INTRODUCTION:

The fisheries sector emerges as a remarkably productive and continuously evolving industry, presenting significant opportunities for future growth within Bangladesh's agricultural landscape (Shamsuzzaman et al., 2020). As the nation's second most valued agricultural produce, fish cultivation not only enhances the lives of countless individuals but also serves as a major source of employment. As such, the cultivation and consumption of fish are instrumental in fortifying the nation's economic resilience and safeguarding food security (Ghose, 2014). Bangladesh is endowed with a diverse range of fisheries resources, primarily divided into inland and marine categories. The inland fisheries, covering an area of 47.60 lakh ha, are further split into inland capture and culture segments (Shamsuzzaman et al., 2020; FRSS, 2017). The inland capture, which includes the likes of beel, river, estuary, Kaptai lake, and flood plain, covers 39.27 lakh ha. In contrast, inland culture, encompassing elements such as ponds, ditches, baors, pen culture, cage culture, and shrimp/prawn farms, spans around 8.33 lakh ha. On the marine front, the capture fisheries span an estimated area of 1,18,813 km^2, which includes the 200 nautical mile expanse of the EEZ from its baseline (Shamsuzzaman et al., 2020; DoF, 2017).

Bangladesh, a nation with a rich tapestry of rivers, deltas, and coastal zones, is intrinsically connected to fisheries (Islam and Wahab, 2005). The country's aquatic bounty has not only been a primary source of nutrition for its vast population but also an integral component of its culture and economic vitality. In recent years, the global marketplace has seen a marked increase in demand for fisheries products, with aquaculture making a significant contribution to the world's fish consumption. Given this international trend and Bangladesh's inherent strengths, the fisheries sector presents significant untapped potential for agribusiness expansion (Shamsuzzaman et al., 2020). Yet, while Bangladesh ranks among the top freshwater fish producers globally, the transition from traditional fishing to a holistic fisheries-based agribusiness remains an underexplored domain (Ghose et al., 2014). Factors such as the sustainability of fish stocks, technology adoption, value-chain optimization, and market expansion play pivotal roles in shaping this transition. Moreover, considering the ongoing global shift towards sustainable food sources, the emphasis on fisheries agribusiness becomes even more critical (Ponte et al., 2014). However, in the light of challenges like climate change, infrastructural constraints, and fluctuating market dynamics, this research seeks to provide a roadmap for entrepreneurs, policymakers, and stakeholders, emphasizing the economic, environmental, and social justifications for propelling the fisheries sector into the next phase of agribusiness evolution in Bangladesh.

The subsequent sections of this research are organized in the following manner. Initially, an examination of pertinent literature is provided. This is followed by a detailed account of the research methodology employed. Thereafter, the findings of the research are elucidated, coupled with a comprehensive discussion. The study culminates by articulating the research implications, its inherent limitations, and proposing avenues for future scholarly exploration.

LITERATURE REVIEW:

Fish is a central source of protein for the Bangladeshi populace, contributing to around 60% of their total animal protein consumption. Notably, the average fish consumption per individual reaches 62.58 gm, which exceeds the daily protein necessity of 60 gm, as documented by (BBS, 2017). Owing to its agrarian roots, the significance of the fisheries sector in Bangladesh remains steadfast playing a crucial role in supplying animal protein, stimulating employment, ensuring food security, earning foreign exchange, and fostering socioeconomic development (FRSS, 2017). Economically, this sector adds a significant 3.61% to the nation's GDP and represents a commendable 24.41% of its agricultural GDP (DoF, 2017). The past decade has seen the fisheries sector grow at an average rate of approximately 5.43%. On the global stage in 2018, Bangladesh stood 3rd in terms of inland fish production, 5th in aquaculture yields, and 11th in marine fish production (FAO, 2018). Currently, Bangladesh not only satisfies its internal demand for fish but has also earned a reputation on the international front as a foremost fish-producing country (FRSS, 2017).

