In part 3, we ventured into writing your business plan, by answering a set of questions. In this part, we will go forth by discussing the next step.

When starting your business, you most likely will have these top 3 as priorities: finding capital, building a product and getting customers. For more tips on how to start and launch your business, just click here. After you develop a business plan, traditional business theory will tell you that you must find capital first, build a product and then try to sell to your customers.

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Using the ‘Lean Startup Methodology” in Part 3 of our article series, we mentioned that our goal is to launch as fast as possible and reiterate our product offering based on our customer feedback.

We will briefly touch on ways to find capital and build a product but emphasize on the last point, getting customers, which is essentially the most important point in this series and in your business at large, In sha Allah.

Finding capital

As a Muslim entrepreneur, finding capital is definitely one of the most difficult parts of launching your business. As Muslims we follow a strict moral and ethical code of conduct in business that doesn’t allow interest-based loans or using any kind of instant cash advance app. Things shorten the pool of potential financial sources for those with an idea but limited amount of funds. If you are running a service-based business, you may not need much capital to get started. You can cut costs by working from home and doing everything by yourself in the beginning to reduce overhead. But it may be that your products needs to be developed and prototyped. In that case, here are a few suggestions on where to look:

1. Bootstrapping

Bootstrapping is pulling money from personal and creative resources. Any money you have saved up from jobs, sell any extra items in your home that you don’t need anymore, and perhaps offer side jobs while still working your job to start your business.

2. Seed round

This is an early investment meant to support the business until it can generate cash on its own. You can get started by asking your family and friends for the initial capital. This is probably the fastest and quickest way to get started without your own funds. Additionally, exploring financing options such as the ips creditor portal can provide access to additional capital to fuel business growth.

3. Crowdfunding

In the last few years, a new source of funding has come about where you can post your business or product online and get strangers from around the world who believe in your project to fund your business. It’s completely halal, you don’t have to give up a percentage of your business and all that is required is that you create a campaign on crowdfunding websites such as Indiegogo, Kickstarter, or Islamic versions such as UmmahHub or Launch Good to raise the money you need.

4. Finding an angel investor

Angel investors help fund small startups and entrepreneurs and are willing to take high-risk bet on a company. Such investors are much more willing to take a loss than a traditional venture capitalist who works at a firm and are more interested in investing in you, the entrepreneur, more than the idea. Therefore, you need to convince them that you are the best person to take on the company and build it out.

Building or creating your product

“The goal of a startup is to find the sweet-spot where minimum product and viable product meet — get people to fall in love with you. Over time, you listen to your customers, make improvements and raise the bar on what viable means — making it more expensive for competitors to jump in.” – John Radoff

Adopting the ‘Lean Startup” methodology to developing the product, we want to build a minimal product – enough that you can ship as fast as possible to your customers who will pay you as quick as possible for the product. The goal is to create something they will be happy to pay you for, remembering that you will continuously improve the product as time goes on. What you create first doesn’t have to be perfect, whether that is your first product or a website advertising your services.

Step 1: Create a product details document

This is a document that has all the features and a road map for what each key function of your product is. Be sure to include every feature of your product.

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Step 2: Know your customers

Start a customer development interview process. Before you spend any time building your product, you need to learn about your customers more. Look back at your business plan, and re-read your customer profile. Once you have a good understanding of who they are, try to locate individuals who fit your criteria and description for customer development interviews. Customer development is a key part of the “Lean Startup”. These are one-on-one discussions or interviews with individuals in your target customer base to get an idea of where their pains are.

The key is to talk to people about what they are working on and let them tell you what their pains are. When they do, mention your product concept as a potential solution and let them tell you if it’s useful.

Step 3: Test your idea

While you are talking to your customers, it’s important to put your product or service out there and make it easy for people to find it. You will test your idea by referring all those who you interact with back to this page either to sign up for more information by giving you their email so that you can further contact them or by allowing them to pre-buy your product. Our tool helps you compare merchant services easily. Be sure to check it out!

This is known as testing and a cheap, and easy way to find out if there is demand for you product before you even fully complete it. Testing your idea means seeing if there is traction and if people want to engage with you.

