Using the Compass: Four Directions for Mindful Business  

Oleh:

Bailey, Marcia J. Harr

Jenis: Article from Proceeding
Dalam koleksi: SIBR-Thammasat 2014 Conference on Interdisciplinary Business & Economics Research June 5th- 7th, 2014 di Emerald Hotel Bangkok, page 1-3.
Topik: Sustainability; Business; and Development.
Fulltext: b14-148.pdf (30.78KB)

Isi artikel

In 1994, John Elkington called for a new accounting paradigm to encourage more socially responsible business practices: the triple bottom line (Elkington, 1994). Triple bottom line accounting includes the dimensions of economy, society, and the environment (Savitz, 2014). This is often referred to as the three P’s of profit, people, and planet (Fitz, 2010). Moving beyond the use of profits to measure success, triple bottom line suggests the use of other measurements that add value for people in the community and the organization’s consumers, while embracing sustainable business practices that improve efficiency and preserve the environment. Business practices have been used in the fields of poverty alleviation and community development. Now the business world must learn from successful development practices. One of the main reason’s businesses do not succeed is that they fail to connect the appropriate products or services with the consumer. Ultimately, they fail to understand the context of that consumer. When development projects fail, it is often for the same reason: they fail to understand the context of the people being served. A recent study by the World Bank found that participatory development projects, while difficult to employ on a large scale, have tremendous impact when implemented intentionally at the local level. The study noted several major findings, including: understanding context, locally and nationally, is extremely important; effective civic engagement does not develop predictably, and project structures need to change to allow for flexible, long-term engagement (World Bank, 2012; Mansuri, Rao, 2013). In the country of Laos, the Participatory Development Training Center (PADETC) has been implementing participatory development projects using a culturally relevant approach 2 and Laotian specific lens for over twenty years. These projects have led to the development of new centers, schools, businesses, and non-profit associations which are continuing this legacy in new ways. Gross National Happiness (GNH), first introduced by the Kingdom of Bhutan, is used as an indicator to measure quality of life, social progress, and development in more holistic terms than only the economic indicator of Gross Domestic Product (GDP). The nine indicators include: standard of living, health of the population, education, ecosystem vitality and diversity, time use and balance, good governance, community vitality, and emotional well being (Introduction to GNH, 2005). This mixed method study will introduce a new factor for operating business for the next era of the socially conscious business: well-being. The Mindful Business uses a compass with the four directions of Nature, Society, Economy, and Well-being. This compass has been adapted from a model used at one of PADETC’s Centers. The data from quantitative surveys and qualitative interviews informs what these philosophies and practices look like when they are realized. Examples of for profit and nonprofit social enterprises using this type of model in Laos will add to the literature and introduce new ways of seeing business from a more holistic, mindful perspective. The study concludes with a model for enterprises to deliver outputs that benefit both consumers and society while preserving cultural heritage, local relevance, and the environment.

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