Entrepreneurship 101

Running a business is more than just about buying and selling a product, it’s about creating an effective and efficient system that solves a problem or delivers a desire. The ones mentioned below are just a few key functions to help execute your business:

How to Start:

First and foremost, choosing a name that aligns with the mission of your business is key to any successful business. To help with branding, choose a name that is meaningful to you - this will go a long way in branding yourself/your story. Once your name has been chosen, think of 4-5 adjectives you want associated with your brand and work towards incorporating those adjectives into every aspect of your business (i.e. if you want people to ‘trust’ your brand, how can you incorporate that into your production process, operational management, and marketing?).

Functions of a Business:

The 3 key elements in creating a successful business is support, internal functionalities, and external functionalities. An excellent support system includes building a reliable network, quality control, and honing in on appropriate business channels. Internal functionalities of your business include the production and design of your merchandise, executing an everlasting brand vision, and operational functions such as financial management and HR. Lastly, external functionalities of your business include website management, packaging and distribution, and an effective execution of your marketing plan.

Marketing Basics:

Marketing isn’t just an important part of your business - it is your business. The value you retain from your marketing efforts not only impacts short-term sales but also helps to attain long-lasting relationships. To promote effective marketing, knowing your brand’s identity is essential; brand identity is how you want your consumers to remember your business (think back to those 4-5 adjectives!). This includes your business name, logo, theme, and your tone of voice. 

Pro-tip: word-of-mouth marketing is one of the most effective, cheapest, and fastest ways to grow your company. 

Fiqh of Business:

Knowing and understanding the proper Islamic rulings about a customer’s right, your rights, how to sell, and how to market, are key elements to ensure your business is conducted in a manner which is pleasing to Allah (SWT). Remember, pure intentions always have rewarding endings, a business that pleases Allah is successful beyond the means of this world. 

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