Entrepreneurship In Islam

A very important factor that misunderstood by most people is the value of achievement over money, most people think that Entrepreneur are only motivated by money, on the contrary keeping score which is a determined factor in the competiveness of the character is more important to an Entrepreneur than making the money and money is happen to be a very nice by –product of the process according to many.

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

Entrepreneurship is the action of taking the initiative to build up, organize and manage a business with the intend to attain profits overcoming the difficulties. The risk carried by the entrepreneurs willing to take advantage and take risk of the market opportunity and find better ways of the present processes to take out the new ventures. The task of the entrepreneur is to effectively and proficiently use the land, labor and capital to take out the business activities, according to the economical definition. Individuals get freedom provided by the entrepreneurship to take their own decision and the capability to plan and manage according to their own wishes but the procedure of doing business is not that simple.

The Islamic world valued commerce and fostered active networks of exchange. Muslim merchants used the Silk Roads, Sea Roads, and Sand Roads of the Afro-Eurasian world, and the Islamic world promoted long-distance economic relationships by supporting a wealthy, highly developed, "capitalist" economy. Islamic civilization also eased a massive exchange of agricultural products and practices. Some of these Indian crops later found their way to Africa and Europe from the Middle East. Technology also distributed widely within the Islamic world. Ancient Persian techniques for obtaining water by drilling into the sides of hills spread to North Africa. Muslim technicians made improvements on rockets developed in China. Techniques for manufacturing paper

There are different factors that can influence the success of a business. For each entrepreneur, the factors might be different depending on their knowledge, skills, and personal traits. However, I will mention a few key points that I consider are relevant and every entrepreneur should take into account in order to succeed. The most critical factors are execution, knowledge and skill, honesty and integrity, passion, hard work, and persistence (Sutevski, n.d). An entrepreneur needs to execute his or her ideas. Only actions lead to success, it doesn’t matter how great the ideas or plans are if there is no action there

(3) Moreover, to obtain his information, a questionnaire was developed which included mixtures of scaled, dichotomous, multiple choice, open ended and rank-order questions. (3) Hisrich findings were divided into four areas; the demographic composition and background of the entrepreneurs, the nature of their business ventures, the skills, and personalities of the entrepreneurs as well as the problems confronted in starting and operating a new venture. (3) In the sample entrepreneurs were between the ages of thirty-five and forty-five; in which sixty percent were married and had children. (3) Forty-two percent were first-born children in their families, and the majority grew up in lower or middle class environments.

It is observed that the phrase “Entrepreneurship” has been used in disparate meanings by scholars around the world. In academic definition, entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control(Stevenson & Jarillo). In venture capitalist, entrepreneurship is the art of turning an idea into a business(Fred Wilson). In a simple word, entrepreneurship is the process of designing a new business and start new businesses is the most obvious example of entrepreneurship. Most researchers would agree with a definition of entrepreneurship as an activity that involves the

Entrepreneurship is an excellent opportunity for individuals seeking the independence of running their own business. Starting a business can be a quite daunting task for anyone who is looking to do so. Potential business owners must be ready to invest much of their time and energy to the planning and startup phases of their business. Those activities include conducting research, creating a business plan, securing financing and marketing. Additionally, business owners also have to decide the type of business form that they would like to operate under. There are three main business structures in which entrepreneurs must establish their business.

Biblical entrepreneurship, as defined by Tsague in Biblical Principles for Starting & Operating a Business, is a Biblically based process of identifying opportunities, taking calculated risks, solving problems, and exercising business stewardship for profit (Tsague, 2006, pg.18). The text gives many principles that are crucial to doing business successfully from God’s perspective. The following twelve principles show how Biblical entrepreneurship relates to a Christian worldview. “God has given each of us talents in

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

Through fresh innovative and creative ideas we have seen how these different concepts and ideas change the business environment. Entrepreneurship plays a role in the economy and can result in the growth and development of the economy in a country. This essay will be discussing the different aspects on what Entrepreneurship is, The Role it plays in the economy and the different type Entrepreneurial businesses involved in the growth and development of the economy of the country. Entrepreneurship will help the economy by providing more job opportunities, creating new wealth and can reduce unemployment . It is clear that there is positive relationship between Entrepreneurship and Economic growth; this link will be discussed in the essay.

An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their

Becoming an entrepreneur will be very exciting journey; from the beginning till the development and realisation of one's product or service.

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

Entrepreneurship refers to the act of investing in productive capital and assuming risk for productive ventures. An entrepreneur is an individual who purchases factors of production and combines them to produce consumable output. Entrepreneurs are distinguished from capitalists- who rent out capital to entrepreneurs- and workers, who sell their labor to entrepreneurs. Entrepreneurs are indispensable to the functioning of any economy. Entrepreneurs grow economies by creating new output, increase efficiency in economies, allocate society’s resources efficiently, and serve consumers and job-seekers.