Entrepreneurship education in Bangladesh

During the 1970s the population of Bangladesh grew at an annual rate of nearly 3 percent while its food supply grew at an annual rate of only 1 to 2 percent. The country kept getting poorer and poorer as a result. By 1980, as the population approached 90 million, it was one of the poorest countries and the largest recipient of foreign aid--in the world. The World Bank was the largest donor of this aid. By 1980, however, the Bank concluded that its $200 million per year or more of aid to Bangladesh was being very inefficiently used, and that all economic units in the country had very low productivity--to a large extent because of a lack of sound management. The Bank further decided that the expenditure of several million dollars to improve management education would have a very high ROI.

The author had worked in Bangladesh (then known as East Pakistan) from 1969 to 1971 on a Ford Foundation project to create an Institute of Business Administration within the University of Dhaka. That university, along with two others, offered a three-year Bachelor of Commerce (B-Comm) degree and a one-year Master of Commerce (M-Comm) degree. The new Institute was to offer an American-style, two-year MBA. Believing that one of the critical needs of developing countries is the fostering of both entrepreneurs and an environment within which entrepreneurship can flourish, the author designed and introduced a course in entrepreneurship. He was able to teach this course only once, however, for in the middle of the second year the revolution started and he and his family were evacuated from the country.

In 1980, the author was asked by the World Bank to return to Bangladesh to design a project to improve management education in the three universities mentioned above and in a Management Development Center (a subdivision of the Ministry of Industry) which ran management seminars and offered non-degree courses. The result was a five-year, $8 million project which would bring 80 Bangladeshi professors to the U.S. for additional degrees, and bring 12 to 15 U.S. professors to Bangladesh as short-term advisors. (The project also contained a number of other components.)

As part of the project, the author again returned to Bangladesh in 1983 as an advisor to curriculum revision and, in the ensuing discussions, the three Faculties of Commerce agreed (as one of many changes) that they should introduce two courses in entrepreneurship: a required course for all undergraduates and an elective course for all master's degree students. The idea was that all of the undergraduate students should be exposed to the theories of entrepreneurship, the role of the entrepreneur in history, and the role of the entrepreneur in the industrial development of Bangladesh; and then study some cases of successful Bangladeshi entrepreneurs who might serve as role models for the students. It was hoped that, as a result of exposure to such a course, the potential entrepreneurs in the senior class would identify themselves and take the elective entreprenurship course during their M-Comm program. (It should be noted that over 90 percent of those who complete the B-Comm go on to study for the M-Comm.)

A year later, the author was asked to return for one month to Bangladesh as the Advisor on Entrepreneurship. The question in his mind at this point was, "What can be done in such a short period of time that will be of lasting value?"

Until independence, classes in most elementary schools, and in all secondary schools and universities in Bangladesh were taught in English. Since 1971 all of these schools have switched to the Bengali language. Consequently, the students have not been able to read U.S. texts, which most of them would be unable to afford in any event. The author felt that suitable textbooks should be developed for these courses and that these should be published locally and in paperback, so that the students could afford them. (The estimated appropriate price was $3.) It was also believed essential that the textbooks be written in Bengali by the professors who would be teaching the courses and that they be based on the realities of the political, economic, social, and administrative climate in Bangladesh.

The first three weeks of the author's visit were devoted, a week at each university, to identifying the professors who would probably teach the entrepreneurship courses which were to become part of a revised curriculum, and to include these professors, the department chairmen and the deans in a series of discussions on the importance of entrepreneurship for the development of Bangladesh and the importance of having this subject taught at their institutions. Meanwhile, arrangements were made for the organization of a workshop in Dhaka, during the fourth week, to be attended by the five or six professors from each university who might eventually teach the course.

The workshop had four objectives. First, all of the future professors of entrepreneurship were to become acquainted with the literature in this field, including textbooks which had been developed in the U.S. Second, all were to participate in designing the two courses to be offered in Bangladesh. Third, all were to be involved in designing the textbooks which would form the basis of their two courses. Fourth, all were to be involved eventually in writing these textbooks, and hence be committed to using them in their classes.

To help achieve the first objective, the author brought to Bangladesh a suitcase filled with relevant books and articles. HE lectured about these writings at the workshop and made them available for perusal by the participants.

To aid in achieving the second objective, a guided discussion was held which included all workshop participants and resulted in general agreement concerning the objectives, content, and teaching approach for the two courses. The participants were then divided into smaller, working groups to design the syllabi. Drafts were assembled and distributed, and further discussion resulted in a meeting of minds on this score as well.

For the third objective, another general discussion resulted in a consensus as to the broad outlines for the two textbooks. The participants were again divided into working groups, with each group assigned to draft a detailed outline of a section of a text, indicating possible source material. These segments were later assembled, reproduced, and distributed for additional group discussion, during which agreement was reached concerning the textbook outlines.

Topics covered in the undergraduate text include entrepreneurship theory and history, development programs and sources of assistance, and case studies. The graduate text covers some of these same topics, but also includes discussions of the business environment, planning and creating an enterprise, developing a comprehensive business plan, and capital budgeting.

