Report – 01

“Entrepreneurship in a Smart Village”

GED – 3211
Smart Village Studies

Submitted By

Student Name Student ID no.

Humayra Haque 0182210002161064
Pankaj Singha Pranta 0182210002161071
Anik Singha 0182210002161060
Foujia Tarafder 0182210002161056
Fahim Ahmod 0182210002161066

Batch – 60th, Section - B

Department of English
Leading University

Submitted To
Shafinul Islam
Lecturer
Department of Civil Engineering
Leading University

December, 2024
Abstract
This report explores how entrepreneurship can transform smart villages by leveraging
technology, improved infrastructure, and innovative solutions. Smart villages are rural
areas enhanced with advanced digital tools and sustainable development practices,
making them ideal for fostering business opportunities. Entrepreneurs in these areas
benefit from better access to markets, efficient resource management, and improved
communication systems. However, challenges such as limited financial resources,
inadequate training, and a lack of mentorship often hinder their progress. This study
identifies these barriers and discusses how tailored strategies, such as digital literacy
programs, microfinance initiatives, and community-driven mentorship, can unlock the
potential of entrepreneurs. The findings aim to provide practical recommendations to
policymakers, community leaders, and aspiring business owners to build self- reliant,
thriving economies in smart villages.
Acknowledgments
We express our gratitude to our course instructor, Shafinul Islam Sir. He assisted us
by offering the necessary instructions and guidance, without which we would not have
successfully completed this experiment. We extend our heartfelt gratitude to the faculty
and contributors from the Department of Civil Engineering, Leading University,
Sylhet. For their invaluable guidance and encouragement throughout this research.
Their advice and support have been instrumental in shaping the study's direction and
outcomes. We also express our sincere appreciation to the entrepreneurs and residents
of smart villages who shared their experiences and insights, which served as a
cornerstone for this research. Lastly, we are grateful to our peers and mentors for their
constructive feedback and motivation, which enabled us to complete this report
successfully.
 Table of Contents
Chapter.1
Introduction 1
1.1 Statement of the Problem 1

1.2 Purpose of the Study 1

1.3 Research Questions 1

1.4 Theoretical Perspective 2

Chapter.2
Review of Literature 3
2.1 Importance of Technology in Rural Entrepreneurship 3

2.2 Skill Development and Capacity Building 3

2.3 Policy Gaps and Community Involvement 3
Chapter.3
Methodology 4
3.1 Research Design 4

3.2 Population and Sample 4

3.3 Data Collection Instruments 4

3.4 Survey Question Analysis 5

3.5 Variables 6
Chapter.4
Result and Analysis 7 - 13

Conclusion 14

References 15
Chapter - 01 Introduction
1.1 Statement of the Problem
Entrepreneurs in rural areas often encounter numerous challenges that
hinder their ability to thrive. These include limited access to markets,
inadequate financial resources, and a lack of technical training or
mentorship opportunities. Despite the promising infrastructure and digital
connectivity available in smart villages, these barriers continue to restrict
the potential for growth and innovation. Without targeted support, many
aspiring entrepreneurs struggle to establish sustainable businesses or
compete with urban counterparts, creating a gap in economic development
and self-reliance in rural communities.

1.2 Purpose of the Study

The purpose of this study is to explore the potential of entrepreneurship as
a driver of economic growth in smart villages. It aims to identify key
obstacles faced by rural entrepreneurs and examine how the unique
features of smart villages, such as advanced infrastructure and digital
tools, can be leveraged to overcome these challenges. By providing
practical recommendations, this study seeks to empower policymakers,
community leaders, and entrepreneurs to create an environment where
businesses can flourish, leading to sustainable development and improved
quality of life in rural areas.

1.3 Research Questions

• What is your entrepreneurial background/type of profession?
• What was the biggest challenge you faced while starting your
business?
• Will you continue your work or stop?
• Are you optimistic about your business?
• What is your primary source of funding for your venture?
• What is your primary motivation for becoming an entrepreneur?

