5 Islamic Principles for Business

Islam has given guidance for every part of life including business. Islamic principles of business are

1. Sell lawful items
Prophet Muhammad (PBUH) said: “Every flesh nourished by haram deserves fire”(Hadith Shu`abul iman,5521)

2. Honesty
Quranic says “O believers, fear Allah, and be among those who are the truthful ones” (al-Tawbah 9:119).

3. Good treatment of staff
Allah says: “O you who have believed, fulfil your contractual obligations.” [Quran 5:1]

The Prophet (peace be upon him) said: “Give the worker his wage before his sweat dries.” [Ibn Majah]

4. No deception or fraud
Allah says: “O you who have believed, do not consume one another’s wealth unjustly but only [in lawful] business by mutual consent.” [Quran 4:29]

Prophet says “Whoever cheats us, is not one of us.” [Sahih Muslim]

5. Charity
Quran says
“Those who in charity spend of their goods by night and by day, in secret and in public, have their reward with their Lord: on them shall be no fear, nor shall they grieve” (2:274). “

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30 Signs That You Might Become An Entrepreneur

1. You sold things when you were a kid.
2. You take action.
3. You like being in control
4. You’re passionate
5. You’re comfortable in isolation. 
6. You can dream big.
7. You tackle the small stuff. 
8. You read lots.
9. You don’t mind being uncomfortable.
10. You’re a student of history. 
11. You value hard work. 
12. You value smart work. 
13. You’re confident. 
14. You hate the status quo. 
15. You don’t mind failure. 
16. You’re passionate about problems. 
17. You don’t need to be liked. 
18. You can work from anywhere. 
19. You don’t work well with authority. 
20. You love planning. 
21. You enjoy debate.
22. You have a general interest in people. 
23. You hang out with people smarter than you.
24. You seek out advisors and feedback. 
25. You live by your calendar.
26. You value time.
27. You play hard. 
28. You’re always looking for opportunities.
29. You research for fun. 
30. You embrace change. 

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Sole Proprietorship: Explained In Simple Words.

What Is Sole Proprietorship ?
Sole Proprietorship is a type of business entity that is owned and run by one individual and there is no legal distinction between the owner and the business.

Other Names:
A sole proprietorship, also known as the sole trader or simply a proprietorship

Examples Of Sole Proprietorships:
A local grocery store
A local clothes store
An artist
Freelance writer

Advantages
The sole trader:
• has fewer formalities
• less costs in setting up the business
• has full control of the business
• receives the full benefit of profits made by the business
• keeps all of the after-tax gains if the business is sold.

Disadvantages
The sole trader business:
• has a limited life span, as it will cease to exist when the owner dies
• has limited access to capital
• no one to share any losses
• is legally responsible for all aspects of the business
• can lose all their private assets if the business goes into debt.

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Most Popular Types of Businesses

1. Sole Proprietorship: The simplest type of business. Sole proprietorships are owned and operated by a single person and are very easy to set up.

2. Partnership: A business owned by two or more people who share responsibilities and profits.

3. Limited Partnership: A business partnership, often between business operators and investors.

4. Corporation: A type of fully-independent business with shareholders. One of the most complex business types.

5. Limited Liability Company (LLC): A mixture of a partnership and a corporation, designed to make it easier to start small businesses. One of the most popular business types for startups.

6. Nonprofit Organization: A type of business that uses its profits for charitable purposes. Tax-exempt, but must follow special rules.

7. Cooperative (Co-op): A business owned and operated for the benefit of the members of the organization that use its services.

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Tips To Improve Your Mental Health

1. Value yourself
2. Take care of your body
3. Surround yourself with good people
4. Give yourself time
5. Learn how to deal with stress
6. Quiet your mind
7. Do Relaxation exercises
8. Set realistic goals
9. Break up the monotony
10. Get help when you need it

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What are the signs of good mental health?

1.You are confident when faced with new situations or people.
2.You feel optimistic.
3.You do not always blame yourself.
4.You set goals.
5.You feel good about yourself.
6. You have good self esteem.

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Mental Health Of Employees

Creating a mentally healthy workplace has many benefits for both employers and employees. A well-designed workplace should support individual mental health, which can then lead to reduced absenteeism, increased employee engagement, and group productivity

Situation In Pakistan.
This subject is always ignored by companies in Pakistan. Companies are always interested in increasing profits.

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FAQ: What is a business friendly environment?

Business friendly environment means that government has created such policies which support the business and starting new businesses is easy.

Is Pakistan A Business Friendly Country?
According to World Bank, Pakistan was on 108 in list of Ease Of Doing Business Index in 2019.

List Of Business Friendly Countries.
1.Singapore
2.Denmark
3.Canada
4.Germany
5.Australia
6.South Korea
7.Japan
8.Finland
9.Netherlands
10.Georgia
11.Austria
12.Estonia
13.Indonesia
14.Belgium
15.Hungary

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CEO Activism

What is CEO Activism?
CEO activism, a phenomenon in which business leaders engage in political or social issues that do not relate directly to their companies.

History:
Corporations and their CEOs have a long history of attempting to influence government policies and legislation on taxation and other issues to affect the marketplace and increase profits.

CEO Activism Is a Growing Trend:
In the fall of 2018, Alison Taylor, the managing director at BSR wrote in Harvard Business Review that
       “CEO activism, the growing trend of top executives speaking out on sensitive social and political issues, has been labeled the ‘new normal.’

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Case Study: Liebeck v. McDonald’s Restaurants 1994

Other popular names of this case are :
1. McDonald’s coffee case 
2. The hot coffee lawsuit

Facts:

It was a product liability lawsuit that became a flashpoint in the debate in the United States over tort reform.

New Mexico civil jury awarded $2.86 million to plaintiff Stella Liebeck, a 79-year-old woman who suffered third-degree burns in her pelvic region when she accidentally spilled hot coffee in her lap after purchasing it from a McDonald’s restaurant.

Liebeck was hospitalized for eight days while she underwent skin grafting, followed by two years of medical treatment.

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