To make a start toward achieving the fourth objective, the participants were asked to indicate which chapters they could best write, given their special areas of expertise. This procedure resulted in specific chapters being assigned to specific professors.

It was recognized that a follow-up organization was needed. As part of this structure, a campus coordinator was selected for each university, the role of whom was to assure completion of each co-author's task and to provide for quality control. An editorial board was also selected, consisting of the three campus coordinators plus a senior editor. It was agreed that the texts would be drafted in English and, after being assembled and reviewed by the editorial board, would be sent to the present author in the U.S. for review. Upon completion of this review and any necessary revision, the manuscripts would be translated into Bengali by the chapter co-authors, reassembled and reviewed by the editorial board, and published in Dhaka.

All participants at the workshop agreed on a time schedule. All that was now lacking was a budget to provide financial incentive for the co-authors and editorial board, and to pay expenses for typing, reproduction, travel, etc. The editorial board agreed on a budget, which totaled only about five thousand dollars per book for the final draft in Bengali, ready for printing. These present writer was able to get the government and the World Bank to revise the project budget to finance the preparation of these two texts.

At the time of the writing of this article, the English language drafts of the two textbooks are enroute to the U.S. to be reviewed. The chapter authors and editorial board have kept to their schedule and budget. (It appears that the entire process just might work! In any case, the workshop organized in Dhaka by this author may be thought of as educational entrepreneurship.)

In the opinion of the author, courses in entrepreneurship are important, but not critical offerings, for U.S. business schools. In less developed countries (LDCs), however, they are critical elements of the curriculum because of the pressing need to foster entrepreneurship as a motor for economic development. Yet such courses are rarely found in LDC business schools because such schools were modeled after U.S. business schools where, until quite recently, one rarely found entrepreneurship courses. Not only have LDC business schools designed their curricula after those of U.S. business schools, they also use American textbooks--usually in English, but sometimes in direct translation. All of this has usually been done on the advice of American business professors--who apparently have known very little about LDCs.

It is vital that we recognized that the culture, the economic infrastructure, the business climate and the role of government in LDCs are far different from what is found in the U.S. The educational curricula of these countries should be tailor-made to their needs. Their textbooks can be based on U.S. texts, but should be significantly adapted to fit the national environments of particular LDCs.

Entrepreneurship development in Bangladesh

AN entrepreneur is one who always searches for change, responds to it, and exploits it as an opportunity. Can anyone be an entrepreneur? The answer is no. But with access to capital, minimum education facility and own creativity, many intelligent, energetic youth can be turned into a decent business people.

In our country, the term for an entrepreneur is a 'businessman,' which carries with it a set of negative connotations. The assumption is that one goes into business if one cannot be a banker, doctor, engineer, lawyer, professor or a corporate worker. In movies, businessmen are portrayed as crude, immoral people. In day-to-day life, a businessman is only considered successful if he can achieve conspicuous display of wealth.

Despite our negative views of 'business', the private sector has a crucial role to play in growing the economy and providing employment opportunities. The private sector is the engine of innovation in all sectors of the economy. Entrepreneurship in Bangladesh currently thrives in two sectors of the economy -- among the poorest of the poor (14 million households) and among the well-off (about 2.5 million households). The reason for this is that both of these sectors have access to institutional financing.

The change in mindset can perhaps be attributed to the realisation that notwithstanding advances in scientific, social, political and economic systems, the gap between rich and poor is widening. With many social problems continuing to plague societies and some even worsening, concern regarding the effectiveness and sustainability of governmental and welfare-based approaches to social problems has increased. This in turn has directed greater attention to the work of entrepreneurs.

Economic Development through Entrepreneurship Initiatives: No developing country can achieve sustained economic or social development without engaging effectively in the broader trade dependent economic environment. The role of such innovative entrepreneurial efforts greatly influences country's overall GDP, productivity, economic reform and social growth in the context of global economy.

The long-term goal of entrepreneurial efforts aims to ensure that poor can contribute and share the benefits of growth through enhancing their purchasing power. It will in turn encourage economies to specialise in, and concentrate on, areas where these will add relative cost advantage over other economies. Eventually, this will become a strong tool for poverty alleviation.

Entrepreneurship; A tool for Empowerment: "Entrepreneurship" has become a very significant factor for ensuring development in the least developed countries (LDCs). Entrepreneurship leads towards a broad range of aspects including financial and decision-making capacities of individual persons which ultimately results in "Empowerment". "An Empowered Nation" is absolutely necessary for the overall development of a country which can efficiently rid of the curse of poverty.

"Entrepreneurship" has a crucial role to play in low income economies. It has the power to foster growth and generate rapid and lasting reductions in poverty. For a Least Developed Country like Bangladesh, effective entrepreneurial efforts and initiatives can play an enormous, significant role in influencing social and economic policy reform and development outcomes. Bangladesh, with its high population density, widespread poverty, and susceptibility to natural disasters, is a challenging environment for development initiatives. Although government and other non-government organisations (NGOs) have initiated several developmental schemes but the progress is not that noteworthy. But this huge human resource can be turned towards a revolutionary device for effective economic growth through exploring entrepreneurial opportunities.