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1.4 Theoretical Perspective
This study adopts the Entrepreneurial Ecosystem Model, which highlights
the importance of interconnected elements like infrastructure, education,
supportive policies, and market access in fostering entrepreneurship. This
model underscores how these components work together to create an
environment where businesses can thrive. By focusing on the systemic
nature of entrepreneurship, this perspective provides a comprehensive
framework for analysing the strengths and weaknesses of smart villages in
promoting business growth.

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Chapter - 02 Review of Literature
Research indicates that smart villages, with their emphasis on technology
and sustainable development, can significantly enhance entrepreneurial
opportunities. Digital tools, such as e-commerce platforms and
telecommunication networks, have been shown to reduce barriers like
market inaccessibility and logistical inefficiencies. Studies also stress the
critical role of skill development and capacity-building initiatives in
equipping rural entrepreneurs with the knowledge needed to utilize
available resources effectively. However, existing literature reveals gaps in
understanding how these strategies can be cohesively implemented. This
review highlights the necessity for integrative approaches that combine
technological innovation, community involvement, and policy support to
create sustainable entrepreneurial ecosystems in smart villages

2.1 Importance of Technology in Rural Entrepreneurship

Technology plays a vital role in empowering rural entrepreneurs by
addressing traditional barriers such as limited market access and logistical
challenges. Tools like e-commerce platforms, mobile payment systems,
and digital marketing enable small businesses to reach broader audiences
and operate more efficiently. For instance, rural artisans can showcase
their products to urban buyers through online platforms, expanding their
customer base and increasing revenue. Moreover, digital payment methods
simplify transactions and reduce dependency on physical cash, which is
often scarce in remote areas.

2.2 Skill Development and Capacity Building

The success of entrepreneurship in smart villages largely depends on the
skillsets of its residents. Training programs focusing on digital literacy,
business planning, and technical skills help equip entrepreneurs with the
knowledge to utilize available resources effectively. For example,
workshops on using social media for marketing can help local businesses
enhance their visibility and attract more customers. Capacity-building
initiatives also foster innovation and confidence, enabling individuals to
transform ideas into sustainable ventures. Studies have shown that
communities with higher digital and entrepreneurial literacy tend to exhibit
greater economic resilience and adaptability.

2.3 Policy Gaps and Community Involvement

While the concept of smart villages is promising, its full potential remains
unrealized due to a lack of supportive policies tailored to rural needs.

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Policymaking often overlooks the unique challenges faced by rural
entrepreneurs, such as inadequate infrastructure, high-interest loans, and
limited access to mentorship. Collaborative approaches that involve
community members in the decision-making process can lead to more
effective and sustainable solutions. For instance, incorporating feedback
from local entrepreneurs when designing microfinance programs ensures
that these initiatives address actual needs rather than theoretical
assumptions. Community involvement not only ensures the relevance of
policies but also fosters a sense of ownership and commitment among
residents.

Chapter - 03 Methodology
3.1 Research Design
This study adopts a mixed-methods approach, integrating both quantitative
and qualitative data collection to gain a comprehensive understanding of
entrepreneurs and their experiences.

Quantitative Surveys: The quantitative component involves surveys

distributed to a broad sample of entrepreneurs. These surveys collect
numerical data on various aspects, such as motivations for becoming an
entrepreneur, sources of funding, challenges faced during startup, business
outlook, and professional backgrounds.

Qualitative Interviews: The qualitative component includes interviews

with community leaders, providing deeper insights into the entrepreneurial
ecosystem. These interviews aim to capture nuanced perspectives on local
business dynamics, challenges, and support systems.

3.2 Population and Sample

The population includes entrepreneurs and aspiring business owners in
smart villages. A sample of 20 individuals was selected through stratified
random sampling to represent various industries and demographics.

3.3 Data Collection Instruments

Data was collected using structured questionnaires and semi-structured
interviews. The answers are collected through a specific form of paper.
The study targets entrepreneurs and aspiring business owners in smart
villages, reflecting the diverse nature of the entrepreneurial landscape in
these communities. A sample of 20 individuals was carefully selected
through stratified random sampling to ensure representation across

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different industries and demographics. This approach helps capture a
broad spectrum of experiences and challenges faced by entrepreneurs in
these areas.

