🔚 How to quit

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Assalaam o alaikum!

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“You’re doing it like a big fish” - Anonymous

THE BIG IDEA

Taking your side-hustle to the moon 🚀

Talking about big fish.. I know two real ones. They go by the names of Ibrahim Khan and Mohsin Patel. The founders of Islamic Finance Guru.

In their latest video, Ibrahim talks about how he quit his £150,000 corporate law job and went all in on what was their side hustle.

This story should help inspire you to take the leap and start your own business if you haven’t already. If you are already a business owner, then maybe you can also share this story with others.

But why was he in corporate law in the first time? Priorities. He respected the wrong things early on in life. In this case it was the job. However, because he worked extra hard at it and gained all the experience he could instead of coasting through his 9-5, it actually made him quit 2 years sooner.

• Get your priorities right and focus on them.

• Coasting at work is never good. Just go full force, give it your all and even if you fail, at least you fail fast and can move on to the next thing.

The famous lie

A lot of people assume that getting to a higher level in their career before quitting will make it easier. But in fact, it’s the opposite!

You see… The higher up you get.. the more money you earn, the better your lifestyle becomes, you get older, you have a family, you have a mortgage. All these things actually make it riskier 🤦 

You might get good at the game.. but whose game are you playing?

Something else that struck me from their video was this statement:

Basically, it’s going to be really hard to get a side hustle to make life changing wealth without you going all in on it.

BUT the side hustle can play an important part in de-risking yourself. As it did for Ibrahim & Mohsin.

Here are the strategies they employed to take their side-hustle full-time:

Making the intention

1. Setting a deadline: By establishing a clear deadline of 24 months, specifically December 2020, momentum was generated, and progress was directed towards a tangible endpoint. This sense of urgency motivated them to work diligently.

2. Meeting people: Ibrahim made it a goal to meet four new people every week, which resulted in connecting with approximately 200 individuals in one year alone. He aimed to add value to these interactions and sought advice, which often led to further introductions. They even invited influential individuals onto their podcast, such as the founder of Muzz, Hussein Khanji (a prominent VC investor in Europe), CEOs of Alchemy and Crep Protect, and the founding partner of the Islamic Bank of Britain.

3. Making the side project profitable: They actively sold courses, wills, and established affiliate and brand partnerships. The act of selling taught them valuable lessons and transformed them from merely pretending to be business people to actually becoming successful business people. Their bank account started reflecting their progress, as they went from hoping to make a few thousand pounds to consistently earning close to 10 grand per month. They vividly remember celebrating milestones like securing deals worth 3k, 5k, and even 15k, which were significant achievements for them at the time.

Three steps to de-risking

1. Building traction: By September 2019, they were generating an annual income of 90K, enough to consider quitting their jobs if they were willing to take a 75% pay cut. This provided a solid foundation to pursue their entrepreneurial goals.

2. Raising funds: They secured 250K from friends and family as a backup parachute. Interestingly, by the time they raised 3 million in August 2021, they hadn't utilized any of the 250K they had previously raised. However, having it as a safety net provided reassurance and allowed them to focus on their ventures.

3. Planning for financial stability: Ibrahim strategically put a deposit on an Islamic mortgage, understanding that their salary would likely decrease and he was going to get the best rate now while he had a high paying job. This decision made saving easier before he eventually quit.

Three reasons behind their pursuit

1. Entrepreneurial nature: They have always been driven by a desire to hustle, buying and selling various items like cricket bats and pens. It was essential for them to scratch that entrepreneurial itch.

2. Passion for Islamic finance and investing: They had been passionate about this field for four years before taking the leap. Being able to do what they love and get paid for it was a fantastic opportunity. Despite working harder, it didn't feel like work anymore.

3. Making a significant impact: Their work in Islamic finance and investing has the potential to level up the Muslim community, providing a more equitable playing field. They aspire to inspire a generation of leaders in this field, making a material contribution to solving the challenges faced by our civilization today.

The opportunity

Ok so how can you take this advice and do something right now?

1. Write down when you want to quit. Be realistic and make it 12-24 months like they did.

2. Find a side-hustle you wish to work on in the future. Something you are passionate about. If you are still not sure, talk to others or reply to this email and I’ll help you find something. Keep following this newsletter as I’m always sharing business ideas and growth tactics.

3. You’re not getting away from hard work so spend a good 2 hours every day on your side hustle.. consistently.

4. Start raising money from friends and family, but make them put it somewhere you can’t easily touch. You only need this money as a fallback.

TIME TRAVEL

The World’s First True Scientist was a Muslim 👊

Ibn al-Haytham, also known as Alhazen, was a remarkable Muslim scholar born in the year 965. His contributions to the field of science and his impact on the development of the scientific method are truly noteworthy. Often referred to as "the world's first true scientist," he left an indelible mark on various disciplines, including physics and astronomy.

One of Ibn al-Haytham's most significant achievements was his formulation of the scientific method. He emphasized the importance of observation, experimentation, and rigorous testing to understand the natural world. By advocating for empirical evidence and logical reasoning, he laid the foundation for the systematic approach that scientists follow to this day. His work in this regard was highly influential and helped shape the scientific practices of subsequent generations.

Moreover, Ibn al-Haytham is often regarded as the first theoretical physicist due to his groundbreaking studies in optics. He conducted extensive investigations on the nature of light, vision, and the properties of lenses. His seminal work, known as "Kitab al-Manazir" or "The Book of Optics," presented a detailed analysis of how light behaves and how it interacts with various mediums. This work not only advanced our understanding of optics but also had a profound impact on fields such as physics, mathematics, and psychology.

Furthermore, Ibn al-Haytham's contributions extended to the field of celestial mechanics, which played a crucial role in the scientific advancements of later European astronomers and physicists. His studies on the motion of celestial bodies and the behavior of light in the atmosphere paved the way for the work of luminaries such as Nicolaus Copernicus, Galileo Galilei, Johannes Kepler, and Sir Isaac Newton. Alhazen's insights and theories provided a strong foundation upon which these scientists built their own theories and models, leading to significant breakthroughs in our understanding of the universe.

In summary, Ibn al-Haytham's accomplishments as a scientist, physicist, and astronomer were groundbreaking and far-reaching. By formulating the scientific method, conducting groundbreaking research in optics, and developing celestial mechanics, he left an enduring legacy. His work continues to inspire and influence generations of scientists, and he rightly deserves recognition as one of history's most significant scientific pioneers.

My take: Muslims can really make an impact, and it’s not just limited to the past. There are many muslims like Ibrahim & Mohsin that are working on groundbreaking stuff to help the Ummah. You can be one of them too!

QURANLE 256

جَزَآؤُهُمْ عِندَ رَبِّهِمْ جَنَّـٰتُ عَدْنٍۢ تَجْرِى مِن تَحْتِهَا ٱلْأَنْهَـٰرُ خَـٰلِدِينَ فِيهَآ أَبَدًۭا ۖ رَّضِىَ ٱللَّهُ عَنْهُمْ وَرَضُوا۟ عَنْهُ ۚ ذَٰلِكَ لِمَنْ خَشِىَ رَبَّهُۥ ٨

Their reward with their Lord will be Gardens of Eternity, under which rivers flow, to stay there for ever and ever. Allah is pleased with them and they are pleased with Him. This is ˹only˺ for those in awe of their Lord.
— Dr. Mustafa Khattab, the Clear Quran

Surah Al-Bayyinah 98:8

Word-by-word translation:

jazāuhum  Their reward
ʿinda     (is) with
rabbihim  their Lord
jannātu   Gardens
ʿadnin    (of) Eternity

Play Quranle here

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