What is it about?
This study investigates the impact of cultural norms on sustainable entrepreneurship initiatives within small and medium-sized enterprises (SMEs) in Bangladesh. Conducting semi-structured interviews with 40 SME owners, executives, and stakeholders, a rigorous thematic analysis uncovers diverse perspectives. The findings elucidate how cultural norms, encompassing risk aversion, intricate social networks, and familial influences, shape sustainable entrepreneurship positively and negatively. Additionally, the study underscores the pivotal role of governmental policies and regulatory frameworks in molding sustainable entrepreneurship dimensions. It advocates for a comprehensive strategy to address cultural barriers, prioritizing supportive environments aided by informed policies and regulations. The implications extend beyond Bangladesh, highlighting the relevance for other developing nations grappling with similar cultural and regulatory challenges. Future research should explore this intricate relationship across diverse contexts to deepen understanding and inform effective strategies for sustainable entrepreneurship.
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Why is it important?
This study's importance lies in its illumination of the intricate interplay between cultural norms, governmental policies, and sustainable entrepreneurship in the context of small and medium-sized enterprises (SMEs) in Bangladesh. By recognizing the significant impact of cultural factors such as risk aversion and family dynamics on entrepreneurial practices, the study provides valuable insights for policymakers, business owners, and stakeholders. Understanding these dynamics is crucial for fostering a supportive environment that enables SMEs to engage in sustainable entrepreneurship effectively. Moreover, the study emphasizes the necessity of addressing cultural barriers through informed governmental policies and regulations. This underscores the role of policymakers in creating an enabling environment for sustainable entrepreneurship to flourish, which is essential for economic development and social progress. Furthermore, the findings of this study have broader implications beyond Bangladesh, resonating with other developing countries facing similar challenges. By shedding light on the complex relationship between culture, regulation, and entrepreneurship, the study offers a framework for addressing these obstacles in diverse contexts. Overall, this research contributes to the advancement of knowledge in the field of sustainable entrepreneurship by highlighting the importance of understanding and navigating cultural norms and governmental policies to foster sustainable business practices within SMEs.
Perspectives
From a personal perspective, this publication offers valuable insights into the nuanced dynamics of entrepreneurship within the context of cultural norms and regulatory frameworks, particularly in a developing country like Bangladesh. It underscores the significance of recognizing and understanding the impact of cultural factors on business practices, which is often overlooked in traditional entrepreneurship literature. One aspect I find particularly compelling is the emphasis on the dual nature of cultural norms, acknowledging both their positive and negative influences on sustainable entrepreneurship. By delving into factors such as risk aversion, social networks, and family dynamics, the study provides a nuanced understanding of how cultural context shapes entrepreneurial behavior and decision-making. Moreover, the study's recognition of the role of governmental policies and regulatory frameworks in shaping the entrepreneurial landscape adds another layer of complexity. It highlights the importance of aligning policies with the cultural context and the needs of SMEs to create an enabling environment for sustainable entrepreneurship to thrive. As someone interested in socio-economic development and entrepreneurship, I appreciate how this publication bridges theory and practice by offering actionable recommendations for policymakers and entrepreneurs alike. By advocating for a comprehensive and integrated strategy that addresses cultural barriers and promotes supportive environments, the study offers a roadmap for fostering sustainable entrepreneurship not only in Bangladesh but also in other similar contexts.
Md Mehedi Hasan Emon
American International University Bangladesh
Read the Original
This page is a summary of: The Impact of Cultural Norms on Sustainable Entrepreneurship Practices in SMEs of Bangladesh, Indonesian Journal of Innovation and Applied Sciences (IJIAS), October 2023, Literacy Institute,
DOI: 10.47540/ijias.v3i3.962.
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