Here’s what you need to do to test your product:

1. Set up a website and fill in the content with details of your product
2. Put up a landing page to either collect emails or to collect pre-sale payments on your product
3. Direct all the people you speak to during your customer development phase and in the next phase ‘prospecting customers’ back to your landing page
4. Start advertising your product web page either through word of mouth or social media or also by advertising your product in leading newspapers and magazines that your target customers read. You should use new Threads services from the Marketing Heaven if you’re looking for a seamless and rapid delivery of Threads likes.

Prospecting or finding customers

The number one reason why people fail in business is due to the lack of customers. The thing that leads to success in your business is getting customers. It’s commonplace for entrepreneurs to focus on getting the technicalities of your business set up, but don’t let it misguide you.

When you understand what you are offering and know there is a need for it, it’s more than possible to get customers. However, it’s important not to bypass registering your business, choosing the right structure, raising capital or finding the right team. We recommend that you look into your state or federal laws to make sure you are adhering to the laws of the country you reside in. Rather, our recommendation is that you focus on getting customers while working on all of the formalities.

Prospecting customers: Start talking to people!

The general rule is that 1/10 people will want your product or service. The simple act of speaking to as many people as possible to create a pool of qualified customers is called “prospecting”.

Ways to find customers

Attend industry events, networking events, do research on forums, visit online websites that you feel your product is of benefit to and start contacting people via phone or email.

Start honest and transparent conversations with people looking to genuinely help them find solutions for their needs. The more places you go and the more people you speak to, the higher the chances of finding qualified customers. You cannot outsource this product or sale.

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The 3-question key to finding customers

You must identify:

1. Who your customers are
2. Where your customers are
3. Why they should buy from you

Pro-tip: Every ‘No’ is closer to a ‘Yes’. Remember, sales is a skill that can be developed. There is no classroom experience that teaches everybody how to get a customer.

Examples

• Service-based business

If you are a realtor, you will have to find 100 potential customers who are interesting in buying and selling property. Only 10 will actually be interested in your services. Where and who might your customers be? They can be at auctions or are newlywed couples, long-term renters who may want to buy a home soon, people in a divorce or who need to move quickly out of their home. Show them why and how you can do your job better than anyone else. Offer a guarantee and deliver above and beyond.

• Product-based business

If you have a product, such as a book or clothing, create a marketing sheet with all potential channels that you can go and sell your products to interested buyers. If you have a clothing line, this bulk screen printing company here can provide you fast, accurate, wholesale t shirts printing and always ready to help! Also, what types of individuals would buy your clothes? Are there boutique shops that will carry your clothes? Are there online shops you can collaborate with? Here are the list of Websites using Nginx that can be used in for all marketing activities for promoting any online business easily and effecicntly.

Pro-tip: Only offer people what they need and not what they may or may not want.

Launching your business means prioritizing finding customers while building up your actual business base. The reason why businesses fail is due to lack of customers and lack of sufficient conversation with them. Mainstream business theory will teach you to spend money and time building a product; but to avoid building something that no one wants, you need to put a lot of effort in talking to as many prospective customers as possible, identifying what their problem is, where they are and how your product can help them.

The key is following the lean startup methodology in building your business. Soon enough, many people will know about you and you will find yourself having a booming business in sha Allah. 

We hope this has helped boost your business ideas for raising capital and achieving customer satisfaction as well. How is your business plan coming along so far? Let us know in the comments section below!

The post [Being Your Own Boss – Part 4] Launching Your Business appeared first on ProductiveMuslim.com.

This is Part 3 of UmmahHub’s series on Being Your Own Boss that reveals the keys to help you become a successful entrepreneur and be the best you can be in business and in life, In sha Allah.

In Part 2, we’d discussed how you can find a business idea that will serve the market and your personal goals and included a real life case study to show you how. In this part, we’ll explore how to write a business plan based on your answers to a set of 14 questions.

Once you have a business idea, what do you do?

Moving forward with your business idea

Building a start-up is difficult, hard and messy. This is no linear path. It involves a lot of experimentation. Keep in mind that there are also mississippi llc registration fees that you have to pay to ensure your business is legal. A business at the beginning is nothing more than a hypothesis. As an entrepreneur, your job is to validate if the problem you are trying to solve is indeed a real problem.

