Entrepreneurial Journey Part 2

9/26/2015 05:47:00 pm

Assalammualaikum everyone.

I would like to wish all my Muslim blogreaders Salam Eid Adha Mubarak. In this blogpost I will be touching on the financial aspects of business. What is business without a capital to start off with? Some may argue with the previous statement that they can start a business without a starting capital. That depends on the type of business you are working on.

Capital: Financial assets or the financial value of assets, such as cash. The factories, machinery and equipment owned by a business and used in production. (Investopedia.com)

For new entrepreneurs, you may be finding it hard to fund your business for a start, if you do not have hard cash for a start. Just a word of advise from me, it is best not to start your business with a bank loan. Keep in mind that bank loan requires you to make repayment with a high amount of interest. If you are planning to make your business riba-free from the start, you may want to:
1) Save money first, from your salary.
2) Start your business, small first. Start from online business. You do not really need to spend too much on advertisements or rental or employees. Word of mouth via FB is sure the most effective way.
3) You can try loan from your family members, and remember to pay them back.
4) Do up a good business proposal and present it to Angel Investors (Club Ethis/Kapital Boost and others). They run on a profit sharing model.
5) Look out for government grants that are available in the market. Make sure you qualify for them before applying.

For mature entrepreneurs who would like to expand their businesses but lack of funds, you can also try to:
1) Approach Angel Investors to invest in your company.
2) Look out for government grants that are available in the market.
3) I am sure you have a good rapport with your business network, get your business buddies to be your partners, so that you can expand your business further.

Ultimately, I still recommend entrepreneurs to remember to give back to the community at any point of your business progression. Insyaallah there is always barakah in giving back to the community. Wishing all entrepreneurs all the best in their businesses. If you need any recommendations or networks, feel free to contact me at nur.farhanah.jasni@gmail.com .


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My objective of creating this page is to reach out to more people, to educate about Islamic Finance and Individual Finance, share tips on financial planning and also be able to answer to everyone's queries. So, feel free to share this page and ask me questions. Let's share the knowledge and practice them together. In syaa Allah. Aamiin.