From Nike's "Just Do It" to Samsung's "Do what you can't", capitalism has consistently conveyed the message that we control our fate in a free market. Whatever goals we set are bound to succeed, and if they don't, it's simply because we didn't exert enough effort. Or, as Kim Kardashian famously remarked, "Nobody wants to work anymore."
Privilege and its resulting advantages for certain individuals' careers were seldom discussed until recent years. While this conversation is more often associated with the realms of pop culture and entertainment worldwide (think of Lily-Rose Depp, the KarJenner family, or prominent Bollywood dynasties), the notion of privilege is equally prevalent in the realm of business.
It appears logical to presume that attending the right college, networking with the right people, or possessing substantial initial wealth can tilt the odds in favor of some entrepreneurs over others.
To gain deeper insights into how privilege influences or is absent from the Bangladeshi entrepreneurship landscape, we interviewed several successful Bangladeshi entrepreneurs from diverse sectors and examined the business environment from their perspectives.
One of the initial strokes of luck we encounter in life is the family into which we are born. Afjer Porshia, the founder and proprietor of the clothing brand Nazakat, found herself on the advantageous side of this spectrum as her father owns a prosperous clothing store. Being exposed to the inner workings of the apparel industry through her father motivated her to venture into business herself.
Conversely, for Shabnam Nida Wazed, her family background played a minor role in her current entrepreneurial standing. Wazed serves as the founder and CEO of AGAM International, a UK-based FinTech company operating in Bangladesh to address financial inequality within the country's banking system. Her endeavors have earned her numerous international accolades, including a joint winner position at the Global Fintech Competition 2021.
"I had a fairly typical upbringing; my parents were supportive yet strict, encouraging me to pursue my aspirations. Nothing was imposed upon me. There were no influential figures in the business scene within my family," she remarks.
What aided Wazed was her exceptional education and professional experience. Maintaining high academic performance throughout school, she pursued her LLB at Bristol Law School, University of the West of England, Bristol, with a full scholarship from Lord Templeman.
Upon completing her second master's degree in Emerging Economics from King's College London, she joined the UK-India financial services firm Geosansar, swiftly ascending to the position of Country Head for Bangladesh. Subsequently, her own venture, AGAM International, was established. Presently, her company's board includes mentors from King's College and Geosansar.
Wazed suggests that her connections are a product of her work ethic and networking skills, rather than opportunities that fell into her lap effortlessly. Regarding the risks she took in her career and finances for her business, Wazed acknowledges the dangers but remains undeterred.
Taking such a leap of faith is more challenging for individuals with familial dependencies or financial obligations. Mohammad Raiyan Tamzid, the founder and owner of the popular restaurant Callisto in Rajshahi, reveals, "During Covid-19, I utilized the profits from the initial three months to support my employees for the next six months. I could only do so because I wasn't reliant on those profits to sustain my family; I started this business out of passion, not necessity."
Even securing loans from banks for business ventures can be daunting for those without a certain financial threshold. Tamzid elaborates, "One of the major hurdles I faced while establishing my business was the lack of capital. I didn't have enough capital to start with, and banks are hesitant to extend loans to individuals without substantial assets or financial resources."
Consequently, the financial risks associated with entrepreneurship often deter individuals in financially precarious positions from pursuing their entrepreneurial dreams.
Returning to Afjer Porshia, the owner of Nazakat, she asserts, "Anyone aspiring to enter this arena must be prepared to take risks of all kinds, as anything can happen at any time. Additionally, having a financial safety net is essential."
Upon hearing about Saria Saguaro Bibi, a journalist and advertisement agency executive who transitioned to become a bakery shop owner in a locale like Gulshan, one might assume she had significant privilege to achieve such a feat.
However, her journey was far from smooth. She had to abandon her A-level studies due to sudden financial constraints. Within weeks, her life underwent a dramatic transformation as she juggled multiple jobs to make ends meet while her peers pursued university degrees. Eventually, she enrolled at ULAB, facilitated by a 40% tuition discount for older students at the time.
Fortunately, after graduation, she secured employment, saved diligently, and received assistance from friends and family to fund her studies abroad and later purchase her first studio. The financial risks Bibi undertook to realize her dream were substantial. Yet, she staunchly believes that "The only thing you need to fear in life is the notion that you can achieve anything and become anyone you desire."
Privilege doesn't always manifest as being born into wealth or inheriting a substantial fortune. It can encompass myriad forms, such as possessing an esteemed degree, having exposure to a family business that imparts knowledge of the industry, benefiting from a safety net that enables risk-taking, garnering a substantial social media presence for loyal followers and exposure, receiving support from friends who believe in you, or having sole responsibility for oneself without others depending on you.
By recognizing privilege and its diverse manifestations, it becomes apparent that despite the diligent efforts of successful individuals, luck still plays a significant role.