The challenge many entrepreneurs face and the reason many fail, is wasting time building a product or offering a service no one wants. To reverse this problem, the key is to understand the problem and to develop a solution. Once you have the correct understanding of the problem you are trying to solve, the solution won’t be hard.

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The traditional business theory is to spend a lot of money on a product and try to sell it. We want to show you an easier way to identify your problem, build a product in a shorter time-frame, save more money, find customers faster and reduce risk of failure.

This method is called the “lean startup methodology”. It is a contemporary business philosophy started by Eric Reis, who adopted the work of Steve Blank, a veteran entrepreneur from the Silicon Valley. His method is that you focus on building a very basic product he calls the ‘minimal viable product’ and releasing multiple versions of your product or service over a period of time as you improve on it based on customer feedback.

The next article in this series will focus on creating a roadmap for building a product and finding these customers, but for now we will focus on applying the ‘lean startup’ method to mapping out a simple business plan to give you a bird’s eye view of your business, which will get you to launch your product or service as quickly as possible.

What type of business are you running?

There are two types of business you can run:

1) Product-based business: This can be an online product such as a software product or a physical product such as computers, clothes or food. The goal is sales of your products. Good product packaging is also crucial for your goods to stand out in the market, especially when sourcing from a reliable mesh bags supplier who can provide high-quality and customizable options. A reliable supplier ensures that your products are not only well-protected but also attractively presented. If you want to create an efficient and well-organized shopping environment, consider using shelving for shops to showcase your products in a neat and visually appealing manner. Visit here for custom packaging solutions.

2) Service-based business: “You are your product”. Whether you are a graphic designer, attorney or a consultant, you are essentially selling yourself. The goal is understanding what your clients truly need and fulfilling their expectations within a given time-frame.

Developing a business plan: 14 questions you must answer

Whether you are explaining your business to a friend, explaining how to buy bitcoin today to your girlfriend or pitching a startup idea to an investor, you need to be able to explain your business in 30-90 seconds. If it takes you too long to explain what your business is and what benefits it has, it’s too complicated. Instead of writing out a long business plan, the goal is to keep your business plan short and simple. Remember, the key to building a ‘lean’ business is to do the absolute minimum you need and get in front of customers as fast as possible. With the following steps, whether you decide to build a product-based business or a service-based business, it will give you the necessary foundations of a solid business map.

You need to consider the following. Grab a pen and write out the answer to each question:

1. What is your product or service?
Action Step: Try to answer this question in no more than 1-2 lines.

2. What is its unique value proposition?
Action Step: In other words, what makes it different or better? Not that it’s the first of its kind. What makes it better?

3. What’s the market opportunity? What problem will you solve?
Action Step: Clearly define exactly where the opportunity is in the problem you are trying to solve.

4. How large is the market?
Action Step: In other words, how much money is being spent in your industry? Look up academic studies or industry websites or magazines for approximate figures.

5. Who are your competitors?
Action Step: Do a search on Google and pretend you’re a customer looking for the service you are offering. Are there other websites that are offering the same services as well? Take a look at their website.

6. Who are your customers?
Action Step: Create a customer profile. In order to sell to your customers or future clients, you need to know exactly who they are: age, demographics, education, income levels, geographical locations, their interests, behaviours, what they like or don’t like, etc.

7. How do you make money?
Action Step: This is known as your business model. Exactly how do you intend to make money? Retail sales? Wholesale? Guerrilla Franchising?

8. Who is the management team?

Action Step: Who is on your team? You can be the sole founder or start your business with a partner. The key is for your partner to possess a skill that you don’t have. You want to have a partner whose skills complement yours.

9. What is the strategy? What’s the long-term goal (10 years)?
Action Step: Strategy is how you get to your vision. When you understand what your product is and what problem you are trying to solve, where do you intend to go? Do you want to create a small home business to create income for you? Do you wish to expand your business into a franchise or large corporation? Where is the end goal for your business?

10. What are the 3, 6, 9 and 12 month milestones?
Action Step: Look at where you intend to be. Write out a 3-month, 6-month, 9-month and 12-month roadmap of where you wish to be with your business. It will help you create a vision that will inspire you.

