Money Masterpiece

Category: Entrepreneurs

  • All About Matiul Islam: Iconic Bangladeshi in Finance

    Matiul Islam was a towering figure whose creative and visionary approach was instrumental in shaping the foundation and subsequent expansion of Bangladesh’s financial architecture. As the nation’s first finance secretary, he was critical in recovering the country’s war-torn economy, and later transitioned into a pioneering entrepreneur, driving the development of the modern private financial sector. His passing on November 20, 2025, at the age of 95, cast a shadow over Bangladesh’s financial community.

    A devoted economist, administrator, writer, and entrepreneur, Mohammed Matiul Islam’s six decades of work in accounting, finance, and international development left an indelible legacy.

    The Foundation: Education and Early Career

    Born on January 24, 1930, Matiul Islam grew up in British India and in 1946 went to Calcutta for higher studies. With the partition of India in 1947, he moved to Chittagong.

    His career was built on an exceptional academic record. He achieved a B.Com with first-class first honors from the University of Dhaka (DU) and later earned a Master’s degree in Public Administration from Harvard University. He was also a fellow of the Institute of Chartered Accountants of Bangladesh (ICAB).

    He came out successful in the central superior service examination. His distinguished career officially began with joining the Civil Service Academy in Lahore in 1952.

    Mr. Islam is known for serving as the first Finance Secretary of Bangladesh, as well as being Bangladesh’s representative to the World Bank and later with the United Nations.

    Rebuilding a Nation: Bangladesh’s First Finance Secretary

    Following Bangladesh’s independence in 1971, Matiul Islam was called upon to take on the crucial and challenging role of the country’s first Finance Secretary, appointed by January 17, 1972. Working closely with Tajuddin Ahmad, the country’s first finance and planning minister, Islam was tasked with rebuilding the nation’s war-torn banking system.

    His responsibilities were immense, including rebuilding a shattered financial system and implementing the nationalization of the banking sector.

    During this foundational period, he traveled with Sheikh Mujib and other heads of government to establish key international relationships:

    • In February 1972, he traveled to Calcutta for talks with Indira Gandhi and the Indian Foreign minister.
    • In March 1972, he journeyed to Moscow where talks with Soviet Premier Brezhnev and Prime Minister Alexei Kosygin yielded an agreement for the Soviets to build a power plant in Ghorashal and assist in clearing mines and wreckage from Chittagong Harbour.
    • Later that year, after visits to Washington D.C. and London, the groundwork for a relationship with the IMF and World Bank was established, and the country achieved US$400 million in foreign currency reserves by September 1972.

    Global Influence: Diplomat and Development Expert

    Matiul Islam’s impact extended far beyond Dhaka into the international financial arena, serving as a Bangladeshi diplomat and envoy to key global organizations.

    The World Bank

    In October 1973, Islam joined the World Bank. As Bangladesh’s representative, he spearheaded the country’s entry into the World Bank, International Monetary Fund (IMF), and Asian Development Bank (ADB).

    He served as the Alternate Executive Director for Bangladesh, working in coordination with India and Sri Lanka. When S.R. Sen, the Executive Director, passed away, Islam took over his duties, managing Bangladesh’s contributions to the IBRD, IDA, and IFC.

    His tenure, which lasted until July 1977, was marked by vocal campaigns for the equal treatment of even the poorest nations. Notably, he campaigned against a proposed U.S. Government Accountability Office audit of the World Bank, asserting that all members were equal, and if the U.S. audited the bank, every other country should have that opportunity. He collaborated closely with Robert McNamara, then President of the World Bank, to promote aid and assistance in debt restructuring, while simultaneously working to eliminate barriers to foreign investment to enhance Bangladesh’s appeal to investors.

    Secretary of Industry and UNIDO

    Following his tenure at the World Bank, Islam returned to the Government of Bangladesh in July 1977 as Secretary of Industry. His primary focus in this role was the development of Bangladesh’s private sector.

    His most significant achievement as Industry Secretary was partnering with Dubai Bank, Limited to establish the Arab-Bangladesh Bank (now AB Bank) on December 31, 1981. He later served as the founding chairman of AB Bank Limited.

    Seeking stability away from the central government following Ziaur Rahman’s assassination in 1981, Islam was offered a position at the United Nations Industrial Development Organization (UNIDO).

    He spent twelve years at UNIDO, serving six years in Vienna and six years in Delhi.

    • In Vienna, he was a Senior Industrial Development Field Adviser and served as a liaison between UNIDO and the World Bank, matching World Bank projects in need of consultant services with specialized UNIDO personnel.
    • In 1987, he transferred to Delhi, working as the UNIDO director for India and Bhutan, where he helped secure foreign direct investment and led matchmaking efforts to pair investors with local companies at no cost to India and Bhutan.

    Architect of the Private Financial Sector

    After retiring from government/NGO service in 1993, Matiul Islam turned his focus fully to entrepreneurship, becoming a pioneering figure in developing the country’s private financial sector. He went on to start four companies.

    He was instrumental in establishing several key non-bank financial institutions (NBFIs) in Bangladesh:

    • In 1996, he founded International Leasing and Financial Services (ILLFS).
    • In 1998, he followed this by founding National Housing Finance and Investment (NHFIL).
    • In 2000, he founded his primary business venture, the Industrial and Infrastructure Development Finance Company Limited (IIDFC), a non-banking financial institution (NBFI) operating under the Financial Institutions Act of 1993. As of 2015, IIDFC amassed 16.7 billion BDT (US$200 million) in assets, and Islam continued to serve as its chairman.