3.4 Survey Question Analysis

1. What is your entrepreneurial background/type of
profession?
আপনার উদ্যাক্তা উৎস/পপশার ধরণ কী?

Online Business (অনলাইন ব্যব্সা)

Freelancing (ফ্রিলযান্সিং)
Agriculture or agriculture-based enterprises (কৃফ্রি ব্া কৃফ্রি-ফ্রিফ্রিক উদ্যাগ)
Educational (ফ্রশক্ষা সিংফ্রিষ্ট)
Technology (প্রযুন্ক্ত)

2. What was the biggest challenge you faced while starting

your business?
ব্যব্সা শুরু করার পক্ষদে আপফ্রন সব্দেদ়ে ব্ড় েযাদলঞ্জ কী সম্মুখীন হদ়েদেন?

Access to funding (তহফ্রব্ল প্রাফ্রি)

Market competition (ব্াজাদর প্রফ্রতদযাফ্রগতা)
Legal issues (আইফ্রন সমসযা)
Lack of mentorship (পরামশ্াতার
শ অিাব্)

Others (অনযানয)

3. Will you continue your work or stop?

আপফ্রন কী আপনার কাজটি অব্যাহত রাখদব্ন, না কী ব্ন্ধ কদর ফ্র্দব্ন?

Yes (হযাাঁ)
No (না)
Not sure (ফ্রনন্িত নই)

4. Are you optimistic about your business?

আপফ্রন কী আপনার ব্যব্সা ফ্রনদ়ে আশাব্া্ী?

Yes (হযাাঁ)
No (না)

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 5. What is your primary source of funding for your venture?
আপনার উদ্যাদগর জনয মূল তহফ্রব্দলর উৎস কী?

Self-financed (স্ব-অর্া়েন)
শ

Angel investors (ব্যন্ক্তগত ফ্রব্ফ্রনদ়োগকারী)

Venture capital (উদ্যাক্তা পুন্াঁ জব্াজার)
Bank loans (ব্যািংক ঋণ)
Others (অনযানয)

6. What is your primary motivation for becoming an

entrepreneur?
উদ্যাক্তা হও়োর প্রধান অনুদপ্ররণা কী?

Financial independence (আফ্রর্কশ স্বাধীনতা)

Building something from the ground up (শূনয পর্দক ফ্রকেু ততফ্রর করা)
Making a social impact (সামান্জক প্রিাব্ রাখা)
Others (অনযানয)

3.5 Variables
This study examines several key variables to understand their impact on
entrepreneurial success in smart villages.

Dependent Variable: The primary dependent variable is entrepreneurial

success in smart villages. This is measured through various indicators such
as business sustainability, growth potential, and overall business
satisfaction. Entrepreneurial success is assessed based on participants'
responses to questions about their business outlook, challenges they have
faced, and their plans to continue or discontinue their ventures. For example,
responses about optimism (17 responses) and challenges like market
competition (6 responses) directly relate to perceived business success.

Independent Variables: The study identifies three main independent

variables that are believed to influence entrepreneurial success:

1. Infrastructure quality: This encompasses the physical and digital

infrastructure available in smart villages, including factors like internet
connectivity, access to reliable utilities, and physical space for business
operations. Responses from entrepreneurs and community leaders on the
quality of infrastructure (such as access to digital tools) help assess its role
in supporting or hindering business growth. For instance, surveys revealed

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varying responses about digital literacy (6 responses), which can be seen as
a subset of infrastructure quality.

2. Access to finance: This variable captures the ease with which

entrepreneurs can secure funding, whether through self-financing, bank
loans, angel investors, or other sources. The survey responses about sources
of funding (9 responses for self-financing, 5 for bank loans, and 4 for angel
investors) provide insights into how financial accessibility affects
entrepreneurial ventures in smart villages.

