A booming personal development industry in Bangladesh

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| Update:
05 January 2021 20:46:58


Tony Robbins, Jay Shetty, Tim Ferris, Stephen Covey, Robin Sharma, Ayman Sadiq – all of these individuals are well known in the growing personal development or self-improvement industry.

Their job is to influence our universal need to have a sense of recognition, achievement and purpose. For this reason, their posts have a strong appeal to a large group of people of all ages, genders, races and geographies.

The personal development or self-help industry offers a very minimal barrier to anyone wanting a career here, as there are few industry or professional credentials.

The cumulative industry customer base – which encompasses personal coaching or advice, books, videos, workshops and other interactive tools, and the creation of unlimited areas of expertise – can potentially consist of the 7.0 billion people in the world.

India-US-based market research institute Grand View Research Inc reports that the global personal development market size is expected to reach $ 56.66 billion by 2027.

One of the reasons for the growth of the industry is to have an increasing range of expertise to offer – from relationship to parenthood, from wealth management to finding purpose in life and to creating an inheritance for promotion. There is a self-help guru for every human aspiration.

Take for example the case of Marie Kondo, a storage expert who helps people manage their space and get rid of clutter. Its services can be considered very specialized. But there are a lot of people, who fall victim to clutter and loads of unwanted things, find this to be a useful service. After writing the bestselling book “The Magic of Storage That Changes Life,” she got her show on Netflix. Thus, it has touched millions of people around the world. She also became one of Time magazine’s 100 most influential people in the world.

Dale Carnegie should be a classic benchmark when it comes to self-help. His book “How to Make Friends and Influence People” is a staple in any personal development guide and is one of the most widely read books of all time. The New York Times reported in 2011 that more than 30 million copies of the book had been sold.

While the West has long known the business aspects of personal development, the East is quickly catching up. The Asia-Pacific region is expected to experience the fastest growth rate in the industry between 2020 and 2027, according to another report from Grand View. Bangladesh can confidently draw inspiration from the global trends in this growing industry.

As engaging with a personal development expert is a personal choice, an individual’s income level plays a critical role in investing in personal growth. Bangladesh entrepreneurs or individuals looking to take advantage of this trend can take advantage of the country’s growing income level.

The increase in income means that more people would explore spending options after meeting their basic needs. As shopping, dining and travel take priority, a growing number of people want to harness the power of personal development or the development of soft skills that will be needed to survive professionally in the post-COVID-19 era.

The COVID-19 pandemic has radically altered the working mechanism and created a demand for adaptability and diverse skills. A recent study by the Asian Development Bank (ADB) shows that the number of job postings on major job portals in Bangladesh fell 87% in April of this year compared to the same month of the year. former.

Another research, conducted by Access to Information (a2i), reveals that more than 20 million workers are currently unemployed in 11 high-impact economic sectors in the country.

In the post-COVID era, the world would demand individuals with the skills and perception of altered situations to break down the barriers of comfort zones. The self-development industry may be the most accessible and economically viable source of integration.

The good news is that Bangladesh is not far behind the crowds. Alongside many individuals, some start-ups are doing important work to establish a strong position in the local self-development industry.

’10 Minute School ‘can be called a pioneer in the industry providing access to educational materials to over 1.5 million students. From its humble beginnings, the platform has enriched and broadened its curriculum.

Emerging Bangladeshi startups like Bohubrihi are developing their unique approach to personal development through in-person and virtual classes. Courses like machine learning or emotional intelligence, which were previously available to the corporate diaspora, are now reaching the masses. A key success factor for these startups is their ability to find knowledgeable local instructors and offer courses in Bengali.

On an individual level, the industry offers a tremendous opportunity for anyone who wants to share their knowledge and have a positive impact on people’s lives. The downside to this industry is the time it takes to build trust, which can sometimes lead to unhealthy competition seeking attention.

Credibility is the key to success in this industry. Gurus or potential coaches should identify an area of ​​personal interest and actively find a way to share their knowledge and expertise.

“You don’t have to live anywhere other than where you are to start connecting with the world you want to be in,” Austin Kleon said in his book “How to Fly Like an Artist”. In today’s ultra-connected world, all it takes is interest and willingness to engage or invest in self-help. This is where the power of the personal development industry lies.

Saifur Rahman works in a multinational company.

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