Hit Your Goals – Start my Business
Should you start a businees?
People who run businesses comes in many shapes and sizes. Don’t assume that because you don’t have a certain skill or way of thinking, that you won’t be a successful business owner.
If you like the idea of owning and running a business, there are lots of advantages. You get a genuine sense of ownership, the opportunity to choose what you want to work on, and limitless potential.
Just be prepared to put in serious hours and essentially never switch off again!
Here’s some resources to get you started.
What kind of business should you start?
You can choose from online or offline, service-based or goods-based, tech-heavy or not teach-heavy.
If you are a techie, chances are you will build something that we actually call a “startup” in the world of venture capital. A company that has potential to go really big globally, quite quickly. That’s because the product is something that can scale very quickly as it’s actually just code.
If you choose to sell kids toys from a shop on your high street, that’s a different type of business altogether.
Both are fine and can make you money, but understand the difference and set out your stall accordingly.
But I don’t have the money to get started
Part of the skill of an entrepreneur is making something happen out of nothing.
We all know the stories of people like Alan Sugar and Richard Branson, who started off very humble.
Find a way to start small and snowball.
If you’re a tech startup, we like investing early with our VC fund Cur8 Capital. You are welcome to submit your deck there.
What should your niyyah [intention] be?
We often make the mistake of separating business and Islam. They go hand-in-hand.
You should start your business firstly with the pure intention of making halal sustenance. Avoid the temptations of cheap, interest-based borrowing.
You should have a firm intention to keep things completely halal. That includes not selling anything impermissible, keeping strict Islamic business practices and ethics and generally being sincere. There are lots of great examples in the hadith about the business practices of the Propher (SAW) and his companions.
They were supremely successful business people, as were many of those who came later.
You should also have a clear intention about the purpose of your business doing well. Providing for your family and giving charity are noble things.
And if you can, try to align your business to some wider positive impact on Muslims and the world.
For instance, here at IFG, our mission is to make Muslims wealthier because that puts the ummah back on a level playing field. You can read more about us and our mission here.