    Additionally, in 2003, he played a key role in founding the Credit Rating Agency of Bangladesh (CRAB) by partnering with the Indian Credit Rating Agency (ICRA), and he most recently served as the vice-chairman of CRAB.

    In his later years, he documented his extensive experience, publishing his second memoir, “Recollections of a Civil Servant-Turned Banker (2019)“.

    Lifetime Achievement and Recognition

    Matiul Islam’s significant contributions to financial governance and public life were recognized with prestigious awards:

    • In 2010, his company, IIDFC, received the HSBC-The Daily Star Climate Award for Climate Change Mitigation for financing Bangladesh’s first green brick project, which introduced a technology using 50% less energy to manufacture bricks.
    • In 2011, he won The DHL-Daily Star Lifetime Achievement Award for his collective accomplishments over six decades in finance, accounting, and international development.
    • In 2021, the Institute of Chartered Accountants of Bangladesh (ICAB) honored him with a Lifetime Achievement Award.

    Death

    Mr. Islam left the world at the age of 95 on 20 November 2025 leaving his wife- Zohra, two daughters, five grandchildren, and one great-granddaughter..

    Last Lines

    Matiul Islam, who was described by his family as possessing great wisdom and a quiet but powerful influence, passed away on November 20, 2025. His vision and dedication ensured that the financial ecosystem of Bangladesh was not just reconstructed but systematically designed for future growth, cementing his legacy as a true pioneer.

  • Mohammad Rashed Ali Bhuiyan: Superstar behind Star Tech

    In Bangladesh’s ever-evolving tech industry, one name stands out for redefining how technology reaches the masses—Mohammad Rashed Ali Bhuiyan, Co-Founder and Chairman of Star Tech. From humble beginnings to establishing one of the country’s largest and most respected tech companies, Rashed’s journey is not only inspiring but also a blueprint for sustainable, people-centric entrepreneurship in Bangladesh.

    This blog explores his background, leadership values, company-building philosophy, and the legacy he is shaping in Bangladesh’s tech and retail space.

    Early Life and Humble Beginnings

    Mohammad Rashed Ali Bhuiyan, the Co-Founder and Chairman of Star Tech, is widely regarded as one of the pivotal figures shaping Bangladesh’s consumer technology landscape. His story is one of quiet perseverance, early exposure to the IT industry, and an entrepreneurial leap that would eventually lead to the founding of one of Bangladesh’s most prominent technology retail and solutions companies.

    Early Life Rooted in Adaptability

    Although Rashed was born in Jessore, his ancestral roots trace back to Feni, a district from which many of his lifelong values and community ties would stem. His father served as a government officer, which meant frequent relocations for the family. As a result, his early memories of Jessore are fleeting, overshadowed by a life spent adapting to new towns and schools across Bangladesh.

    Rashed began his education in his home village and studied there until the sixth grade. In the seventh grade, he moved to Dhaka, where he attended Dhaka New Model High School and completed his SSC in 1995. However, circumstances led him back to Comilla, where he pursued his higher secondary education at Comilla Government College. He later graduated with honors and a master’s degree from Victoria College, completing his academic journey in 2002.

    Early Exposure to the IT Industry

    What sets Rashed apart is how early he became immersed in the technology field, thanks to family ties and his proactive nature. Even as a student, he was already working in various professional roles—gaining valuable experience that would later serve as the backbone of his entrepreneurial endeavors.

    After completing his HSC, Rashed began an internship at a retail shop in the IDB complex, owned by his maternal uncle, who was the Chairman of Global Private Limited. This internship was Rashed’s first step into the tech retail world. Alongside this role, he also worked with UNICEF, initially as a surveyor and later advancing to the role of supervisor—a testament to his leadership potential and work ethic even at a young age.

    Professional Growth During University Years

    With strong encouragement from his family, Rashed continued working in the IT sector throughout his university years. He joined Nets Private Limited, another IDB-based company run by a maternal uncle, where he remained employed during his entire student life.

    Unlike many who separate academic and professional lives, Rashed balanced both worlds seamlessly. He would take time off during exams but remain fully engaged in the business for the rest of the year. This early dual commitment gave him a unique advantage—hands-on technical and business exposure long before completing formal education.

    From Employee to Entrepreneur: The Birth of Star Tech

    Following the completion of his master’s degree and years of working experience, Rashed began to reimagine his future. He realized that rather than continuing as an employee, he had the vision and readiness to build something of his own.

    At this point, conversations began among a group of like-minded peers—each with experience in different segments of the IT sector. This group included:

    • The current Managing Director of Star Tech Limited, already active in the IT field
    • Mazharul Alam, the MD of Distribution Hub Limited
    • Mahbub Alam Rakib, MD of Star Tech Engineering Limited

    In 2007, the four of them decided to move forward with their vision. Together, they established Star Tech as a proprietorship business in the Elephant Road Multiplan Center—then an up-and-coming tech hub in Dhaka. With little capital but immense determination, they opened their first outlet in a small space, aiming to offer not just tech products but expert consultation, support, and an entirely new customer experience.