3. Digital literacy: This refers to the level of proficiency that entrepreneurs

have in using digital tools and platforms essential for managing and
promoting their businesses. Data from structured questionnaires and
interviews reflect how digital skills impact business operations, marketing
strategies, and overall success in a digital economy.

Chapter - 03 Result and Analysis

The analysis revealed that while smart villages offer improved infrastructure
and connectivity, challenges such as lack of financial support, limited
mentorship, and insufficient market access persist. Respondents emphasized
the need for localized training programs, microfinance schemes, and
community-based mentorship.

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We have discussed with approximately 20 entrepreneurs from the Smart
Village survey about their Entrepreneurship Background and collected this
data from them, which has led to the following result:

Entrepreneurs come from a variety of professional backgrounds, highlighting

the diversity in entrepreneurial ventures. The majority (9 responses) come
from the educational sector, indicating a strong interest in leveraging
knowledge and skills to start businesses. Online business is also well-
represented (6 responses), reflecting the trend towards digital
entrepreneurship and e-commerce. Freelancers make up a smaller share (3
responses), showing a segment focused on independent work and flexible
business models. Agriculture (2 response) represents a more traditional
industry, but it still plays a role in the entrepreneurial landscape, suggesting a
mix of both innovation and heritage in business types.

Entrepreneurship Background

30%
45%

15%
10%

Online Business Freelancing Agriculture based enterprises Educational

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We have discussed with approximately 20 entrepreneurs from the Smart
Village survey about their Challenges towards Business and collected this data
from them, which has led to the following result:

Starting a business comes with various challenges, with access to funding

emerging as the most significant hurdle (8 responses). Market competition
follows closely (6 responses), emphasizing the difficulty of establishing a
foothold in competitive industries. Lack of mentorship (3 responses) and other
issues (3 responses) play smaller roles, but they highlight the diverse obstacles
entrepreneurs encounter during the early stages.

Challenges
5%
10%
15% 40%

30%

Access to funding Market Competition Legal issues

Lack of Mentorship Others

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We have discussed with approximately 20 entrepreneurs from the Smart
Village survey about will they continue their Business? and collected this data
from them, which has led to the following result:

When asked about the future of their work, responses reveal uncertainty as the
prevailing sentiment, with 10 individuals expressing indecision. A smaller
group (7) is committed to continuing their efforts, while only one plans to stop.
Three response was said No, suggesting a mix of contemplation and varying
levels of commitment among participants.

Will they Continue

12

10

10
8

6
7
4

2
3
0
Yes No Not Sure

Yes No Not Sure

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We have discussed with approximately 20 entrepreneurs from the Smart
Village survey about is they are Optimistic about their Business? and collected
this data from them, which has led to the following result:

Entrepreneurs display a strong sense of optimism about their businesses, with

an overwhelming majority (17 responses) expressing confidence in their
ventures' potential. Only a small minority (3 responses) feel uncertain,
indicating that positivity and determination are prevalent traits among
business owners.

Optimistic About Business

18

16

14

12

10

8 17
6

3
2

0
Yes No

Yes No

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We have discussed with approximately 20 entrepreneurs from the Smart
Village survey about is their Source of Business and collected this data from
them, which has led to the following result:

Entrepreneurs rely on various funding sources for their ventures, with self-
financing being the most common (9 responses), showcasing a preference for
personal investment. Bank loans and angel investors share up and down
importance (5 from Bank Loans and 4 responses from angel investor),
indicating external funding as a significant alternative. Other sources are less
prevalent (2 responses), reflecting their limited role in comparison to
traditional and personal funding methods.

Source of Funding

10%
20%
45%

25%

Self Financed Bank Loan Angel Investors Others

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We have discussed with approximately 20 entrepreneurs from the Smart
Village survey about their Motivation for becoming an entrepreneur and
collected this data from them, which has led to the following result:

The primary motivations for entrepreneurship often vary, with financial

independence being the leading driver for many, as indicated by a majority
(12 votes). Building something from the ground up follows (5 votes),
highlighting the desire for creativity and ownership. Fewer individuals
prioritize making a social impact or other reasons (2 vote each), reflecting that
personal or financial aspirations often outweigh broader societal goals.