11. How do you sell/market your product/service?
Action Step: How do you get people to buy your product? Research and make a list of where your customers are. Zenith Clipping is a professional ecommerce product photo editing service provider. We offer the best photo editing services. We are a well-reputed top-ranked image editing company in Bangladesh serving since 2010.

12. How much capital do you need/intend to raise?
Action Step: Think about how you will raise money for your business. Will you bootstrap? Will you stick with your job and save money for a few months until you can fund your business? Do you intend to find investors at Bitcodeprime, such as venture capitalists, friends or family to help fund your business? Look at how much you will need to get started and that will give you a good idea of what road you will need to take.

13. What are the projected financials for the company?
Action Step: When projecting your business’s future earnings, it’s crucial to consider various factors that contribute to your potential revenue and profits each month and year. This comprehensive approach ensures a well-structured financial plan that guides you toward your desired income. Should you need assistance with your financial strategy or face potential financial challenges, Enquire Today For Free Advice from experienced professionals who can help you navigate any obstacles and support your business’s success.

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14. What is the preliminary valuation of the company?
Action Step: For many companies, the question of valuation normally arises when one is looking at outside sources of investment, such as venture capital or seed funding. The valuation of the company, or how much the company is worth, is an important measurement to know. In exchange for funding, you will have to give away a percentage of your company. To measure the worth of that percentage, you will need to know a valuation. For example, if you give away 10% of your company for an investment of $100,000, then your company’s valuation is $1 million.

Once you’ve completed this, try your best to plot your answers on the Lean Canvas model below. It will give you a visual map and help you make connections about the value you are trying to add to the marketplace.

To better understand how to use this, here is a free course on Udacity that will take you step-by-step on exactly how to map out your business plan on a Lean Canvas Model. Mapping out a business plan this way is different than the traditional route. You will be able to start your business with much more ease, having saved money and time as well as being able to communicate your value proposition to your team and external stakeholders.

In the next part of the Being Your Own Boss series, we’ll learn how to launch your business idea. We will cover the basics on how to build your product and service and a variety of funding models to help ensure you have the money you need to start your business. How does your business plan look after answering all 14 questions? Let us know in the comments section below!

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The post [Being Your Own Boss – Part 3] Writing Your Business Plan appeared first on ProductiveMuslim.com.

This is Part 2 of UmmahHub’s series on Being Your Own Boss that reveals the keys to help you become a successful entrepreneur and be the best you can be in business and in life, In sha Allah.

In Part 1, we’d discussed the fundamental importance of developing an entrepreneurial mindset for the success of any business. In this part, we’ll explore how to identify and narrow down on the right business idea: one that will serve the market and your personal goals.

When beginning your entrepreneurial journey, it’s less important to be looking for a “big idea” like the next Google or the next Facebook but more important to look for a business idea that matches your skills, knowledge level and, most importantly, is solving a problem for your intended market. If you need some assistance, a company like the best llc service in new jersey has your back.

Separate Facts from Fiction

You’ve probably dreamed about starting and growing a successful business. You’ve also probably thought that your idea had to be original or that you have to wait for the ‘right time’.

For every great idea out there that becomes a business, there are thousands of ideas that don’t end up successful.

Contrary to popular belief, what you would be surprised to learn is that most successful businesses we see today were a result of a simple idea executed successfully by a smart team. They never waited for the ‘right time’. They just went ahead and started. If you study successful businesses, either small enterprises or large Fortune 500 companies, you will learn that they rarely reinvented the wheel either. They simply made an existing idea better. They looked at the marketplace, identified a gap in the market and said: “How do I make this better?”

It’s not about the idea that you have, but rather the execution of that idea.

CECP Certification adds another layer of credibility and expertise to your entrepreneurial journey. It signifies a commitment to ethical business practices and social responsibility, qualities that resonate deeply with modern consumers. Just as successful businesses focus on refining existing ideas, obtaining a CECP Certification demonstrates your dedication to improving not only your bottom line but also the communities and environment in which you operate.

It’s not just about launching a business; it’s about doing so with integrity and a broader vision for positive impact. So, while the idea may not need to be groundbreaking, the execution, coupled with a commitment to ethical leadership exemplified by CECP Certification, can set your venture apart in an increasingly conscientious marketplace.