Bangladesh is distinguished as a leading nation in global inland fisheries production, with an extensive network of aquatic resources including ponds, ditches, lakes, canals, rivers, and estuaries, cumulatively covering an area of approximately 4.34 million hectares. The emphasis in the country's freshwater aquaculture is largely on pond-centric practices, highlighting the polyculture of both native and introduced species. Additionally, Bangladesh boasts a coastal expanse of around 2.30 million ha, with a 714 km stretch along the Bay of Bengal, supporting significant artisanal and coastal fisheries. Given its conducive environment, Bangladesh is recognized as one of the optimal locations globally for freshwater prawn farming (Ghose, 2014). The fisheries and aquaculture sectors underscore their importance as the second most significant export-driven industries in Bangladesh, playing a crucial role in the nation's export earnings (Shamsuzzaman et al., 2017). Bangladesh offers a wide variety of fishery products to nearly 60 countries worldwide (Ferdous and Hossain, 2015), with the European Union (EU), the USA, and Japan being the foremost recipients of Bangladeshi fishery exports (Shamsuzzaman et al., 2020).

Bangladesh is distinguished by its abundant marine biodiversity, boasting a wide array of aquatic life. Of the approximately 1093 marine species identified, 44.35% are finfish, 32.23% are shellfish, 15.10% are categorized as seaweeds, and a modest 8.32% include other categories, prominently shrimps. In 2011, an expanse of about 276,492 ha was allocated to shrimp and prawn cultivation. Between 1985 and 2000, the country observed a significant surge in aquaculture production, with an average growth rate of 28%, escalating from 0.12 million tonnes to 0.66 million tonnes. However, a substantial portion of the nation's productive potential remains unrealized (Shamsuzzaman et al., 2017; Ghose, 2014). The marine fleet of Bangladesh comprises roughly 130 deep-sea trawlers, 22,000 mechanized fishing vessels, and 25,000 traditional fishing boats. Currently, 133 fish processing facilities operate predominantly in the key port cities of Khulna and Chittagong, of which 74 are compliant with EU criteria (Mozumder et al., 2022). Despite the fisheries sector playing a crucial role in ensuring sustenance and nutritional security for a vast populace, it faces formidable challenges. These include climatic variances, infrastructural deficits in fisheries, resource mismanagement, environmental contamination, frequent natural disasters such as floods and cyclones, and an evident knowledge deficiency among farmers. In response, Bangladesh has fostered partnerships with organizations like the Department for International Development (DfID), World Fish Center, and other international entities, aiming to fortify the sector via enhanced research alliances and increased capital infusion (Mozumder et al., 2022; Ghose, 2014). The promise of community-driven fisheries management in addressing deep-seated political issues confronting farmers is gaining recognition. Nevertheless, Bangladesh urgently needs to amplify its environmental regulations to counteract pollution, which is detrimentally affecting the fisheries sector (Ghose, 2014).

Despite the myriad challenges, the fisheries-focused agribusiness sector continues to adapt to prevailing changes. However, there remains a gap in the comprehensive assessment and understanding of the current status, challenges, and potential within this sector. Research on the evolution of fisheries-centric agribusiness in Bangladesh has been sparse. This study aims to address these identified gaps, delving into the significance of fisheries-influenced agribusiness in Bangladesh, while considering its current landscape, inherent challenges, and future potential. Thus, a pertinent research question is posited for this analysis.

· How can the scope of fisheries-based agribusiness farms in Bangladesh be expanded?

METHODOLOGY:

Study area: The study was conducted in two distinct districts of Bangladesh: Mymensingh and Gazipur.

Sample selection: A purposive sampling method was employed to select a group of sixty (60) participants from fisheries-oriented agribusiness entities. These participants primarily included the owners of the said businesses.

Questionnaire preparation: Data collection utilized a two-part questionnaire: Section I and Section II. Section I focused on demographic attributes, capturing details such as gender, age, education level, and marital status. In contrast, Section II contained 29 questions that probed the current landscape, opportunities, and challenges faced by key fisheries-driven agribusiness initiatives in Bangladesh, encompassing Hatcheries, Aquatic farms, Feed production facilities, Fish processing units, and the like. Prior to its application, the questionnaire underwent a rigorous review by esteemed scholars from Bangladesh Agricultural University to confirm its linguistic accuracy and clarity of queries.

Data collection: The research employed both primary and secondary data sources. Primary data were collated using the aforementioned questionnaire over eight months, from July 2021 to February 2022. These English-formulated questionnaires were disseminated among key figures in fisheries-related agribusinesses, who then provided their inputs. The distribution process was managed by research scholars and enumerators, with participants being informed of their right to opt-out at any stage. Participation was entirely voluntary, and no financial incentives were provided. Secondary data were sourced from books, scholarly articles, and relevant research papers.

