Identity of an Entrepreneur and Businessman and Characteristics of a Successful Entrepreneur and Businessman in the Light of Qur'an-Hadith.
One of the aspects of the economy and business is to be an entrepreneur, i.e., to undertake business ventures. Experts have defined entrepreneurship and business ventures in different ways. When a person tries to set up a business on their own without being subordinate to anyone, thinking of employment, they are called an entrepreneur. When the entrepreneurial venture is successful or self-sustaining, they become a businessman. In short: “All businessmen are entrepreneurs, but not all entrepreneurs are businessmen.” Different definitions also exist.
Merchant Identity
“A businessman or woman or a businessperson is one who generates income and contributes to economic development by generating production, cash flow, or sales in the commercial or industrial sector by utilizing human resources, cash funds, talent, and physical energy. The term entrepreneur also refers to a founder, owner, or majority shareholder of a commercial enterprise. The term can sometimes refer to an angel or lead investor in a corporation, enterprise, firm, or organization.”
Identity of the Entrepreneur
Entrepreneurs are those who take up new ventures with the thought of employing many people, besides self-employment.
Some say, “An entrepreneur is a risk-taker who sets up a new business and creates employment, as well as profits from the business.”
Some are reluctant to put entrepreneurs and businessmen in the same category. They say, “There is a difference between a businessman and an entrepreneur. A businessman can sell any product or service. But an entrepreneur sells the product or service they invented. All entrepreneurs are businessmen, but not all businessmen are entrepreneurs.”
A business venture is an attempt to implement the desire and ability to design, create, and operate a new business enterprise, accumulating the necessary capital and labor for the purpose of earning. Business ventures can be highly risky but, at the same time, rewarding and can lead to the creation of economic wealth. Also, economic growth can be achieved, and new innovations can be introduced. A person who starts such a new, risky venture and enjoys the bulk of the profits or gains from it is called an entrepreneur.
Entrepreneurship in the Light of Islam
Such initiatives can be seen in the way of life of Rasulullah (Sallallahu Alaihi Wasallam) and the Companions. Islam has encouraged believers (Muslims) to become entrepreneurs. Allah Ta’ala has instructed us to do halal business by avoiding haram ways and methods. It is stated in the Holy Qur’an,
“Allah has made business lawful and interest forbidden.”
In the Islamic economy, it is necessary to follow halal rules and stay away from haram in livelihood or earnings. The means of livelihood and production are determined in the light of the guidance of Allah and the ideals of Rasulullah (Sallallahu Alaihi Wasallam).
It is widely recognized that business is one of the legitimate ways to earn a living. Entrepreneurship is encouraged in Islam. Islam talks about seeking Allah’s grace in every moment of life, and business is such a medium—where the businessman spends every moment relying on the grace of Allah. That is why Islam has placed business and entrepreneurship in a high place of dignity.
Guidance for Businessmen and Entrepreneurs
There are special instructions for becoming a businessman or an entrepreneur under the guidance of seeking the grace of Allah. Allah mentions in the Holy Quran:
“Then when the prayer is over, spread out in the world and seek the favor of Allah and remember Allah more—so that you may be successful.”
There are three underlying messages in this verse for all businessmen, entrepreneurs, and all people in general:
Prayer: Worship of Allah is paramount. In life, worship must be performed first, and then everything else. Islamic scholar Shaykh Ali Ibn Al-Qasim said, “The first task of every believer-Muslim’s daily life is to pray five times a day.” The second task is to adopt halal means of livelihood. One must work in between praying, not pray in between working.
Effort: The underlying message of this verse is to try. Without effort, there will be no success in this world or the hereafter. Whose effort and struggle are greater, their success is also sky-high. Allah says,
“And man gets what he strives for.”
Mufassirs explain that every person will face the consequences of their actions. No one can achieve anything without effort. Warren Buffett said, “If you want to be successful in business, above all in life, you have to keep trying.”Faith in Allah: Efforts alone are not enough. One must have immense faith in Allah and remember Him. Many efforts might fail due to reasons beyond control, often referred to as the ‘Act of God.’ So, it is essential to remember Allah in both success and failure.
A Muslim businessman or entrepreneur should not engage in business solely for the sake of profit. The primary goal must be to fulfill obligations, seeking benevolence and goodness. Islam emphasizes maintaining a balance between worldly success and spiritual well-being, ensuring that every business endeavor is in line with the teachings of the Qur’an and Hadith.