Here is the simple formula that makes up a successful business idea: find a problem or a pain-point for someone and provide a solution.

Finding a pain point means that you must be solving a problem for someone that they are willing to pay for that is better than what already exists. What can you do that will make something easier for someone? What can you create that will make life more enjoyable for someone? What can you build that will help uplift someone or bring happiness to someone?

This is the starting point of finding a great idea.

Practical Steps to Finding a Good Business Idea

If you are starting from scratch, follow along below:

Step 1: Who are you?

Think about your work history. What have you done? What fields have you worked in? Do you have hobbies? What skills do you have? What activities do you enjoy doing? What do you like? What do you love to do?

On a blank piece of paper, write down five things about yourself.

Example:

1. I love taking care of children.
2. I love helping people market their business.
3. I love making cupcakes.
4. I love taking photographs of people on their wedding day.
5. I love creating beautifully-designed posters for people.

Don’t think too much about what you are writing. Take your time, don’t be afraid to make mistakes and write down whatever comes to mind first.

This step is important because you will be acquainted with specific industries, markets, and communities you can solve problems for.

Step 2: Identify Problems in Your Everyday life

In contemporary business discussion, you will hear that the best way to find a business idea is to solve a problem for yourself.

What problems do you face on a day-to-day basis that you wish there was a solution for? List all the problems you face in your day-to-day life.

Ask yourself:

• Are there things you wish were easier while working at your job or on your hobbies?
• Have you been in a situation where something happened that you didn’t like?
• Did you have to learn or do something the hard way and found an easier way to do it?
• Is there a product or service you wish you had to make your life easier?
• Is there a skill or piece of knowledge that you are passionate about that you can ‘niche-down’ for a particular audience?

Step 3: Combine Your Skills with Potential Problems

The third step is to see whether you can identify opportunities to develop a business idea based on markets, fields or communities you are familiar with that also match your skills and passions. Let’s look at some examples:

• Were you a full-time working parent and found yourself needing affordable daycare for your children? Are there opportunities to start a daycare in your neighbourhood? Even better, think smaller: what about providing Islamic daycare for young Muslim families?
• Love photography? Are there opportunities for you to photograph clients for a fee? Even better, think smaller: what about catering to shooting female-only (if you are a woman) or male-only (if you are a man) events? What about shooting weddings for Muslim couples? Do you want to be a successful wedding photographer Leesburg?
• Love graphic design? Are there opportunities in your network to provide beautifully designed posters for events? How about designing for a few events for free and see what response you get?

Additional Tips

• Your best ideas may come from your network: Identify entrepreneurs and business people in your network who you can bounce ideas off of. They might lead you to a new direction.
• Find inspiration: Sometime the best ideas come when you aren’t thinking about business, they come when you are inspired. The best way to be inspired is to do what you love: paint, take a walk, go surfing – do something you enjoy and you might come across great ideas for a new business
• Context – remain aware of your environment: Keep up with the local news, read more industry magazines. Are there opportunities, trends or potential booming demographics that you can provide a possible product or service for? Are there markets that are underserved and needing solutions?

The Key is Creating Value

Finding a business idea is not as complicated as one might think. All around us, there are needs that are waiting to be fulfilled! The most important thing is to realize that it doesn’t need to be original or unique; you must simply try to improve upon existing solutions to the problem that you are trying to solve.

Value creation is the core of any successful business. When you solve a pain-point or a problem for someone, you are creating value.

Whenever you come across an opportunity, ask yourself these questions:

How can I improve on this?
Is there a market that is underserved and how can I better meet their needs?
Can I run a better, more efficient business than that person over there?
In no time, you will have a flood of ideas coming your way and ample opportunities to create value and serve your market; and with the right amount of planning and effort, you will have a thriving business, In sha Allah.

In the next part of the Being Your Own Boss series, we’ll learn how to get started and develop a product or service based on your business idea. What business ideas have you come up with and why? Let us know in the comments section below!

Want to learn more about how a Muslim business owner created a great business from ordinary ideas? Download our exclusive case-study for ProductiveMuslim readers.

The post [Being Your Own Boss – Part 2] What Should Your Business Be About? appeared first on ProductiveMuslim.com.