Analytical technique: The study adopted a qualitative research paradigm to expound upon the current state, challenges, and prospects of the fisheries-driven agribusiness sector. The gathered data were input into the IBM Statistical Package for Social Sciences (SPSS) 20.0 software (Armonk, NY, USA) for in-depth analysis. Frequency distribution tables were crafted in line with the study's objectives, and findings were presented through descriptive statistical techniques.

RESULTS AND DISCUSSIONS:

1. Demographic characteristics of respondents:

The demographic characteristics of respondents are presented in Table 1. The table shows that most of the respondents (66.7%) are aged between 26-45 years and 6.7% are more than 50 years. Educational qualification of majority (33.3) of the respondents are SSC passed. The table also shows that the majority 53(88.3%) of the respondents are married.

The demographic data from Table 1 provides an insightful glimpse into the composition of respondents. The stark gender imbalance suggests that the field or topic being surveyed is male-dominated, potentially reflecting societal or sector-specific trends. The varied age representation indicates a wide range of experiences and perspectives. The data also points towards varying levels of educational attainment, with a majority having completed up to SSC or HSC. This could have implications for the understanding and interpretation of any further data or questions within the survey. Lastly, the high proportion of married respondents might suggest a potential influence of family dynamics or responsibilities on the topic at hand.

Table 1: Demographics of respondents

		Frequency	Percent
Gender	Male	59	98.3
Gender	Female	01	1.7
Age range	Less than 25	6	10
	26-30	11	18.3
	31-35	9	15
	36-40	13	21.7
	41-45	7	11.7
	46-50	10	16.7
	More than 50	4	6.7
	Total	60	100
Educational qualification	Below SSC	17	28.3
	SSC	20	33.3
	HSC	13	21.7
	Honors	7	11.7
	Masters	3	5
	Total	60	100
Marital status	Single	11	18.3
	Married	49	81.7
	Total	60	100

2. Type of ownership and number of employees in the fisheries-based farms:

Types of ownership and number of employees of respondents are presented in Table 2. The table shows that 48 (80%) of the respondents run enterprises with sole proprietorship. It also shows that 46 (81.7%) of the respondents employ less than 10 employees. Table 2 highlights that most fisheries-based farms operate as sole proprietorships, suggesting a preference for individual ownership in the sector. Furthermore, most of these farms employ fewer than 10 people, indicating either the scale of operations, potential financial constraints, or a business model that prioritizes quality control through smaller teams. In essence, these farms are characterized by individual ownership and compact teams, underscoring the importance of individual entrepreneurs in this sector. Further studies could explore the reasons and implications of these observed patterns.

Table 2: Type of ownership and number of employees in the fisheries-based farms

		Frequency	Percent
Ownership type	Sole Proprietorship	48	80
	Partnership	12	20
	Total	60	100
Number of employees	Less than 10	46	81.7
	10-20	11	18.3
	Total	60	100

3. Duration of experience in running farms:

Table 3 shows that, of 180 respondents, 25 (41.7%) of fisheries-based farms owners have experience between 5-10 years in running farms. While most respondents have been farming for 5 to 15 years, the diverse range of experience, from newcomers to veterans, underscores the dynamic nature of the farming industry. This diversity offers an opportunity for cross-learning and collaboration, fostering a more resilient and adaptable farming community.

Table 3: Duration of experience in running farms

	Frequency	Percent
Less than 5 years	18	30
5-10 years	25	41.7
11-15 years	14	23.3
16-20 years	1	1.7
More than 20 years	2	3.3
Total	60	100

4. Reasons for starting the own farm:

Table 4 illustrates that 33 (55%) of respondents indicated that they started their own farms to survive. Furthermore, other respondents also opine that starting own farm might be motivated by a variety of factors including a childhood dream, to try something new, to accept passed on legacy, to be a role model, etc. The diverse reasons for starting one's own farm highlight the multifaceted nature of motivations in the farming sector. It underlines the blend of necessity, passion, tradition, and leadership aspirations driving individuals. Recognizing these can be fundamental for policymakers and stakeholders when framing support mechanisms, training programs, or incentives tailored to different segments of the farming community.

