Academy of Strategic Management Journal (Print ISSN: 1544-1458; Online ISSN: 1939-6104)


Guidelines in Applying Sufficiency Economy Philosophy to Enhance Sustainable Success in Business

Author(s): Thanin Silpcharu, Rungtip Thaisom

This qualitative research investigates strategies in applying Sufficiency Economy Philosophy to enhance sustainable success in business through in-depth interview. Semi-structured interview was administered with 30 experts. The data were analyzed by content analysis based on the Sufficiency Economy Philosophy. The 5 aspects of Sufficiency Economy Philosophy are moderation, reasonableness, sufficient self-immunity, knowledge, and integrity. The statistics included descriptive statistics, frequency, and percentage.

The results revealed that the guideline of Sufficiency Economy Philosophy for business success consists of 5 aspects. The aspect that all experts gave the most importance was integrity. When considering in detail of each aspect, it was found that: 1) the moderation aspect consists of 29 indicators. The experts all agreed that the business expansion or investment should be suitable with the type of business or the skills of the business owner at 96.67%. 2) The reasonableness aspect includes 37 indicators with the important opinion on conducting the SWOT analysis to find the strength, weakness, opportunities, and threats of the business to set its strategies at 93.33%. 3) The sufficient self-immunity consists of 37 indicators. The experts recommended that keeping debt-equity ratio by avoiding too large loan at 66.67%. 4) The knowledge aspect includes 35 indicators with the importance on the initiative and creative idea and develops the understanding of Sufficiency Economy Philosophy among all levels of people at 56.67%. 5) The integrity aspect consists of 44 indicators with the focus on the strict implementation of good governance and business morale at 93.33%.

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