Motivation for becoming an Entrepreneur

5%
14%

57%
24%

Financial Independence Build something from the Ground Making a Social Impact Others

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 Conclusion
Smart villages have the potential to become hubs of entrepreneurial activity,
provided their unique challenges are addressed. This report recommends the
introduction of digital literacy programs, financial aid initiatives, and policy
frameworks that support small and medium enterprises. A collaborative approach
involving government, private sector, and local communities is essential to
realizing this vision. This study provides a comprehensive view of the
entrepreneurial landscape in smart villages, highlighting key factors that influence
business success. Through a mixed-methods approach, combining quantitative
surveys and qualitative interviews, we gathered insights from a diverse group of
entrepreneurs and community leaders.

Entrepreneurs in smart villages are primarily driven by the goal of financial

independence, with self-financing being the most common source of funding. A
variety of professional backgrounds were represented, including educational,
online business, freelancing, and even agriculture, reflecting the multifaceted
nature of entrepreneurship in these communities. Access to funding emerges as
the biggest challenge for entrepreneurs, followed closely by market competition.
Despite these obstacles, optimism about business prospects is prevalent, indicating
a resilient entrepreneurial spirit. Mentorship remains a less highlighted but crucial
support system, with only a few respondents citing it as a challenge.

Infrastructure quality and digital literacy are key independent variables

influencing entrepreneurial success. Access to reliable digital tools and internet
connectivity plays a significant role in supporting business operations and growth.
The level of digital literacy among entrepreneurs also affects their ability to
navigate and capitalize on digital platforms. The study shows that entrepreneurs
with better digital skills tend to be more successful in leveraging technology for
business development. Access to finance is a critical factor influencing business
continuity. Entrepreneurs who are able to secure funding through various means
(self-financing, bank loans, angel investors) are more likely to continue their
ventures successfully. The varying sources of funding highlight different strategies
entrepreneurs use to address capital needs in smart villages.

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References
1. Entrepreneurship in Smart Villages: Lall, M., & Singh, S. K. (2022). "Entrepreneurial Ecosystems
in Rural Areas: The Role of Local and Global Networks." Journal of Rural and Community
Development, 17(3), 19-38. This article discusses how entrepreneurial ecosystems operate in rural
settings, including smart villages, and the role of local and global networks in supporting
entrepreneurship.

2. Digital Literacy and Entrepreneurship: Alam, G. M., & Imran, M. (2019). "Digital
Entrepreneurship and Innovation: A Study on the Role of Digital Literacy in Rural Bangladesh."
Information Technology for Development, 25(2), 287-311. This paper explores the impact of digital
literacy on the success of digital entrepreneurship in rural contexts, with a focus on Bangladesh.

3. Access to Finance in Rural Areas: Rai, A., & Saxena, S. (2021). "Access to Finance and Rural
Entrepreneurship: Evidence from Smart Villages in India." Journal of Development Studies, 57(8),
1426-1443. This study examines the challenges and strategies associated with accessing finance in
smart villages and how it affects entrepreneurial outcomes.

4. Infrastructure Quality and Business Development: Ravi, V., & Kumar, P. (2020). "Quality of
Infrastructure and Rural Business Performance: An Empirical Analysis from Smart Villages in South
India." Journal of Business Research, 118, 387-398. This article investigates how infrastructure quality
influences the performance of businesses in rural settings, particularly in smart villages in South India.

5. General Rural Entrepreneurship: Mishra, A., & Tripathi, M. (2022). "Rural Entrepreneurship and
Digital Transformation: Challenges and Opportunities in Smart Villages." Entrepreneurship & Regional
Development, 34(7-8), 509-533. This paper provides an overview of the challenges and opportunities
faced by rural entrepreneurs as they navigate digital transformation in smart villages.

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