development, according to World Bank research. While prior research has mostly concentrated on finances, innovation plays an essential role in rural growth. Using a semi-structured interview approach, we surveyed several local businesses to learn about their experiences involving entrepreneurs who own small businesses and the challenges and possibilities they encounter. We looked towards the Innovation Operations Approach and found the main opportunities and threats. To reduce unemployment and economic hardship, rural businesses must flourish in Bangladesh. To compile this data, we consulted other sources and spoke with rural business owners in Bangladesh. The study recommends policies and rules put in place by governments to support small-scale farming, highlighting its significance in rural growth. Academics in Bangladesh are particularly interested in studying the characteristics and backgrounds of founders from the country, plus the challenges and possibilities associated with the expansion of private enterprise in the country. Evaluation, summary, and recommendations for further research are included.

Keywords

• rural entrepreneurship, rural development, economic progress, challenges, opportunities.