Around eighty per cent (80%) of our population lives in regional areas and most of them are poor. If this population can effectively be promoted with entrepreneurial skill, they can actively involve themselves in, and contribute towards, the economic development process. It is a must that this collective effort will lead the country to move forward. Necessarily it indicates that to alleviate poverty, exploring the entrepreneurial opportunities is a must. To summarise, economic situation of Bangladesh can not really improve without entrepreneurship efforts.

Fight against poverty: Entrepreneurship is often considered one of the most effective and flexible strategies in the fight against global poverty. Bangladesh has a population of more than 140 million with almost half of the population living below the poverty line. Sustainable entrepreneurial development programmes can be implemented on a massive scale that is necessary to respond to the urgent needs of those living on less than $1.0 a day, the World's poorest.

The Progress out of Poverty Index (PPI) is an assessment tool for measuring the poverty level of a country. For Bangladesh, It estimates the likelihood that a participant has income below the $1.0/Day/ Purchasing Power Parity (PPP) international benchmark. Such poor PPI can never indicate progressive development emerging in a country. Thus, there is a great need to think out of the box to enhance economic advancement.

The most important fact behind entrepreneurship is economic freedom and self dependency. Bangladesh is a lower income country which is deprived of enjoying the essence of global economic benefits and left far behind the financially viable scenario. There should be effective proposals designed to provide suggestions how to improve present socio-economic picture with strategic advising in decision-making to excel in positive economic impact. In this situation, these proposals can be a critical catalyst to strengthen entire development process that most developing countries are grappling with.

What should be our approach? We must initiate to explore the potential excellence and open scopes for people of all classes across the country and exploit these for the constructive development of the society and country. The government also needs to ensure that people of small means should have access to facilities to undertake economic activities at appropriate scales throughout the country. Once the overall framework is in place, mobilisation of more resources and more effective utilisation of the available resources will be facilitated. If all these factors work together under one umbrella, only then economic progress and development, along with poverty alleviation target, can be achieved. 

Family Based Capitalization (FBC): Family Enterprise for Enterprsing

Family Based Capitalization (FBC): Family Enterprise for Enterprsing: "Enterprising through Promoting Familipreneurship for Sustainable Poverty Reduction, Employment Generation and Economic Growth. Abstract:..."

Family Enterprise for Enterprsing

Enterprising through Promoting Familipreneurship for Sustainable Poverty Reduction, Employment Generation and Economic Growth.

Abstract: This paper proposes Family Enterprise as a means of Enterprising through promoting Familipreneurship for sustainable Poverty Reduction, Employment Generation and Economic Growth. Familipreneurship means entrepreneurship of a family gained through Family Environment; it’s a way of life lived through as a Family. Family is the ultimate institution of mankind and is always sustainable as an economic unit. History started from the family, we have to go back to the family to go back to the future. This paper proposes Familipreneurship Education for Enterprising and urges continuous study on Familipreneurship to capture its salient features and dimensionalities for replication.

Key Words: Family Enterprise, Familipreneurship, Enterprising, Poverty reduction, Economic Growth.

Introduction

This paper is a conceptual argument based on real-life experiences for using enterprising as a means of poverty reduction which affects directly on employment generation and economic growth. It urges to promote Familipreneurship as a tool for enterprising. Familipreneurship means entrepreneurship of a Family gained through family environment; it’s a way of life to be a Family. Family is the ultimate institution of mankind. It is always a profitable institution as an economic unit itself which probably made it sustainable throughout the history. Families are largely based on emotional and moral obligations which are the largest social capital of mankind as well. History started from the family, we have to go back to the family to go back to the future.

 Available information shows that about a century ago most of the enterprises were Family Enterprise, still on an average 70 percent of total enterprises are Family Enterprise, in USA its about ninety percent, in Europe about eighty percent, similar picture is prevailing in other parts of the globe. Familipreneurship enable us creating Family Enterprise from a little capital, especially finance capital. Promoting Familipreneurship may the best way for enterprising. This paper proposes Familipreneurship Education for Enterprising and urges continuous empirical study on Familipreneurship from the perspective of a family as an entrepreneurial unit, not the lone individual hero, and through this way bridges the knowledge gap in entrepreneurship literature in context of creating Family Enterprise.

Poverty reduction, employment generation and economic growth

Despite vigorous multidimensional efforts worldwide poverty is still the biggest enemy of mankind. Existence of poverty paves the way for several consequent problems which affect all sphere of life. In many countries like Bangladesh prevalence of poverty is increasingly alarming. Ensuring poverty reduction will enhance all other development process and eliminate many other problems. Our experience of overall poverty reduction is very depressing. Dream of sending poverty to museum begin to shrink; especially after starting contemporary controversy of microcredit, recognized as most powerful tool to fight against poverty, is deepening this desolation. Poverty, unemployment and economic growth are integrated and interdependent socio-economic phenomenon.