    People-First Philosophy

    As Chairman, Mohammad Rashed Ali Bhuiyan has built Star Tech around four core principles that define his leadership:

    1. Experience: Rashed believes that success is rooted in deep, hands-on understanding of the business. He leads by example, often engaging with day-to-day operations and customer interactions.
    2. Hard Work: His tireless work ethic has influenced the entire organization. Star Tech’s rapid growth can be credited to its culture of diligence and execution.
    3. Honesty: From supplier relations to customer service, transparency and trust are non-negotiable values for Rashed. These principles have earned Star Tech a reputation for reliability in a crowded market.
    4. Commitment: He emphasizes keeping promises—whether to clients, partners, or employees. “If you break your promise, you lose your business,” he often says.

    Transforming Workplace Culture in Bangladesh

    One of Rashed’s most notable achievements is transforming corporate culture in an industry that often prioritizes profits over people.

    Open Communication

    In contrast to traditional top-down structures, Rashed promotes direct communication across all levels of the organization. Over 1,200 employees are encouraged to message or meet him directly—an unheard-of practice in many South Asian corporations.

    Flexibility and Trust

    Rashed designed Star Tech’s workplace to focus on results, not clock-ins. Employees are trusted to manage their time and take breaks as needed. This culture of autonomy drives loyalty and high performance.

    Comfort and Dignity

    The work environment includes:

    • Clean, gender-sensitive washrooms
    • Rest areas and kitchens
    • Common rooms for women
    • Onsite meals and tea corners
    • Flexible hours and supportive leave policies

    He believes a workplace should feel like home, and Star Tech is a living example of that belief.

    Comprehensive Employee Benefits

    Rashed has implemented:

    • Free life insurance
    • Affordable health insurance
    • Nutritious meals
    • Mental health counseling
    • Ongoing training and upskilling opportunities

    These are not just perks—they are expressions of a deeper philosophy that companies must care for the whole human being, not just the worker.

    Leadership Through Respect and Sacrifice

    Star Tech’s governance model is shaped by Rashed’s belief in respectful, collaborative leadership. Despite being the Chairman, he works with his partners in a culture of mutual respect and shared decision-making.

    Most of Star Tech’s co-founders are from the same region—Feni and Chandpur—but their unity is based on values, not just geography. Disagreements are handled through dialogue, and decisions are made democratically. As Rashed puts it, “If someone only wants to talk and not listen, that’s a problem for any partnership.”

    This humility and willingness to compromise have kept the partnership strong for nearly two decades—an exceptional feat in the world of business.

    Star Tech’s Growth Under His Leadership

    From a small retail store, Star Tech has grown into a national tech powerhouse, serving a wide range of clients across Bangladesh. Under Rashed’s chairmanship, the company has expanded into three main Strategic Business Units:

    1. Retail & E-Commerce (Star Tech Limited): Selling the latest tech products—from laptops and desktops to wearables and gaming gear—online and in 20+ physical outlets.
    2. Distribution (Distribution Hub Limited): Distributing over 20 global brands through a robust supply chain.
    3. Corporate & Government Solutions (Star Tech Engineering Limited): Handling specialized IT projects, government tenders, and enterprise solutions.

    This diversified structure allows Star Tech to serve individuals, businesses, and institutions across all tech categories.

    Vision for the Future

    Rashed envisions a digitally inclusive Bangladesh, where high-quality tech products and services are available to everyone—urban and rural alike.

    Star Tech is working to expand its retail network to every division and district in the country. Beyond expansion, Rashed also emphasizes the need for training, capacity-building, and government support to help Bangladeshi companies thrive amidst increasing foreign competition.

    His long-term dream is for Bangladesh to not just consume technology but to produce and innovate, creating a self-reliant tech economy.

    Advice to Entrepreneurs

    For aspiring business owners, Rashed offers time-tested advice:

    • Get work experience before launching your business
    • Learn the business hands-on—don’t just rely on theory
    • Be honest, hardworking, and committed
    • Always keep your promises to customers and partners
    • Build a strong team culture—you can’t grow alone

    Notably, several former employees of Star Tech have gone on to launch their own successful IT ventures—proof that the company is also a breeding ground for future entrepreneurs.

    A Personal Philosophy

    Outside of business, Rashed carries a refreshing perspective on life. He believes in living in the moment, being grateful, and enjoying life without constantly chasing the future.

    “We’re always running after dreams, but life is meant to be enjoyed,” he says. “Be thankful for where you are. Gratitude brings more blessings.”

    This attitude informs his leadership as well—it’s about creating success without sacrificing the joy of living.

    Legacy in the Making

    Mohammad Rashed Ali Bhuiyan is not just a successful entrepreneur—he is a cultural changemaker in Bangladesh’s business landscape. Through Star Tech, he has shown that empathy, discipline, and vision can drive growth without compromising ethics or employee well-being.

    As Chairman, he continues to guide Star Tech toward broader horizons while remaining deeply grounded in the values that started it all. His story is proof that great businesses are not just built on products—they are built on people, purpose, and principles.

  • Sylvana Quader Sinha: Transforming Healthcare in Bangladesh

    In the heart of Dhaka, amid a healthcare system often plagued by inefficiencies, long waiting times, and patient distrust, a quiet revolution has been underway—led by a woman who dared to reimagine the healthcare experience in Bangladesh. Sylvana Quader Sinha, the founder, Managing Director, and CEO of Praava Health, embodies the rare combination of global perspective, professional rigor, and personal conviction.

