APPLYING THE SUFFICENCY ECONOMY PHILOSOPHY IN THE ERA OF THE CORONAVIRUS EPIDEMIC Applying Sufficiency Economy Philosophy in Business.

Abstract

Application of the Sufficiency Economy Philosophy in business may be concluded as follows: 1) Moderation with reason, in the sense of not too much or not too little, should be taken into consideration before a new business is launched. That is, the new entrepreneurs should assess themselves if they are knowledgeable and skillful enough in that field and if their investment fund is adequately prepared. It’s imperative that the resources best benefit the business. If the business needs to expanded, the expansion must be done carefully by relying on some accumulated earnings and loans. 2) Reasonableness must be considered. Before running a new business, the new entrepreneurs should have sufficient reasons why the business should be launched. The business plan must have clear objectives. The selected employees must be well qualified for the work. The products must be manufactured with high quality and the service must meet the customers’ needs. Their quality assurance must be obtained in order to win the customers’ trust. 3) Self-immunity principles should be applied so as to prepare for certain risks and various changes. Flexibility is important in business running. Business people should be able to adjust to unexpected changes and must have a second or emergency plan to prepare for any criticality. The organization must employ a dependable internal and external check system in order to prevent any leaks for all work functions. 4) Knowledge is a necessary condition for Sufficiency Economy to work. Comprehensive knowledge is very important at every stage of business planning and implementation. Business people must be knowledgeable about the investment to develop products and services and understand the customer’s needs. They must also be literate in other fields and be a lifelong learner. 5) Last but not least, ethics and virtues principle must be used. Business implementation should follow the society’s core value and must be run legally. The employees must be trained to live up to their corporate culture in order to make them realize the common interests and environmental awareness.