How Entrepreneurs can bring dharma into the art of deal
People look for new business models and strategies for business management. Millennials are adopting Buddha’s teachings in their businesses to get insight into new and more fulfilling ways of achieving success in business. Buddhist management is effective in many key areas of business such as leadership, management, customer/client relationship, etc.
Here are few lessons from Buddha’s teachings which you can incorporate in your business to achieve success in personal and professional life.
The essence of business is good management. Buddha’s teaching supports the achievement of business planning, effective human resource management and ensuring the high level of satisfaction to clients. This helps in achieving organisational goals and helps in business management.
Vipassana, an ancient Buddhist meditation practice, is being used by many corporate houses across the world to calm their minds and to develop emotional intelligence in order to have a successful professional and personal life.
Buddhism also teaches businesses to foster an environment where there is no fear of authority and the staffs feel comfortable in discussing any serious issues that may arise.
Buddhism encourages peaceful coexistence and harmony. Conflict management forms an important part of Business management.
In accordance with Buddha’s Four Noble Truths, any issue or conflict is associated with some reasons. Reasons for conflict must be completely assessed and understood to find a proper solution. Once you get to know about the root cause, the best solution and methodology can be devised and implemented in order to resolve the conflicts without hurting those concerned.
Businesses can use this concept of conflict management as it emphasises on group harmony in organisations for productive outcomes. It sees miscommunication as the root cause of conflict and finds that the best way to avoid conflict is by encouraging communication among the people.
This will help in employee satisfaction which ultimately contributes to the higher rate of staff retention.
Buddha’s principles emphasise earning only by ethical means. Although Buddha’s teachings have lead monks to follow the path to enlightenment by living a non-materialistic life, he has encouraged people to work for the well-being of their families first and only then to engage in charity.
The script Singalovada Sutta talks of managing finance and business in a proper and ethical manner. It also talks about that one’s income should be divided into four parts, where one part should be consumed, two parts reinvested and the remainder saved for the future. Thus, guiding the entrepreneurs in financial management.
The Buddha said, “To light, a lamp for another will brighten your own way.” Buddha’s teaching encourages charity and helping fellow human beings. Buddhist scripts have highlighted the sustainable practice in terms of financial contribution for social causes.
Businesses follow this strategy through CSR to benefit the society which ultimately ensures long-term sustainability in business practices.