    Early Life and Global Influences

    Born and raised in Virginia, USA, Sylvana grew up with deep roots in Bangladesh. Her family origins in Bangladesh, coupled with frequent visits during her childhood, planted early seeds of awareness about the disparity in healthcare and quality of life. From a young age, she was struck by the extremes of poverty she witnessed in Bangladesh—despite its vibrant culture and resilience—and these early observations would go on to shape her worldview.

    Her academic journey began with a degree in Philosophy and Economics from Wellesley College in Massachusetts, followed by a dual graduate path—a Juris Doctor from Columbia Law School and a Master’s in International Development from Harvard University’s Kennedy School of Government. These experiences equipped her with a powerful foundation in law, policy, and global development.

    A Career of Impact: From Diplomacy to Development

    Sylvana’s early career was steeped in global engagement. She worked at prestigious institutions like The World Bank and in international law, gaining firsthand exposure to the intersections of policy, law, and human development. Her commitment to making a difference led her to join then-Senator Barack Obama’s foreign policy team during his historic campaign—an experience that brought her close to some of the brightest minds in American diplomacy.

    Yet, rather than staying in Washington after Obama’s victory, Sylvana made an unconventional move: she relocated to Afghanistan. There, she worked with the World Bank, the U.S. Institute of Peace, and other organizations, applying her expertise to development efforts in one of the world’s most fragile states. But despite the impact of her work, she began to feel a pull toward something more direct, more personal.

    A Personal Crisis Becomes a Catalyst

    The turning point in Sylvana’s life came in 2010 when her mother underwent a routine operation at a leading hospital in Dhaka. The procedure, expected to be simple, turned into a near-tragedy due to complications and misdiagnosis. A cancer diagnosis was later refuted abroad. This harrowing experience exposed her, in the most personal way, to the limitations and dangers of a fragmented healthcare system. She realized that if such errors could happen to someone with access to top-tier care, what was happening to everyday patients?

    It was a wake-up call. She began to contemplate how she could create meaningful, systemic change in the Bangladeshi healthcare landscape.

    Founding Praava Health: A New Vision for Care

    In 2014, Sylvana made a bold decision: to return to Bangladesh and build a healthcare company from the ground up. With no prior experience in running a medical business, she began by listening. She spoke to doctors, patients, policymakers, and healthcare entrepreneurs around the world. The stories she heard revealed two core problems: a deep lack of trust between patients and providers, and unreliable diagnostic services.

    By 2016, she hired her first employee and began building what would become Praava Health—a company based on a simple but powerful idea: that patients deserve to be treated with empathy, dignity, and accuracy.

    After raising angel investments through her international network and building a core team, Praava opened its doors in 2017. What started with a small staff grew rapidly, with over 100 employees joining for the ribbon-cutting at the company’s first flagship center in Banani.

    What Makes Praava Different

    Praava Health is a pioneer in many ways. It’s the first healthcare company in Bangladesh to introduce a fully integrated hospital information system, giving patients access to their health data through a mobile app. This digital-first approach allows patients to schedule appointments, view test results, and communicate with doctors from anywhere.

    Its six laboratories follow international standards, offering over 250 unique diagnostic tests. Praava also built Bangladesh’s first PCR lab for molecular cancer diagnostics, a breakthrough in early detection and personalized cancer care.

    But perhaps its most revolutionary feature is its values-based membership model. Instead of profiting when patients fall ill, Praava’s model is based on keeping people healthy. Members pay a flat annual fee and receive regular care and wellness services—an approach aligned with global trends in preventive care.

    A Culture of Ownership and Learning

    Under Sylvana’s leadership, Praava fosters a flat, collaborative culture that encourages shared ownership. Every employee—from doctors to administrative staff—plays a role in the patient’s journey. Weekly team meetings, cross-functional learning sessions, and even employee-led health camps reflect a deeply human, service-driven ethos.

    Sylvana herself leads hospitality training and encourages a culture of continuous learning. Her belief in empowering others is visible in how Praava operates: not just as a business, but as a movement toward rehumanizing healthcare.

    Challenges, Resilience, and Growth

    Building Praava hasn’t been without obstacles. Introducing a new healthcare brand in a trust-deficit market like Bangladesh is immensely challenging. Yet, word-of-mouth has been the company’s most effective growth driver. Patients who experience compassionate, reliable care become ambassadors. Corporate partnerships and an evolving digital presence are also helping drive momentum.

    Praava now serves thousands of patients and continues to expand. With a hub-and-spoke model, Sylvana envisions dozens of centers across the country in the coming years, bringing quality care closer to home for millions.

    Life, Leadership, and Legacy

    To Sylvana, leadership is about values and vision. She often quotes Hafiz—“Stay close to anything that makes you feel alive”—as a guiding philosophy. The desire to create meaning, build connection, and serve others lies at the core of her journey.

    Her advice to aspiring founders? “You just keep going. That’s all you can do.” She acknowledges the emotional and mental toll of entrepreneurship, but remains grounded through regular exercise, relationships, and an unwavering belief in her mission.

    Her business model and entrepreneural journey are studied and covered at home and abroad.

    Final Thoughts

    Sylvana Quader Sinha is more than a founder. She is a changemaker—one who returned to her roots with a vision to heal, to rebuild trust, and to inspire a new model of healthcare. In a country where systems often fail the people they serve, Praava Health stands as a testament to what happens when innovation, empathy, and grit come together.