Table 4: Reasons for starting the own farm

	Frequency	Percent
Make a difference in society	5	8.3
To accept passed on legacy	7	11.7
To survive	33	55
To try something new	7	11.7
Childhood dream	2	3.3
To be a role model	6	10
Total	60	100

5. Level of satisfaction in running own farms and recommendation to youth for engagement in agribusiness:

Table 5 presents the satisfaction level and recommendation to youth for engagement in Agribusiness. The majority (45%) of the respondents are satisfied with their businesses. It also shows that 29 (48.3%) of respondents agree to recommend young people to start Agribusiness. The overall positive satisfaction levels and inclination to recommend fisheries-based agribusiness to the youth paint a hopeful picture for the sector's future. However, recognizing and addressing the concerns of those who are hesitant is crucial for creating an inclusive, sustainable, and thriving agribusiness landscape.

Table 5: Level of satisfaction in running own farms and recommendation to youth for engagement in fisheries-based agribusiness

		Frequency	Percent
Satisfaction level of entrepreneurs	Very dissatisfied	0	0
	Dissatisfied	5	8.3
	Neutral	15	25
	Satisfied	27	45
	Very satisfied	13	21.7
	Total	60	100
Whether to recommend agribusiness to the youth or not	Strongly disagree	0	0
	Disagree	13	21.7
	Neutral	17	28.3
	Agree	29	48.3
	Strongly agree	1	1.7
	Total	60	100

6. Challenges faced by the owners of fisheries-based agribusiness farms:

Table 6 shows that 29 (48.3%) of the respondents faced financial crisis by starting their businesses. It also shows that 31 (51.7%) of respondents identified the lack of experience as a main challenge to export agribusiness products in the international markets. The findings highlight the multifaceted nature of challenges faced by fisheries-based agribusiness owners. Financial constraints appear to be a dominant issue during the start-up phase, underscoring the need for better financial support mechanisms for nascent entrepreneurs in this sector. On the export front, the lack of experience stands out, suggesting a need for comprehensive training and mentorship programs to guide new business owners through the intricacies of the global market. The data also hints at the importance of family support and self-confidence, indicating that socio-psychological factors play a considerable role in the success of these agribusinesses.

Table 6: Challenges faced by the owners of fisheries-based agribusiness farms

		Frequency	Percent
Challenges of start-up	Combining domestic and professional life	3	5
	Doubt of self-confidence	3	5
	Financial crisis	29	48.3
	Lack of information	12	20
	No obstacles	5	8.3
	Support from family	8	13.3
	Total	60	100
Challenges to export	Difficulty in finding buyers	15	25
	Difficulty in getting export license	4	6.7
	Lack of experience	31	51.7
	Lack of high-quality fishes	10	16.7
	Total	60	100

7. Ways of advertisement of fishes by fisheries-based agribusiness farms:

The ways of advertisement of fishes by fisheries-based agribusiness farms are presented in Table 7. Of the surveys analyzed, 43(71.7%) of the respondents advertise their fish by word of mouth. The data clearly indicates a strong inclination towards traditional, trust-based word-of-mouth methods of advertisement among the respondents, which overwhelmingly surpasses the modern online advertising strategies like paid search or social media. This dominance of word-of-mouth suggests a reliance on personal relationships, trust, and established networks in the fishery business sector. While this can be seen as a strength, indicating strong community ties and trust, it might also indicate a potential area of opportunity. There could be a potential untapped market reachable through more modern advertising methods. Given the increasing global reliance on digital means for commerce, it might be beneficial for these businesses to explore and invest more in online advertising channels. However, the efficacy of such channels would depend on the target audience and the nature of the market.

Table 7: Ways of advertisement of fishes by fisheries-based agribusiness farms

	Frequency	Percent
Paid search advertising	6	10
Social media advertising	11	18.33
Word of mouth	43	71.7
Total	60	100

8. Investment, sources of fund, and break-even scenarios of respondents:

Table 8 shows that 23(38.3%) of respondents invested less than 5 lacs while starting farm. It also shows that 18(30%) of respondents invested in their farm from their personal savings. Besides, 27(45%) of respondents reached a break-even point between 2-3 years. The investment data suggests that the fisheries-based agribusiness sector in the study area is primarily comprised of smaller-scale ventures, as seen by the dominant investments under 5 lacs. This might indicate that barriers to entry in the industry are relatively low, or it could point to the conservative financial approach taken by new entrants. The sources of funds underscore a diverse financial landscape within the sector. The heavy reliance on personal savings highlights the entrepreneurial spirit in the sector and possibly a lack of trust or accessibility to formal financial systems. The significant use of commercial banks and funds from friends or family members can also indicate a combination of both formal and informal financial trust networks within this business community. The break-even data is indicative of the business climate and the resilience of the sector. Achieving break-even within 2-3 years is a promising sign for new entrants and may be an outcome of the relatively low initial investments. The small percentage taking over 7 years to break-even could either be outliers or represent ventures with significantly larger investments or operational challenges.

