The Need for Corporate Governance

May 29th, 2015
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Arcadia University
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The principle of Shurah (Consultation) enunciated in the Qur’an as said by Allah (وأمرههم شورى بينهم)and practiced by the Prophet and those of his sahabah for addressing issues of public interest in particular and those that affect individuals in general is to ensure that proper decisions are taken in the interest of the general public and individuals concerned. Besides, it guarantees functionality of the decision not only because the best opinion is going to be taken but equally because every stakeholder is carried along in the decision and policy making process. It thus facilitates a sense of belonging and patriotism or loyalty.

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6 Companies that Succeeded by Changing Their Business ModelbyCharlie C.9 comments|More6-companies-biz-model.pngVenture capitalistPaul Grahamexpressed an under-appreciated nugget of wisdom in his article on mistakes that kill startups. Unlike winning an Olympic gold medal, where the problem is well defined, building a successful company is actually more like science, where you need to follow the trail wherever it leads.Therefore, Graham concludes that the worst person to run a startup is someone who has some great idea they know everyone is going to love, and thats what theyre going to build, no matter what. But while plenty has been written about successful startups in general, little has been said about companies that thrived bychangingtheir strategies instead of clinging to those they started with.Below, Chargify examines six companies whose flexibility took them to new heights.PayPalPayPal, believe it or not, was not founded to be the online payment service that it is today. In her bookFounders at Work, Jessica Livingston interviews PayPal founder Max Levchin. During the interview, Levchin reveals that PayPal was originally envisioned as a cryptography company, and then later as a means of transmitting money via PDAs. Only after several years of trial and error (and overcoming user fraud that almost destroyed the company) did PayPal find its sweet spot as the default online payment system of millions.The transition wasn

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