    Sylvana’s story is still unfolding, and the impact of her work is only beginning to ripple through Bangladesh’s healthcare ecosystem. But already, she has proven that one person—driven by purpose and grounded in service—can indeed change the system.

  • Journey of Kihak Sung in Bangladesh

    When Kihak Sung, a young South Korean entrepreneur, first landed in Chattogram in 1979, Bangladesh was far from an ideal business destination. The infrastructure was inadequate, foreign investment was heavily restricted, and political instability loomed large. But what the country lacked in systems, it made up for in opportunity. Bangladesh’s quota-free access to European markets made it an attractive alternative for Korean exporters burdened by trade restrictions in the developed world.

    While many Korean companies were considering India, Sri Lanka, or Pakistan, Kihak Sung made a bold choice—he picked Bangladesh.

    The Humble Beginning: Youngone in 1980

    In May 1980, Sung partnered with local businessmen and established Youngone Bangladesh Limited. The venture began with modest resources—a small factory, just 250 workers, and a favorable first order from a Swedish buyer. Materials were hauled by hand carts from the port, forming kilometer-long queues. But despite the initial hardships, the operation flourished.

    By 1984, Youngone was exporting $18 million worth of garments, proving that Sung’s bet on Bangladesh was more than just a gamble—it was the start of a new industrial chapter.

    Rising Against the Odds

    The early years weren’t without struggle. Political protests outside the factory, labor disputes within, and a challenging partnership dynamic led Kihak Sung to buy back the shares of his Bangladeshi partners in 1986. That same year, he relocated operations to the newly built Chittagong Export Processing Zone (CEPZ), seeking better infrastructure and stability.

    Despite a slow start, Youngone steadily expanded in the CEPZ. The company rented multiple factory spaces and grew its capacity. An IPO in Korea in 1988 improved cash flow, enabling further investment—including a sprawling 100,000 sq ft factory by 1990.

    But then disaster struck.

    Surviving the Storm: 1991 Cyclone

    In April 1991, a super cyclone ravaged the coastal areas of Chittagong, killing over 138,000 people and devastating Youngone’s facilities. Floodwater covered the factories; mud and debris rendered them unusable. Sung stayed behind to help salvage the operation. What he witnessed during that time changed his perspective.

    “The workers wanted their jobs and were determined to keep us in Bangladesh. When I left after the recovery, they cried,” Sung recalled in an interview.

    This emotional connection solidified Sung’s long-term commitment to Bangladesh. Orders poured in from buyers who admired Youngone’s resilience, and the company began to thrive like never before.

    Vision for the Future: The Birth of Kepz

    As Youngone expanded, CEPZ’s limitations became apparent. It couldn’t keep up with the scale and speed of Sung’s ambitions. The idea of a private Export Processing Zone took root during a JICA (Japan International Cooperation Agency) programme in the mid-90s, which proposed a new furniture EPZ in Anwara.

    Encouraged by the Korean ambassador and inspired by the opportunity, Sung decided to take the lead.

    What he found in Anwara was far from ideal—arid, sandy land often referred to as “Texas” by locals due to its dry, barren landscape. Water was scarce, and during the monsoons, the area flooded. But Sung saw beyond the obstacles.

    By 1999, the government had acquired 2,500 acres of land for the Korean Export Processing Zone (Kepz). However, bureaucratic red tape slowed progress. Despite investing over Tk 100 crore, Youngone had to wait years for licenses, environmental clearance, and land mutation documents. But Sung remained undeterred.

    Kepz: A Model Industrial Zone

    In 2008, construction finally began. By 2011, the first factories became operational. Kepz introduced innovative water conservation methods, including rainwater harvesting and massive artificial water bodies capable of storing 500 million gallons annually. This not only provided sustainable water for operations but also protected surrounding villages from seasonal flooding.

    Today, Kepz stands as a testament to Sung’s commitment to green, productive industry. With 50% of the land preserved for greenery, Kepz is envisioned as more than just a factory zone—it is a vibrant urban ecosystem built for healthy living and sustainable work.

    “I cannot go away with Kepz,” Sung said. “I want to make it one of the best places to live and work.”

    A Lasting Legacy

    Today, Youngone Corporation employs around 90,000 people globally—72,000 of them in Bangladesh. The company is listed on the Seoul Stock Market, generating $2.5 to $3 billion in annual revenue, one-third of which comes from its Bangladesh operations.

    Beyond business, Kihak Sung’s contributions were recognized at the Bangladesh Investment Summit 2025, where he was awarded honorary citizenship by Chief Adviser Dr. Muhammad Yunus—a fitting tribute to a man who gave decades of his life to build what few dared to imagine.

    Honorary citizenship of Bangladesh

    Kihak Sung, Chairman of Youngone Corporation and a trailblazer in Bangladesh’s readymade garments (RMG) and textile sectors, was awarded honorary citizenship on April 9, 2025, in recognition of his exceptional contributions to the nation’s economy and industrial growth.

    The honorary citizenship document was formally presented by Chief Adviser Professor Muhammad Yunus during the Bangladesh Investment Summit 2025, held at the InterContinental Hotel in Dhaka.

    Sung was among five distinguished individuals and organizations honored for their impactful roles in shaping Bangladesh’s development trajectory. Reflecting on the recognition, Sung expressed heartfelt appreciation: “I am truly honoured to receive this honorary citizenship.”

