Entrepreneurial Characteristics from Conventional and Islamic Perspectives: Some Insights

Abstract

The importance of entrepreneurship to a nation’s prosperity is obvious. Among others, entrepreneurship is responsible for making goods and services available to consumers, more importantly it helps in the creation of jobs within societies. Salient to entrepreneurship is the contribution of entrepreneurs. Is there a difference between conventional and Islamic perspectives of entrepreneurs? This then is the main discussion of the paper. This paper is hybrid in nature as it combines the author’s research findings with that of a conceptual attempt in understanding entrepreneurship from the Islamic perspectives. The dimensions of entrepreneurial characteristics inherent within the two perspectives are emphasised. Are they similar in nature and if they are different in what ways do they differ? A major demarcating factor that sets apart Islamic perspectives on entrepreneurship and conventional entrepreneurship is that the former is governed by the tenets of the AlQuran and Sunnah whilst the latter is embedded by the various Schools of Thoughts or approaches inherent to the understanding of contemporary entrepreneurship. This paper argues that if we are able to identify youth with entrepreneurial characteristics then steps could be taken in nurturing them in the hope of producing quality potential entrepreneurs imbued with Islamic values. The author’s study conducted in 1996 shows that there were 13 entrepreneurial characteristics inherent within secondary schools students in Selangor. The characteristics were information seeking, systematic planning, efficiency orientation, persistence, concern for high-quality work, problem solving, sees and acts on opportunities, commitment to work contract, assertiveness, use of influence strategies, self-confidence, initiative and persuasion. These traits would then be examined in light of the salient traits of entrepreneurs from Islamic perspectives as conceptualised by Nazamul Hoque et al. (2013). These traits include knowledge, initiative, risk taking, customer orientation, employee involvement, strategic thinking, innovativeness, excellence, hard working, patience, vision, optimism, halal earnings, honesty and truthfulness, social welfare, morality, economic and fear of Allah. Conclusions and implications would follow suit.