1.2.1 Financial Risk Taking
Participants have taken financial risk by venturing into small businesses. According to Rukayat A., she had sold used clothes before with N20,000, making profit initially, but later nose-dived when customers started owing her. Most of the customers are neighbours, making collection of the debt difficult. Yusrah A. said she only experienced low profit margin.
1.2.2 Knowledge Risk Taking
Seeking entrepreneurial knowledge or information was also seen as a potential risk. To Maryam O., it is a risk that must be taken if someone really wants to do business because knowledge is knowledge. Rasheedat I. said: “I have taken several risks on online business, but I don’t think I gain anything from it. Still, I don’t relent in seeking more knowledge.” Facilitator, however, noted that seeking knowledge becomes a risk when the source is wrong or the learner misapplies what he or she has been taught.
1.2.3 Relationship Risk Taking
Engaging with humans in the course of delivering or getting values was also seen as a risk. This was noted as relationship risk by the participants. It emerged that co-partners could be a risk in business, especially in managing process. Customers are also categorised under this risk. This is premised on the fact that an entrepreneur needs to interact or engage with the customers. Yusrah A. and Rasheedat I. expatiated this within the context of competition and getting good patronage from customers. Yusrah A. said: “Sometimes when the competition is tense, people will patronise you because of your personality and what you do differently.” Rasheedat adds: “Just be loyal in whatsoever you are doing, because when people see the loyalty in you and your business, the sky is your starting point.” Relationship with the labour is also seen as risk. Personnel become a significant threat to any business when they are not efficient or having ulterior motives towards the business.
1.2.4 Compliance and Operational Risk-Taking
Failure to follow authorities’ rules and regulations on business establishment, mostly products development and its commercialisation, was considered as compliance risk which every entrepreneur must deal with. Kuku Qazeem viewed that whenever it happens that he has gone beyond established rules, he would rather abandon the product or business rather than continue the process, a position which was countered by Marufat I. According to her, she would ask the concerned authority reasons for stopping her rather than accept the defeat initially. “I will ask the authority their reason behind it. If it is a genuine reason, then I quit. Or I go for another plan. That’s why it’s good to have plan B.” Put it differently, Rasheedat I. noted that, “When it comes to consumables there is a way. You can start it before you call NAFDAC or any other organization to access you. At least people will know you and your goods before the government.” Location of business is considered as operational risk. Before business could get the right footing, participants maintained that the place where it would be situated also needs consideration.
1.2.5 Overcoming the Risks
Patience, strong determination and God’s support were seen as techniques for overcoming the identified risks which was corroborated by the facilitator. I added that there are four ways of dealing with or managing each risk. The risks could be accepted, transferred, reduced or eliminated. In other words, like other entrepreneurs, Muslim entrepreneurs must have Accept Risk Strategy, Transfer Risk Strategy, Reduce Risk Strategy, Eliminate Risk Strategy and Spiritual Strategy.
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