Promotion of enterprise is one of the tested and trusted ways for sustainable poverty reduction, employment generation and economic growth as well as wealth creation for the future generation. Many countries are doing well adopting this policy in their national economic development agenda. Post-war Europe and some emerging Asian countries may be the best example. Many developing countries are adopted this policy. But most of the efforts are towards existing, promising and profitable enterprise, distinguishing as SMEs. Institutional effort of creating new enterprise is very poor; there is no standardized system of creating new enterprise. Seemingly finance capital is the key element of creating enterprise but this view does not agree with our experiences. Our experience shows that finance capital alone can’t create enterprise, even it is not the most important element for enterprising yet our financial investment towards new enterprise creation is very little. There are common understanding that inadequacy of land, labor, capital, technology, knowledge and entrepreneurship are the obstructs for enterprising. Familipreneurship reduces these obstructs.

Family enterprise as a form of enterprise

Family enterprises, irrespective of scale of operation, legal form, industrial activity, have been the backbone of socio-economic growth. Historically, family firms are, for the most part, enduring institutions and families and business have always existed to a large extent in tandem (Morck and Yeung, 2002; Narva, 2001). Their importance parallels socio-cultural advances and technological advances. In market economies family businesses are a fundamental source of job creation. Globally percentage of enterprises owned or controlled by families is an average around seventy percent.

Probably the secret of family firms’ long lasting resides exactly in the capability of transforming weak points into strong points, by investing in human capital, developing distinctive competences, encouraging long-term investments, following with persistence the mission. The reciprocal relationship between families and business often evolves from the natural dynamics of both entities being in close proximity to each other, particularly in the case of the home-based business (Heck et al., 1995).  Families and the family home, in fact, often serve as transparent incubators for the germination of business ideas and endeavors both in and out of the home as well as the storefront or factory. The birthplace of entrepreneurial ventures is often in the home. Families and businesses tend to move in parallel, with success in one leading to success in the other.

So as an enterprise, strength of family enterprise is proven. Recent studies on family entrepreneurship have only addressed the traditional issues of individual entrepreneurs in the family. Family enterprise will flourish in future for its inherent qualities. If we can create a family enterprise it will be continued or diversified by next generation. Creating family enterprise could be an effective strategy for sustainable poverty reduction, employment generation and economic growth. And this process could be institutionalized through formal Familipreneurship Education.

Family enterprise and entrepreneurship in existing literature

Though Family businesses predate recorded history (Colli, 2003), formal educational and research programs on family-owned firms are recent phenomena (Hoy and Verser, 1994; Wortman, 1994). Recent growing awareness, made family business studies growing at a rapid pace (Hoy and Sharma, 2006).

Family business research draws attention to better understand continuity and succession as well as expansion of existing business, particularly investigates resource shedding and reconfiguration. Entrepreneurship literature has focused on the creation of new venture/enterprises, especially through new endeavor and innovation. But perspectives, features and forms of entrepreneurship in context of creating new venture/enterprise/venture by family in an economy where inadequacy of resources is strongly prevalent are not well studied or missed or ignored. Especially in the case of using family enterprise as a tool of poverty reduction is remained untested.

While sociologists and political scientists have paid some attention to this question, this is an issue vastly ignored by the economists. Even though the latter do recognize the role of the family in economic decisions, there is not systematic empirical evidence isolating the importance of culture, as measured by the strength of family ties, on economic outcomes (Alesina and Giuliano 2007). In small, isolated primitive societies, the kinship system in itself can meet most of the basic individual and social needs (Martinson 1970). Family firm pursues both economic and noneconomic outcomes to sustain the business across future generations (Pearson, Carr, and Shaw 2008). Family businesses are the engine that drives socio-economic development and wealth creation around the world, and entrepreneurship is a key driver of family businesses and entrepreneurial family businesses are a primary source of job creation (Pistrui et al., 2006).

Evidence suggests that over time family firms are often more successful than nonfamily firms (Anderson & Reeb, 2003; Miller & Le-Breton-Miller, 2005). However, the mechanisms by which family firms outperform nonfamily firms are still unknown (Stanley 2010).

Few researchers have noted the connections between entrepreneurship and the family (Gartner, 2001; Upton and Heck, 1997) and have been entirely omitted by most entrepreneurship researchers (Aldrich and Cliff, 2003; Rogoff and Heck, 2003). Moreover, entrepreneurship research literature has given little attention to the interrelatedness of families and businesses (Davidsson and Wiklund, 2001; Shane and Venkataraman, 2000; Timmons, 1999). Entrepreneurship research, in particular, rarely acknowledges the underlying family dynamics. Some recent attention has been given to family ownership and its relationship to the ongoing performance (Anderson and Reeb, 2003). Both entrepreneurship and family business researchers view the business system as important and examine traditional topics such as strategy, management, production, labor, performance at business stages such as start-up, growth, maturity and exit (Rogoff and Heck, 2003). Moreover, family business research uses family systems theory while entrepreneurship is rooted in economics, management, strategy, finance, psychology and sociology.