This is Part 1 of UmmahHub’s series on Being Your Own Boss that reveals the 10 keys to help you become a successful entrepreneur and be the best you can be in business and in life, In sha Allah.

To be an entrepreneur and be involved in business consists of exerting significant effort and hard work, which is highly encouraged in Islam; as the Prophet said:

“No doubt, it is better for a person to take a rope and proceed in the morning to the mountains and cut the wood and then sell it, and eat from this income and give alms from it than to ask others for something.” [Bukhari]

Many of the early followers of our faith, including our Prophet Muhammad , were merchants and traders. In fact, much of how Islam spread from West Africa to China was through traders. As the country with the highest Muslim population in the world, Indonesia is said to have embraced Islam by witnessing the the strong ethics and beautiful character of Muslim businessmen and entrepreneurs they came across, which speaks to the immense power of business that is driven by faith-based values.

Entrepreneurship is one of the most powerful methods to create long-lasting change in our communities that is currently being neglected. This is due to the lack of proper entrepreneurial education to help develop the next generation of entrepreneurs within our community. There simply is not enough awareness about what entrepreneurship is, how we can develop more entrepreneurs, and how we can start and run successful companies that can create a long-lasting impact.

Who is an Entrepreneur?

There are many definitions for the word ‘entrepreneur’, but the most common definition is that an entrepreneur is someone who identifies problems and then turns them into opportunities.

“Entrepreneurship,” says Bob Reiss, the author of ‘Low- Risk, High-Reward: Starting and Growing your Business With Minimal Risk‘, “is the recognition and pursuit of opportunity without regard to the resources you currently control, with confidence that you can succeed, with the flexibility to change course as necessary, and with the will to rebound from setbacks.”

Being an entrepreneur is not necessarily just about launching and running a business; it is about developing the entrepreneurial mindset, which is useful to anyone who is part of an organization. It is the mindset of looking at problems as opportunities and creating more with less. This mindset encourages risk-taking, creativity, innovation, and unconventional thinking, including exploring emerging technologies like blockchain in supply chain transparency, which can revolutionize how businesses track and manage their products, ensuring greater trust and efficiency in the global market. Entrepreneurs come up with the best blockchain business ideas. Improving processes using automated technology will help you create effective ways of addressing supply delays.

This is the mindset that we Muslims need to develop in order to properly create healthy communities that can deal with the myriad of socio-economic issues we face.

Revive Your Entrepreneurial Spirit

The industrial revolution forced a mass migration of people from rural areas to urban cities. Prior to that, most people in North America were entrepreneurs who owned small businesses and bartered to get what they needed. Now, as technology and global competition changes the employment landscape, traditional employment that was reminiscent of the industrial revolution is being challenged. Individuals are now being forced to become knowledge workers, who essentially rely on selling their skills to make a living. We were all entrepreneurs long before the industrial revolution changed that. We need to return back to our entrepreneurial roots, not just socially but religiously as well. Interestingly enough, history has come full circle and we will all need to become entrepreneurs to survive in the future.

What makes entrepreneurs unique is their resourcefulness. In other words, they are able to do more with less. Whatever the problem, they will find a way to make it happen even if they do not have all the tools.

The key to developing an entrepreneurial mindset is recognizing the qualities you have, then building and improving upon those you do not yet have. To get started, we have mapped out key ways to develop your mindset as a Muslim entrepreneur.:

1. Have Tawakkul and Be Grateful

Part of being a Muslim is understanding that Allah is the ultimate disposer of our affairs. He is Al-Awwal (the Beginning) wal-Akhir (The End). Everything begins with Him and everything ends with Him. Consequently, He is the source of everything and the Provider of all.

Contemporary business practices today cite scientific studies showing that an attitude of gratitude brings more into your life. It means the more you are grateful, the more you will receive. Believing that there is a limited amount of resources for everyone to access is a flawed mindset for any entrepreneur. You must operate from a place of abundance and believe resources are unlimited.



As Muslims, we do not need modern scientific studies to show us that being grateful and having faith in a higher being who is the Source of all is enough reason to never worry.