Table 8: Investment, sources of fund, and break-even scenarios of respondents

		Frequency	Percent
Investment	Less than 5 lacs	23	38.3
	5-10 lacs	13	21.7
	11-15 lacs	8	13.3
	16-20 lacs	6	10
	21-25 lacs	5	8.3
	26-30 lacs	3	5
	More than 30 lacs	2	3.3
	Total	60	100
Sources of fund	Brokerage House	1	1.7
	Commercial banks	15	25
	Commercial Finance Companies	5	8.3
	Friends and family members	14	23.3
	Partners	7	11.7
	Personal savings	18	30
	Total	60	100
Break-even	Less than 2 years	16	26.7
	2-3 years	27	45
	4-5 years	14	23.3
	6-7 years	2	3.3
	More than 7 years	1	1.7
	Total	60	100

9. Use of websites by respondents:

This research reveals that 58(96.7%) of respondents mentioned that they do not have any website for their farms. The overwhelming lack of website adoption among respondents signals a potential missed opportunity in the age of digitalization. A mere 3.3% uptake suggests that the majority might be either unaware of the benefits, lack the technical know-how, or might not perceive it as a necessary tool for their target audience. This trend may indicate a potential area for growth and development within the sector, especially given the increasing importance of online platforms for business visibility, customer engagement, and e-commerce capabilities. Introducing and promoting the benefits of digital presence could elevate the reach and growth prospects for fisheries-based agribusinesses in the region.

10. Regarding the adoption of e-commerce:

This study shows that 51(85%) of respondents stated that they have not adopted e-commerce yet for selling their products. The findings demonstrate a significant gap in the adoption of e-commerce among the fisheries-based agribusiness respondents. An overwhelming 85% non-adoption rate might indicate various barriers, such as lack of digital literacy, skepticism regarding online transaction security, or a perceived lack of demand for online fishery product offerings. However, the 15% who have embraced e-commerce highlight a budding awareness and potential trend toward modernized business operations. In the evolving digital landscape, e-commerce offers a plethora of benefits, from reaching a wider audience to efficient inventory management and enhanced customer service. Encouraging more businesses in this sector to integrate into e-commerce could unlock increased sales, profitability, and competitive advantage.

11. Impacts of COVID-19 on fisheries-based agribusiness farms:

Impacts of COVID-19 on farms are presented in table 9. It shows that 30(50%) of respondents stated that their profitability decreased due to COVID-19. Thus, the table reveals the profound impact of the COVID-19 pandemic on fisheries-based agribusiness farms. Notably, 50% of respondents reported a decline in profitability, possibly due to supply chain disruptions, reduced consumer spending, and pandemic-induced challenges. Cost-cutting measures are evident through decreased salaries and increased layoffs. The absence of a digital shift, despite its prevalence in other sectors during the pandemic, suggests potential challenges or missed opportunities in this sector. While some sought relief funding, indicating financial stress, a small percentage closed their farms, underscoring their vulnerability. Interestingly, 16.7% experienced no negative impacts, pointing to varied resilience across businesses.

Table 9: Impacts of COVID-19 on fisheries-based agribusiness farms

	Frequency	Percent
Decreasing profitability	30	50
Decreasing salaries	8	13.3
Digital transformation	0	0
Increasing layoffs	6	10
No impacts	10	16.7
Seek funding through the relief	5	8.3
Closing the farm	1	1.7
Total	60	100

12. Current position of farms compared to competitors:

This study provides insights into how fisheries-based agribusiness farms perceive their position relative to competitors. About 28.3% believe they are in a favorable position compared to their competitors. On the contrary, 16.7% feel they are not faring as well. Notably, the majority, 55%, find it challenging to determine their standing, suggesting possible market volatility or lack of adequate benchmarks to make clear comparisons. This uncertainty might indicate a need for more comprehensive market analysis and data to assist farms in understanding their competitive landscape.