Family as an agent of enterprising

Family as an entity is the oldest, largest in number, longest in existence organization of human history. Families are unique among social systems in that they are permanent, based more on obligation than contractual agreement, and membership is often determined by biology (Giudice,Peruta, and Carayannis 2011). Future generations carry on their ancestor’s knowledge and experience of togetherness both culturally and arguably, genetically. Familiness, especially in southern part of the world, is so powerful, effective and long lasting that family as an organization throughout the history exists without any oral or written constitution or standard norms. Matrix relations among the family members enable them to combine and best utilize their personal and collective financial, human, physical, social, knowledge, cultural, natural and intangible capital. 

Anterprise skills are not fixed personality traits but can be learned and developed through experience. Relationships should be a source of considerable strength in family businesses (Milton, 2008). Relationships play an important role within most organizations. Within family firms, relationships may be a pivotal, insufficiently recognized, source of unique competitive resources (Sirmon & Hitt, 2003). In essence, “entrepreneurs are family products.”

The family is now seen as the competitive advantage in long run business success because it facilitates the development of future leadership and enhances annual shareholder return, return on assets, annual revenue growth and income growth. Despite these logical keys to superior performance, surprising little study has been made of the family’s role. (Heck et al., 2006).  More recent entrepreneurship research places the entrepreneur(s) within a social context that is, in part, the family (Aldrich and Cliff, 2003) and has more equally focused on both the family and business (Stafford et al., 1999). The family is a critical element in the mix of resources that the entrepreneur needs at every stage of a venture (Rogoff and Heck, 2003).

Therefore, families are not just simply a group of individuals, but these individuals through family interactions and transactions create unique system or group attributes that are more than the sum of individuals and their attributes (Heck et al., 2006). These unique interactions make family businesses different. Both the family and the business are social systems which are purposive and rational. These two social systems transform available resources and constraints via interpersonal and resource transactions into achievements. The importance and powerful influence of family in all aspects of entrepreneurship and business has recently been highlighted (Rogoff and Heck, 2003). Families provide a sense of personal identity and a basis for a well developed community (Miller, 2001; Shepherd and Patzelt  2011). Families can be a source of resiliency, adaptability, trust, creativity and stress buffer. The household can serve as opportunity platform and incubator (Morris H. et. al. 2010).

Considering this, family as an organization of one or more individuals is more capable rather than an individual to create a new venture/enterprise. Just as individuals have brains and beliefs, families (organizations) have “cognitive systems and memories . . . world views and ideologies”

Elaboration of research questions

In these sections of literature discussed above we examine the relationship among enterprising and the potentialities of family enterprise as a tool of poverty reduction, employment generation and economic growth and then assert the dynamics of family and family enterprise. We bring forward our research keeping in mind two hypotheses:

Hypothesis 1

Enterprising is the best way of poverty reduction, employment generation and economic growth.

Hypothesis 2

Family Enterprise is the best form of enterprise in context of resource constrain.

To summarize the intentions of the paper we seek to unpack the underlying dimensionalities of family in the establishment of family enterprise by addressing a research questions:

What is the best way of creating Family Enterprise?

Methodology

The family business is a context that enables unscripted temporal performances by founders. Characteristics of the venture creation experience are examined, and underlying dimensions are analyzed and empirically investigated. Building on social capital theory, experiences of founders of family businesses are explored.

This study has been conducted as additional task of professional responsibilities as a banker during the period of 2003 to 2010 at Dhaka and Chittagong, Bangladesh. Primary data and information collected as part of professional responsibilities for various purposes and then it is shorted according to our study needs. Around 5 hundreds new enterprise creation and 1 thousand existing enterprises are observed in multiple levels as real-life experiences. In-depth interviews were held with the founders of family enterprise and other members of that family with subsequent follow-up visits. Collected subjective experiences and data were analyzed objectively and closely monitored enterprise creation process as part of the process. Long discussion and interaction were held to capture the experiences of family enterprise creation. A large number of cases were studied. Existing literatures on family, family enterprise and entrepreneurship reviewed extensively to generate conception in line with the practices.

Given the lack of any comprehensive entrepreneurship theory (Venkataraman, 1997), proximity to the phenomenon of interest is a way to enrich the field of entrepreneurship (Zahra, 2007). Thus, rather than using deductive reasoning to formulate hypotheses, our explicit aim was to develop insights from proximity to the entrepreneurs behind creation of enterprises. Indeed, our realization of Familipreneurship emerged inductively through our data collection and analysis process. This confirms the appropriateness of qualitative research for revealing substantive issues that have rarely been addressed in entrepreneurship (Gartner & Birley, 2002).

