Motivation, Success Factors and Challenges of Entrepreneurs in Khulna City of Bangladesh

Abstract

Bangladesh is a high densely populated country where creating employment opportunity is a great challenge. Development of entrepreneurship can be a positive advancement in this regard because of its recognized role of creating sufficient scope of employment.  Considering this significance, this study has put a great stride to identify motivation, success factors and the challenges of entrepreneurs in Khulna City of Bangladesh. Data were collected from entrepreneurs running business in this city using structured questionnaires developed based on previous studies. Factor analysis was applied first to find the factors associated with motivation, success and challenges of entrepreneurs and later multiple regression technique was used to identify the factors which are statistically significant. This study has found independence, personal and family security, self employment and intrinsic factors are associated with motivation where independence, personal and family security, and self employment are statistically significant. Business environment, policy issues, infrastructure, raw materials, political instability and costs of equipment are found linked with challenges of entrepreneurs in Khulna city where business environment, infrastructure, and raw material are statistically significant. It has been identified that managerial capability, experience and training, family support and honesty, social network, and price and location are success factors. Managerial capability, experience and training, family support and honesty are significant statistically.

Keywords: Motivation, Success, Challenge, Entrepreneurs