13. Current conditions of farms:

Table 10 outlines the present operational status of fisheries-based agribusiness farms. A significant 68.3% of respondents reported that their farms are running normally, suggesting stable operations without significant growth or decline. In a positive light, 25% of farms are experiencing prosperous times, indicating potential growth strategies or favorable market conditions benefiting them. However, a small segment (6.7%) is undergoing losses, which may point to individual challenges or adverse conditions that need to be addressed to ensure the farm's sustainability.

Table 10: Current conditions of farms

	Frequency	Percent
Just running normally	41	68.3
My farm is blooming	15	25
Undergoing loss	4	6.7
Total	60	100

14. Strengths, weaknesses, opportunities, and threats (SWOT) analysis of the farms:

In table 11, the farms exhibit several commendable strengths, with excellent customer service leading at 35%. This is followed by a large market share (23.3%). Other strengths like leadership in fish varieties, low-cost production, and robust financial performance underline their stable position in the market. A significant portion of the farms face a critical issue - a lack of capital, which stands at a staggering 48.3%. This is supplemented by the challenges such as the lack of technology adoption (25%) and limited fish availability (23.3%). A minimal percentage report the absence of quantitative goals. Opportunities predominantly lie in expanding the market share, reported by 45% of respondents. With potential government support for SMEs and possibilities for revenue increase, there’s a positive outlook for these farms. Some farms also see the prospect of venturing into exports and e-commerce, though these are less frequent. The farms operate in a competitive market, which is seen as a threat by 25% of the respondents. Both the deadlock from the COVID-19 pandemic and price fluctuations are significant concerns, each reported by 20% of the farms. Natural calamities and increasing labor costs further add to the complexities faced by the agribusiness sector.

The farms, while having distinct strengths like customer service and a considerable market share, are confronted by immediate challenges, primarily capital and technology adoption. This SWOT analysis indicates a clear path for growth, especially if farms can leverage government support and explore e-commerce. However, inherent threats, especially those posed by the pandemic and market dynamics, need strategic management for long-term sustainability.

Table 11: SWOT analysis of the farms

		Frequency	Percent
Strengths	Excellent customer service	21	35
	Large market share	14	23.3
	Leadership in fish varieties	4	6.7
	Low-cost production	9	15
	Strong financial performance	12	20
	Total	60	100
Weaknesses	Lack of adoption of technologies	15	25
	Lack of capital	29	48.3
	Lack of quantitative goals	2	3.3
	Limited fish availability	14	23.3
	New to this agribusiness area	0	0
	Total	60	100
Opportunities	Expanding the market share	27	45
	Increased government support for SMEs	11	18.3
	Increasing revenues	18	30
	Possibility of exporting in other countries	4	6.7
	The adoption of e-commerce	4	6.7
	Total	60	100
Threats	Competitive market	15	25
	Deadlock for Covid-19	12	20
	Increasing labor costs	7	11.7
	Natural calamity	11	18.3
	Price fluctuations	15	25
	Total	60	100

15. Required academic degrees and skills to be an entrepreneur in the agribusiness sectors:

This research shows that a significant majority of respondents (58.3%) believe that a BSc or higher degrees in fisheries is essential for entrepreneurs in the agribusiness sectors. 26.7% emphasize the importance of a BSc or higher degrees in Agribusiness, while 15% suggest a BBA or higher degrees in Management. Notably, no respondents viewed degrees in general agriculture as necessary. When it comes to the most coveted entrepreneurial skills in the sector, "courage and risk-taking" stands out, cited by 38.3% of respondents. "Ambition", "creativity", "perseverance", "self-confidence", and "willingness to learn" are also deemed crucial, with each being emphasized by 10% to 15% of the respondents.

The data suggests that a specialization in fisheries is perceived as more critical for entrepreneurs in this specific agribusiness sector, overshadowing even general agribusiness or management degrees. This underscores the sector-specific knowledge required to thrive. On the skills front, the ability to take risks is particularly highlighted, indicating the uncertain and volatile nature of agribusiness. The presence of traits like perseverance, self-confidence, and a willingness to learn underlines the multifaceted nature of entrepreneurial success in the agribusiness domain.

