THE APPLICATION OF BUDDHIST PRINCIPLES IN SUSTAINABLE SOCIAL BUSINESS

Abstract

The objectives of this mixed-method research are to 1) study the administrative principles of successful social business, 2) study administrative Buddhist principles of business, and 3) propose the application of administrative Buddhist principles to sustainable social business strategic planning. The documentary research compiling Buddhist principles business and poverty as stipulated in the Tipiµaka, applicable to the successful administration of Grameen Bank and select agricultural cooperatives. The qualitative research utilizes in-depth interview and group discussion. The results showed that successful social business hinges heavily on the vision and mission aimed at solving poverty. The issuance of loans must adhere to three processes: A) all parties involve must develop mutual confidence in each other and in themselves, B) monitoring is achieve through group dynamics, and C) non-negotiable financial discipline and compulsory savings, the Buddhist principles that reflect modern entrepreneurship are the following: the Tuthiyapaphanikha sutta (qualities of a successful businessman) Diññhadhammikattha-sa§vattanika-dhamma (virtues leading to temporal welfare) and the Bhogavibhāga (fourfold financial division). Regarding the solution to poverty, Dàna (the principle of charity), and Saddhà (confidence) should be applied together with the principles of Attha 3 (virtues leading to temporal welfare) and the principles of good friend and Iddhipada 4 (path of accomplishment). The author proposes that, first, to achieve sustainable social business, the organization should apply the Attha 3 to guide its visions, missions, and organizational culture. Second, the Diññhadhammikattha (temporal welfare), with the support of Saddhà, could be used to inculcate morality and work ethics in members. Third, Iddhipada 4 should be applied to corporate internal procedure to further enhance innovation. Last, remunerative must be ethically and economically viable.