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By definition, entrepreneurship is not just a phenomenon that results into the promotion of employment opportunities, establishment of new organizations as well as optimization of economic returns; however it is a development choice that leads to the contribution of the well-being of countries, communities and individuals. Entrepreneurship is part and parcel of tradition.
There are several who have prospered in the field of entrepreneurship. Entrepreneurship has actually played an essential role in the civilization since early human history. Nevertheless, there are several challenges for entrepreneurs that they experience in the course of operating their businesses. The three major challenges that entrepreneurs have been experiencing include:
In culture, corruption is prohibited since it results into fighting and hostility amongst entrepreneurs and citizens in getting the services that other parties offer. As a result, the wealthier in the business world will always become wealthier whereas the less fortunate and poor will just get poorer. Corruption is a major challenge since it affects the quality and prices of goods and services that entrepreneurs offer to their clients. This violates the tradition and makes it hard for them to make essential decision in balancing between their business and the religion.
Fraud is another serious challenge that entrepreneurs experience in the course of operating their businesses. There are certain elements of fraud that exist from the seller, goods sales or the buyer in terms of the measurement quantities. For instance, selling a particular good or product that has expired or over-priced is one of the ways in which entrepreneurs encounter while carrying out their business activities. In the modern days, many businesses have ways of hiding other payments to particular products or services sold to buyers that are not explained or described to the buyers during the process of business transactions. This is a huge fraud that many entrepreneurs experience while carrying out their business operations. Therefore, fraud is a serious challenge that has been faced by many who operate their businesses on various parts of the world.
The third challenge that entrepreneurs face is gharar. Gharar is a business term that refers to the sale of goods and services that involves some form of uncertainties. For instance, a sale of birds and fishes that have never been exhibited or arrested to the purchaser by the seller is termed as a gharar. In this regard, many buyers do not fully trust the products that the entrepreneurs offer and as a result, they eventually realize great loss when financial accountability and analysis is carried out. Besides, “riba” is not permitted in the business world. Therefore, it becomes a great challenge in the execution of their business agenda when they experience “riba.”
The above three challenges are the main problems that many entrepreneurs face while carrying out their duties. This is because they either affect their service delivery to clients directly or indirectly or thus results into great loss in their businesses.
Entrepreneurship is a field which lets an entrepreneur to add something new to the world and fill the gap in the society to provide beneficial products or services. It is important for economic development and nearly all countries and religions appreciate and honor entrepreneurship. Religion also associates entrepreneurship as an integral part towards economic prosperity and development.
Businesses are in fact portion of lifestyle. There are great deal of people which have been profitable business owners on the planet and also for being progressive, businessperson and also productive however sadly as a result of moment many possess misplaced his or her self-confidence.
The concept of entrepreneurship is also based on co-operation and generosity. So we can say that entrepreneurship is integral part of motivation-success in religion. This is not purely tested by the results but also the best way along with methods of reaching these. Entrepreneurship ought to perform from the site connected with Financial system along with act as vehicle in the direction of global approval connected with the Financial system.
Banking and finance is different from conventional banking in that it follows the principles of Law, and is in consonance with the value system of religion. The basic precepts of Banking are the avoidance of Riba, or Usury in any form. Both the giving and taking of Riba are to be avoided. Banking also strives to avoid all unethical practices and participate actively in achieving the goals and objectives of an economy.
The Banking system has structured a number of banking instruments or operations which serve to fulfill the customer's requirements while keeping their religious sentiments intact. The foremost and most popular Banking transaction is Murabahah, which is commonly used to finance purchase of vehicles, real estate, goods, equipment, furniture or any tangible thing of value from a third party. In a Murabahah transaction, goods are sold at a price which includes a profit (or mark-up over the cost price) that is mutually agreed upon by both parties.
Musharakah, another commonly used financing tool, is a joint enterprise or partnership structure with profit and loss sharing implications that is used instead of interest-bearing loans. It is also known as Joint Venture facility, or a Partnership financing. Musharakah allows each party involved in a business to share in the profits and risks.
Tawarruq is a means of generating cash by way of trading. The commodity is being traded only for the purpose of raising funds, and not as an end in itself. It combines two separate sale and purchase transactions. It is a financing product that gives you liquidity in accordance with religious principles.
A Qard-al-hasan is a gratuitous loan extended on a goodwill basis to the needy. The debtor is only required to repay the amount borrowed. In this type of a loan the time-value of money is not compensated, and hence some consider this to be the only loan that is truly interest-free.
Successful entrepreneurs are compelled by various religious laws to avoid any sort of engagement with certain financing and economic activities, such as the ones involving usury, speculation and gambling. However, western entrepreneurs sometimes choose to forgo some business opportunities because of moral and religious laws as well. When it comes western entrepreneurs, these limitations and restrictions are voluntary. Moreover, they are less restrictive than the ones restricted by laws.
Religious limitations and restrictions can explain some differences in entrepreneurial outcomes between economies. However, it’s inappropriate to directly compare the two systems using purely economic and financial benchmarks.
Most supporters of religious laws argue that the restrictions and limitations imposed on successful entrepreneurs eliminate unjust and immoral economic practices. Moreover, their restriction increases the overall social value of an economy. In order to understand the differences, here are some key characteristics that define successful entrepreneurs.
Commitment to Faith
Entrepreneurs have a strong commitment to faith. This sort of commitments needs faith in various tenants of the religion, such as fasting, giving alms and prayer. Most successful entrepreneurs are devoted to worship because they understand that success and prosperity comes from Him.
In a recent study, two researchers spent more than 1000 hours interviewing successful entrepreneurs. According to the results of the study, successful entrepreneurs had high values, which are celebrated in their religion. Some of these included keeping promises, responsibility and honesty.
“Signs” are often important to entrepreneurs. Such thinking requires a lot of insight, and even the ability to become self-respective. A person needs to think about life in relation to humanity and other human beings. This form of self-reflection often leads to an entrepreneur being future oriented.
The person thinks about the legacy he wants to leave behind. Entrepreneurs understand that how they spend their time, and used their knowledge and wealth is important. Thus, entrepreneurs prioritize their life and routines accordingly.
While growing up, most people are motivated by external factors, including family, friends and school. However, entrepreneurs focus on cultivating self-motivation and internal discipline. Such qualities can make a successful entrepreneur.