Our paper employs a multiple case studies approach which is suitable for “how and why” questions and for research that involves observations over time (Yin, 1994). To identify appropriate participants we conducted searches within diverse socio-economic setting for start-up  and existing enterprises for long time. Whilst initial data was gathered from official documents of Bangladesh Krishi Bank we selected a large numbers of case studies. According to theoretical sampling, “extreme” cases enable easier observation of the phenomenon and facilitate pattern recognition (Eisenhardt & Graebner, 2007). As the paper seeks to portray the details of the rich and complex setting, a few cases are deemed adequate (Langley, 1999). These cases where developed by a further round of interviews with the founders and other family members. Our analysis follows an iterative ‘back and forth’ approach between data and existing theories (Van Maanen et al. 2007). This method of comparison (Eisenhardt, 1989) permits inductive theory building as evidence is accumulated overtime to achieve theoretical replication (Yin, 1994). In line with Charmaz’s (2006) explanation of the social constructionist approach to theorizing reality is not considered as singular and concrete, thus insights into what the entrepreneurs believe is real for them were sought. By focusing on these few cases it becomes possible to provide enough evidence using both “power and proof” quotes (Pratt, 2008) so the reader can envisage the real-life experiences of the entrepreneurs in context of family enterprise creation.

Results and discussions

In Bangladesh, Chak Bazar, and Khatunganj, is the two largest wholesale markets in dominated by ‘Kuttis’ and ‘Sowdagors’. Define ‘Kutti’ and Sawdagar in brief.  They are mostly illiterate but uphold strong entrepreneurial knowledge and skills inherited from their families/ancestors. So they are dominating the context from generation to generation. Most of them do not have any formal entrepreneurial education or training; only reason behind their success is Familipreneurship; entrepreneurship gained through family environment. Their practical knowledge of enterprise is gathered through ‘doing’, although even the exceptions do not complete their secondary level education, and then starts enterprise or venture with other family members. In most cases they are successful. In many cases founder of a family enterprise did not have any formal education let alone enterprise education, but they did very well in their job. Once a family enterprise is created, the next generation carries this on because of inherent Familipreneurship. If next generation fails to carry on, then easily they can start their alternatives because of their entrepreneurial qualities created through Familipreneurship.

Knowledge of Familipreneurship could be captured through study on Enterprise Families. We have to chalk out those special features of those families that made them successful. Context of Familipreneurship is unique in nature since it is live and continuous and interactive. It involves the whole family as a business organisation. Once it is started, it goes on for ever. Knowledge on Familipreneurship gathered is mostly transferable.

Through Familipreneurship Education an every single individual of a family achieves the power and capacity to combine, transform and utilize personal and family wealth and scattered resources into capitals. Knowledge and skills of Familipreneurship is transferable through generation to generation. Familipreneurship creates a natural environment of generating and transferring indigenous knowledge and skill to reach their personal and collective goal which will accelerate the whole enterprising process as well as economic development. Promoting Familipreneurship could be the best solution to create new family venture/enterprise in a less or under or least developed economy where inadequacy of resources is strongly prevalent.

Limitations of this paper

This paper does not use any structured method rather it implies a set of methods to capture the dilemma of enterprise creation in context of Bangladesh. Information was collected from diverse socio-economic and demographic setup but not tested in multiple countries. A number of enterprise creation processes were observed for a long time but did not analyze aggregated data. To gain insight and be able to offer an explanatory model, a qualitative research approach was used because creation of enterprise is a temporal experience.

Recommendation for Future research and Study

One may have different social, economical or occupational identity, but all are belonging to a family. If the families are addressed as an intervening point it not only ensure the benefit it will continuously and increasingly add value to society. As an institution family is contributing maximum benefit to the society, which is commonly remaining uncounted. Family bonding is highly define and explicit than any other forms of organization. Family is the first place to learn for individuals and the fundamental unit of our social construct. Our learning begins from family first. The lessons, learnt from family, are most influencing and effective for individuals. Our basic life skill and mind set grows from family culture which have ever lasting and enormous effects on rest of life. Culture of a society mostly depends on them families' culture of that society, individual characteristics of a person drastically influenced by other family members’ character.

If we take the family as a level of analysis and intervention, it would open a new horizon of our entrepreneurship knowledge. Continuous empirical study is needed to encode and theorize the dimensionalities of Familipreneurship. It will enhance our understanding to help the practices of family enterprise. Our study shows that Familipreneurship not only contributes during the process of family enterprise creation but also contributes later process also. Exploring Familipreneurship may describe the reasons behind outperforming of family enterprise which is still unknown in a theoretical basis.

Our work on individual-level drivers of creating enterprise suggests possible interesting insights for several areas of literature. Our research also moves to expand discussions on the role of family in entrepreneurship literature more broadly. We believe this finding opens opportunities for further research into the role of family in creating enterprise.  Our paper has only looked at the process during the pre-launch and in the early days of new ventures, it would therefore, be valuable to probe the way in which they maintain and expand their enterprises in diverse socio-economic contexts.

 Conclusions & implications

Creating family enterprise as a means of enterprising for sustainable poverty reduction, employment generation and economic growth is largely untested. Our reviews reveal that family enterprise as a form of enterprise bears immense potentials which remained unexplored. We propose to use family enterprise as a tool for enterprising which directly affect employment generation and economic growth of a developing country.

