Approach to Applying Sufficiency Economy Philosophy in Community Enterprise Management towards Sustainability

Jakret Mettathamrong (), Phetphrairin Upping and Somchad Deeudom
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Jakret Mettathamrong: Faculty of Industry and Technology, Rajamangala University of Technology Isan, Sakhon Nakhon Campus, Sakon Nakhon 47160, Thailand
Phetphrairin Upping: Faculty of Industry and Technology, Rajamangala University of Technology Isan, Sakhon Nakhon Campus, Sakon Nakhon 47160, Thailand
Somchad Deeudom: Faculty of Sciences and Liberal Arts, Rajamangala University of Technology Isan, Nakhon Ratchasima Campus, Nakhon Ratchasima 30000, Thailand

Sustainability, 2023, vol. 15, issue 6, 1-14

Abstract: Sustainability is essential for every business and organization, but how can it be achieved? This work is a study of sustainability based on the sufficiency economy philosophy, a valuable concept introduced by the Thai people. We apply it to the notion of sustainability in 400 agricultural community enterprise owners in Thailand, who participated in this study. An oblique rotation component analysis was performed, finding that the variables on the same side are related, and a confirmative component analysis with structural equation models was conducted. The results showed that the approach to applying the sufficiency economy philosophy among community enterprises consists of 11 components, as follows: (1) financial control, (2) planning, (3) member management, (4) morals, (5) prevention plan, (6) moderation, (7) knowledge and expertise, (8) market development, (9) care, (10) quality control and (11) value of investment. The confirmative component analysis with structural equation modeling was consistent with the empirical data. Agricultural community enterprises and entrepreneurs focus on the moral component, conduct business with honesty to avoid causing problems for others, value justice without taking advantage with diligence and adhere to moral principles in life, because all of the above will lead to sustainability in the future.

Keywords: sufficiency economy philosophy; community enterprises; sustainability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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