    Born in 1947 in Seoul, Sung earned his degree in international economics from Seoul National University before entering the world of global trade through Seoul Trading. This early exposure to international markets paved the way for his entrepreneurial journey and ultimately, his long-standing partnership with Bangladesh.

    Last Lines

    Kihak Sung’s story is not just about business success—it’s a story of resilience, foresight, and unwavering belief in people. It reminds us that transformative change often begins with a bold idea, nurtured through years of grit, guided by vision, and carried out with heart.

    Bangladesh’s garment industry might have many heroes—but in the chronicles of industrial progress, Kihak Sung’s name will forever shine as a pioneer who turned dreams into factories, and factories into futures.

  • Entrepreneurship as a Practice

    Most people envision entrepreneurship as a straightforward project. You begin with an idea, transform it into something tangible, and then build a business around it. This perspective is prevalent, often glorified in success stories that make entrepreneurship seem like a linear path to success. However, this understanding of entrepreneurship as a project is fundamentally flawed.

    In reality, entrepreneurship is not a neat sequence of steps leading to an inevitable outcome; rather, it’s a dynamic, iterative process that resembles a practice. This article explores the concept of entrepreneurship as a practice, highlighting its complexities, the importance of iteration, and the mindset required to thrive in this multifaceted journey.

    The Illusion of the Linear Path

    The traditional view of entrepreneurship suggests a clear beginning, middle, and end. You start with a bright idea, conduct market research, create a business plan, secure funding, and launch your product. If everything goes according to plan, you enjoy success. Unfortunately, this idealized narrative often overlooks the messy reality of entrepreneurial endeavors.

    Entrepreneurship is rarely straightforward. It is filled with uncertainties and challenges that require constant adaptation and learning. The journey often resembles a rollercoaster ride, where entrepreneurs oscillate between hope and despair, certainty and confusion. Many entrepreneurs can relate to the cycle of generating an idea, testing it, failing, and trying again—sometimes multiple times.

    Embracing Iteration: The Heart of Entrepreneurship

    At its core, entrepreneurship is about experimentation and iteration. An entrepreneur begins with an idea that may hold potential but is seldom fully realized at the outset. The process requires digging deeper, conducting thorough research, developing prototypes, seeking feedback, and conducting market tests.

    In this iterative process, entrepreneurs face frequent failures and revelations. For instance, a business idea may initially seem promising, but after testing, it may reveal significant flaws or misalignments with market needs. The emotional rollercoaster can be intense: entrepreneurs may feel frustration, anxiety, or even despair as they confront the reality of their ideas. However, this discomfort is a crucial part of the learning experience.

    As the entrepreneur cycles through these iterations—ranging from the third to the thousandth attempt—they either discover that the idea lacks viability or find a way to pivot it into something that resonates with the market. This realization often marks a significant turning point in the entrepreneurial journey, where progress begins to materialize, leading to the formation of a viable business.

    The Journey Towards Mastery

    Understanding entrepreneurship as a practice shifts the focus from achieving a single successful outcome to cultivating mastery over the entrepreneurial process. Mastery involves developing a deep understanding of various skills, including strategic planning, effective communication, resource management, and adaptability.

    Entrepreneurship demands that individuals remain open to serendipity and act without complete information. It requires entrepreneurs to be attuned to social dynamics and to develop the ability to motivate others. These skills do not always come naturally; many are trainable and can be honed over time through deliberate practice and experience.

    San Francisco entrepreneur Jesse Jacobs, founder of the renowned Samovar Tea Lounges, embodies this mindset. Jacobs has navigated the complexities of building a successful business across multiple locations while balancing personal responsibilities. His experiences serve as a testament to the notion that entrepreneurship is an evolving practice that demands resilience, adaptability, and continuous learning.

    The Role of Resilience and Adaptability

    One of the key attributes of successful entrepreneurs is resilience. The ability to bounce back from setbacks, learn from failures, and remain committed to the entrepreneurial journey is crucial. Entrepreneurs must cultivate a mindset that embraces challenges as opportunities for growth rather than insurmountable obstacles.

    Adaptability is equally essential. The business landscape is ever-changing, influenced by market trends, technological advancements, and shifting consumer preferences. Entrepreneurs who can pivot their strategies, explore new ideas, and respond to feedback are more likely to thrive in this dynamic environment.

    The Long-Term Perspective: Creating Impact Over Time

    Viewing entrepreneurship as a practice encourages a long-term perspective. Rather than seeking immediate gratification, successful entrepreneurs understand that meaningful rewards often emerge gradually. The cumulative effect of small wins, lessons learned, and incremental improvements can lead to significant impact over time.

    Entrepreneurship is not merely about financial success; it is also about creating value for customers, fostering relationships, and contributing positively to society. This broader perspective enriches the entrepreneurial experience, aligning personal fulfillment with the pursuit of success.

    Conclusion: The Ongoing Journey of Entrepreneurship

    Entrepreneurship is not a one-time event but an ongoing journey that requires commitment, resilience, and a willingness to embrace uncertainty. By adopting the mindset of entrepreneurship as a practice, aspiring entrepreneurs can navigate the complexities of their journey more effectively.

    As they embark on this path, they should focus on cultivating mastery over their skills, embracing iteration, and maintaining a long-term perspective. In doing so, they not only enhance their chances of success but also create meaningful contributions to their communities and the world at large.

