O God, I Seek refuge in You from disbelief and poverty.
— Prophet Muhammad (PBUH)
Extreme poverty situation leads to people making bad choices for their livelihood and the lifestyle of their families. It is important to note that disbelief as known as ‘kufr’ is by choice and poverty is inflicted upon.
However, poverty can lead a person to question their faith and do things that can harm their faith. So, in order to protect the society from the effects of poverty, Islam provides various teachings to support entrepreneurship enormously. Trading is termed as the occupation of prophets in Islam and it has been further promoted by the companions of Prophet (P.B.U.H).
Today, in many countries, the major challenge faced by the Govt. is poverty and population growth. They hit the economy so bad that it lead to the starvation. As we learned in the basics of economics that resources are scarce. So, in order to cope up with this challenges, every govt. brings various sets of solutions. Some brings more taxes on the rich to cope up with the welfare of the public. Some goes to the loan schemes to develop the infrastructures and then repay the loan. However, we have a vivid example of China who does not use its high population to grow but also to eradicate poverty through entrepreneurship.
Entrepreneurship is not asking for external help from government or charitable institutions. Evidence from China is used to argue that poverty reduction through entrepreneurship is an internal process which helps the poor to undertake positive actions to reduce their poverty.
Yes, Entrepreneurship is the Answer!
Governments are only to provide an enabling environment along with a strong legal framework and entrepreneurs will create their own ecosystem.
Society and venture capitalists should also try to eradicate poverty through entrepreneurship. It is the best tool which does not require any educational background or specific skills as compare to the traditional jobs. It does not only benefit the entrepreneur but also the community including workers ,their families, govt. in terms of taxes and other stakeholders of the society as well. The Prophet Muhammad (PBUH) said, “Do not turn away a poor man, even if all you have is half a date. If you love the poor and lift them up, God will bring you near Him.” Al-Trimdhi 1376
This attitude towards poverty will harness the economy of the country and leads to the people to improve their lifestyles and small businesses are the major contributors in this journey.
As a society, it is our duty to not to be a spendthrift and always be responsible while spending money. When a person gets inflicted by poverty then he takes debts from various channels to meet up his(er) daily expanses or unnecessary wishes. This will lead him(er) to tell lies and break promises. According to a study published in Map Journal, people living in households in the US that have an income level below the Federal poverty threshold have more than double the rates of violent victimization compared to individuals in high-income households. Poverty has a direct relation with the criminal activities. As a popular saying by Marcus Aurelius, “Poverty is the mother of crime.” Both scientifically and philosophically, its a proven fact that poverty leads people to do unethical or might be criminal activities which they never thought of doing in the favorable circumstances. Its our collective responsibility to take action and change our financial lives, not just for ourselves but we have to take up peoples lives as well.