Three Ways Religion Can Influence Entrepreneurial Success

April 22, 2022    0 comment


Researchers have long established a relationship between religion and entrepreneurship development. Religious beliefs and practices significantly influence many different areas of a person’s life and especially the economic behaviour of different societies. Though there exist a link between religion and economic behaviour, the influence of religious factors on entrepreneurship development is poorly understood and utilized because of its indirect and complex relationship.

Religion in Africa plays a central role in the daily lives of millions of people. According to a 2017 Pew Research Centre study, Africa will be the most religious continent in the world in the next 30 years, with Christianity and Islam being the dominant faiths.

The dominance of religion in the lives of Africans means that on top of its core mandate – preparing religious faithfuls to inherit the kingdom of God – it can play another significant role of causing social transformation on earth.

Here are three ways religion can drive total social change, especially in the area of business and entrepreneurship.

Enable adherents to start businesses according to a spiritual entrepreneurship model.

All religions teach integrity, holiness, endurance, and perseverance, among others, as their fundamental truths. Invariably, some of these principles are same as the pillars for successful entrepreneurships.

Recommended article: Three things to master as you open your business

It is curious then that many people consider religious leaders as not optimally utilising their places of worship for social transformation, especially entrepreneurship development. Instead, followers consider religion as a shield against earthly tribulation while they wait to transition to eternity.

Modern temples and places of worship could also use the power of the pulpit to orientate followers towards starting businesses in line with religious teachings. There are so many religious followers endowed with entrepreneurial abilities, and whose talents will bear fruit after being properly instructed and mentored on where religious principles and business converge.

This help can come in the form of encouragement to start that business or having role models in the religious setting to look up to. Entrepreneurship and being wealthy is not in conflict with religion, as we learn in Genesis 13 that Abram, one of the fathers of the Christian faith, was very rich in livestock, gold, and silver.

Support for existing businesses

Businesses collapse for many reasons. Some fail due to leadership challenges. Others fail because they are not able to attract enough clientele. Since every religious sect has a large follower base, same can serve as clientele base, as a matter of strategy, to support the businesses of members. Equally, every congregation will have members with varying leadership skills or professional competencies.

Auditors, accountants, lawyers, and marketing professionals in the religious groups can provide administrative support for fledgling or even established businesses. The leadership of these religious groups can establish incubators through which robust businesses could be established because members could mutually benefit from each other’s trade and competencies as practiced in Judaism and Hinduism.

Owning and operating businesses as a religious group

Religious groups should endeavour to start and run successful businesses. This ensures that they create employment and have guaranteed sources of revenue to fund different activities and support for the needy among them.

Recommended article: Creating multiple revenue streams for small businesses

While works of charity appears to be a major pillar in every religion, faith groups, have not been very proactive in generating incomes to meet this obligation except for the likes of the Catholics and a few orthodox churches who have taken bold steps to enter the real estate, health, education, medical, and hospitality industries.

Instead of soliciting funds from external sources, or coercing individuals to make reluctant donations, faith groups could seek to derive incomes organically through owning businesses.

Businesses could in turn become tools for evangelism to satisfy another core mandate of the faith community.

When a religious group runs a successful business, it will change lives by providing employment, thereby reducing crime, and promoting social transformation.

Hopefully this article and the subsequent editions will start a deep reflection on the relationship between religion and entrepreneurship development.

 

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