After traveling to many communities around the country and working with boards of organizations as well as meeting many college students, I have noticed a positive trend. While this conclusion isn’t backed by research, rather by observation, it seems that many start their own businesses and organizations. I have seen a variety of different approaches such as those who start their modest clothing lines. sell products on Amazon, provide coaching services, establish organic markets, develop mobile apps for the medical industry, offer wedding planning services, and many more Halal business ventures. This spirit of ethical and socially conscious entrepreneurship is a positive sign of leadership.
There are many reasons as to why some people attempt to start their own businesses. Some do so for the following reasons:
- To emulate and follow role models who were successful businessmen and women.
- To repel poverty.
- Turn an idea they are passionate about into reality.
- To support their families and pay off their debts.
- To enjoy a certain quality of life and gain financial freedom.
- To be able to spend more family time due to their stability.
- To spend more time in volunteering and giving back to the community.
- To have autonomy and flexibility in managing their own schedules.
- To provide better alternatives to what exists in the market.
- To become producers and not just consumers.
I constantly get bombarded by many questions, and some revolve around identifying a business model and others revolved around the differences amongst forms of organizations. As for the business model, several years ago I learned about developing one which helped me in my own HR consulting business. This model enables you to brainstorm and to have a broader picture of the internal and external elements of your business operation. We have to do our part and ultimately as Allah says: “In the heaven is your provision and whatever you are promised.” (51:22)
- Business Model
- Value proposition
- What value (products and services) are you offering?
- What problem are you eliminating or reducing for your customers?
- What is unique about your products and services?
- Customer segment
- Who are your target customers?
- How do your competitors reach your customers?
- What are the most efficient and cost efficient ways to reach your customers?
- Customer relationships
- What is your customer acquisition price?
- How do you attract and retain your customers?
- Revenue streams
- What is your pricing strategy?
- Key resources
- What and how much resources do you need to fulfill your value proposition, distribution channels, customer relationships, and revenue streams?
- Key activities
- What do you have to do in order to fulfill your value proposition, distribution channels, customer relationships, and revenue streams?
- Key partners
- Who are your partners and suppliers?
- Which resources and activities are you receiving from your partners?
- Cost structure
- What are the costs associated with your business model?
- What are the most expensive key resources and activities?
- Value proposition
I wish you the best of success in building your business.