    Entrepreneurship is an art, a science, and a practice—one that unfolds uniquely for each individual willing to take the plunge into the unknown.

  • All About The Saboteurs of an Entrepreneur: Pitfalls and Solutions

    Entrepreneurship is one of the most rewarding yet challenging endeavors a person can take on. The path to building something from nothing, especially when aiming for a “conscious” business that creates not only profit but also a meaningful impact, is fraught with obstacles. As entrepreneurs, we are often caught in the tension between pursuing profit and seeking to unleash potential, connect with others, and make a difference in the world. Yet, even the most purpose-driven ventures are vulnerable to certain recurring mistakes—pitfalls that can destroy a business if left unchecked.

    Based on years of experience working with hundreds of entrepreneurs, five significant saboteurs stand out as particularly dangerous for conscious entrepreneurs. Understanding these pitfalls and taking action to avoid them can save your business and help you create the lasting impact you seek.

    Here are the 10 major saboteurs that derail conscious entrepreneurs and practical solutions to overcome them:

    1. Overgiving: The Trap of Serving it All Away

    The Problem:

    Conscious entrepreneurs are often driven by a deep desire to serve and make a difference. This passion, while admirable, can lead to overgiving—pouring resources, time, and energy into service at the expense of the business’s sustainability. Over time, the relentless urge to “give away” too much leaves both the company and the entrepreneur drained. Financial reserves dwindle, emotional bandwidth is stretched to the limit, and eventually, the business collapses under the weight of good intentions.

    The Solution:

    It’s crucial to strike a balance between serving others and maintaining a healthy, sustainable business. Implement mechanisms that keep you grounded in reality, using both hard metrics (revenue, expenses, cash flow) and soft metrics (personal energy, team morale, and emotional well-being). Regularly assess these factors to ensure you’re not overextending yourself or your resources. You need to create a model of service that also sustains you—think of it as a renewable source of generosity rather than an exhaustible one.

    2. Presuming Pain: Misreading Your Market’s Problems

    The Problem:

    One of the most common mistakes conscious entrepreneurs make is assuming they know the exact problem their customers are facing. Often, entrepreneurs launch their ventures based on personal experiences, believing that the pain they have encountered is universal. But problems, pains, and needs manifest differently in different people’s lives. Basing an entire business model on untested assumptions can lead to a mismatch between your solution and the real pain points of your customers.

    The Solution:

    Instead of relying solely on personal experience, step outside your bubble and validate your assumptions by talking to potential customers. Conduct interviews with both those who’ve purchased your product and those who haven’t, to gather a full picture of your market’s needs. Ask open-ended questions and listen deeply to how they describe their pain points. Use this data to adjust your product or service, ensuring you’re addressing a real, verified need, not just a presumed one.

    3. Story Blindness: Failing to Communicate Your Why

    The Problem:

    Many conscious entrepreneurs know deep in their hearts why they’re building their businesses. They have a compelling mission and a strong backstory that fuels their work. However, they often assume that others will immediately grasp the significance of their mission without needing much explanation. As a result, storytelling and messaging—critical components for building awareness and driving sales—are neglected or done poorly.

    Without a clear, compelling story, even the most impactful businesses can flounder. If your potential customers can’t easily understand your message or the value of your solution, they won’t be motivated to take action.

    The Solution:

    First, recognize the critical importance of storytelling and effective messaging. Do an audit of your current messaging—whether it’s your website copy, social media posts, or sales presentations—and ask yourself: Is it communicating your mission clearly? Is it engaging your audience emotionally and compelling them to act?

    If your storytelling is falling flat, invest in professional copywriting or develop your own storytelling skills. A well-crafted narrative that highlights your mission, customer pain points, and how your business solves them can be a powerful driver of growth and support.

    4. Mission Creep: Spreading Yourself Too Thin

    The Problem:

    Conscious entrepreneurs often struggle with focus. Driven by a desire to serve as many people as possible, they end up broadening their mission to encompass too many goals, products, or services. This “mission creep” dilutes resources, confuses customers, and ultimately stifles growth. By trying to do too much, nothing gets done well enough to make a significant impact, and the business becomes overwhelmed by its own ambition.

    The Solution:

    Perform a mission creep audit by revisiting the core mission of your business. What is the most focused expression of your purpose? Narrow your target market and offerings to ensure you’re focusing on solving a specific problem for a specific group. This allows you to concentrate resources, optimize your messaging, and build a strong foundation before expanding. Once you have established traction, you can scale deliberately, adding services or products in a way that aligns with your mission and long-term goals.

    5. Lone Wolfing: The Myth of the Solitary Entrepreneur

    The Problem:

    The myth of the “lone entrepreneur” persists in popular culture—the idea that the most successful founders are those who go it alone, fueled solely by their vision and determination. In reality, entrepreneurship can be incredibly isolating and, without the right support, extremely difficult to sustain. No one succeeds in a vacuum, and conscious entrepreneurs, in particular, need the right people around them to stay connected to their mission and to grow.

    The Solution:

    You need a support network of mentors, peers, and champions to help you navigate the entrepreneurial journey. These people will provide guidance, hold you accountable, and share in your struggles and triumphs. Seek out those who understand your vision and can help you stay on course when challenges arise.

    Look for mentors who can offer advice based on experience, as well as peers who are building their own ventures. The connections you make within the entrepreneurial community can be the key to your resilience and success.

