In this article we will learn in depth about general assumptions vs realities in halal business. The main intention of the article is to understand the real business and make wise decisions. So that we can build long term strategies and grow wealth.
1. Business is easy and anyone can do it. It gives self control and independency to work. I can be my own boss and control everything.
1. Business is not easy. 90% of the startups fail. Though you have self control, there is no question of flexible work hours or controlling others. It’s like 24×7 efforts.
2. I will have fame and everyone will respect me.
2. That’s only when you are successful. Initial days you have to struggle hard by leaving your self-respect aside.
3. I can make some quick money.
3. Investments give you profits in long run. There is no shortcut money making.
4. Halal Business is easy and clear.
4. Halal Business is more challenging compared to conventional business. The opportunities, business modules and money rotation are less. For example, when short term amounts are required, other companies can get easy money on interest. Where as Halal Business can get only as a hand loan without interest. And al most of the people are not interested in giving just hand loans.
5. I should be able to withdraw money when ever I like.
5. Business works with long term planning. If you withdraw when ever you like. Managing business becomes difficult.
6. Companies should work as per investor interest and satisfy them.
6. Investors should work as per company interest and support the company. A business has to face many challenges and it has to follow strick business rules. They cant be changed for individual interest.
7. Companies earn huge profits and pay less to investors.
7. It’s a big assumption that businesses earn huge money. It’s not always the truth. Earning money is one of the toughest challenges and halal business gives away most of them to investors as in Islam, the investor has higher risk of loosing money than the company itself. Hence investor should be paid reasonably.
8. If things don’t go as we expect, we should create issue or take legal action.
8. Taking action will never get back ṁoney. No stable person in business will do this. Every company delays the things by 2 months to even one year in paying back to vendors. Patience is the solution, not action.
9. I will test and trail the business. If I don’t like I will back off.
9. You have to be clear about doing business. There is no backing off in business. You have to be stable. If you don’t trust, you shouldn’t start. If you back off, it will effect many other investors.