5 Islamic Principles to be a successful entrepreneur

3 min read

Man devised units of measurement for the exchange of products, such as the rare snail, oyster, stone, and so on. In primitive society, men met their needs by trading commodities with one another, which is known as the Barter system. It was, however, only effective for a short time, and humans began to produce goods in order to profit. Metal coins, banknotes, and other forms of currency were later used to exchange products.

Here are some of the early Muslims’ success strategies.

• Begin with the best of intentions: Abubakr As-Sideeq (RA) was a prosperous trader who operated with honesty. He was the first to profess faith. When he converted to Islam, he continued his business while also urging others to follow Allah’s way. At Abu Bakr’s request, some famous associates adopted Islam. Uthman bin Affan, Zubair bin Awam Talhah bin Ubaidullah, Abdur Rahman bin ‘Auf, Sa’ad bin Abi Waqas, and Abu Ubaidah bin Al-Jarrah were among those killed (RAM). These were powerful men who eventually turned out to be valuable assets for Islam. They were all among the ten to whom Allah brought good news of paradise from the earth. Abubakr’s action won him tremendous success both in his lifetime and in the hereafter. In terms of business, start with a positive mindset, hit the ground running, and aim for success in both spheres.

• Engage in ‘Halaal’ transactions: Allah the Exalted says in the Noble Qur’an, “O you who believe! Eat not doubled and increased riba (usury), but fear Allah so that you may be successful.” (Q3:130).
  Apart from usury, Muslims must avoid any enterprise including alcohol, gambling, pornography, or anything else that Islam condemns in its entirety. Even so, some of those ventures appear to be profitable. However, assisting evil behind the scenes is a failure. Furthermore, we are barred from stockpiling things in preparation of scarcity. This is frequently done with the goal of making a large profit when a true scarcity occurs.

• Build trust by sincerity: A good example can be found in the life of Allah’s messenger (PBUH). Khadijah fell in love with him because of his truthfulness with her. Deals should also be fair. While Islam does not prohibit profit, there is no need to take advantage of customers’ gullibility. If there’s a flaw in the product, it’s important to point it out or correct it before selling it. “He is not one of us, the one who deceives us,” Allah’s Apostle (PBUH) said. In recent years, another unusual practise has been the changing of metrics. It’s so common that it’s even done at gas stations in some areas. This is a heinous deed that incurs Allah’s anger.

• Maintain a steady cash flow process: Adhere to the money tender for goods principle at all times. Avoid incurring debts and embracing debtors as much as possible, as this is detrimental to a successful business. Exchange and swap trades are also discouraged due to the complexity resulting from item inferiority and superiority. When there is a significant profit on the merchandise, it is best to sell it. This contributes to the preservation and recycling of wealth.

• Start small and become big: Diversification and reinvestment of revenues are two secrets of economic success. The life of AbdurRahman bin Auf is a wonderful example (RA). When he moved to Madinah, his ansari brother gave him half of his fortune. Ibn Auf (RA) said, “May Allah bless your wealth and family.” Just show me how to get to the market.” With barely two dirhams, he began selling dried butter milk. He then moved on to selling horses and increased his income by adding saddles to his inventory. He grew into agricultural products and export trade as Allah blessed him more. He was obscenely wealthy, and he gave freely to charity.
  
  

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