Morris H., et. al. (2010) shows that the venture creation experience involves the interplay among affective, cognitive, and physiological responses as events are "lived through".  Surprisingly little is known about the early stages of family firms. Our study found that knowledge of Familipreneurship is generated and transferred through family by family. Family members learn enterprising education by ‘doing’ in family environment. One or more individuals take the lead but all other family members are integral part of it. Familipreneurship enables them to utilize their social capital in enterprising, as a result they are able to establish and run their enterprise profitably. If we can capture the features of Familipreneurship it will help us to use it in creating new family enterprise. Familipreneurship knowledge does not derive from any formal system rather it’s a indigenous system of learning. It is completely consistent with Sophocles’ (400 BC) observation “One must learn by doing the thing, for though you think you know it – you have no certainty, until you try.”

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Family Enterprise

Enterprising through Promoting Familipreneurship for Sustainable Poverty Reduction, Employment Generation and Economic Growth.

Despite vigorous multidimensional efforts worldwide poverty is still the biggest enemy of mankind. Existence of poverty paves the way for several consequent problems which affect all sphere of life. In many countries like Bangladesh prevalence of poverty is increasingly alarming. Ensuring poverty reduction will enhance all other development process and eliminate many other problems. Our experience of overall poverty reduction is very depressing. Dream of sending poverty to museum begin to shrink; especially after starting contemporary controversy of microcredit, recognized as most powerful tool to fight against poverty, is deepening this desolation. Poverty, unemployment and economic growth are integrated and interdependent socio-economic phenomenon.

Promotion of enterprise is one of the tested and trusted ways for sustainable poverty reduction, employment generation and economic growth as well as wealth creation for the future generation. Many countries are doing well adopting this policy in their national economic development agenda. Post-war Europe and some emerging Asian countries may be the best example. Many developing countries are adopted this policy. But most of the efforts are towards existing, promising and profitable enterprise, distinguishing as SMEs. Institutional effort of creating new enterprise is very poor; there is no standardized system of creating new enterprise. Seemingly finance capital is the key element of creating enterprise but this view does not agree with our experiences. Our experience shows that finance capital alone can’t create enterprise, even it is not the most important element for enterprising yet our financial investment towards new enterprise creation is very little. There are common understanding that inadequacy of land, labor, capital, technology, knowledge and entrepreneurship are the obstructs for enterprising. Familipreneurship reduces these obstructs.

Family as an entity is the oldest, largest in number, longest in existence organization of human history. Families are unique and fundamental unit of our social systems and they are permanent, based more on moral obligation than contractual agreement. Future generations will carry on their ancestor’s knowledge and experience of togetherness both culturally and arguably, genetically. Familiness, especially in southern part of the world, is so powerful, effective and long lasting that family as an organization throughout the history exists without any oral or written constitution or standard norms. Matrix relations among the family members enable them to combine and best utilize their personal and collective financial, human, physical, social, knowledge, cultural, natural and intangible capital.  

Considering this, family as an organization of one or more individuals is more capable rather than an individual to create a new venture/enterprise. Just as individuals have brains and beliefs, families (organizations) have “cognitive systems and memories . . . world views and ideologies” (Hedberg, 1981). In many cases founder of a family enterprise did not have any formal education let alone enterprise education, but they did very well in their job. Once a family enterprise is created, the next generation carries this on because of inherent Familipreneurship, which has barely been highlighted in entrepreneurship literatures. If next generation fails to carry on, then easily they can start their alternatives because of their entrepreneurial qualities created through Familipreneurship. Alone with many other instances, Chak Bazar and Khatunganj, two largest wholesale market in Bangladesh  are dominated by ‘Kuttis’ and ‘Sowdagors’ who are mostly illiterate but upholds strong entrepreneurial knowledge and skills inherited from their families. So they are dominating the context from generation to generation. Most of them do not have any formal entrepreneurial education or training; only reason behind their success is Familipreneurship-entrepreneurship of a family gained through family environment. Practical knowledge of enterprise is gathered through ‘doing’, usually have very little formal education, even the exceptions do not complete their secondary level education, then starts enterprise or venture with other family members. In most cases they are successful.

Globally percentage of enterprises owned or controlled by families is an average around 70 percents. So as an enterprise, strength of family enterprise is proven. Recent studies on family entrepreneurship have only addressed the traditional issues of individual entrepreneurs in the family. Family enterprise will flourish in future for its inherent qualities. If we can create a family enterprise it will be continued or diversified by next generation. Creating micro and small family enterprise could be an effective strategy for sustainable poverty reduction. And this process could be institutionalized through formal Familipreneurship education. Knowledge of Familipreneurship could be gathered from study and research on those successful family enterprises. We have to chalk out those special features of those families that made them successful. Context of Familipreneurship is unique in nature since it is a live and continuous and interactive. It involves the whole family as a business organisation. Once it is started, it goes on for ever. Knowledge on Familipreneurship gathered could be transferred to potential/interested families.

Through Familipreneurship an every single individual of a family achieves the power and capacity to combine, transform and utilize personal and family wealth and scattered resources into capitals. Knowledge and skills of Familipreneurship is transferable through generation to generation. Familipreneurship creates a natural environment of generating and transferring indigenous knowledge and skill to reach their personal and collective goal which will accelerate the whole enterprising process as well as economic development. Promoting Familipreneurship could be the best solution to create new family venture/enterprise in a less or under or least developed economy where inadequacy of resources is strongly prevalent. 