16. Availability of enough training institutions to train the entrepreneurs:

The study reveals that a vast majority of respondents (90%) believe that there are not enough training institutions available to educate entrepreneurs in their sector. Only 10% feel that sufficient training institutions exist. The data paints a clear picture of a significant gap in the availability of dedicated training institutions for entrepreneurs in this specific industry. This overwhelming consensus suggests an urgent need to address this deficiency. The absence of specialized training can hinder the growth and development of budding entrepreneurs, potentially stunting innovation, and expansion in the sector. Establishing more institutions or programs focused on this domain could be crucial for nurturing future talent and ensuring the sustained growth of the industry.

17. Ways of teaching entrepreneurial roles to other potential entrepreneurs:

The research shows that half (50%) of the respondents believe that conducting public seminars is the most effective way to teach entrepreneurial roles to potential entrepreneurs. Meanwhile, sharing motivational videos on social media and personal websites was supported by 26.7% of the respondents. Distributing educative materials, like presentations and books, via digital platforms received 16.7% of the endorsement, and a mere 6.7% felt that developing interactive applications for Android and iOS devices would be beneficial.

Public seminars remain a preferred method of imparting entrepreneurial knowledge, emphasizing the value of face-to-face interaction and networking opportunities in the entrepreneurial journey. The prominence of motivational videos underscores the significance of inspiration and motivation in the entrepreneurial spirit. While digital methods like apps have less support, their potential for scalable and accessible education shouldn't be overlooked. Overall, a multi-faceted approach, blending traditional and modern teaching methods, might be the most effective way to nurture and inspire future entrepreneurs in the agribusiness sector.

18. Regarding the government policies whether these are favorable or not:

The results of the study provide a revealing glimpse into farmers' perceptions of government policies affecting their farms. A striking 53.3% of respondents, amounting to 32 out of 60, indicated uncertainty about whether these policies are favorable. This high level of uncertainty might stem from a lack of awareness or understanding of the policies, the impact of frequently changing or inconsistent policies, or the varied effects these policies have on different types of farms. In contrast, only a small fraction, 11.7% (7 out of 60), perceive the policies as favorable. This minority might be experiencing specific benefits from policies tailored to their type of farming or have had positive interactions with government support. Conversely, a substantial 35% (21 out of 60) of the respondents view the policies unfavorably, suggesting adverse effects or a lack of support for their type of farming. This significant proportion calls for a possible revision of policies to make them more inclusive and beneficial for a broader range of farmers. These results underscore the need for policymakers to engage in better communication and to design more inclusive policies that consider the diverse challenges of different farms. Furthermore, the data highlights the importance of establishing a consistent policy framework that farmers can rely on.

19. Regarding the export of fish to international markets:

The study finds that most of the respondents (53.3%) are uncertain about whether government policies are favorable for their agribusiness operations. Meanwhile, 35% believe the policies are not favorable, and a smaller proportion, 11.7%, consider the policies favorable. The predominant uncertainty among respondents suggests a potential lack of clarity or understanding of government policies related to the agribusiness sector. This could indicate a need for better communication or more accessible information on these policies. The fact that a higher percentage finds the policies unfavorable compared to those who find them favorable indicates room for the government to evaluate and potentially adjust policies to better align with the needs and challenges of agribusiness entrepreneurs. The feedback might also highlight a need for more advocacy or representation for agribusinesses in policy-making forums.

20. Regarding the ways of maintaining the quality of fish:

The study shows that respondents primarily utilize three main methods for ensuring fish quality: focusing on continuous improvement (28.3%), inspecting throughout the farming process (25%), and testing the fish (26.7%). Developing specifications for quality fish is also practiced by 20% of the respondents. The data suggests a strong emphasis on in-house quality assurance methods like continuous improvement, regular inspection, and fish testing. This reflects an awareness among agribusiness owners about the importance of ongoing quality checks and proactive approaches. The absence of supplier audits might indicate a trust in current suppliers, a lack of resources, or simply a reliance on direct farming rather than external suppliers. Developing specifications suggests that a portion of respondents recognize the importance of having standardized criteria to benchmark quality. Overall, the varied methods utilized point towards an industry actively engaged in quality maintenance, but there might be potential areas, like supplier audits, that could be explored further for enhanced quality assurance.