In the Qur’an, Allah says:

“And [remember] when your Lord proclaimed, ‘If you are grateful, I will surely increase you [in favor]; but if you deny, indeed, My punishment is severe.’ ” [Qur’an: Chapter 14, Verse 7]

Know that Allah has given you all the resources that you need in your life to create a successful business and create some impact in the world. Once you realize that you were given quite a lot, Allah has guaranteed to give you more.

2. Work Hard and Think Long-Term

“That no bearer of burdens will bear the burden of another. And that there is not for man except that [good] for which he strives. And that his effort is going to be seen – Then he will be recompensed for it with the fullest recompense.” [Qur’an: Chapter 53, Verses 38-41]

A crucial step to developing an entrepreneurial mindset is having the ability to think long-term. Long-term thinking allows a person to develop discipline to work at a problem while having a future vision in mind. This helps prevent the need to fulfill short-term gratification.

In Surat al-Israa, Allah says:

“Whoever should desire the immediate – We hasten for him from it what We will to whom We intend. Then We have made for him Hell, which he will [enter to] burn, censured and banished. But whoever desires the Hereafter and exerts the effort due to it while he is a believer – it is those whose effort is ever appreciated [by Allah]. To each [category] We extend – to these and to those – from the gift of your Lord. And never has the gift of your Lord been restricted.” [Qur’an: Chapter 17, Verses 18-20]

Allah also says:

“Whoever desires the reward of this world – then with Allah is the reward of this world and the Hereafter. And ever is Allah Hearing and Seeing.” [Qur’an: Chapter 4, Verses 134]

A key part of having a long-term vision is having the understanding of what guides your decision-making. What vision do you have for yourself, your life and your business? What impact do you ultimately want to make? This will be your reason, the one that will get you through the main obstacles you will inevitably face. As Allah has said, if you work, you will receive the fruits of your striving.

3. Have Grit

University of Pennsylvania Psychology Professor Angela Duckworth’s research has shown that people with “grit”, the trait of exceptional persistence and devotion, consistently perform better than those with higher IQ.

If there is one guarantee in entrepreneurship, it is that it is a roller coaster ride. There is no linear path to becoming a successful entrepreneur. It essentially consists of making numerous tiny decisions everyday on multiple things: teams, administration strategy, marketing, etc. It takes a certain type of mindset to withstand this kind of pressure. The key here is persistence.

Persistence is the ability to look past obstacles and keep moving. When speaking to many successful entrepreneurs, they will cite the ability to not give up as being a crucial reason for success. Sadly, many people do not succeed because they gave up right before they were about to find success. The key to persistence is to keep trying until you get to your end goal.



“Keep focused on the problem you are trying to solve but be flexible on how you solve it”, says Jason Nazar, co-founder and CEO of Docstoc



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4. Focus on Creating Value



Another key to becoming a successful entrepreneur is by creating value. The amount of success you have is proportional to how much value you bring to others. Entrepreneurs focus on creating sustainable solutions by solving problems faced by people.

Before starting your business, it is essential to ask yourself: “Who am I helping and how can I make that solution better than what exists currently in the marketplace?” This is the primary mentality to have when looking to become an entrepreneur and the basis of great business models. Contemporary entrepreneurship encourages one to find a solution for a problem within the marketplace that customers are not happy with, then create a product to help them, while constantly revising and improving that product based on their feedback.

Entrepreneurial Education: The Way Forward

Growing and developing the next generation of entrepreneurs is crucial for our long-term communal prosperity. In order to solve the myriad of social problems that we face, we need to support those who are solving these problems. That is why entrepreneurial education can become a crucial asset for our community.

The first step in doing so is to develop the mindset of an entrepreneur.
 On a community level, helping more people develop an entrepreneurial mindset means we help unleash the creative potential and innovative thinking of many individuals in our community. These new ideas can help spark new businesses, organizations and projects that will benefit our community for years to come. Developing an entrepreneurial mindset gives individuals the inspiration to dream, to be innovative and to take risks.

With this spirit, we have to encourage the next generation to become the change-makers and entrepreneurs they have the potential to be!

Next time we will show you how to get inspired and develop business ideas. If you have any tips for budding entrepreneurs, or thinking of becoming one yourself, let us know in the comments section below!

The post [Being Your Own Boss – Part 1] How to Develop an Entrepreneurial Mindset appeared first on ProductiveMuslim.com.