    6. Perfectionism Paralysis

    Entrepreneurs, especially conscious ones, often hold themselves to impossibly high standards. Driven by the desire to create a perfect product or service that aligns with their vision of making a difference, they can fall into the trap of perfectionism. While having high standards is admirable, striving for perfection can be counterproductive and lead to paralysis. Time slips away as entrepreneurs tweak, revise, and perfect every little detail, rather than releasing a good product into the world and refining it over time.

    Perfectionism not only delays progress, but it can also prevent the collection of real-world feedback, which is critical for growth. Waiting for the “perfect moment” or the “perfect version” of your product means you’re likely losing opportunities and market share to competitors who are willing to iterate and improve based on actual user experiences.

    Solution:
    Adopt a “progress over perfection” mindset. Aim to launch a minimum viable product (MVP) that’s functional and effective, even if it’s not flawless. Use customer feedback to guide subsequent iterations, allowing the product to evolve with the needs of your audience. Remember, the best feedback comes from the marketplace, not from constant internal revisions. Speed and iteration can often outpace perfection.

    7. Visionary Overload

    As a conscious entrepreneur, you likely have a big vision—perhaps even a global one. You see your business as more than just a profit-driven entity; it’s a vehicle for creating change and making the world better. However, visionary entrepreneurs can sometimes suffer from “visionary overload,” a condition where the scope of their vision becomes so vast that it feels overwhelming, resulting in inaction or scattered focus.

    This overload often comes from trying to tackle too many big problems at once or trying to expand the mission too quickly. With an enormous vision, it’s easy to lose sight of the immediate, smaller steps needed to bring that vision to life.

    Solution:
    Break your grand vision into smaller, actionable phases. Start with what’s achievable today, and build on that momentum. You don’t need to change the world overnight. Focus on one piece of the puzzle at a time, and celebrate incremental wins. This helps maintain clarity, prevent burnout, and ensures sustainable progress toward your larger goal.

    8. Fear of Selling

    Many conscious entrepreneurs are passionate about the impact they want to create, but they cringe at the idea of “selling.” Selling, to them, feels inauthentic or greedy. This fear can lead to avoidance of essential sales activities, whether that’s pitching to investors, asking for a sale, or promoting their offerings. However, without sales, even the most mission-driven business cannot survive.

    Conscious entrepreneurs often forget that selling is not about manipulation—it’s about offering solutions to problems. If your business truly provides value and makes a difference, selling is simply a way to connect people to that value.

    Solution:
    Shift your mindset around selling. Instead of viewing it as a transactional or pushy process, see it as an opportunity to help. When you sell, you’re offering something that can improve the lives of your customers, solve their problems, or enhance their experience. Reframe selling as sharing the value and mission of your work. This mental shift can transform the way you approach sales conversations and help your business grow sustainably.

    9. Shiny Object Syndrome

    In the world of entrepreneurship, new opportunities, technologies, and ideas are constantly emerging. While this abundance of possibilities is exciting, it can also lead to a phenomenon known as “shiny object syndrome.” Entrepreneurs, especially those driven by curiosity and innovation, may find themselves chasing every new trend, tool, or idea that comes along, diverting focus from their core mission.

    This leads to scattered efforts, half-completed projects, and a lack of follow-through. Over time, shiny object syndrome dilutes the entrepreneur’s original vision, resulting in stalled growth and confusion both for the founder and their team.

    Solution:
    Create a clear strategy and stay disciplined. Identify your core mission and the projects that align directly with it. When a new opportunity arises, ask yourself whether it will help advance your primary objectives or whether it’s just a distraction. Keep a “parking lot” of ideas for future exploration, but stay focused on what’s most important right now. Success comes from consistency and focus, not chasing every shiny new thing.

    10. Poor Time Management

    Entrepreneurs are often juggling multiple roles—CEO, marketer, product developer, customer support, and more. With so much on their plate, poor time management can quickly become a saboteur of progress. The inability to prioritize tasks or manage time effectively leads to missed deadlines, unfinished projects, and burnout. For conscious entrepreneurs who are especially driven by a sense of purpose, this can create a sense of guilt and frustration as they struggle to balance business operations with their mission.

    Solution:
    Develop strong time management habits. Use tools like time blocking, project management software, or the Pomodoro technique to keep yourself on track. Prioritize tasks based on urgency and importance, and delegate when possible. Conscious entrepreneurs need to recognize that their time is a valuable resource that should be invested wisely, just like any other business asset.

    Conclusion: Embracing the Challenges, Building for Success

    Entrepreneurship, especially when building a conscious business, is not for the faint of heart. The path is riddled with challenges, but by being aware of the five saboteurs—overgiving, presuming pain, story blindness, mission creep, and lone wolfing—you can take proactive steps to avoid these common pitfalls.

    Remember, entrepreneurship is not just about profit or impact; it’s about the delicate balance between the two. It’s about being both visionary and pragmatic. By staying focused on your mission, validating your assumptions, investing in storytelling, and surrounding yourself with the right people, you can build a business that not only thrives financially but also creates the kind of impact that fuels your passion and purpose.

    Take time to reflect on where you’ve been and where you’re headed. Identify which of these saboteurs might be lurking in your business, and make the necessary changes to ensure that your business is set up for long-term success.

    With awareness and intention, the struggles of today can become the stepping stones of tomorrow’s success.