How Islamic economy entrepreneurs can survive the 'Trump Effect'

Donald Trump's victory in the US election was not great news for many Muslims worldwide, who expressed dismay that his presidency might raise tensions between Islam and the West and contribute to radicalization and Islamophobia.

Moreover, it was especially a concern for Islamic Economy entrepreneurs who fear the rising flare of Islamophobia in the West, might make it harder for them to continue building businesses that are based on Islamic values, especially in western countries.

In case you are wondering, Islamic Economy entrepreneurs are those who have dedicated their lives towards building businesses and enterprises that are based on the values and ethics of the Islamic faith in various sectors including: Food, Fashion, Finance, Travel, Education, etc.

Here are some tips on how Islamic Economy entrepreneurs can counter the "Trump-Effect" in the next four years.

1. Be an unapologetic Islamic Economy entrepreneur

As we run our businesses, it's sometimes tempting to "water-down" the Muslim side of it and become more "mainstream" in the effort of assimilation and not attracting unnecessary or unwanted attention.

This pressure might rise in a Trump presidency era when it may become even hostile to maintain an Islamic-based enterprise especially in western countries.

However, focusing on delivering a unique offering of faith-based products or services is the best business strategy to follow in these times as it’ll serve the dual purpose of differentiating your business from the mainstream market as well as show a positive side to Islam in the quality of the products you’re offering.

2. Offer unique products/services

Shahed Amanullah, the co-founder of Affinis Labs, a startup incubator based in Washington D.C. reminds Muslim-owned companies in his portfolio that they should feel proud of their identity and offer unique products/services to the world.

As Islamic economy entrepreneurs, we need to come out of our cocoon of offering products and services that are solely for Muslims.

If we truly believe in the quality and value of our products and services, and if we want to showcase the beauty of what Islam has to offer through our products and services, we should aim to sell to the mainstream market and make it exciting for them to buy.

A good example of this is Halal Guys Food Cart. They’ve created such demand for their product that mainstream consumers would stand in line for hours to get a plate of chicken, rice and their special sauce!.

3. Think global

This is especially important for American Islamic Economy entrepreneurs (of which there are many) or entrepreneurs who think that the majority of their customers are living in the Western world.

Countries like Nigeria, Saudi Arabia, South Africa, Turkey, Malaysia and Indonesia all have sizable middle-class customer-base who'd be interested in your products and services especially if they are based on Islamic principles and values - but you have to think through your entire business model (including your supply chain, customer service, and website content) to make sure that it's appealing to these different markets.

As part of a smart risk-management strategy, if things do go south for Muslims in the western world, is to have a foot in the door in a few Muslim majority markets where your products/services can flourish.

Some Islamic economy startups in the West have now moved either to Dubai (the Capital of the Islamic Economy) or Malaysia (another major hub for the Islamic Economy) in an attempt to diversify their risk and be closer to their large customer base.

4. It's all about branding

Branding matters and it is not about the visuals of the logo and business card, but the entire customer experience from end to end.

As an entrepreneur – one of your top priorities should be your company image and branding and as an Islamic entrepreneur this is more critical because your product/service is not just representing you or your company but an entire culture/faith and this is key.

We need powerful brands that speak to the core of our humanity, based on Islamic values and ethics. A pioneer in this field is a new company called Zileej, a company that is currently developing a generation of brands, lifestyle products, and creative experiences that are based Islamic values.

5. Be socially conscious

Companies such as Tom's have captured the ethical consumer market with their One for One program which delivers one pair of shoe to a needy person for every shoe that you buy from their store.

Islamic Economy entrepreneurs should be at the forefront of offering products and services that either solve a social challenge or have an in-built mechanism to give back to the world.

6. Be with one another, help one another

It's important for Islamic economy entrepreneurs to regroup and connect with one another and support each other with advice, mentorship, contacts and feedback.

Sometimes, it can be tough to be an entrepreneur, especially in a new market like the Islamic economy. However, with a good support group, it’s easier to flourish and keep moving forward.

I was in Dubai during the Global Islamic Economy Summit 2016, and being in the presence of a "like-hearted" community of Muslim entrepreneurs was truly inspiring and encouraging.

We need more of such communities and platforms that connect Islamic Economy entrepreneurs and help them move forward to add value worldwide.

All said, the news of Trump's election should not make us concerned, if anything, it should fire up our faith, ignite our resolve, and move us all towards positive action for the betterment of the Ummah and humanity at large.

Mohammed Faris is an internationally sought speaker, coach, and author who spearheaded the niche of productivity and Islam. He’s the founder of ProductiveMuslim.com and author of the new book “The Productive Muslim: Where Faith Meets Productivity”.