IMPLICATIONS, LIMITATIONS, FUTURE RESEARCH, AND CONCLUSIONS:

1. Implications for research and practice:

This study offers a significant contribution to the literature on agribusiness, with a specific focus on the fisheries sub-sector in Bangladesh. Theoretically, it delves into the current landscape, challenges, and potential opportunities within the fisheries-based agribusiness domain in the country. Moreover, the research provides a comprehensive view of the farm settings.

The empirical results of this investigation are crucial in shaping actionable strategies for the enhancement and growth of fisheries-centric agribusiness ventures in Bangladesh. The findings highlight that, during the inception phase, most entrepreneurs face financial constraints and lack critical information. They often resort to personal savings and seek support from acquaintances and relatives for funding. Given this, there's a clear need for government intervention to facilitate access to institutional finance and foster an entrepreneurial mindset. Price volatility was identified as a primary concern, emphasizing the need for regulatory authorities to implement mechanisms for consistent market oversight, aiming to stabilize fish product prices and subsequently boost farm sustainability. Additionally, there's a noticeable gap in digital adoption, with many farms yet to create an online presence or embrace e-commerce. Many also eschew contemporary marketing methods, leaning heavily on word-of-mouth promotions. Policymakers are urged to enhance digital infrastructure and provide training for sector entrepreneurs, promoting a shift to digital marketing and e-commerce—potentially boosting revenue and profitability. The findings also indicate hesitation or challenges in accessing international markets, stemming from concerns over product quality and perceived policy barriers. To address this, efforts should be made to improve product quality and adapt policy frameworks to support global market entry. Finally, there's an urgent need to establish more training centers to equip emerging entrepreneurs with essential skills, helping them overcome challenges and ensure the sustainable success of their ventures.

2. Limitations and future research directions:

The present investigation recognizes several limitations. Firstly, collecting data from such a vast sector was challenging due to the diverse nature of fisheries farms and time limitations. Secondly, the research adopted a purposive sampling method. Future studies could benefit from utilizing established formulas for sample size determination that account for the entire population. Thirdly, the cross-sectional design of the study might not fully reflect the current conditions of fisheries-focused agribusinesses in Bangladesh. To better understand the dynamic nature of these farms, subsequent research should consider using longitudinal data for a more accurate portrayal. Fourthly, this study's geographical coverage was limited to two areas in Bangladesh, potentially not capturing the full spectrum of the nation's fisheries agribusiness landscape. It would be prudent for future efforts to encompass a broader regional scope. Additionally, the study relied on voluntary participants. Finally, the sample size, limited to 60 fisheries-based agribusiness farms, was relatively small and could be increased in subsequent research.

CONCLUSIONS:

Fisheries-centric agribusiness ventures are instrumental in enhancing food security, facilitating job creation, mitigating poverty, and elevating nutritional standards. This investigation elucidates the intricate nexus between economic advancement and the vitality of the fisheries-driven agribusiness sector. The paper explores the prevailing conditions, prospective avenues, embedded challenges, suggested solutions, and pertinent policy implications. Empirical findings spotlight an array of obstacles faced by entrepreneurs within this sector, including initial financial impediments, price volatility, diminished revenues post-COVID-19, technological inertia, variability in fish quality, a shortage of comprehensive training establishments, and prevailing policy barriers. Considering these insights, the study serves as an invaluable guide for industry participants, strategic planners, and policy architects to craft overarching strategies and guidelines, thereby catalyzing the ascension of fisheries-based agribusiness endeavors in Bangladesh. Furthermore, given the constraints in public funding, there emerges a pressing urge to mobilize private capital, both domestic and from overseas, to reinforce the sector's foundational infrastructure. Forming and fostering alliances with international partners is of paramount importance. Following such strategic measures, the prospects for substantial growth in the fisheries-centric agribusiness sector appear promising.

DATA AVAILABILITY:

The data generated or analyzed during this study can be available on request.

CONFLICT OF INTEREST:

The authors declare that they have no conflict of interest.

ACKNOWLEDGMENTS:

The authors are pleased to acknowledge the financial support from the Bangladesh Agricultural University Research System (BAURES) for conducting the project (Project no. BAU-2020-149). Moreover, the authors would like to give special thanks to the enumerators and respondents for participating in the data collection process and anonymous referees for their valuable and constructive comments.

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Received on 14.09.2023 Modified on 19.11.2023

Int. J. Ad. Social Sciences. 2024; 12(3):131-142.

DOI: 10.52711/2454-2679.2024.00023