Family Based Capitalization (FBC)™

Making the Future by Shaping the Present™

Family Based Capitalization (FBC)™: Restoring family as an entrepreneurial unit towards an entrepreneurial society by using Familipreneurship as a tool for interactive and evolving movement for the change to be ONE™;Virtually boundary/borderless An entrepreneurial world to build an equitable and just human civilization. FAMILIPRENEURSHIP™; entrepreneurship of a family as an entrepreneurial unit which enables them to utilize optimum opportunity and resources to activate as performing capitals ((Financial capital, Human capital, Physical capital, Social capital, Knowledge capital, Cultural capital and Intangible capital and natural capital)) Familipreneurship determines and architects matrix relationships of individuals with Family, community, society, nation and the world as an entrepreneurial village.

Bondage Linkage and Network in various forms are the largest social capital of mankind which remains mostly unused and undetected. Utilization of social capitals maximize wealth and optimize performing capitals by accumulating scattered, unused and undetected resources for making the future by shaping the present. FBC envisions an entrepreneurial society of healthy and just families. A family is a miniature of our society, even it is prototype of a country in terms of its functionalities.

Family is the most primitive and trusted institutions of human history. Still today its role and importance is pivotal. As an institution family is contributing maximum benefit to the society, which is commonly remaining unrecognized and uncounted. Family bonding is highly define and explicit than any other forms of organization. Familiness is a unique and irreversible relationship. Family is the first place to learn for individuals. The lessons learnt from family, are most influencing and effective for individuals. Family is the fundamental unit of our social construct. Irrespective of all other we identity we all belong to a common identity i.e. family identity. We may have different social, economical or occupational identity, but we are belonging to a family.

 Our learning begins from family first. Our basic life skill and mind set grows from family culture which have ever lasting and enormous effects on rest of life. Culture of a society mostly depends on families' culture of that society, individual characteristics of a person drastically influenced by other family members’ character. So it can be argued that Just family is the precondition of a just society, for ensuring a just society where all sorts of discrimination and violence will be diminished, we have to ensure healthy and just family.

Communities do not exist in isolation but in relationship with others, as well as their natural and institutional environment. The strengths of them lie in their internal relationships (bonding), relations with other communities (bridging) and relations with their natural and institutional environment (linkage). This will enhance the process of inclusion internally and resulting more opportunities to link with the holistic development approaches.

Vision and Mission

Ø  Just and friendly society.

Ø  Restoration of inherited but shrink tradition and indigenous knowledge, culture and practices.

Ø  Establishing social norms and values through enriching Family values.

Ø  Multidimensional role of family as a social catalyst to remove all sorts of discrimination and injustice towards an inclusive just society.

Ø  Institutionalization of social educational system through family and Community.

Ø  Improved reliability, function ability, transparency and structural improvement of Alternative dispute settlement process.

Ø  Entrepreneurial community

Ø  Converting family into Enterprise by counting its in-house nonmonetary activities in GDP

Ø  Making scattered/unused/undetected resources into performing Capitals

Ø  Integrating work and family

Ø  Family reunion

Ø  Optimum utilization of social capital

Ø  Reduced reliance on Finance capital

ORGANIZATIONAL STRUCTURE OF FBC PROGRAM

INDIVIDUAL>Beneficiary

=>Family (INTERVENTION ACCESS POINT)

=>Family club=>Village/Para/Moholla

Family+Community=Faminity club=>Word>community level

Family+society=Famity club =>UP>local level

Familipreneur club=>Upazila/Thana/Pourosova>Gateway for upward linkage

Familiprise club=>District> Gateway for upward and/or downward linkage

Forum of familipreneurs=>National>Coordination and international collaboration

INTERVENTION STRATEGY of FBC program

National level

Coordination

Policy environment

Infrastructure

R&D

Community through family level

Developing/enhancing/functioning/activating Capitalization capabilities

Networking>Bridging>Linking

APPROACHES

Ø  IDENTIFY all household members.>>>> From invisible to visible.

Ø  MAKE family profile>>>Need assessment and SWOT analysis

Ø  TRANSFER knowledge and skill>>>Empowerment to defend self

Ø  COMBINE personal/individual choice opportunity and potentiality

Ø  ENCASH of resources and opportunities

Ø  FORM family groups.>>>> From segregation to confederation.

Ø  CHANGE attitude and mind set.>>>> From ‘for the people’ to’ by the people’.

Ø  DEVELOP local solutions for local problems.>>>>> From endogenous to indigenous knowledge.

Ø  BUILD alliance with other stakeholders.>>>> From isolation to Networks, bondages, links.

Ø  ACCUMULATE capital.>>>>> From scattered resource to valuable wealth.

EXPECTED OUTCOMES

Ø  Family integrity > social integrity >> community wealth >>> familipreneur nation of enterprises

Ø  Diverse and enriched society

Ø  Sustainable and convertible Wealth and capital