Unpacking the Factors that Drive the Success of Nakshi Kantha Businesses in Jamalpur, Bangladesh

Abstract

This research investigates the key factors contributing to the success of Nakshi Kantha businesses in Jamalpur, Bangladesh, a traditional handcrafted embroidery technique with profound cultural and economic significance. The study explores seven independent variables, including Financial Resources, Promotional Efforts, Institutional Support, Market Demand, International Trade Prospects, Entrepreneurial Collaboration, and Workforce Competency, in relation to Business Success in this context. Employing linear regression analysis, the study uncovers that Financial Resources, Promotional Efforts, International Trade Prospects, Market Demand, and Workforce Competency significantly influence the success of Nakshi Kantha businesses. In contrast, Government and banking support and Entrepreneurial Collaboration exhibit weaker associations with business success. These findings emphasize several crucial factors for Nakshi Kantha entrepreneurs and policymakers. First, securing adequate financial resources is paramount to sustain and grow these businesses. Second, investing in marketing and promotional activities is essential to enhance brand visibility and stimulate market demand. Third, nurturing a skilled and competent workforce is vital for maintaining product quality and meeting market demands. Additionally, exploring international trade prospects can open new avenues for expansion. Moreover, promoting collaboration among Nakshi Kantha business owners and facilitating government and banking support are essential for the industry's sustainable development and economic prosperity in the region. This research provides valuable insights for Nakshi Kantha stakeholders, offering a roadmap to address challenges and ensure the continued growth and success of this culturally and economically significant industry in Jamalpur, Bangladesh.