Self-Employment

[Animal Farm]

I know many of you are graduating soon, and I know finding a good job will be difficult, BA’s are now the new high diplomas, and I’m sure many of you are thinking about grad school.

 

What I want to ask is this, are any of you interested in starting your own business. Or what about playing the stock market, does anyone on sol play the stock market.

[Paragon]

Nice topic, Animal Farm. Starting your own business is one thing, but playing the stock market is quite another. Somalis are not yet well-placed to take such huge risks such as the one of the stock market. Playing the stock market will depend on what sort of shares one is buying/selling. For Somalis for example, with the talk of oil exploration/agreements in Puntland and Somalia in general, it is the right time to seek connections that lead to contracts and deals. That way, if luck is one your side, you might be able to play the stock market. I am keen towards playing the stock market but I haven't yet decided on it. So no, no stock market for me yet. Other business plans are however under review.

 

What about yourself, Animal Farm, any interests in hitting the stock market?

[Faheema.]

Being Self Employed has a lot of benefits [i.e. being your own boss]…but I would advice anyone to think long and hard before committing, especially if it involves hiring a property…..Seek professional advice. It’s often free…..[those of you in the UK] Visit your local Council, Citizen Advice Bureau and your nearest Opportunity Centre; they can point you in the right direction.

 

 

Here’s an earlier thread that contains some useful links Self Employed Nomads

 

 

As for hitting the stock market…didn’t give much thought. Though I own some shares… I am quite content receiving small dividend at the end of the year.

[winnie]

i think self employment is something students and recent graduates shouldnt completely write off especially those in the creative fields. any risk their buisness ventures may have can be balanced out by their youth and lack of heavy responsibilities. you can always chock it up to a learning experience if it doesnt end well and if it does than alhamdulillah.

[Animal Farm]

Paragon I’m interested in the stock market, I’m not ready yet to start, I’m trying to save up so that I can make a substantial investment – I’ll prolly start with penny stocks.

[Lake]

Is funny a topic about Stock market is up..I was just reading books about purchasing stocks..I figured my only way to really get paid is through investments..I read somewhere buying/selling stocks is Halal too

 

but you need serious money to make serious money..so do save up

[Animal Farm]

^^^ you can also get some pointers from the experts if you download podcasts, look for them in the business section on itunes.

[ElPunto]

Originally posted by Paragon:

Nice topic, Animal Farm. Starting your own business is one thing, but playing the stock market is quite another. Somalis are not yet well-placed to take such huge risks such as the one of the stock market. Playing the stock market will depend on what sort of shares one is buying/selling. For Somalis for example, with the talk of oil exploration/agreements in Puntland and Somalia in general, it is the right time to seek connections that lead to contracts and deals. That way, if luck is one your side, you might be able to play the stock market. I am keen towards playing the stock market but I haven't yet decided on it. So no, no stock market for me yet. Other business plans are however under review.

 

What about yourself, Animal Farm, any interests in hitting the stock market?

Stock market is not so scary Paragon Just make sure to do your research and invest only risk capital at the very beginning. And forgot about anything related to Somalia - I'm only talking about the North American markets.

[man_in_malaysia]

what the good motivative topic ..i being working last three years for some companies or someone..meantime after i started my masers(mba/entreprenuership) i regonized there is big opportunties i am missing there...but to be business entrepreneur you have to pass different stages .

 

Thinking ----> taking arisk ---->hardwork ----->get failed or be rich ..as the case of get failed u get experience u are not looser u may be winner at next cycle .....

 

so if i give you my advice here...if u are going to start ur own business...

 

choose which industry are u good at ..by looking at industry's bahaviour/structure against ur strengths...get team network...track and get benchmarks of ur current competitors and latent once as well as those who failed to do ...OH you HAVE alot of hardships to pass ..pain in ur A**SS....ANYWAYS if there are entrepreneurs over here please lets share ideas for starting a business in any industry

[Real Estate Guy]

Speaking of stocks, I have been dealin with stocks for about three years at Dubai Stock Market, Here's some Helpful tips :

 

1-Buy Wonderful Companies

 

2-Be Contrarian

 

3-Buy what you know

 

4- Dont Gamble

 

5-Buy Screaming Bargains

 

6-Admit your mistakes and learn from them

 

And Finally Be an investor NOT a gunslinger

[Resistance]

Currency markets are pretty riskY and can turn one's moral values upside down. A Pakistani freind of mine trades heavilly in Cuerrency Futures, the money he can make is mind boggling but saying that he behaves like a gambler and sometimes is behind the screens for hours on end.

We asked few scholers whethear is actually halal trading on the Future happenings in markets and most seem to agree is fine.

Am still not convinced is morally right and not much different to say putting a bet on the outcome of a footbal match.

 

P.S i just opened a dummy account myself and now i know why some have quit their day jobs to trade full-time from their bedroom.

[Sophist]

Salamu Alaikum

 

My interest in the Capital Markets was first ignited after my breif stint with Euromoney. I become curious with the whole of the Derivatives Market that is what led me to my current role as Capital Introductions guy !. I did bit of bit of exotic options on FX side! mainy G7 currencies with a help of a mate who is master in futures trading. But that changed completely when a freind of mine who was star arb Trader at one of the best equity houses in the world left his job because of the un Islamic nature of the traditional stock market. The uncertainty (Gharar) was what drove him out.

 

Now, i don't do that any more. I am interested in Islamic finance and now am involved in a paper on Sakuk and what is called trading under certainty (Islamic Sharia perspective).

 

A good book to read on trading (specially on FX market?) is Soros on Soros. It is an interview with George Sorros. Great read. You will be in the company of a master.

 

Happy Trading!!!!

[Zakina]

Does anyone have any examples of Somali entrepreneurs that have actually succeded?

[Sophist]

Yes Indeed. Check these guys out. They run Real State Funds of more than 20 mil.

 

http://www.ipiltd.com/

[Dhubad.]

^Those guyz are doing really well. Perhaps there other entrepreneurs like them out there?

 

Well done.